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)
Matthew Prasse
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: February 28
Registrant is making a filing for 23 of its series:
Wells Fargo Dynamic Target Today Fund, Wells Fargo Dynamic Target 2015 Fund, Wells Fargo Dynamic Target 2020 Fund, Wells Fargo Dynamic Target 2025 Fund, Wells Fargo Dynamic Target 2030 Fund, Wells Fargo Dynamic Target 2035 Fund, Wells Fargo Dynamic Target 2040 Fund, Wells Fargo Dynamic Target 2045 Fund, Wells Fargo Dynamic Target 2050 Fund, Wells Fargo Dynamic Target 2055 Fund, Wells Fargo Dynamic Target 2060 Fund, Wells Fargo Target Today Fund, Wells Fargo Target 2010 Fund, Wells Fargo Target 2015 Fund, Wells Fargo Target 2020 Fund, Wells Fargo Target 2025 Fund, Wells Fargo Target 2030 Fund, Wells Fargo Target 2035 Fund, Wells Fargo Target 2040 Fund, Wells Fargo Target 2045 Fund, Wells Fargo Target 2050 Fund, Wells Fargo Target 2055 Fund, and Wells Fargo Target 2060 Fund.
Date of reporting period: August 31, 2021
ITEM 1. | REPORT TO STOCKHOLDERS |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469img42840ad71.jpg)
■ | Wells Fargo Target Today Fund |
■ | Wells Fargo Target 2010 Fund |
■ | Wells Fargo Target 2015 Fund |
■ | Wells Fargo Target 2020 Fund |
■ | Wells Fargo Target 2025 Fund |
■ | Wells Fargo Target 2030 Fund |
■ | Wells Fargo Target 2035 Fund |
■ | Wells Fargo Target 2040 Fund |
■ | Wells Fargo Target 2045 Fund |
■ | Wells Fargo Target 2050 Fund |
■ | Wells Fargo Target 2055 Fund |
■ | Wells Fargo Target 2060 Fund |
2 | |
Performance highlights | |
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32 | |
Portfolio of investments | |
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48 | |
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Financial statements | |
51 | |
55 | |
59 | |
Financial highlights | |
71 | |
77 | |
83 | |
88 | |
94 | |
99 | |
105 | |
110 | |
116 | |
121 | |
127 | |
132 | |
138 | |
145 | |
Board considerations | |
149 | |
153 | |
158 | |
160 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469img68105eed2.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/0001193125-21-321620/g122469imgdc8c7f963.jpg)
President
Wells Fargo Funds
Petros N. Bocray, CFA®‡, FRM
Christian L. Chan, CFA®‡
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Average annual total returns (%) as of August 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 (STWRX) | 3-1-1994 | 2.77 | 3.79 | 3.07 | 9.04 | 5.02 | 3.68 | 0.96 | 0.60 | ||
Class C (WFODX) | 12-1-1998 | 7.29 | 4.25 | 2.91 | 8.29 | 4.25 | 2.91 | 1.71 | 1.35 | ||
Class R (WFRRX)3 | 6-28-2013 | – | – | – | 8.79 | 4.91 | 3.52 | 1.21 | 0.85 | ||
Class R4 (WOTRX)4 | 11-30-2012 | – | – | – | 9.37 | 5.25 | 4.01 | 0.68 | 0.29 | ||
Class R6 (WOTDX) | 6-30-2004 | – | – | – | 9.53 | 5.49 | 4.18 | 0.53 | 0.14 | ||
Administrator Class (WFLOX) | 11-8-1999 | – | – | – | 9.21 | 5.14 | 3.82 | 0.88 | 0.49 | ||
S&P Target Date Retirement Income Index5 | – | – | – | – | 8.83 | 6.31 | 5.68 | – | – | ||
Target Today Blended Index6 | – | – | – | – | 9.58 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.10% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
5 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
6 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Ten largest holdings (%) as of August 31, 20211 | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 34.56 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 17.96 |
Wells Fargo Strategic Retirement Bond Portfolio | 11.67 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 11.67 |
Wells Fargo Factor Enhanced International Equity Portfolio | 6.05 |
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 5.00 |
Wells Fargo Emerging Markets Bond Portfolio | 2.95 |
Wells Fargo High Yield Corporate Bond Portfolio | 2.95 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 2.89 |
Wells Fargo U.S. REIT Portfolio | 2.52 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469imgf8c38d664.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 1.00 | 6.48 | 0.96 |
Class C | 1.00 | 6.49 | 0.96 |
Class R | 1.00 | 6.47 | 0.96 |
Class R4 | 1.00 | 6.47 | 0.96 |
Class R6 | 1.01 | 6.52 | 0.96 |
Administrator Class | 1.00 | 6.49 | 0.96 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date Retirement Income Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (STNRX) | 3-1-1994 | 2.93 | 3.92 | 3.44 | 9.24 | 5.15 | 4.05 | 1.00 | 0.60 | ||
Class C (WFOCX) | 12-1-1998 | 7.39 | 4.35 | 3.27 | 8.39 | 4.35 | 3.27 | 1.75 | 1.35 | ||
Class R (WFARX)3 | 6-28-2013 | – | – | – | 8.98 | 5.10 | 3.92 | 1.25 | 0.85 | ||
Class R4 (WFORX)4 | 11-30-2012 | – | – | – | 9.61 | 5.48 | 4.42 | 0.72 | 0.29 | ||
Class R6 (WFOAX) | 6-30-2004 | – | – | – | 9.72 | 5.63 | 4.55 | 0.57 | 0.14 | ||
Administrator Class (WFLGX) | 11-8-1999 | – | – | – | 9.30 | 5.25 | 4.18 | 0.92 | 0.49 | ||
S&P Target Date 2010 Index5 | – | – | – | – | 10.87 | 7.21 | 6.60 | – | – | ||
Target 2010 Blended Index6 | – | – | – | – | 9.73 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.10% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
5 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
6 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Ten largest holdings (%) as of August 31, 20211 | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 34.47 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 17.94 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 11.68 |
Wells Fargo Strategic Retirement Bond Portfolio | 11.65 |
Wells Fargo Factor Enhanced International Equity Portfolio | 6.06 |
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 5.00 |
Wells Fargo Emerging Markets Bond Portfolio | 2.95 |
Wells Fargo High Yield Corporate Bond Portfolio | 2.94 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 2.89 |
Wells Fargo U.S. REIT Portfolio | 2.52 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469img7e131f955.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.90 | 6.62 | 0.96 |
Class C | 0.90 | 6.62 | 0.96 |
Class R | 0.90 | 6.66 | 0.96 |
Class R4 | 0.90 | 6.62 | 0.95 |
Class R6 | 0.90 | 6.61 | 0.95 |
Administrator Class | 0.90 | 6.61 | 0.95 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2010 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (WFACX)3 | 11-30-2012 | 4.63 | 4.37 | 4.21 | 10.96 | 5.61 | 4.83 | 0.97 | 0.60 | ||
Class R (WFBRX)4 | 6-28-2013 | – | – | – | 10.60 | 5.59 | 4.68 | 1.22 | 0.85 | ||
Class R4 (WFSRX)5 | 11-30-2012 | – | – | – | 11.21 | 5.95 | 5.17 | 0.69 | 0.29 | ||
Class R6 (WFSCX) | 6-29-2007 | – | – | – | 11.34 | 6.08 | 5.29 | 0.54 | 0.14 | ||
Administrator Class (WFFFX) | 6-29-2007 | – | – | – | 10.85 | 5.74 | 4.93 | 0.89 | 0.49 | ||
S&P Target Date 2015 Index6 | – | – | – | – | 12.70 | 7.95 | 7.42 | – | – | ||
Target 2015 Blended Index7 | – | – | – | – | 11.37 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.10% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class A shares. |
4 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
5 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
6 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
7 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Ten largest holdings (%) as of August 31, 20211 | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 32.07 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 16.68 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 14.58 |
Wells Fargo Strategic Retirement Bond Portfolio | 10.84 |
Wells Fargo Factor Enhanced International Equity Portfolio | 7.55 |
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 4.00 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 3.61 |
Wells Fargo U.S. REIT Portfolio | 2.95 |
Wells Fargo Emerging Markets Bond Portfolio | 2.74 |
Wells Fargo High Yield Corporate Bond Portfolio | 2.74 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469imgad674cbb6.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.88 | 7.44 | 0.96 |
Class R | 0.89 | 7.44 | 0.97 |
Class R4 | 0.89 | 7.46 | 0.96 |
Class R6 | 0.88 | 7.39 | 0.96 |
Administrator Class | 0.88 | 7.39 | 0.96 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2015 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (STTRX) | 3-1-1994 | 6.18 | 5.20 | 5.11 | 12.68 | 6.45 | 5.73 | 0.73 | 0.60 | ||
Class C (WFLAX) | 12-1-1998 | 10.86 | 5.64 | 4.94 | 11.86 | 5.64 | 4.94 | 1.48 | 1.35 | ||
Class R (WFURX)3 | 6-28-2013 | – | – | – | 12.42 | 6.26 | 5.54 | 0.98 | 0.85 | ||
Class R4 (WFLRX)4 | 11-30-2012 | – | – | – | 13.07 | 6.78 | 6.11 | 0.45 | 0.29 | ||
Class R6 (WFOBX) | 6-30-2004 | – | – | – | 13.15 | 6.93 | 6.23 | 0.30 | 0.14 | ||
Administrator Class (WFLPX) | 11-8-1999 | – | – | – | 12.76 | 6.55 | 5.86 | 0.65 | 0.49 | ||
S&P Target Date 2020 Index5 | – | – | – | – | 13.79 | 8.51 | 8.09 | – | – | ||
Target 2020 Blended Index6 | – | – | – | – | 13.16 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.10% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
5 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
6 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Ten largest holdings (%) as of August 31, 20211 | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 29.53 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 17.52 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 15.36 |
Wells Fargo Strategic Retirement Bond Portfolio | 9.98 |
Wells Fargo Factor Enhanced International Equity Portfolio | 9.07 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 4.34 |
Wells Fargo U.S. REIT Portfolio | 3.37 |
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 3.00 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 2.79 |
Wells Fargo Emerging Markets Bond Portfolio | 2.53 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469img457fd5a37.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.91 | 8.38 | 0.98 |
Class C | 0.91 | 8.39 | 0.98 |
Class R | 0.91 | 8.37 | 0.98 |
Class R4 | 0.91 | 8.42 | 0.97 |
Class R6 | 0.91 | 8.40 | 0.98 |
Administrator Class | 0.91 | 8.41 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2020 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (WFAYX)3 | 11-30-2012 | 8.91 | 6.31 | 6.24 | 15.56 | 7.58 | 6.88 | 0.77 | 0.60 | ||
Class R (WFHRX)4 | 6-28-2013 | – | – | – | 15.24 | 7.26 | 6.58 | 1.02 | 0.85 | ||
Class R4 (WFGRX)5 | 11-30-2012 | – | – | – | 15.95 | 7.91 | 7.23 | 0.49 | 0.29 | ||
Class R6 (WFTYX) | 6-29-2007 | – | – | – | 16.11 | 8.08 | 7.36 | 0.34 | 0.14 | ||
Administrator Class (WFTRX) | 6-29-2007 | – | – | – | 15.75 | 7.72 | 6.99 | 0.69 | 0.49 | ||
S&P Target Date 2025 Index6 | – | – | – | – | 16.96 | 9.61 | 8.93 | – | – | ||
Target 2025 Blended Index7 | – | – | – | – | 16.10 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.11% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class A shares. |
4 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
5 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
6 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
7 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Ten largest holdings (%) as of August 31, 20211 | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 26.62 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 23.26 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 13.85 |
Wells Fargo Factor Enhanced International Equity Portfolio | 12.60 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 5.76 |
Wells Fargo Strategic Retirement Bond Portfolio | 5.00 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 3.88 |
Wells Fargo U.S. REIT Portfolio | 2.53 |
Wells Fargo Emerging Markets Bond Portfolio | 2.26 |
Wells Fargo High Yield Corporate Bond Portfolio | 2.25 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469img464cdb538.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.91 | 9.95 | 0.98 |
Class R | 0.93 | 10.12 | 0.98 |
Class R4 | 0.91 | 9.94 | 0.98 |
Class R6 | 0.93 | 10.11 | 0.98 |
Administrator Class | 0.92 | 10.05 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2025 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (STHRX) | 3-1-1994 | 11.71 | 7.48 | 7.29 | 18.53 | 8.76 | 7.93 | 0.72 | 0.60 | ||
Class C (WFDMX) | 12-1-1998 | 16.59 | 7.93 | 7.12 | 17.59 | 7.93 | 7.12 | 1.47 | 1.35 | ||
Class R (WFJRX)3 | 6-28-2013 | – | – | – | 18.19 | 8.60 | 7.75 | 0.97 | 0.85 | ||
Class R4 (WTHRX)4 | 11-30-2012 | – | – | – | 18.83 | 9.08 | 8.31 | 0.44 | 0.29 | ||
Class R6 (WFOOX) | 6-30-2004 | – | – | – | 19.02 | 9.24 | 8.44 | 0.29 | 0.14 | ||
Administrator Class (WFLIX) | 11-8-1999 | – | – | – | 18.61 | 8.86 | 8.06 | 0.64 | 0.49 | ||
S&P Target Date 2030 Index5 | – | – | – | – | 19.98 | 10.60 | 9.71 | – | – | ||
Target 2030 Blended Index6 | – | – | – | – | 19.01 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.11% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
5 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
6 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Ten largest holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 29.23 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 22.84 |
Wells Fargo Factor Enhanced International Equity Portfolio | 16.49 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 11.90 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 7.25 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 5.08 |
Wells Fargo Emerging Markets Bond Portfolio | 1.92 |
Wells Fargo High Yield Corporate Bond Portfolio | 1.92 |
Wells Fargo Strategic Retirement Bond Portfolio | 1.33 |
Wells Fargo U.S. REIT Portfolio | 1.01 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469img47eff4819.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.92 | 11.64 | 0.99 |
Class C | 0.92 | 11.64 | 0.99 |
Class R | 0.92 | 11.71 | 0.99 |
Class R4 | 0.92 | 11.66 | 0.99 |
Class R6 | 0.92 | 11.67 | 0.99 |
Administrator Class | 0.92 | 11.68 | 0.99 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2030 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (WFQBX)3 | 11-30-2012 | 14.68 | 8.55 | 8.24 | 21.64 | 9.84 | 8.89 | 0.78 | 0.60 | ||
Class R (WFKRX)4 | 6-28-2013 | – | – | – | 21.09 | 9.56 | 8.60 | 1.03 | 0.85 | ||
Class R4 (WTTRX)5 | 11-30-2012 | – | – | – | 21.93 | 10.17 | 9.24 | 0.50 | 0.29 | ||
Class R6 (WFQRX) | 6-29-2007 | – | – | – | 22.05 | 10.34 | 9.37 | 0.35 | 0.14 | ||
Administrator Class (WFQWX) | 6-29-2007 | – | – | – | 21.56 | 9.94 | 8.98 | 0.70 | 0.49 | ||
S&P Target Date 2035 Index6 | – | – | – | – | 23.45 | 11.65 | 10.45 | – | – | ||
Target 2035 Blended Index7 | – | – | – | – | 22.02 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.12% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class A shares. |
4 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
5 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
6 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
7 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 34.69 |
Wells Fargo Factor Enhanced International Equity Portfolio | 20.47 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 17.75 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 9.22 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 8.65 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 6.23 |
Wells Fargo Emerging Markets Bond Portfolio | 1.50 |
Wells Fargo High Yield Corporate Bond Portfolio | 1.50 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469img8d39001910.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.92 | 13.24 | 0.99 |
Class R | 0.92 | 13.29 | 0.99 |
Class R4 | 0.92 | 13.30 | 0.99 |
Class R6 | 0.92 | 13.26 | 0.99 |
Administrator Class | 0.92 | 13.29 | 0.99 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2035 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (STFRX) | 3-1-1994 | 17.18 | 9.35 | 8.90 | 24.32 | 10.66 | 9.55 | 0.74 | 0.60 | ||
Class C (WFOFX) | 7-1-1998 | 22.45 | 9.83 | 8.73 | 23.45 | 9.83 | 8.73 | 1.49 | 1.35 | ||
Class R (WFMRX)3 | 6-28-2013 | – | – | – | 24.05 | 10.50 | 9.37 | 0.99 | 0.85 | ||
Class R4 (WTFRX)4 | 11-30-2012 | – | – | – | 24.72 | 11.00 | 9.94 | 0.46 | 0.29 | ||
Class R6 (WFOSX) | 6-30-2004 | – | – | – | 24.97 | 11.17 | 10.08 | 0.31 | 0.14 | ||
Administrator Class (WFLWX) | 11-8-1999 | – | – | – | 24.56 | 10.79 | 9.69 | 0.66 | 0.49 | ||
S&P Target Date 2040 Index5 | – | – | – | – | 25.91 | 12.38 | 10.97 | – | – | ||
Target 2040 Blended Index6 | – | – | – | – | 25.00 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
5 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
6 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 39.00 |
Wells Fargo Factor Enhanced International Equity Portfolio | 23.96 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 11.83 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 9.69 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 7.37 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 6.15 |
Wells Fargo Emerging Markets Bond Portfolio | 1.00 |
Wells Fargo High Yield Corporate Bond Portfolio | 1.00 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469imgb773c26d11.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.94 | 14.62 | 0.99 |
Class C | 0.94 | 14.63 | 0.99 |
Class R | 0.94 | 14.66 | 0.99 |
Class R4 | 0.94 | 14.61 | 0.99 |
Class R6 | 0.94 | 14.59 | 0.99 |
Administrator Class | 0.94 | 14.60 | 0.99 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2040 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (WFQVX)3 | 11-30-2012 | 18.71 | 9.88 | 9.33 | 25.93 | 11.20 | 9.98 | 0.89 | 0.60 | ||
Class R (WFNRX)4 | 6-28-2013 | – | – | – | 25.63 | 11.05 | 9.77 | 1.14 | 0.85 | ||
Class R4 (WFFRX)5 | 11-30-2012 | – | – | – | 26.40 | 11.55 | 10.36 | 0.61 | 0.29 | ||
Class R6 (WFQPX) | 6-29-2007 | – | – | – | 26.62 | 11.70 | 10.47 | 0.46 | 0.14 | ||
Administrator Class (WFQYX) | 6-29-2007 | – | – | – | 26.19 | 11.30 | 10.08 | 0.81 | 0.49 | ||
S&P Target Date 2045 Index6 | – | – | – | – | 27.34 | 12.81 | 11.31 | – | – | ||
Target 2045 Blended Index7 | – | – | – | – | 26.58 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class A shares. |
4 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
5 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
6 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
7 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 41.08 |
Wells Fargo Factor Enhanced International Equity Portfolio | 25.77 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 10.24 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 8.90 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 7.91 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 4.62 |
Wells Fargo Emerging Markets Bond Portfolio | 0.76 |
Wells Fargo High Yield Corporate Bond Portfolio | 0.75 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469img354e359c12.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.95 | 15.45 | 0.99 |
Class R | 0.96 | 15.51 | 0.99 |
Class R4 | 0.95 | 15.46 | 0.99 |
Class R6 | 0.95 | 15.46 | 0.99 |
Administrator Class | 0.95 | 15.39 | 0.99 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2045 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (WFQAX)3 | 11-30-2012 | 20.09 | 10.18 | 9.49 | 27.46 | 11.48 | 10.15 | 0.79 | 0.60 | ||
Class C (WFQCX)4 | 11-30-2012 | 25.47 | 10.66 | 9.33 | 26.47 | 10.66 | 9.33 | 1.54 | 1.35 | ||
Class R (WFWRX)5 | 6-28-2013 | – | – | – | 27.00 | 11.40 | 9.96 | 1.04 | 0.85 | ||
Class R4 (WQFRX)6 | 11-30-2012 | – | – | – | 27.85 | 11.84 | 10.51 | 0.51 | 0.29 | ||
Class R6 (WFQFX) | 6-29-2007 | – | – | – | 27.86 | 11.98 | 10.64 | 0.36 | 0.14 | ||
Administrator Class (WFQDX) | 6-29-2007 | – | – | – | 27.43 | 11.59 | 10.26 | 0.71 | 0.49 | ||
S&P Target Date 2045 Index7 | – | – | – | – | 27.34 | 12.81 | 11.31 | – | – | ||
S&P Target Date 2050 Index**,7 | – | – | – | – | 28.13 | 13.10 | – | – | – | ||
Target 2050 Blended Index8 | – | – | – | – | 28.02 | – | – | – | – |
** | The inception date of the index is June 1, 2012. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class A shares. |
4 | Historical performance shown for the Class C shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class C shares. |
5 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
6 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
7 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
8 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 43.01 |
Wells Fargo Factor Enhanced International Equity Portfolio | 27.64 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 10.72 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 8.50 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 6.01 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 3.12 |
Wells Fargo Emerging Markets Bond Portfolio | 0.51 |
Wells Fargo High Yield Corporate Bond Portfolio | 0.51 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469imgbb6b3b6913.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.97 | 16.03 | 0.99 |
Class C | 0.97 | 16.01 | 0.99 |
Class R | 0.97 | 16.11 | 0.99 |
Class R4 | 0.97 | 16.02 | 0.99 |
Class R6 | 0.97 | 16.04 | 0.99 |
Administrator Class | 0.96 | 15.94 | 0.99 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2050 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 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 (WFQZX)3 | 11-30-2012 | 20.19 | 10.18 | 9.50 | 27.52 | 11.49 | 10.15 | 1.30 | 0.60 | ||
Class R (WFYRX)4 | 6-28-2013 | – | – | – | 27.19 | 11.35 | 9.89 | 1.55 | 0.85 | ||
Class R4 (WFVRX)5 | 11-30-2012 | – | – | – | 27.98 | 11.84 | 10.51 | 1.02 | 0.29 | ||
Class R6 (WFQUX) | 6-30-2011 | – | – | – | 28.13 | 12.00 | 10.65 | 0.87 | 0.14 | ||
Administrator Class (WFLHX) | 6-30-2011 | – | – | – | 27.66 | 11.61 | 10.25 | 1.22 | 0.49 | ||
S&P Target Date 2055 Index6 | – | – | – | – | 28.45 | 13.24 | 11.73 | – | – | ||
Target 2055 Blended Index7 | – | – | – | – | 28.02 | – | – | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class A shares. |
4 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Class A shares and has been adjusted to reflect the higher expenses applicable to the Class R shares. |
5 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Class R6 shares and has been adjusted to reflect the higher expenses applicable to the Class R4 shares. |
6 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
7 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 43.10 |
Wells Fargo Factor Enhanced International Equity Portfolio | 27.71 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 10.74 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 8.48 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 5.95 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 3.09 |
Wells Fargo Emerging Markets Bond Portfolio | 0.51 |
Wells Fargo High Yield Corporate Bond Portfolio | 0.50 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469imgf8c38d664.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.96 | 16.15 | 0.99 |
Class R | 0.97 | 16.25 | 0.99 |
Class R4 | 0.97 | 16.20 | 0.99 |
Class R6 | 0.96 | 16.15 | 0.99 |
Administrator Class | 0.96 | 16.17 | 0.99 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2055 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WFAFX) | 6-30-2015 | 20.19 | 10.22 | 8.51 | 27.48 | 11.53 | 9.55 | 1.37 | 0.60 | ||
Class C (WFCFX) | 6-30-2015 | 25.61 | 10.90 | 8.89 | 26.61 | 10.90 | 8.89 | 2.12 | 1.35 | ||
Class R (WFRFX) | 6-30-2015 | – | – | – | 27.20 | 11.47 | 9.45 | 1.62 | 0.85 | ||
Class R4 (WFSFX) | 6-30-2015 | – | – | – | 27.94 | 11.87 | 9.90 | 1.09 | 0.29 | ||
Class R6 (WFUFX) | 6-30-2015 | – | – | – | 28.07 | 12.03 | 10.04 | 0.94 | 0.14 | ||
Administrator Class (WFDFX) | 6-30-2015 | – | – | – | 27.55 | 11.65 | 9.67 | 1.29 | 0.49 | ||
S&P Target Date 2055 Index3 | – | – | – | – | 28.45 | 13.24 | 11.22 * | – | – | ||
S&P Target Date 2060+ Index**,3 | – | – | – | – | 28.34 | 13.37 | – | – | – | ||
Target 2060 Blended Index4 | – | – | – | – | 28.02 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
** | The inception date of the index is May 31, 2016. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.60% for Class A, 1.35% for Class C, 0.85% for Class R, 0.29% for Class R4, 0.14% for Class R6, and 0.49% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is July 14, 2017. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 42.98 |
Wells Fargo Factor Enhanced International Equity Portfolio | 27.80 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 10.71 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 8.44 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 5.92 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 3.08 |
Wells Fargo Emerging Markets Bond Portfolio | 0.50 |
Wells Fargo High Yield Corporate Bond Portfolio | 0.50 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of August 31, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469imgc286439314.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.96 | 16.21 | 0.99 |
Class C | 0.97 | 16.28 | 0.99 |
Class R | 0.97 | 16.30 | 0.99 |
Class R4 | 0.96 | 16.19 | 0.99 |
Class R6 | 0.96 | 16.20 | 0.99 |
Administrator Class | 0.96 | 16.20 | 0.99 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2060+ Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Target Today Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,054.91 | $3.00 | 0.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58% |
Class C | ||||
Actual | $1,000.00 | $1,051.32 | $6.98 | 1.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.40 | $6.87 | 1.35% |
Class R | ||||
Actual | $1,000.00 | $1,054.43 | $4.40 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $4.33 | 0.85% |
Class R4 | ||||
Actual | $1,000.00 | $1,056.86 | $1.50 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,057.95 | $0.73 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,055.84 | $2.49 | 0.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.79 | $2.45 | 0.48% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Target 2010 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,055.36 | $3.00 | 0.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58% |
Class C | ||||
Actual | $1,000.00 | $1,051.26 | $6.98 | 1.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.40 | $6.87 | 1.35% |
Class R | ||||
Actual | $1,000.00 | $1,054.68 | $4.30 | 0.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.02 | $4.23 | 0.83% |
Class R4 | ||||
Actual | $1,000.00 | $1,057.73 | $1.50 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,057.80 | $0.73 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,055.85 | $2.54 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Target 2015 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,061.31 | $2.96 | 0.57% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.33 | $2.91 | 0.57% |
Class R | ||||
Actual | $1,000.00 | $1,060.18 | $4.26 | 0.82% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.07 | $4.18 | 0.82% |
Class R4 | ||||
Actual | $1,000.00 | $1,063.81 | $1.51 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,062.83 | $0.73 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,061.13 | $2.55 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Target 2020 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,066.61 | $3.02 | 0.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58% |
Class C | ||||
Actual | $1,000.00 | $1,063.11 | $7.02 | 1.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.40 | $6.87 | 1.35% |
Class R | ||||
Actual | $1,000.00 | $1,065.48 | $4.43 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $4.33 | 0.85% |
Class R4 | ||||
Actual | $1,000.00 | $1,069.15 | $1.51 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,069.15 | $0.73 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,067.29 | $2.55 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Target 2025 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,076.92 | $3.04 | 0.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58% |
Class R | ||||
Actual | $1,000.00 | $1,074.07 | $4.44 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $4.33 | 0.85% |
Class R4 | ||||
Actual | $1,000.00 | $1,077.85 | $1.52 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,079.86 | $0.73 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,077.19 | $2.57 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Target 2030 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,086.10 | $3.05 | 0.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58% |
Class C | ||||
Actual | $1,000.00 | $1,081.42 | $7.08 | 1.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.40 | $6.87 | 1.35% |
Class R | ||||
Actual | $1,000.00 | $1,084.64 | $4.20 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.17 | $4.08 | 0.80% |
Class R4 | ||||
Actual | $1,000.00 | $1,087.50 | $1.53 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,088.43 | $0.74 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,086.03 | $2.58 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Target 2035 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,095.24 | $3.06 | 0.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58% |
Class R | ||||
Actual | $1,000.00 | $1,093.22 | $4.48 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $4.33 | 0.85% |
Class R4 | ||||
Actual | $1,000.00 | $1,096.11 | $1.53 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,097.44 | $0.74 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,095.18 | $2.59 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Target 2040 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,106.15 | $3.13 | 0.59% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.23 | $3.01 | 0.59% |
Class C | ||||
Actual | $1,000.00 | $1,101.53 | $7.15 | 1.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.40 | $6.87 | 1.35% |
Class R | ||||
Actual | $1,000.00 | $1,104.45 | $4.51 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $4.33 | 0.85% |
Class R4 | ||||
Actual | $1,000.00 | $1,107.40 | $1.54 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,108.72 | $0.74 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,107.12 | $2.60 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Target 2045 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,111.60 | $3.09 | 0.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58% |
Class R | ||||
Actual | $1,000.00 | $1,109.81 | $4.52 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $4.33 | 0.85% |
Class R4 | ||||
Actual | $1,000.00 | $1,114.25 | $1.55 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,114.63 | $0.75 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,112.78 | $2.61 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Target 2050 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,117.06 | $3.09 | 0.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58% |
Class C | ||||
Actual | $1,000.00 | $1,114.04 | $7.19 | 1.35% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.40 | $6.87 | 1.35% |
Class R | ||||
Actual | $1,000.00 | $1,115.76 | $4.53 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $4.33 | 0.85% |
Class R4 | ||||
Actual | $1,000.00 | $1,118.52 | $1.55 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,120.05 | $0.75 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,117.87 | $2.62 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Target 2055 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,117.31 | $3.10 | 0.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.28 | $2.96 | 0.58% |
Class R | ||||
Actual | $1,000.00 | $1,116.75 | $4.48 | 0.84% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.97 | $4.28 | 0.84% |
Class R4 | ||||
Actual | $1,000.00 | $1,119.57 | $1.50 | 0.28% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.79 | $1.43 | 0.28% |
Class R6 | ||||
Actual | $1,000.00 | $1,120.09 | $0.69 | 0.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.55 | $0.66 | 0.13% |
Administrator Class | ||||
Actual | $1,000.00 | $1,117.90 | $2.62 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Target 2060 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,117.99 | $3.15 | 0.59% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.23 | $3.01 | 0.59% |
Class C | ||||
Actual | $1,000.00 | $1,114.12 | $7.03 | 1.32% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.55 | $6.72 | 1.32% |
Class R | ||||
Actual | $1,000.00 | $1,115.64 | $4.48 | 0.84% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.97 | $4.28 | 0.84% |
Class R4 | ||||
Actual | $1,000.00 | $1,119.01 | $1.55 | 0.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.74 | $1.48 | 0.29% |
Class R6 | ||||
Actual | $1,000.00 | $1,119.52 | $0.75 | 0.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.50 | $0.71 | 0.14% |
Administrator Class | ||||
Actual | $1,000.00 | $1,118.11 | $2.62 | 0.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.74 | $2.50 | 0.49% |
Value | |||||
Investment companies: 100.08% | |||||
Affiliated master portfolios: 100.08% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 19,093,547 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 1,633,051 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 1,027,839 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 3,344,330 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 6,446,872 | ||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 2,763,216 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 1,595,171 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 1,629,898 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 9,924,541 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 6,450,244 | ||||
Wells Fargo U.S. REIT Portfolio | 1,391,112 | ||||
Total Investment companies (Cost $46,062,313) | 55,299,821 | ||||
Total investments in securities (Cost $46,062,313) | 100.08% | 55,299,821 | |||
Other assets and liabilities, net | (0.08) | (45,481) | |||
Total net assets | 100.00% | $55,254,340 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 3.49% | 3.24% | $ 70,393 | $ (12,579) | $ 119,889 | $ 0 | $361 | $ 19,093,547 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 4.67 | 4.30 | (26,813) | 61,339 | 37,840 | 0 | 3 | 1,633,051 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.60 | 0.55 | 52,161 | (61,114) | 0 | 16,096 | 4 | 1,027,839 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.52 | 0.46 | 258,819 | 45,959 | 0 | 64,593 | 11 | 3,344,330 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.86 | 0.75 | 966,410 | 179,460 | 0 | 45,995 | 26 | 6,446,872 | ||||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 11.42 | 10.74 | 102,723 | 369,274 | 0 | 23,305 | 10 | 2,763,216 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.81 | 0.72 | 324,907 | (232,364) | 0 | 8,474 | 8 | 1,595,171 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 3.46 | 3.22 | 18,242 | 361 | 42,347 | 0 | 4 | 1,629,898 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 4.63 | 4.26 | 116,752 | (11,937) | 154,516 | 0 | 10 | 9,924,541 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 4.46 | 4.21 | 35,355 | 9,261 | 126,296 | 0 | 6 | 6,450,244 | ||||||
Wells Fargo U.S. REIT Portfolio | 5.66 | 5.29 | 119,671 | 191,685 | 0 | 22,295 | 1 | 1,391,112 | ||||||
$2,038,620 | $ 539,345 | $480,888 | $180,758 | $444 | $55,299,821 |
Value | |||||
Investment companies: 99.97% | |||||
Affiliated master portfolios: 99.97% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 18,257,722 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 1,562,722 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 985,929 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 3,208,035 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 6,187,334 | ||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 2,650,526 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 1,530,401 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 1,559,291 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 9,501,892 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 6,172,939 | ||||
Wells Fargo U.S. REIT Portfolio | 1,335,933 | ||||
Total Investment companies (Cost $31,372,590) | 52,952,724 | ||||
Total investments in securities (Cost $31,372,590) | 99.97% | 52,952,724 | |||
Other assets and liabilities, net | 0.03 | 16,973 | |||
Total net assets | 100.00% | $52,969,697 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 3.19% | 3.10% | $ 69,230 | $ (3,837) | $ 114,400 | $ 0 | $344 | $ 18,257,722 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 4.26 | 4.11 | (24,169) | 56,037 | 36,089 | 0 | 3 | 1,562,722 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.55 | 0.53 | 49,264 | (61,459) | 0 | 15,518 | 4 | 985,929 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.47 | 0.44 | 242,892 | 39,569 | 0 | 61,384 | 10 | 3,208,035 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.78 | 0.72 | 911,085 | 165,501 | 0 | 43,964 | 25 | 6,187,334 | ||||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 10.41 | 10.30 | 98,696 | 343,858 | 0 | 22,127 | 9 | 2,650,526 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.74 | 0.69 | 311,438 | (227,309) | 0 | 8,139 | 8 | 1,530,401 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 3.18 | 3.08 | 17,245 | 581 | 40,365 | 0 | 4 | 1,559,291 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 4.23 | 4.08 | 112,120 | (2,226) | 147,444 | 0 | 10 | 9,501,892 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 4.09 | 4.02 | 31,540 | 14,202 | 120,901 | 0 | 6 | 6,172,939 | ||||||
Wells Fargo U.S. REIT Portfolio | 5.15 | 5.08 | 116,936 | 178,669 | 0 | 21,295 | 1 | 1,335,933 | ||||||
$1,936,277 | $ 503,586 | $459,199 | $172,427 | $424 | $52,952,724 |
Value | |||||
Investment companies: 100.08% | |||||
Affiliated master portfolios: 100.08% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 16,617,508 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 1,422,414 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 1,202,078 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 3,912,871 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 7,553,251 | ||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 2,071,979 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 1,868,097 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 1,418,690 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 8,642,957 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 5,616,311 | ||||
Wells Fargo U.S. REIT Portfolio | 1,527,121 | ||||
Total Investment companies (Cost $38,349,418) | 51,853,277 | ||||
Total investments in securities (Cost $38,349,418) | 100.08% | 51,853,277 | |||
Other assets and liabilities, net | (0.08) | (39,530) | |||
Total net assets | 100.00% | $51,813,747 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 2.93% | 2.82% | $ 63,435 | $ 61,237 | $ 103,569 | $ 0 | $313 | $ 16,617,508 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 3.92 | 3.74 | (21,891) | 57,743 | 32,739 | 0 | 3 | 1,422,414 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.68 | 0.65 | 59,829 | (425,443) | 0 | 18,885 | 5 | 1,202,078 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.59 | 0.53 | 294,722 | 70,136 | 0 | 74,903 | 12 | 3,912,871 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.97 | 0.88 | 1,107,570 | 239,150 | 0 | 53,656 | 30 | 7,553,251 | ||||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 8.24 | 8.05 | 77,344 | 410,458 | 0 | 17,327 | 6 | 2,071,979 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.92 | 0.84 | 374,832 | (262,389) | 0 | 9,871 | 10 | 1,868,097 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 2.93 | 2.80 | 15,811 | 6,213 | 36,601 | 0 | 4 | 1,418,690 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 3.89 | 3.71 | 101,574 | 29,586 | 133,752 | 0 | 9 | 8,642,957 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 3.76 | 3.66 | 32,260 | 31,593 | 109,609 | 0 | 6 | 5,616,311 | ||||||
Wells Fargo U.S. REIT Portfolio | 6.13 | 5.81 | 133,282 | 208,761 | 0 | 24,175 | 1 | 1,527,121 | ||||||
$2,238,768 | $ 427,045 | $416,270 | $198,817 | $399 | $51,853,277 |
Value | |||||
Investment companies: 100.01% | |||||
Affiliated master portfolios: 100.01% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 89,929,076 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 7,694,263 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 8,481,287 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 27,604,112 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 53,358,610 | ||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 9,145,362 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 13,205,761 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 7,677,387 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 46,784,175 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 30,392,431 | ||||
Wells Fargo U.S. REIT Portfolio | 10,276,538 | ||||
Total Investment companies (Cost $245,965,733) | 304,549,002 | ||||
Total investments in securities (Cost $245,965,733) | 100.01% | 304,549,002 | |||
Other assets and liabilities, net | (0.01) | (45,326) | |||
Total net assets | 100.00% | $304,503,676 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 15.82% | 15.26% | $ 337,458 | $ (28,320) | $ 557,768 | $ 0 | $ 1,685 | $ 89,929,076 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 21.18 | 20.25 | (118,634) | 274,515 | 176,437 | 0 | 14 | 7,694,263 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 4.73 | 4.57 | 417,154 | (522,335) | 0 | 132,093 | 35 | 8,481,287 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 4.10 | 3.76 | 2,057,744 | 359,337 | 0 | 523,164 | 87 | 27,604,112 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 6.73 | 6.25 | 7,720,813 | 1,477,235 | 0 | 375,219 | 210 | 53,358,610 | ||||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 36.02 | 35.53 | 336,372 | 1,184,806 | 0 | 75,735 | 32 | 9,145,362 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 6.34 | 5.95 | 2,627,431 | (1,910,712) | 0 | 69,174 | 68 | 13,205,761 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 15.72 | 15.15 | 84,605 | 1,793 | 197,250 | 0 | 19 | 7,677,387 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 21.03 | 20.10 | 550,251 | (28,002) | 720,534 | 0 | 47 | 46,784,175 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 20.22 | 19.81 | 153,842 | 64,687 | 590,733 | 0 | 30 | 30,392,431 | ||||||
Wells Fargo U.S. REIT Portfolio | 39.76 | 39.07 | 882,033 | 1,351,313 | 0 | 161,232 | 7 | 10,276,538 | ||||||
$15,049,069 | $ 2,224,317 | $2,242,722 | $1,336,617 | $2,234 | $304,549,002 |
Value | |||||
Investment companies: 100.01% | |||||
Affiliated master portfolios: 100.01% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 54,171,852 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 4,594,634 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 7,897,369 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 25,633,412 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 47,345,245 | ||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 4,077,666 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 11,728,846 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 4,584,576 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 28,188,216 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 10,163,426 | ||||
Wells Fargo U.S. REIT Portfolio | 5,153,046 | ||||
Total Investment companies (Cost $172,778,673) | 203,538,288 | ||||
Total investments in securities (Cost $172,778,673) | 100.01% | 203,538,288 | |||
Other assets and liabilities, net | (0.01) | (10,289) | |||
Total net assets | 100.00% | $203,527,999 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 8.98% | 9.19% | $ 209,343 | $ (6,150) | $ 329,638 | $ 0 | $ 998 | $ 54,171,852 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 11.92 | 12.10 | (66,996) | 159,751 | 103,421 | 0 | 8 | 4,594,634 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 4.14 | 4.26 | 381,198 | (481,762) | 0 | 121,544 | 32 | 7,897,369 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 3.59 | 3.49 | 1,866,694 | 304,867 | 0 | 474,105 | 79 | 25,633,412 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 5.62 | 5.54 | 6,695,826 | 1,271,803 | 0 | 328,038 | 185 | 47,345,245 | ||||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 15.06 | 15.84 | 148,463 | 513,766 | 0 | 33,110 | 14 | 4,077,666 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 5.33 | 5.29 | 2,303,148 | (1,678,276) | 0 | 61,040 | 60 | 11,728,846 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 8.84 | 9.05 | 49,717 | 1,535 | 115,575 | 0 | 11 | 4,584,576 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 11.93 | 12.11 | 331,108 | 4,699 | 425,866 | 0 | 28 | 28,188,216 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 6.37 | 6.63 | 51,721 | 20,358 | 194,849 | 0 | 10 | 10,163,426 | ||||||
Wells Fargo U.S. REIT Portfolio | 18.77 | 19.59 | 441,605 | 653,679 | 0 | 79,732 | 3 | 5,153,046 | ||||||
$12,411,827 | $ 764,270 | $1,169,349 | $1,097,569 | $1,428 | $203,538,288 |
Value | |||||
Investment companies: 99.97% | |||||
Affiliated master portfolios: 99.97% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 114,821,277 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 9,671,190 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 25,509,018 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 82,902,084 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 146,929,817 | ||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 5,029,138 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 36,461,883 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 9,650,051 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 59,793,368 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 6,683,625 | ||||
Wells Fargo U.S. REIT Portfolio | 5,086,466 | ||||
Total Investment companies (Cost $421,623,172) | 502,537,917 | ||||
Total investments in securities (Cost $421,623,172) | 99.97% | 502,537,917 | |||
Other assets and liabilities, net | 0.03 | 129,087 | |||
Total net assets | 100.00% | $502,667,004 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 19.20% | 19.48% | $ 425,728 | $ (22,044) | $ 702,698 | $ 0 | $ 2,130 | $ 114,821,277 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 25.32 | 25.46 | (144,507) | 338,148 | 218,335 | 0 | 19 | 9,671,190 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 13.72 | 13.76 | 1,242,520 | (1,532,572) | 0 | 393,510 | 103 | 25,509,018 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 11.93 | 11.28 | 6,091,076 | 987,117 | 0 | 1,541,815 | 257 | 82,902,084 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 17.93 | 17.20 | 21,127,831 | 3,818,538 | 0 | 1,019,119 | 573 | 146,929,817 | ||||||
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | 18.84 | 19.54 | 182,461 | 642,933 | 0 | 41,007 | 17 | 5,029,138 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 16.93 | 16.43 | 7,185,248 | (5,272,713) | 0 | 189,138 | 186 | 36,461,883 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 18.86 | 19.04 | 103,973 | 2,793 | 244,131 | 0 | 26 | 9,650,051 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 25.51 | 25.68 | 695,467 | (10,114) | 903,224 | 0 | 61 | 59,793,368 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 4.24 | 4.36 | 28,967 | 17,425 | 128,327 | 0 | 0 | 6,683,625 | ||||||
Wells Fargo U.S. REIT Portfolio | 19.05 | 19.34 | 433,115 | 657,314 | 0 | 78,746 | 0 | 5,086,466 | ||||||
$37,371,879 | $ (373,175) | $2,196,715 | $3,263,335 | $3,372 | $502,537,917 |
Value | |||||
Investment companies: 100.01% | |||||
Affiliated master portfolios: 100.01% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 37,689,933 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 3,190,738 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 13,240,421 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 43,477,682 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 73,689,383 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 18,364,893 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 3,183,762 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 19,575,295 | ||||
Total Investment companies (Cost $181,052,796) | 212,412,107 | ||||
Total investments in securities (Cost $181,052,796) | 100.01% | 212,412,107 | |||
Other assets and liabilities, net | (0.01) | (19,339) | |||
Total net assets | 100.00% | $212,392,768 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 6.05% | 6.40% | $ 145,662 | $ (4,552) | $ 225,148 | $ 0 | $ 654 | $ 37,689,933 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 8.03 | 8.40 | (44,696) | 107,897 | 70,387 | 0 | 6 | 3,190,738 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 6.75 | 7.14 | 621,204 | (781,307) | 0 | 199,899 | 48 | 13,240,421 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 5.92 | 5.92 | 3,070,102 | 517,752 | 0 | 785,181 | 127 | 43,477,682 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 8.53 | 8.63 | 10,086,245 | 2,016,962 | 0 | 499,650 | 315 | 73,689,383 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 8.12 | 8.28 | 3,471,276 | (2,542,268) | 0 | 92,679 | 90 | 18,364,893 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 5.94 | 6.28 | 33,975 | 873 | 78,628 | 0 | 8 | 3,183,762 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 8.05 | 8.41 | 227,463 | 1,582 | 287,783 | 0 | 19 | 19,575,295 | ||||||
$17,611,231 | $ (683,061) | $661,946 | $1,577,409 | $1,267 | $212,412,107 |
Value | |||||
Investment companies: 100.00% | |||||
Affiliated master portfolios: 100.00% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 57,187,073 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 4,844,241 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 35,628,227 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 115,812,911 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 188,548,676 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 46,869,470 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 4,833,679 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 29,719,536 | ||||
Total Investment companies (Cost $402,088,837) | 483,443,813 | ||||
Total investments in securities (Cost $402,088,837) | 100.00% | 483,443,813 | |||
Other assets and liabilities, net | 0.00 | 12,495 | |||
Total net assets | 100.00% | $483,456,308 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 9.37% | 9.70% | $ 210,958 | $ (6,914) | $ 347,949 | $ 0 | $ 977 | $ 57,187,073 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 12.41 | 12.75 | (72,450) | 170,131 | 108,840 | 0 | 9 | 4,844,241 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 18.94 | 19.21 | 1,725,753 | (2,136,283) | 0 | 545,090 | 133 | 35,628,227 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 16.44 | 15.76 | 8,473,944 | 1,290,273 | 0 | 2,138,671 | 345 | 115,812,911 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 22.78 | 22.07 | 27,075,943 | 4,764,704 | 0 | 1,298,264 | 824 | 188,548,676 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 21.82 | 21.12 | 9,185,725 | (6,750,520) | 0 | 241,093 | 238 | 46,869,470 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 9.26 | 9.54 | 51,529 | 2,361 | 121,595 | 0 | 12 | 4,833,679 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 12.43 | 12.77 | 342,793 | 3,336 | 443,253 | 0 | 29 | 29,719,536 | ||||||
$46,994,195 | $(2,662,912) | $1,021,637 | $4,223,118 | $2,567 | $483,443,813 |
Value | |||||
Investment companies: 100.03% | |||||
Affiliated master portfolios: 100.03% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 8,708,176 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 737,346 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 7,743,175 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 25,222,911 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 40,205,763 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 10,020,359 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 735,733 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 4,523,640 | ||||
Total Investment companies (Cost $82,340,699) | 97,897,103 | ||||
Total investments in securities (Cost $82,340,699) | 100.03% | 97,897,103 | |||
Other assets and liabilities, net | (0.03) | (30,510) | |||
Total net assets | 100.00% | $97,866,593 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 1.40% | 1.48% | $ 32,760 | $ 767 | $ 52,725 | $ 0 | $159 | $ 8,708,176 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 1.85 | 1.94 | (10,675) | 25,458 | 16,490 | 0 | 1 | 737,346 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 3.98 | 4.18 | 369,167 | (476,674) | 0 | 118,945 | 28 | 7,743,175 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 3.46 | 3.43 | 1,811,288 | 294,127 | 0 | 463,164 | 75 | 25,222,911 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 4.69 | 4.71 | 5,648,303 | 1,073,865 | 0 | 277,152 | 163 | 40,205,763 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 4.46 | 4.52 | 1,929,629 | (1,429,690) | 0 | 51,367 | 50 | 10,020,359 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 1.38 | 1.45 | 7,802 | 300 | 18,429 | 0 | 2 | 735,733 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 1.86 | 1.94 | 52,419 | 2,525 | 66,854 | 0 | 4 | 4,523,640 | ||||||
$9,840,693 | $ (509,322) | $154,498 | $910,628 | $482 | $97,897,103 |
Value | |||||
Investment companies: 100.02% | |||||
Affiliated master portfolios: 100.02% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 13,294,629 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 1,125,760 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 18,783,063 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 61,096,006 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 95,084,511 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 23,696,801 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 1,123,308 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 6,906,607 | ||||
Total Investment companies (Cost $182,015,804) | 221,110,685 | ||||
Total investments in securities (Cost $182,015,804) | 100.02% | 221,110,685 | |||
Other assets and liabilities, net | (0.02) | (48,604) | |||
Total net assets | 100.00% | $221,062,081 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 2.16% | 2.26% | $ 48,224 | $ 2,772 | $ 80,149 | $ 0 | $ 241 | $ 13,294,629 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 2.86 | 2.96 | (16,987) | 40,388 | 24,994 | 0 | 2 | 1,125,760 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 10.02 | 10.13 | 920,669 | (1,116,013) | 0 | 287,389 | 70 | 18,783,063 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 8.76 | 8.32 | 4,538,048 | 675,852 | 0 | 1,134,392 | 184 | 61,096,006 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 11.60 | 11.13 | 13,876,263 | 2,312,778 | 0 | 657,728 | 380 | 95,084,511 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 11.11 | 11.68 | 4,712,216 | (3,453,333) | 0 | 122,343 | 121 | 23,696,801 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 2.14 | 2.22 | 11,867 | 1,188 | 27,957 | 0 | 3 | 1,123,308 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 2.86 | 2.97 | 78,262 | 2,771 | 100,572 | 0 | 7 | 6,906,607 | ||||||
$24,168,562 | $(1,533,597) | $233,672 | $2,201,852 | $1,008 | $221,110,685 |
Value | |||||
Investment companies: 100.08% | |||||
Affiliated master portfolios: 100.08% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 1,813,430 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 153,582 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 2,586,988 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 8,453,053 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 13,146,952 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 3,276,504 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 153,296 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 942,148 | ||||
Total Investment companies (Cost $26,682,127) | 30,525,953 | ||||
Total investments in securities (Cost $26,682,127) | 100.08% | 30,525,953 | |||
Other assets and liabilities, net | (0.08) | (23,786) | |||
Total net assets | 100.00% | $30,502,167 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.28% | 0.31% | $ 7,242 | $ 880 | $ 10,701 | $ 0 | $ 33 | $ 1,813,430 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.37 | 0.43 | (2,138) | 5,258 | 3,388 | 0 | 0 | 153,582 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 1.26 | 1.40 | 122,126 | (161,679) | 0 | 39,632 | 10 | 2,586,988 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 1.10 | 1.15 | 594,277 | 87,619 | 0 | 151,773 | 26 | 8,453,053 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 1.45 | 1.54 | 1,795,007 | 352,019 | 0 | 89,512 | 51 | 13,146,952 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 1.40 | 1.48 | 627,494 | (464,785) | 0 | 16,684 | 16 | 3,276,504 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.27 | 0.30 | 1,635 | 57 | 3,785 | 0 | 0 | 153,296 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.37 | 0.40 | 11,152 | 1,174 | 13,910 | 0 | 1 | 942,148 | ||||||
$3,156,795 | $(179,457) | $31,784 | $297,601 | $137 | $30,525,953 |
Value | |||||
Investment companies: 99.93% | |||||
Affiliated master portfolios: 99.93% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 2,024,914 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 171,366 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 2,884,851 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 9,501,595 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 14,693,557 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 3,661,997 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 170,990 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 1,051,336 | ||||
Total Investment companies (Cost $29,437,770) | 34,160,606 | ||||
Total investments in securities (Cost $29,437,770) | 99.93% | 34,160,606 | |||
Other assets and liabilities, net | 0.07 | 25,341 | |||
Total net assets | 100.00% | $34,185,947 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.30% | 0.34% | $ 7,492 | $ 86,486 | $ 11,848 | $ 0 | $ 36 | $ 2,024,914 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.40 | 0.45 | (2,411) | 13,076 | 3,693 | 0 | 0 | 171,366 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 1.37 | 1.56 | 134,896 | (47,177) | 0 | 42,864 | 11 | 2,884,851 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 1.18 | 1.29 | 663,389 | 465,516 | 0 | 165,525 | 28 | 9,501,595 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 1.56 | 1.72 | 2,020,565 | (455,144) | 0 | 96,933 | 56 | 14,693,557 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 1.50 | 1.65 | 692,734 | (348,302) | 0 | 18,145 | 18 | 3,661,997 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.30 | 0.34 | 1,739 | 7,361 | 4,127 | 0 | 0 | 170,990 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.40 | 0.45 | 11,896 | 46,468 | 14,854 | 0 | 0 | 1,051,336 | ||||||
$3,530,300 | $(231,716) | $34,522 | $323,467 | $149 | $34,160,606 |
Target Today Fund | Target 2010 Fund | Target 2015 Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 55,299,821 | $ 52,952,724 | $ 51,853,277 |
Receivable for Fund shares sold | 10,208 | 5,661 | 5,166 |
Receivable from manager | 8,802 | 8,749 | 8,592 |
Prepaid expenses and other assets | 55,178 | 66,167 | 8,767 |
Total assets | 55,374,009 | 53,033,301 | 51,875,802 |
Liabilities | |||
Payable for Fund shares redeemed | 54,359 | 6,006 | 1,880 |
Shareholder report expenses payable | 19,586 | 11,858 | 12,682 |
Professional fees payable | 16,747 | 15,398 | 22,717 |
Shareholder servicing fees payable | 8,878 | 8,408 | 7,594 |
Administration fees payable | 7,340 | 6,935 | 6,487 |
Trustees’ fees and expenses payable | 2,188 | 2,180 | 2,189 |
Distribution fees payable | 199 | 92 | 0 |
Accrued expenses and other liabilities | 10,372 | 12,727 | 8,506 |
Total liabilities | 119,669 | 63,604 | 62,055 |
Total net assets | $55,254,340 | $52,969,697 | $51,813,747 |
Net assets consist of | |||
Paid-in capital | $ 43,505,590 | $ 29,082,835 | $ 36,456,915 |
Total distributable earnings | 11,748,750 | 23,886,862 | 15,356,832 |
Total net assets | $55,254,340 | $52,969,697 | $51,813,747 |
Computation of net asset value and offering price per share | |||
Net assets – Class A | $ 34,419,558 | $ 32,119,921 | $ 30,704,335 |
Shares outstanding – Class A1 | 3,558,380 | 2,851,487 | 4,051,687 |
Net asset value per share – Class A | $9.67 | $11.26 | $7.58 |
Maximum offering price per share – Class A2 | $10.26 | $11.95 | $8.04 |
Net assets – Class C | $ 307,523 | $ 140,501 | N/A |
Shares outstanding – Class C1 | 30,814 | 12,303 | N/A |
Net asset value per share – Class C | $9.98 | $11.42 | N/A |
Net assets – Class R | $ 36,000 | $ 24,842 | $ 21,376 |
Shares outstanding – Class R1 | 3,707 | 2,201 | 2,716 |
Net asset value per share – Class R | $9.71 | $11.29 | $7.87 |
Net assets – Class R4 | $ 1,093,375 | $ 1,172,389 | $ 1,520,283 |
Shares outstanding – Class R41 | 109,858 | 102,521 | 198,850 |
Net asset value per share – Class R4 | $9.95 | $11.44 | $7.65 |
Net assets – Class R6 | $ 12,969,549 | $ 12,793,840 | $ 15,354,603 |
Shares outstanding – Class R61 | 1,304,328 | 1,121,243 | 2,006,387 |
Net asset value per share – Class R6 | $9.94 | $11.41 | $7.65 |
Net assets – Administrator Class | $ 6,428,335 | $ 6,718,204 | $ 4,213,150 |
Shares outstanding – Administrator Class1 | 644,878 | 587,211 | 538,466 |
Net asset value per share – Administrator Class | $9.97 | $11.44 | $7.82 |
Investments in affiliated Master Portfolios, at cost | $ 46,062,313 | $ 31,372,590 | $ 38,349,418 |
1 | Each Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Target 2020 Fund | Target 2025 Fund | Target 2030 Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 304,549,002 | $ 203,538,288 | $ 502,537,917 |
Receivable for Fund shares sold | 85,293 | 58,799 | 377,046 |
Receivable from manager | 2,930 | 7,343 | 6,014 |
Prepaid expenses and other assets | 28,974 | 93,934 | 55,537 |
Total assets | 304,666,199 | 203,698,364 | 502,976,514 |
Liabilities | |||
Payable for Fund shares redeemed | 30,237 | 86,029 | 145,227 |
Shareholder report expenses payable | 14,514 | 15,494 | 15,210 |
Professional fees payable | 21,956 | 8,604 | 21,113 |
Shareholder servicing fees payable | 38,198 | 21,481 | 55,326 |
Administration fees payable | 32,115 | 19,838 | 46,909 |
Trustees’ fees and expenses payable | 2,293 | 2,293 | 2,278 |
Distribution fees payable | 1,393 | 13 | 773 |
Accrued expenses and other liabilities | 21,817 | 16,613 | 22,674 |
Total liabilities | 162,523 | 170,365 | 309,510 |
Total net assets | $304,503,676 | $203,527,999 | $502,667,004 |
Net assets consist of | |||
Paid-in capital | $ 225,624,006 | $ 160,001,282 | $ 371,588,706 |
Total distributable earnings | 78,879,670 | 43,526,717 | 131,078,298 |
Total net assets | $304,503,676 | $203,527,999 | $502,667,004 |
Computation of net asset value and offering price per share | |||
Net assets – Class A | $ 128,741,796 | $ 86,881,210 | $ 167,657,336 |
Shares outstanding – Class A1 | 9,685,078 | 14,103,666 | 11,660,646 |
Net asset value per share – Class A | $13.29 | $6.16 | $14.38 |
Maximum offering price per share – Class A2 | $14.10 | $6.54 | $15.26 |
Net assets – Class C | $ 2,106,744 | N/A | $ 1,190,331 |
Shares outstanding – Class C1 | 162,457 | N/A | 87,016 |
Net asset value per share – Class C | $12.97 | N/A | $13.68 |
Net assets – Class R | $ 122,344 | $ 78,726 | $ 54,687 |
Shares outstanding – Class R1 | 9,282 | 12,923 | 3,777 |
Net asset value per share – Class R | $13.18 | $6.09 | $14.48 |
Net assets – Class R4 | $ 17,116,283 | $ 13,299,965 | $ 32,465,949 |
Shares outstanding – Class R41 | 1,244,136 | 2,135,074 | 2,195,524 |
Net asset value per share – Class R4 | $13.76 | $6.23 | $14.79 |
Net assets – Class R6 | $ 115,577,114 | $ 94,839,834 | $ 226,136,190 |
Shares outstanding – Class R61 | 8,398,853 | 15,256,651 | 15,311,292 |
Net asset value per share – Class R6 | $13.76 | $6.22 | $14.77 |
Net assets – Administrator Class | $ 40,839,395 | $ 8,428,264 | $ 75,162,511 |
Shares outstanding – Administrator Class1 | 2,993,402 | 1,342,817 | 5,087,428 |
Net asset value per share – Administrator Class | $13.64 | $6.28 | $14.77 |
Investments in affiliated Master Portfolios, at cost | $ 245,965,733 | $ 172,778,673 | $ 421,623,172 |
1 | Each Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Target 2035 Fund | Target 2040 Fund | Target 2045 Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 212,412,107 | $ 483,443,813 | $ 97,897,103 |
Receivable for Fund shares sold | 65,554 | 227,472 | 27,039 |
Receivable from manager | 7,960 | 10,304 | 9,799 |
Prepaid expenses and other assets | 13,914 | 77,282 | 13,480 |
Total assets | 212,499,535 | 483,758,871 | 97,947,421 |
Liabilities | |||
Payable for Fund shares redeemed | 8,336 | 142,492 | 9,494 |
Shareholder report expenses payable | 14,697 | 15,001 | 19,251 |
Professional fees payable | 20,740 | 19,134 | 20,845 |
Shareholder servicing fees payable | 23,733 | 57,404 | 9,823 |
Administration fees payable | 21,889 | 48,653 | 9,331 |
Trustees’ fees and expenses payable | 2,287 | 2,365 | 2,535 |
Distribution fees payable | 109 | 803 | 12 |
Accrued expenses and other liabilities | 14,976 | 16,711 | 9,537 |
Total liabilities | 106,767 | 302,563 | 80,828 |
Total net assets | $212,392,768 | $483,456,308 | $97,866,593 |
Net assets consist of | |||
Paid-in capital | $ 157,848,205 | $ 340,151,471 | $ 69,946,257 |
Total distributable earnings | 54,544,563 | 143,304,837 | 27,920,336 |
Total net assets | $212,392,768 | $483,456,308 | $97,866,593 |
Computation of net asset value and offering price per share | |||
Net assets – Class A | $ 102,148,791 | $ 192,854,021 | $ 41,373,739 |
Shares outstanding – Class A1 | 11,391,554 | 10,819,415 | 4,071,679 |
Net asset value per share – Class A | $8.97 | $17.82 | $10.16 |
Maximum offering price per share – Class A2 | $9.52 | $18.91 | $10.78 |
Net assets – Class C | N/A | $ 1,263,327 | N/A |
Shares outstanding – Class C1 | N/A | 79,748 | N/A |
Net asset value per share – Class C | N/A | $15.84 | N/A |
Net assets – Class R | $ 539,291 | $ 95,022 | $ 84,215 |
Shares outstanding – Class R1 | 59,704 | 5,318 | 8,088 |
Net asset value per share – Class R | $9.03 | $17.87 | $10.41 |
Net assets – Class R4 | $ 10,388,876 | $ 30,673,254 | $ 4,964,893 |
Shares outstanding – Class R41 | 1,152,931 | 1,652,457 | 485,074 |
Net asset value per share – Class R4 | $9.01 | $18.56 | $10.24 |
Net assets – Class R6 | $ 93,870,538 | $ 194,328,956 | $ 49,355,305 |
Shares outstanding – Class R61 | 10,422,582 | 10,472,264 | 4,836,163 |
Net asset value per share – Class R6 | $9.01 | $18.56 | $10.21 |
Net assets – Administrator Class | $ 5,445,272 | $ 64,241,728 | $ 2,088,441 |
Shares outstanding – Administrator Class1 | 598,930 | 3,473,205 | 201,569 |
Net asset value per share – Administrator Class | $9.09 | $18.50 | $10.36 |
Investments in affiliated Master Portfolios, at cost | $ 181,052,796 | $ 402,088,837 | $ 82,340,699 |
1 | Each Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Target 2050 Fund | Target 2055 Fund | Target 2060 Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 221,110,685 | $ 30,525,953 | $ 34,160,606 |
Receivable for Fund shares sold | 148,069 | 26,011 | 28,116 |
Receivable from manager | 10,878 | 8,668 | 9,018 |
Prepaid expenses and other assets | 51,701 | 1,824 | 28,581 |
Total assets | 221,321,333 | 30,562,456 | 34,226,321 |
Liabilities | |||
Payable for Fund shares redeemed | 174,287 | 14,029 | 4,445 |
Shareholder report expenses payable | 15,491 | 14,565 | 9,779 |
Professional fees payable | 22,486 | 21,288 | 16,727 |
Shareholder servicing fees payable | 19,664 | 1,904 | 1,464 |
Administration fees payable | 16,889 | 2,043 | 1,577 |
Trustees’ fees and expenses payable | 1,790 | 861 | 1,273 |
Distribution fees payable | 377 | 7 | 100 |
Accrued expenses and other liabilities | 8,268 | 5,592 | 5,009 |
Total liabilities | 259,252 | 60,289 | 40,374 |
Total net assets | $221,062,081 | $30,502,167 | $34,185,947 |
Net assets consist of | |||
Paid-in capital | $ 150,802,618 | $ 22,835,676 | $ 24,926,262 |
Total distributable earnings | 70,259,463 | 7,666,491 | 9,259,685 |
Total net assets | $221,062,081 | $30,502,167 | $34,185,947 |
Computation of net asset value and offering price per share | |||
Net assets – Class A | $ 47,478,073 | $ 6,147,185 | $ 1,290,307 |
Shares outstanding – Class A1 | 5,293,385 | 393,465 | 83,036 |
Net asset value per share – Class A | $8.97 | $15.62 | $15.54 |
Maximum offering price per share – Class A2 | $9.52 | $16.57 | $16.49 |
Net assets – Class C | $ 598,003 | N/A | $ 154,894 |
Shares outstanding – Class C1 | 67,286 | N/A | 9,919 |
Net asset value per share – Class C | $8.89 | N/A | $15.62 |
Net assets – Class R | $ 65,221 | $ 64,825 | $ 128,931 |
Shares outstanding – Class R1 | 7,199 | 4,210 | 8,404 |
Net asset value per share – Class R | $9.06 | $15.40 | $15.34 |
Net assets – Class R4 | $ 15,016,718 | $ 2,667,462 | $ 3,043,590 |
Shares outstanding – Class R41 | 1,657,767 | 169,629 | 191,559 |
Net asset value per share – Class R4 | $9.06 | $15.73 | $15.89 |
Net assets – Class R6 | $ 119,740,121 | $ 20,658,768 | $ 25,426,491 |
Shares outstanding – Class R61 | 13,228,805 | 1,318,382 | 1,605,721 |
Net asset value per share – Class R6 | $9.05 | $15.67 | $15.83 |
Net assets – Administrator Class | $ 38,163,945 | $ 963,927 | $ 4,141,734 |
Shares outstanding – Administrator Class1 | 4,235,008 | 61,236 | 265,077 |
Net asset value per share – Administrator Class | $9.01 | $15.74 | $15.62 |
Investments in affiliated Master Portfolios, at cost | $ 182,015,804 | $ 26,682,127 | $ 29,437,770 |
1 | Each Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Target Today Fund | Target 2010 Fund | Target 2015 Fund | |
Investment income | |||
Interest allocated from affiliated Master Portfolios | $ 480,888 | $ 459,199 | $ 416,270 |
Dividends allocated from affiliated Master Portfolios* | 180,758 | 172,427 | 198,817 |
Affiliated income allocated from affiliated Master Portfolios | 444 | 424 | 399 |
Expenses allocated from affiliated Master Portfolios | (46,791) | (44,668) | (44,087) |
Waivers allocated from affiliated Master Portfolios | 20,913 | 19,957 | 19,217 |
Total investment income | 636,212 | 607,339 | 590,616 |
Expenses | |||
Management fee | 28,401 | 27,110 | 26,458 |
Administration fees | |||
Class A | 36,581 | 34,764 | 32,754 |
Class C | 334 | 189 | N/A |
Class R | 37 | 26 | 22 |
Class R4 | 469 | 454 | 793 |
Class R6 | 2,070 | 1,958 | 2,288 |
Administrator Class | 4,315 | 4,368 | 2,902 |
Shareholder servicing fees | |||
Class A | 43,548 | 41,386 | 38,988 |
Class C | 391 | 224 | N/A |
Class R | 43 | 31 | 26 |
Class R4 | 575 | 567 | 988 |
Administrator Class | 8,294 | 8,384 | 5,573 |
Distribution fees | |||
Class C | 1,172 | 621 | N/A |
Class R | 17 | 4 | 3 |
Custody and accounting fees | 1,798 | 1,616 | 1,694 |
Professional fees | 13,498 | 14,685 | 14,343 |
Registration fees | 31,423 | 32,675 | 30,660 |
Shareholder report expenses | 5,701 | 5,692 | 5,049 |
Trustees’ fees and expenses | 9,715 | 9,715 | 9,715 |
Other fees and expenses | 2,402 | 2,846 | 1,904 |
Total expenses | 190,784 | 187,315 | 174,160 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (40,845) | (40,416) | (41,670) |
Class A | (34,316) | (35,458) | (34,216) |
Class C | (274) | (125) | N/A |
Class R4 | (1,044) | (1,021) | (1,781) |
Class R6 | (2,070) | (1,958) | (2,288) |
Administrator Class | (7,128) | (7,774) | (4,990) |
Net expenses | 105,107 | 100,563 | 89,215 |
Net investment income | 531,105 | 506,776 | 501,401 |
Realized and unrealized gains (losses) on investments | |||
Net realized gains on securities transactions allocated from affiliated Master Portfolios | 2,038,620 | 1,936,277 | 2,238,768 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | 539,345 | 503,586 | 427,045 |
Net realized and unrealized gains (losses) on investments | 2,577,965 | 2,439,863 | 2,665,813 |
Net increase in net assets resulting from operations | $3,109,070 | $2,946,639 | $3,167,214 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $9,997 | $9,553 | $11,519 |
Target 2020 Fund | Target 2025 Fund | Target 2030 Fund | |
Investment income | |||
Interest allocated from affiliated Master Portfolios | $ 2,242,722 | $ 1,169,349 | $ 2,196,715 |
Dividends allocated from affiliated Master Portfolios* | 1,336,617 | 1,097,569 | 3,263,335 |
Affiliated income allocated from affiliated Master Portfolios | 2,234 | 1,428 | 3,372 |
Expenses allocated from affiliated Master Portfolios | (259,941) | (173,142) | (428,907) |
Waivers allocated from affiliated Master Portfolios | 110,488 | 68,648 | 154,732 |
Total investment income | 3,432,120 | 2,163,852 | 5,189,247 |
Expenses | |||
Management fee | 154,552 | 101,557 | 251,449 |
Administration fees | |||
Class A | 136,408 | 93,421 | 180,882 |
Class C | 2,596 | N/A | 1,429 |
Class R | 120 | 76 | 57 |
Class R4 | 6,592 | 5,579 | 12,344 |
Class R6 | 17,576 | 13,644 | 33,354 |
Administrator Class | 27,920 | 5,953 | 49,398 |
Shareholder servicing fees | |||
Class A | 162,320 | 111,167 | 215,335 |
Class C | 3,090 | N/A | 1,698 |
Class R | 142 | 91 | 67 |
Class R4 | 8,222 | 6,934 | 15,395 |
Administrator Class | 53,511 | 11,449 | 94,834 |
Distribution fees | |||
Class C | 9,271 | N/A | 5,096 |
Class R | 115 | 73 | 41 |
Custody and accounting fees | 3,395 | 2,956 | 4,524 |
Professional fees | 14,345 | 15,409 | 14,364 |
Registration fees | 30,048 | 28,899 | 27,653 |
Shareholder report expenses | 6,572 | 4,940 | 5,700 |
Trustees’ fees and expenses | 9,715 | 9,715 | 9,715 |
Other fees and expenses | 2,220 | 3,472 | 1,881 |
Total expenses | 648,730 | 415,335 | 925,216 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (145,210) | (113,966) | (128,435) |
Class A | (17,283) | (22,714) | (80,895) |
Class C | (107) | N/A | (515) |
Class R4 | (3,210) | (3,951) | (16,600) |
Class R6 | (17,576) | (13,644) | (33,354) |
Administrator Class | (8,231) | (2,631) | (40,771) |
Net expenses | 457,113 | 258,429 | 624,646 |
Net investment income | 2,975,007 | 1,905,423 | 4,564,601 |
Realized and unrealized gains (losses) on investments | |||
Net realized gains on securities transactions allocated from affiliated Master Portfolios | 15,049,069 | 12,411,827 | 37,371,879 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | 2,224,317 | 764,270 | (373,175) |
Net realized and unrealized gains (losses) on investments | 17,273,386 | 13,176,097 | 36,998,704 |
Net increase in net assets resulting from operations | $20,248,393 | $15,081,520 | $41,563,305 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $80,155 | $72,402 | $234,286 |
Target 2035 Fund | Target 2040 Fund | Target 2045 Fund | |
Investment income | |||
Interest allocated from affiliated Master Portfolios | $ 661,946 | $ 1,021,637 | $ 154,498 |
Dividends allocated from affiliated Master Portfolios* | 1,577,409 | 4,223,118 | 910,628 |
Affiliated income allocated from affiliated Master Portfolios | 1,267 | 2,567 | 482 |
Expenses allocated from affiliated Master Portfolios | (178,342) | (432,800) | (89,327) |
Waivers allocated from affiliated Master Portfolios | 59,077 | 141,528 | 28,997 |
Total investment income | 2,121,357 | 4,956,050 | 1,005,278 |
Expenses | |||
Management fee | 103,631 | 240,299 | 48,535 |
Administration fees | |||
Class A | 106,236 | 203,381 | 44,470 |
Class C | N/A | 1,362 | N/A |
Class R | 534 | 94 | 80 |
Class R4 | 3,968 | 11,856 | 1,910 |
Class R6 | 13,485 | 28,904 | 7,108 |
Administrator Class | 3,742 | 41,067 | 1,613 |
Shareholder servicing fees | |||
Class A | 126,464 | 242,121 | 52,940 |
Class C | N/A | 1,619 | N/A |
Class R | 635 | 112 | 95 |
Class R4 | 4,945 | 14,773 | 2,377 |
Administrator Class | 7,185 | 78,832 | 3,096 |
Distribution fees | |||
Class C | N/A | 4,845 | N/A |
Class R | 611 | 84 | 69 |
Custody and accounting fees | 2,257 | 3,950 | 1,843 |
Professional fees | 14,388 | 14,249 | 14,216 |
Registration fees | 26,667 | 27,324 | 26,350 |
Shareholder report expenses | 5,700 | 5,700 | 4,565 |
Trustees’ fees and expenses | 9,715 | 9,715 | 9,715 |
Other fees and expenses | 1,819 | 1,956 | 1,775 |
Total expenses | 431,982 | 932,243 | 220,757 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (118,701) | (238,408) | (73,368) |
Class A | (28,695) | (23,351) | (26,188) |
Class C | N/A | (76) | N/A |
Class R | (57) | 0 | (11) |
Class R4 | (3,134) | (6,436) | (3,207) |
Class R6 | (13,485) | (28,904) | (7,108) |
Administrator Class | (1,828) | (13,648) | (1,675) |
Net expenses | 266,082 | 621,420 | 109,200 |
Net investment income | 1,855,275 | 4,334,630 | 896,078 |
Realized and unrealized gains (losses) on investments | |||
Net realized gains on securities transactions allocated from affiliated Master Portfolios | 17,611,231 | 46,994,195 | 9,840,693 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | (683,061) | (2,662,912) | (509,322) |
Net realized and unrealized gains (losses) on investments | 16,928,170 | 44,331,283 | 9,331,371 |
Net increase in net assets resulting from operations | $18,783,445 | $48,665,913 | $10,227,449 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $119,097 | $325,088 | $70,392 |
Target 2050 Fund | Target 2055 Fund | Target 2060 Fund | |
Investment income | |||
Interest allocated from affiliated Master Portfolios | $ 233,672 | $ 31,784 | $ 34,522 |
Dividends allocated from affiliated Master Portfolios* | 2,201,852 | 297,601 | 323,467 |
Affiliated income allocated from affiliated Master Portfolios | 1,008 | 137 | 149 |
Expenses allocated from affiliated Master Portfolios | (207,539) | (28,164) | (30,637) |
Waivers allocated from affiliated Master Portfolios | 67,047 | 9,095 | 9,900 |
Total investment income | 2,296,040 | 310,453 | 337,401 |
Expenses | |||
Management fee | 110,254 | 14,927 | 16,225 |
Administration fees | |||
Class A | 51,598 | 7,359 | 1,418 |
Class C | 624 | N/A | 154 |
Class R | 61 | 63 | 122 |
Class R4 | 5,780 | 981 | 1,161 |
Class R6 | 17,769 | 2,912 | 3,585 |
Administrator Class | 24,573 | 600 | 2,621 |
Shareholder servicing fees | |||
Class A | 61,381 | 8,761 | 1,688 |
Class C | 719 | N/A | 182 |
Class R | 72 | 74 | 145 |
Class R4 | 7,212 | 1,222 | 1,449 |
Administrator Class | 47,207 | 1,153 | 5,039 |
Distribution fees | |||
Class C | 2,119 | N/A | 476 |
Class R | 48 | 42 | 117 |
Custody and accounting fees | 2,098 | 1,285 | 900 |
Professional fees | 14,277 | 12,109 | 12,032 |
Registration fees | 27,009 | 23,680 | 23,680 |
Shareholder report expenses | 4,483 | 4,903 | 5,700 |
Trustees’ fees and expenses | 9,715 | 9,715 | 9,715 |
Other fees and expenses | 1,911 | 1,422 | 1,426 |
Total expenses | 388,910 | 91,208 | 87,835 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (134,788) | (51,164) | (57,211) |
Class A | (14,226) | (12,857) | (2,198) |
Class C | 0 | N/A | (169) |
Class R | 0 | (71) | (157) |
Class R4 | (5,144) | (2,202) | (2,610) |
Class R6 | (17,769) | (2,912) | (3,585) |
Administrator Class | (13,429) | (1,753) | (7,085) |
Net expenses | 203,554 | 20,249 | 14,820 |
Net investment income | 2,092,486 | 290,204 | 322,581 |
Realized and unrealized gains (losses) on investments | |||
Net realized gains on securities transactions allocated from affiliated Master Portfolios | 24,168,562 | 3,156,795 | 3,530,300 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | (1,533,597) | (179,457) | (231,716) |
Net realized and unrealized gains (losses) on investments | 22,634,965 | 2,977,338 | 3,298,584 |
Net increase in net assets resulting from operations | $24,727,451 | $3,267,542 | $3,621,165 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $172,375 | $23,044 | $25,219 |
Target Today Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 531,105 | $ 1,085,739 | ||
Payment from affiliate | 0 | 232 | ||
Net realized gains on investments | 2,038,620 | 2,102,013 | ||
Net change in unrealized gains (losses) on investments | 539,345 | 1,300,351 | ||
Net increase in net assets resulting from operations | 3,109,070 | 4,488,335 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (236,578) | (1,849,673) | ||
Class C | (892) | (17,442) | ||
Class R | (191) | (1,633) | ||
Class R4 | (9,473) | (67,469) | ||
Class R6 | (112,369) | (932,804) | ||
Administrator Class | (46,805) | (365,962) | ||
Total distributions to shareholders | (406,308) | (3,234,983) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 50,856 | 473,952 | 80,722 | 735,729 |
Class C | 62 | 600 | 1,821 | 15,854 |
Class R | 127 | 1,216 | 224 | 2,008 |
Class R4 | 17,979 | 170,758 | 44,218 | 417,849 |
Class R6 | 113,188 | 1,097,408 | 742,714 | 6,935,641 |
Administrator Class | 44,889 | 437,218 | 125,247 | 1,166,411 |
2,181,152 | 9,273,492 | |||
Reinvestment of distributions | ||||
Class A | 24,705 | 234,450 | 200,944 | 1,835,937 |
Class C | 91 | 892 | 1,837 | 17,346 |
Class R | 6 | 56 | 48 | 445 |
Class R4 | 971 | 9,473 | 7,259 | 67,469 |
Class R6 | 11,525 | 112,369 | 99,593 | 932,804 |
Administrator Class | 4,786 | 46,805 | 38,905 | 365,962 |
404,045 | 3,219,963 | |||
Payment for shares redeemed | ||||
Class A | (286,383) | (2,704,643) | (592,910) | (5,333,233) |
Class C | (9,301) | (88,954) | (20,524) | (195,874) |
Class R | (1) | (6) | (100) | (905) |
Class R4 | (19,448) | (190,964) | (203,299) | (1,914,307) |
Class R6 | (489,321) | (4,745,505) | (1,034,292) | (9,695,447) |
Administrator Class | (117,883) | (1,148,454) | (207,110) | (1,928,847) |
(8,878,526) | (19,068,613) | |||
Net decrease in net assets resulting from capital share transactions | (6,293,329) | (6,575,158) | ||
Total decrease in net assets | (3,590,567) | (5,321,806) | ||
Net assets | ||||
Beginning of period | 58,844,907 | 64,166,713 | ||
End of period | $55,254,340 | $ 58,844,907 |
Target 2010 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 506,776 | $ 972,168 | ||
Payment from affiliate | 0 | 230 | ||
Net realized gains on investments | 1,936,277 | 2,195,529 | ||
Net change in unrealized gains (losses) on investments | 503,586 | 1,196,047 | ||
Net increase in net assets resulting from operations | 2,946,639 | 4,363,974 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (218,035) | (1,907,402) | ||
Class C | (673) | (10,031) | ||
Class R | (126) | (1,343) | ||
Class R4 | (8,739) | (55,548) | ||
Class R6 | (108,149) | (896,186) | ||
Administrator Class | (46,165) | (419,295) | ||
Total distributions to shareholders | (381,887) | (3,289,805) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 49,988 | 546,472 | 43,940 | 471,541 |
Class C | 1,819 | 20,458 | 0 | 0 |
Class R4 | 7,638 | 84,789 | 37,514 | 408,231 |
Class R6 | 95,962 | 1,059,980 | 426,086 | 4,446,780 |
Administrator Class | 35,523 | 398,645 | 193,123 | 2,096,991 |
2,110,344 | 7,423,543 | |||
Reinvestment of distributions | ||||
Class A | 19,629 | 217,099 | 178,092 | 1,897,873 |
Class C | 60 | 673 | 927 | 10,031 |
Class R4 | 779 | 8,739 | 5,153 | 55,548 |
Class R6 | 9,632 | 107,788 | 82,981 | 893,979 |
Administrator Class | 4,111 | 46,165 | 38,810 | 419,295 |
380,464 | 3,276,726 | |||
Payment for shares redeemed | ||||
Class A | (232,033) | (2,577,513) | (383,736) | (4,024,830) |
Class C | (6,367) | (71,858) | (38,108) | (400,749) |
Class R4 | (4,435) | (49,044) | (52,091) | (549,438) |
Class R6 | (214,902) | (2,388,800) | (601,407) | (6,480,246) |
Administrator Class | (69,217) | (770,781) | (393,437) | (4,266,839) |
(5,857,996) | (15,722,102) | |||
Net decrease in net assets resulting from capital share transactions | (3,367,188) | (5,021,833) | ||
Total decrease in net assets | (802,436) | (3,947,664) | ||
Net assets | ||||
Beginning of period | 53,772,133 | 57,719,797 | ||
End of period | $52,969,697 | $ 53,772,133 |
Target 2015 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 501,401 | $ 1,027,552 | ||
Payment from affiliate | 0 | 235 | ||
Net realized gains on investments | 2,238,768 | 3,155,707 | ||
Net change in unrealized gains (losses) on investments | 427,045 | 879,010 | ||
Net increase in net assets resulting from operations | 3,167,214 | 5,062,504 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (205,442) | (2,710,492) | ||
Class R | (104) | (1,668) | ||
Class R4 | (14,257) | (235,612) | ||
Class R6 | (129,744) | (1,543,540) | ||
Administrator Class | (30,631) | (400,404) | ||
Total distributions to shareholders | (380,178) | (4,891,716) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 24,360 | 180,695 | 100,048 | 720,560 |
Class R4 | 10,930 | 81,610 | 33,290 | 238,770 |
Class R6 | 103,952 | 775,099 | 373,588 | 2,636,879 |
Administrator Class | 17,053 | 130,444 | 44,452 | 334,888 |
1,167,848 | 3,931,097 | |||
Reinvestment of distributions | ||||
Class A | 27,732 | 204,740 | 378,591 | 2,701,744 |
Class R4 | 1,922 | 14,257 | 32,931 | 235,612 |
Class R6 | 17,439 | 129,676 | 214,422 | 1,543,257 |
Administrator Class | 4,022 | 30,631 | 54,416 | 400,404 |
379,304 | 4,881,017 | |||
Payment for shares redeemed | ||||
Class A | (382,718) | (2,820,124) | (649,422) | (4,686,312) |
Class R4 | (173,269) | (1,281,885) | (515,654) | (3,615,358) |
Class R6 | (136,910) | (1,025,746) | (1,153,795) | (8,348,308) |
Administrator Class | (98,356) | (752,414) | (207,165) | (1,565,630) |
(5,880,169) | (18,215,608) | |||
Net decrease in net assets resulting from capital share transactions | (4,333,017) | (9,403,494) | ||
Total decrease in net assets | (1,545,981) | (9,232,706) | ||
Net assets | ||||
Beginning of period | 53,359,728 | 62,592,434 | ||
End of period | $51,813,747 | $ 53,359,728 |
Target 2020 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 2,975,007 | $ 5,900,890 | ||
Payment from affiliate | 0 | 1,288 | ||
Net realized gains on investments | 15,049,069 | 14,655,254 | ||
Net change in unrealized gains (losses) on investments | 2,224,317 | 12,245,584 | ||
Net increase in net assets resulting from operations | 20,248,393 | 32,803,016 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (8,140,622) | ||
Class C | 0 | (150,450) | ||
Class R | 0 | (6,055) | ||
Class R4 | 0 | (1,006,480) | ||
Class R6 | 0 | (8,882,310) | ||
Administrator Class | 0 | (2,778,219) | ||
Total distributions to shareholders | 0 | (20,964,136) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 139,972 | 1,799,777 | 346,184 | 4,246,783 |
Class C | 11,657 | 146,110 | 26,560 | 315,298 |
Class R | 864 | 11,099 | 1,878 | 22,489 |
Class R4 | 141,415 | 1,883,392 | 210,197 | 2,598,110 |
Class R6 | 537,632 | 7,115,511 | 1,906,240 | 23,510,008 |
Administrator Class | 87,709 | 1,154,335 | 511,984 | 6,343,899 |
12,110,224 | 37,036,587 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 642,857 | 8,013,839 |
Class C | 0 | 0 | 12,341 | 150,199 |
Class R | 0 | 0 | 368 | 4,544 |
Class R4 | 0 | 0 | 78,075 | 1,006,480 |
Class R6 | 0 | 0 | 688,993 | 8,877,675 |
Administrator Class | 0 | 0 | 217,231 | 2,777,301 |
0 | 20,830,038 | |||
Payment for shares redeemed | ||||
Class A | (671,432) | (8,681,323) | (1,850,190) | (22,034,120) |
Class C | (63,022) | (800,414) | (62,035) | (740,133) |
Class R | (13) | (166) | (3,871) | (46,873) |
Class R4 | (98,446) | (1,308,887) | (1,606,962) | (19,423,550) |
Class R6 | (1,574,196) | (20,798,325) | (5,108,977) | (63,985,150) |
Administrator Class | (514,661) | (6,800,500) | (1,744,772) | (21,763,341) |
(38,389,615) | (127,993,167) | |||
Net decrease in net assets resulting from capital share transactions | (26,279,391) | (70,126,542) | ||
Total decrease in net assets | (6,030,998) | (58,287,662) | ||
Net assets | ||||
Beginning of period | 310,534,674 | 368,822,336 | ||
End of period | $304,503,676 | $ 310,534,674 |
Target 2025 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 1,905,423 | $ 3,667,037 | ||
Payment from affiliate | 0 | 944 | ||
Net realized gains on investments | 12,411,827 | 13,329,660 | ||
Net change in unrealized gains (losses) on investments | 764,270 | 6,190,648 | ||
Net increase in net assets resulting from operations | 15,081,520 | 23,188,289 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (8,621,196) | ||
Class R | 0 | (6,306) | ||
Class R4 | 0 | (1,314,996) | ||
Class R6 | 0 | (9,074,248) | ||
Administrator Class | 0 | (998,117) | ||
Total distributions to shareholders | 0 | (20,014,863) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 346,298 | 2,063,995 | 663,066 | 3,720,868 |
Class R | 1,214 | 7,212 | 2,138 | 11,753 |
Class R4 | 112,282 | 678,183 | 451,862 | 2,529,077 |
Class R6 | 1,460,905 | 8,702,710 | 3,144,713 | 17,976,012 |
Administrator Class | 43,354 | 263,171 | 278,624 | 1,605,707 |
11,715,271 | 25,843,417 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 1,505,372 | 8,566,423 |
Class R | 0 | 0 | 826 | 4,646 |
Class R4 | 0 | 0 | 228,509 | 1,314,996 |
Class R6 | 0 | 0 | 1,579,392 | 9,068,476 |
Administrator Class | 0 | 0 | 172,149 | 998,117 |
0 | 19,952,658 | |||
Payment for shares redeemed | ||||
Class A | (1,468,868) | (8,801,877) | (3,899,378) | (21,728,738) |
Class R | (24) | (144) | (1,540) | (9,320) |
Class R4 | (292,423) | (1,782,203) | (4,777,769) | (26,009,147) |
Class R6 | (819,756) | (4,887,470) | (9,146,681) | (50,953,179) |
Administrator Class | (485,418) | (2,937,612) | (545,131) | (3,118,857) |
(18,409,306) | (101,819,241) | |||
Net decrease in net assets resulting from capital share transactions | (6,694,035) | (56,023,166) | ||
Total increase (decrease) in net assets | 8,387,485 | (52,849,740) | ||
Net assets | ||||
Beginning of period | 195,140,514 | 247,990,254 | ||
End of period | $203,527,999 | $ 195,140,514 |
Target 2030 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 4,564,601 | $ 8,733,305 | ||
Payment from affiliate | 0 | 3,159 | ||
Net realized gains on investments | 37,371,879 | 26,170,367 | ||
Net change in unrealized gains (losses) on investments | (373,175) | 38,087,349 | ||
Net increase in net assets resulting from operations | 41,563,305 | 72,994,180 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (10,517,662) | ||
Class C | 0 | (78,974) | ||
Class R | 0 | (2,987) | ||
Class R4 | 0 | (1,837,612) | ||
Class R6 | 0 | (15,175,830) | ||
Administrator Class | 0 | (4,608,933) | ||
Total distributions to shareholders | 0 | (32,221,998) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 162,014 | 2,256,018 | 572,873 | 6,991,470 |
Class C | 326 | 4,324 | 14,841 | 183,893 |
Class R | 244 | 3,417 | 456 | 5,692 |
Class R4 | 200,403 | 2,855,338 | 383,360 | 4,720,967 |
Class R6 | 1,622,166 | 22,952,563 | 3,135,653 | 39,756,650 |
Administrator Class | 262,597 | 3,725,949 | 823,421 | 10,474,295 |
31,797,609 | 62,132,967 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 793,584 | 10,362,362 |
Class C | 0 | 0 | 6,367 | 78,974 |
Class R | 0 | 0 | 110 | 1,449 |
Class R4 | 0 | 0 | 136,905 | 1,837,612 |
Class R6 | 0 | 0 | 1,130,909 | 15,158,456 |
Administrator Class | 0 | 0 | 343,392 | 4,606,205 |
0 | 32,045,058 | |||
Payment for shares redeemed | ||||
Class A | (1,047,664) | (14,717,271) | (2,306,439) | (28,387,423) |
Class C | (22,792) | (304,983) | (89,198) | (1,069,559) |
Class R | (280) | (3,954) | (381) | (4,876) |
Class R4 | (130,487) | (1,846,993) | (2,539,777) | (30,499,597) |
Class R6 | (2,475,550) | (34,964,500) | (6,747,642) | (86,685,937) |
Administrator Class | (594,992) | (8,502,274) | (2,136,957) | (27,326,026) |
(60,339,975) | (173,973,418) | |||
Net decrease in net assets resulting from capital share transactions | (28,542,366) | (79,795,393) | ||
Total increase (decrease) in net assets | 13,020,939 | (39,023,211) | ||
Net assets | ||||
Beginning of period | 489,646,065 | 528,669,276 | ||
End of period | $502,667,004 | $ 489,646,065 |
Target 2035 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 1,855,275 | $ 3,341,135 | ||
Net realized gains on investments | 17,611,231 | 11,824,917 | ||
Net change in unrealized gains (losses) on investments | (683,061) | 16,907,374 | ||
Net increase in net assets resulting from operations | 18,783,445 | 32,073,426 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (6,662,520) | ||
Class R | 0 | (28,573) | ||
Class R4 | 0 | (619,169) | ||
Class R6 | 0 | (6,238,390) | ||
Administrator Class | 0 | (434,432) | ||
Total distributions to shareholders | 0 | (13,983,084) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 185,224 | 1,601,940 | 447,449 | 3,328,167 |
Class R | 3,845 | 33,475 | 9,805 | 74,803 |
Class R4 | 88,895 | 773,651 | 314,819 | 2,325,964 |
Class R6 | 817,655 | 7,006,155 | 2,058,266 | 15,846,277 |
Administrator Class | 79,952 | 688,237 | 207,923 | 1,548,358 |
10,103,458 | 23,123,569 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 828,620 | 6,639,395 |
Class R | 0 | 0 | 3,342 | 26,990 |
Class R4 | 0 | 0 | 76,888 | 619,169 |
Class R6 | 0 | 0 | 774,596 | 6,234,838 |
Administrator Class | 0 | 0 | 53,487 | 434,432 |
0 | 13,954,824 | |||
Payment for shares redeemed | ||||
Class A | (714,163) | (6,119,670) | (2,268,927) | (17,269,904) |
Class R | (1) | (10) | (55) | (457) |
Class R4 | (59,083) | (509,841) | (2,884,179) | (20,216,042) |
Class R6 | (530,538) | (4,540,816) | (4,753,456) | (35,987,408) |
Administrator Class | (269,156) | (2,337,416) | (395,243) | (3,027,706) |
(13,507,753) | (76,501,517) | |||
Net decrease in net assets resulting from capital share transactions | (3,404,295) | (39,423,124) | ||
Total increase (decrease) in net assets | 15,379,150 | (21,332,782) | ||
Net assets | ||||
Beginning of period | 197,013,618 | 218,346,400 | ||
End of period | $212,392,768 | $197,013,618 |
Target 2040 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 4,334,630 | $ 7,552,641 | ||
Payment from affiliate | 0 | 2,629 | ||
Net realized gains on investments | 46,994,195 | 21,539,796 | ||
Net change in unrealized gains (losses) on investments | (2,662,912) | 56,659,173 | ||
Net increase in net assets resulting from operations | 48,665,913 | 85,754,239 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (9,265,919) | ||
Class C | 0 | (68,726) | ||
Class R | 0 | (3,801) | ||
Class R4 | 0 | (1,290,252) | ||
Class R6 | 0 | (10,676,990) | ||
Administrator Class | 0 | (2,901,134) | ||
Total distributions to shareholders | 0 | (24,206,822) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 154,361 | 2,617,398 | 339,262 | 4,963,022 |
Class C | 1,097 | 16,722 | 5,358 | 64,860 |
Class R | 439 | 7,547 | 623 | 9,430 |
Class R4 | 121,509 | 2,150,094 | 348,537 | 5,208,784 |
Class R6 | 1,054,719 | 18,556,670 | 2,412,772 | 35,549,867 |
Administrator Class | 286,244 | 4,999,226 | 568,701 | 8,394,609 |
28,347,657 | 54,190,572 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 586,408 | 9,183,177 |
Class C | 0 | 0 | 4,939 | 68,726 |
Class R | 0 | 0 | 158 | 2,482 |
Class R4 | 0 | 0 | 79,166 | 1,290,252 |
Class R6 | 0 | 0 | 652,680 | 10,629,286 |
Administrator Class | 0 | 0 | 178,642 | 2,901,134 |
0 | 24,075,057 | |||
Payment for shares redeemed | ||||
Class A | (763,018) | (13,165,861) | (2,050,802) | (29,695,885) |
Class C | (19,933) | (296,204) | (63,400) | (836,030) |
Class R | (276) | (4,622) | (335) | (4,961) |
Class R4 | (74,620) | (1,338,215) | (1,701,279) | (23,627,917) |
Class R6 | (2,177,688) | (38,325,628) | (4,227,491) | (64,710,878) |
Administrator Class | (315,885) | (5,612,745) | (1,603,259) | (24,051,707) |
(58,743,275) | (142,927,378) | |||
Net decrease in net assets resulting from capital share transactions | (30,395,618) | (64,661,749) | ||
Total increase (decrease) in net assets | 18,270,295 | (3,114,332) | ||
Net assets | ||||
Beginning of period | 465,186,013 | 468,300,345 | ||
End of period | $483,456,308 | $ 465,186,013 |
Target 2045 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 896,078 | $ 1,560,001 | ||
Payment from affiliate | 0 | 1,213 | ||
Net realized gains on investments | 9,840,693 | 6,061,969 | ||
Net change in unrealized gains (losses) on investments | (509,322) | 9,911,775 | ||
Net increase in net assets resulting from operations | 10,227,449 | 17,534,958 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (3,113,511) | ||
Class R | 0 | (4,629) | ||
Class R4 | 0 | (344,653) | ||
Class R6 | 0 | (3,397,477) | ||
Administrator Class | 0 | (225,225) | ||
Total distributions to shareholders | 0 | (7,085,495) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 117,729 | 1,141,826 | 336,769 | 2,722,637 |
Class R | 798 | 8,071 | 1,070 | 9,032 |
Class R4 | 39,561 | 388,969 | 138,594 | 1,094,312 |
Class R6 | 395,737 | 3,831,777 | 828,035 | 6,880,013 |
Administrator Class | 13,130 | 129,091 | 84,013 | 692,188 |
5,499,734 | 11,398,182 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 351,390 | 3,112,534 |
Class R | 0 | 0 | 305 | 2,767 |
Class R4 | 0 | 0 | 38,581 | 344,653 |
Class R6 | 0 | 0 | 381,803 | 3,396,567 |
Administrator Class | 0 | 0 | 24,955 | 225,225 |
0 | 7,081,746 | |||
Payment for shares redeemed | ||||
Class A | (482,441) | (4,717,490) | (1,553,097) | (13,213,704) |
Class R | (10) | (96) | (46) | (369) |
Class R4 | (39,624) | (389,493) | (1,594,955) | (12,212,259) |
Class R6 | (220,857) | (2,178,246) | (2,443,844) | (20,330,961) |
Administrator Class | (154,305) | (1,523,252) | (319,499) | (2,741,245) |
(8,808,577) | (48,498,538) | |||
Net decrease in net assets resulting from capital share transactions | (3,308,843) | (30,018,610) | ||
Total increase (decrease) in net assets | 6,918,606 | (19,569,147) | ||
Net assets | ||||
Beginning of period | 90,947,987 | 110,517,134 | ||
End of period | $97,866,593 | $ 90,947,987 |
Target 2050 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 2,092,486 | $ 3,505,946 | ||
Payment from affiliate | 0 | 1,129 | ||
Net realized gains on investments | 24,168,562 | 13,003,988 | ||
Net change in unrealized gains (losses) on investments | (1,533,597) | 27,474,660 | ||
Net increase in net assets resulting from operations | 24,727,451 | 43,985,723 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (2,980,615) | ||
Class C | 0 | (28,351) | ||
Class R | 0 | (2,812) | ||
Class R4 | 0 | (801,873) | ||
Class R6 | 0 | (8,125,216) | ||
Administrator Class | 0 | (2,287,576) | ||
Total distributions to shareholders | 0 | (14,226,443) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 146,663 | 1,262,932 | 465,519 | 3,204,263 |
Class C | 756 | 6,437 | 15,091 | 114,883 |
Class R | 958 | 8,416 | 1,574 | 11,377 |
Class R4 | 163,047 | 1,394,984 | 412,204 | 2,904,688 |
Class R6 | 1,619,717 | 13,840,204 | 3,622,150 | 25,560,400 |
Administrator Class | 341,898 | 2,904,616 | 975,411 | 6,766,776 |
19,417,589 | 38,562,387 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 383,371 | 2,968,211 |
Class C | 0 | 0 | 3,624 | 27,790 |
Class R | 0 | 0 | 179 | 1,397 |
Class R4 | 0 | 0 | 102,485 | 801,873 |
Class R6 | 0 | 0 | 1,039,019 | 8,118,912 |
Administrator Class | 0 | 0 | 294,033 | 2,287,576 |
0 | 14,205,759 | |||
Payment for shares redeemed | ||||
Class A | (679,589) | (5,926,425) | (1,797,194) | (12,724,307) |
Class C | (10,149) | (85,242) | (17,165) | (116,624) |
Class R | (17) | (148) | (849) | (6,836) |
Class R4 | (93,749) | (816,225) | (1,494,754) | (10,046,952) |
Class R6 | (3,010,995) | (25,801,001) | (5,476,026) | (40,564,559) |
Administrator Class | (546,315) | (4,706,697) | (2,493,770) | (17,786,533) |
(37,335,738) | (81,245,811) | |||
Net decrease in net assets resulting from capital share transactions | (17,918,149) | (28,477,665) | ||
Total increase in net assets | 6,809,302 | 1,281,615 | ||
Net assets | ||||
Beginning of period | 214,252,779 | 212,971,164 | ||
End of period | $221,062,081 | $214,252,779 |
Target 2055 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 290,204 | $ 505,196 | ||
Payment from affiliate | 0 | 293 | ||
Net realized gains on investments | 3,156,795 | 810,403 | ||
Net change in unrealized gains (losses) on investments | (179,457) | 4,362,619 | ||
Net increase in net assets resulting from operations | 3,267,542 | 5,678,511 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (105,670) | ||
Class R | 0 | (890) | ||
Class R4 | 0 | (37,204) | ||
Class R6 | 0 | (421,300) | ||
Administrator Class | 0 | (16,119) | ||
Total distributions to shareholders | 0 | (581,183) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 28,396 | 420,401 | 99,848 | 1,206,020 |
Class R | 302 | 4,530 | 452 | 5,365 |
Class R4 | 26,651 | 401,854 | 107,507 | 1,193,459 |
Class R6 | 169,578 | 2,530,005 | 412,277 | 4,951,813 |
Administrator Class | 8,550 | 129,439 | 33,039 | 415,736 |
3,486,229 | 7,772,393 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 7,798 | 105,256 |
Class R | 0 | 0 | 23 | 324 |
Class R4 | 0 | 0 | 2,744 | 37,204 |
Class R6 | 0 | 0 | 31,222 | 421,190 |
Administrator Class | 0 | 0 | 1,186 | 16,119 |
0 | 580,093 | |||
Payment for shares redeemed | ||||
Class A | (102,232) | (1,559,557) | (279,475) | (3,468,376) |
Class R | (3) | (51) | (192) | (2,334) |
Class R4 | (11,860) | (178,136) | (580,265) | (6,276,695) |
Class R6 | (68,947) | (1,039,740) | (899,474) | (11,302,117) |
Administrator Class | (17,132) | (253,448) | (29,674) | (366,834) |
(3,030,932) | (21,416,356) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 455,297 | (13,063,870) | ||
Total increase (decrease) in net assets | 3,722,839 | (7,966,542) | ||
Net assets | ||||
Beginning of period | 26,779,328 | 34,745,870 | ||
End of period | $30,502,167 | $ 26,779,328 |
Target 2060 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 322,581 | $ 445,781 | ||
Payment from affiliate | 0 | 2,213 | ||
Net realized gains on investments | 3,530,300 | 687,372 | ||
Net change in unrealized gains (losses) on investments | (231,716) | 4,796,628 | ||
Net increase in net assets resulting from operations | 3,621,165 | 5,931,994 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (15,716) | ||
Class C | 0 | (748) | ||
Class R | 0 | (1,350) | ||
Class R4 | 0 | (39,751) | ||
Class R6 | 0 | (392,092) | ||
Administrator Class | 0 | (44,475) | ||
Total distributions to shareholders | 0 | (494,132) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 21,086 | 313,299 | 64,571 | 729,623 |
Class C | 378 | 5,656 | 658 | 8,105 |
Class R | 896 | 13,348 | 1,600 | 18,691 |
Class R4 | 26,673 | 400,349 | 64,992 | 787,588 |
Class R6 | 383,088 | 5,723,756 | 773,445 | 9,228,133 |
Administrator Class | 106,983 | 1,582,655 | 144,201 | 1,711,581 |
8,039,063 | 12,483,721 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 1,159 | 15,554 |
Class C | 0 | 0 | 44 | 585 |
Class R | 0 | 0 | 72 | 960 |
Class R4 | 0 | 0 | 2,887 | 39,563 |
Class R6 | 0 | 0 | 28,726 | 391,836 |
Administrator Class | 0 | 0 | 3,284 | 44,308 |
0 | 492,806 | |||
Payment for shares redeemed | ||||
Class A | (22,592) | (338,899) | (66,312) | (769,594) |
Class C | (13) | (200) | (3,543) | (44,720) |
Class R | (16) | (239) | (130) | (1,501) |
Class R4 | (12,798) | (195,993) | (87,050) | (1,064,340) |
Class R6 | (308,329) | (4,639,440) | (608,658) | (7,729,465) |
Administrator Class | (75,386) | (1,140,696) | (229,454) | (2,606,292) |
(6,315,467) | (12,215,912) | |||
Net increase in net assets resulting from capital share transactions | 1,723,596 | 760,615 | ||
Total increase in net assets | 5,344,761 | 6,198,477 | ||
Net assets | ||||
Beginning of period | 28,841,186 | 22,642,709 | ||
End of period | $34,185,947 | $ 28,841,186 |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.23 | $9.04 | $8.66 | $8.97 | $10.56 | $10.41 |
Net investment income | 0.08 | 0.14 | 0.19 | 0.19 | 0.17 | 0.12 |
Net realized and unrealized gains (losses) on investments | 0.43 | 0.55 | 0.47 | 0.07 | 0.13 | 0.23 |
Total from investment operations | 0.51 | 0.69 | 0.66 | 0.26 | 0.30 | 0.35 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.17) | (0.20) | (0.21) | (0.08) | (0.11) |
Net realized gains | 0.00 | (0.33) | (0.08) | (0.36) | (1.81) | (0.09) |
Total distributions to shareholders | (0.07) | (0.50) | (0.28) | (0.57) | (1.89) | (0.20) |
Net asset value, end of period | $9.67 | $9.23 | $9.04 | $8.66 | $8.97 | $10.56 |
Total return2 | 5.49% | 7.70% | 7.64% | 3.09% | 2.54% | 3.39% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.88% | 0.96% | 0.98% | 0.93% | 0.87% | 0.85% |
Net expenses | 0.58% | 0.59% | 0.63% | 0.65% | 0.69% | 0.76% |
Net investment income | 1.75% | 1.65% | 2.16% | 2.21% | 1.59% | 1.06% |
Supplemental data | ||||||
Portfolio turnover rate3 | 52% | 79% | 37% | 45% | 80% | 41% |
Net assets, end of period (000s omitted) | $34,420 | $34,779 | $36,878 | $37,865 | $47,030 | $55,965 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.15% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.52 | $9.30 | $8.89 | $9.18 | $10.77 | $10.63 |
Net investment income | 0.05 2 | 0.09 2 | 0.14 2 | 0.14 2 | 0.10 | 0.03 |
Net realized and unrealized gains (losses) on investments | 0.44 | 0.55 | 0.47 | 0.06 | 0.13 | 0.24 |
Total from investment operations | 0.49 | 0.64 | 0.61 | 0.20 | 0.23 | 0.27 |
Distributions to shareholders from | ||||||
Net investment income | (0.03) | (0.09) | (0.12) | (0.13) | (0.01) | (0.04) |
Net realized gains | 0.00 | (0.33) | (0.08) | (0.36) | (1.81) | (0.09) |
Total distributions to shareholders | (0.03) | (0.42) | (0.20) | (0.49) | (1.82) | (0.13) |
Net asset value, end of period | $9.98 | $9.52 | $9.30 | $8.89 | $9.18 | $10.77 |
Total return3 | 5.13% | 6.92% | 6.80% | 2.31% | 1.76% | 2.57% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.62% | 1.70% | 1.73% | 1.68% | 1.62% | 1.61% |
Net expenses | 1.35% | 1.36% | 1.39% | 1.40% | 1.44% | 1.51% |
Net investment income | 0.99% | 0.93% | 1.46% | 1.50% | 0.83% | 0.31% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 79% | 37% | 45% | 80% | 41% |
Net assets, end of period (000s omitted) | $308 | $380 | $529 | $923 | $2,250 | $2,822 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.09% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.15% |
Year ended February 28, 2017 | 0.15% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.26 | $9.00 | $8.62 | $8.94 | $10.53 | $10.39 |
Net investment income | 0.07 | 0.13 | 0.17 | 0.17 | 0.14 | 0.09 |
Payment from affiliate | 0.00 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.43 | 0.54 | 0.46 | 0.06 | 0.14 | 0.23 |
Total from investment operations | 0.50 | 0.73 | 0.63 | 0.23 | 0.28 | 0.32 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.14) | (0.17) | (0.19) | (0.06) | (0.09) |
Net realized gains | 0.00 | (0.33) | (0.08) | (0.36) | (1.81) | (0.09) |
Total distributions to shareholders | (0.05) | (0.47) | (0.25) | (0.55) | (1.87) | (0.18) |
Net asset value, end of period | $9.71 | $9.26 | $9.00 | $8.62 | $8.94 | $10.53 |
Total return2 | 5.44% | 8.18% 3 | 7.35% | 2.72% | 2.31% | 3.13% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.98% | 1.08% | 1.23% | 1.16% | 1.13% | 1.12% |
Net expenses | 0.85% | 0.86% | 0.90% | 0.89% | 0.94% | 1.01% |
Net investment income | 1.49% | 1.38% | 1.88% | 1.96% | 1.36% | 0.79% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 79% | 37% | 45% | 80% | 41% |
Net assets, end of period (000s omitted) | $36 | $33 | $31 | $28 | $29 | $32 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.09% |
Year ended February 29, 2020 | 0.17% |
Year ended February 28, 2019 | 0.11% |
Year ended February 28, 2018 | 0.16% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 0.75% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.49 | $9.29 | $8.89 | $9.20 | $10.81 | $10.65 |
Net investment income | 0.10 | 0.19 2 | 0.23 2 | 0.24 2 | 0.17 2 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.44 | 0.54 | 0.48 | 0.05 | 0.13 | 0.25 |
Total from investment operations | 0.54 | 0.73 | 0.71 | 0.29 | 0.30 | 0.39 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.20) | (0.23) | (0.24) | (0.10) | (0.14) |
Net realized gains | 0.00 | (0.33) | (0.08) | (0.36) | (1.81) | (0.09) |
Total distributions to shareholders | (0.08) | (0.53) | (0.31) | (0.60) | (1.91) | (0.23) |
Net asset value, end of period | $9.95 | $9.49 | $9.29 | $8.89 | $9.20 | $10.81 |
Total return3 | 5.69% | 7.98% | 7.98% | 3.35% | 2.46% | 3.71% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.60% | 0.69% | 0.70% | 0.67% | 0.60% | 0.58% |
Net expenses | 0.29% | 0.30% | 0.34% | 0.34% | 0.44% | 0.45% |
Net investment income | 2.04% | 2.02% | 2.46% | 2.62% | 1.54% | 1.37% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 79% | 37% | 45% | 80% | 41% |
Net assets, end of period (000s omitted) | $1,093 | $1,047 | $2,437 | $2,825 | $12,858 | $248,734 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.16% |
Year ended February 28, 2017 | 0.15% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.48 | $9.28 | $8.88 | $9.19 | $10.78 | $10.64 |
Net investment income | 0.11 | 0.20 2 | 0.24 2 | 0.25 2 | 0.21 2 | 0.17 2 |
Net realized and unrealized gains (losses) on investments | 0.44 | 0.54 | 0.48 | 0.06 | 0.15 | 0.23 |
Total from investment operations | 0.55 | 0.74 | 0.72 | 0.31 | 0.36 | 0.40 |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.21) | (0.24) | (0.26) | (0.14) | (0.17) |
Net realized gains | 0.00 | (0.33) | (0.08) | (0.36) | (1.81) | (0.09) |
Total distributions to shareholders | (0.09) | (0.54) | (0.32) | (0.62) | (1.95) | (0.26) |
Net asset value, end of period | $9.94 | $9.48 | $9.28 | $8.88 | $9.19 | $10.78 |
Total return3 | 5.79% | 8.10% | 8.16% | 3.52% | 2.99% | 3.81% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.45% | 0.53% | 0.55% | 0.51% | 0.44% | 0.42% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.24% | 0.30% |
Net investment income | 2.20% | 2.10% | 2.60% | 2.72% | 1.99% | 1.53% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 79% | 37% | 45% | 80% | 41% |
Net assets, end of period (000s omitted) | $12,970 | $15,827 | $17,264 | $17,013 | $40,511 | $72,643 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.15% |
Year ended February 28, 2017 | 0.15% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.51 | $9.30 | $8.90 | $9.21 | $10.78 | $10.63 |
Net investment income | 0.08 | 0.15 | 0.21 2 | 0.22 2 | 0.18 | 0.13 2 |
Net realized and unrealized gains (losses) on investments | 0.45 | 0.57 | 0.48 | 0.05 | 0.15 | 0.23 |
Total from investment operations | 0.53 | 0.72 | 0.69 | 0.27 | 0.33 | 0.36 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.18) | (0.21) | (0.22) | (0.09) | (0.12) |
Net realized gains | 0.00 | (0.33) | (0.08) | (0.36) | (1.81) | (0.09) |
Total distributions to shareholders | (0.07) | (0.51) | (0.29) | (0.58) | (1.90) | (0.21) |
Net asset value, end of period | $9.97 | $9.51 | $9.30 | $8.90 | $9.21 | $10.78 |
Total return3 | 5.58% | 7.81% | 7.76% | 3.11% | 2.77% | 3.41% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.80% | 0.87% | 0.90% | 0.86% | 0.79% | 0.77% |
Net expenses | 0.48% | 0.49% | 0.53% | 0.54% | 0.59% | 0.65% |
Net investment income | 1.85% | 1.75% | 2.29% | 2.38% | 1.66% | 1.17% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 79% | 37% | 45% | 80% | 41% |
Net assets, end of period (000s omitted) | $6,428 | $6,779 | $7,029 | $9,597 | $24,351 | $39,234 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.15% |
Year ended February 28, 2017 | 0.15% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.74 | $10.55 | $10.13 | $10.72 | $12.41 | $12.26 |
Net investment income | 0.11 | 0.18 | 0.23 2 | 0.23 2 | 0.19 | 0.15 |
Net realized and unrealized gains (losses) on investments | 0.48 | 0.65 | 0.53 | 0.07 | 0.22 | 0.30 |
Total from investment operations | 0.59 | 0.83 | 0.76 | 0.30 | 0.41 | 0.45 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.19) | (0.23) | (0.27) | (0.04) | (0.09) |
Net realized gains | 0.00 | (0.45) | (0.11) | (0.62) | (2.06) | (0.21) |
Total distributions to shareholders | (0.07) | (0.64) | (0.34) | (0.89) | (2.10) | (0.30) |
Net asset value, end of period | $11.26 | $10.74 | $10.55 | $10.13 | $10.72 | $12.41 |
Total return3 | 5.54% | 8.04% | 7.57% | 3.03% | 3.04% | 3.71% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.90% | 1.00% | 1.00% | 0.91% | 0.87% | 0.87% |
Net expenses | 0.58% | 0.59% | 0.63% | 0.65% | 0.70% | 0.78% |
Net investment income | 1.76% | 1.64% | 2.15% | 2.20% | 1.58% | 1.14% |
Supplemental data | ||||||
Portfolio turnover rate4 | 53% | 79% | 37% | 45% | 79% | 41% |
Net assets, end of period (000s omitted) | $32,120 | $32,376 | $33,505 | $35,777 | $51,677 | $60,237 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.15% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.90 | $10.67 | $10.24 | $10.82 | $12.56 | $12.42 |
Net investment income | 0.06 2 | 0.11 2 | 0.15 2 | 0.16 2 | 0.13 | 0.07 |
Net realized and unrealized gains (losses) on investments | 0.50 | 0.66 | 0.54 | 0.06 | 0.19 | 0.30 |
Total from investment operations | 0.56 | 0.77 | 0.69 | 0.22 | 0.32 | 0.37 |
Distributions to shareholders from | ||||||
Net investment income | (0.04) | (0.09) | (0.15) | (0.18) | 0.00 | (0.02) |
Net realized gains | 0.00 | (0.45) | (0.11) | (0.62) | (2.06) | (0.21) |
Total distributions to shareholders | (0.04) | (0.54) | (0.26) | (0.80) | (2.06) | (0.23) |
Net asset value, end of period | $11.42 | $10.90 | $10.67 | $10.24 | $10.82 | $12.56 |
Total return3 | 5.13% | 7.29% | 6.70% | 2.25% | 2.25% | 2.96% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.59% | 1.74% | 1.75% | 1.65% | 1.62% | 1.62% |
Net expenses | 1.35% | 1.36% | 1.39% | 1.40% | 1.45% | 1.53% |
Net investment income | 0.99% | 0.99% | 1.40% | 1.47% | 0.83% | 0.39% |
Supplemental data | ||||||
Portfolio turnover rate4 | 53% | 79% | 37% | 45% | 79% | 41% |
Net assets, end of period (000s omitted) | $141 | $183 | $576 | $735 | $1,323 | $1,761 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.09% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.15% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.76 | $10.46 | $10.04 | $10.63 | $12.33 | $12.19 |
Net investment income | 0.08 | 0.15 | 0.20 | 0.20 | 0.16 | 0.11 |
Payment from affiliate | 0.00 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.51 | 0.66 | 0.53 | 0.07 | 0.22 | 0.31 |
Total from investment operations | 0.59 | 0.91 | 0.73 | 0.27 | 0.38 | 0.42 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.16) | (0.20) | (0.24) | (0.02) | (0.07) |
Net realized gains | 0.00 | (0.45) | (0.11) | (0.62) | (2.06) | (0.21) |
Total distributions to shareholders | (0.06) | (0.61) | (0.31) | (0.86) | (2.08) | (0.28) |
Net asset value, end of period | $11.29 | $10.76 | $10.46 | $10.04 | $10.63 | $12.33 |
Total return2 | 5.47% | 8.83% 3 | 7.29% | 2.82% | 2.75% | 3.45% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.92% | 1.07% | 1.24% | 1.14% | 1.13% | 1.14% |
Net expenses | 0.83% | 0.85% | 0.90% | 0.90% | 0.96% | 1.03% |
Net investment income | 1.51% | 1.38% | 1.87% | 1.94% | 1.32% | 0.88% |
Supplemental data | ||||||
Portfolio turnover rate4 | 53% | 79% | 37% | 45% | 79% | 41% |
Net assets, end of period (000s omitted) | $25 | $24 | $23 | $22 | $23 | $53 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.09% |
Year ended February 29, 2020 | 0.20% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.16% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 1.06% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.90 | $10.70 | $10.27 | $10.86 | $12.55 | $12.38 |
Net investment income | 0.12 2 | 0.21 2 | 0.27 2 | 0.29 2 | 0.23 2 | 0.19 2 |
Net realized and unrealized gains (losses) on investments | 0.51 | 0.67 | 0.54 | 0.04 | 0.22 | 0.32 |
Total from investment operations | 0.63 | 0.88 | 0.81 | 0.33 | 0.45 | 0.51 |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.23) | (0.27) | (0.30) | (0.08) | (0.13) |
Net realized gains | 0.00 | (0.45) | (0.11) | (0.62) | (2.06) | (0.21) |
Total distributions to shareholders | (0.09) | (0.68) | (0.38) | (0.92) | (2.14) | (0.34) |
Net asset value, end of period | $11.44 | $10.90 | $10.70 | $10.27 | $10.86 | $12.55 |
Total return3 | 5.77% | 8.37% | 7.90% | 3.35% | 3.30% | 4.11% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.62% | 0.72% | 0.72% | 0.66% | 0.59% | 0.59% |
Net expenses | 0.29% | 0.30% | 0.34% | 0.34% | 0.41% | 0.47% |
Net investment income | 2.06% | 1.94% | 2.50% | 2.65% | 1.83% | 1.45% |
Supplemental data | ||||||
Portfolio turnover rate4 | 53% | 79% | 37% | 45% | 79% | 41% |
Net assets, end of period (000s omitted) | $1,172 | $1,074 | $1,155 | $1,825 | $17,218 | $48,885 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.15% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.88 | $10.68 | $10.25 | $10.84 | $12.54 | $12.37 |
Net investment income | 0.17 | 0.26 | 0.28 2 | 0.29 2 | 0.25 2 | 0.21 2 |
Net realized and unrealized gains (losses) on investments | 0.46 | 0.63 | 0.54 | 0.06 | 0.22 | 0.32 |
Total from investment operations | 0.63 | 0.89 | 0.82 | 0.35 | 0.47 | 0.53 |
Distributions to shareholders from | ||||||
Net investment income | (0.10) | (0.24) | (0.28) | (0.32) | (0.11) | (0.15) |
Net realized gains | 0.00 | (0.45) | (0.11) | (0.62) | (2.06) | (0.21) |
Total distributions to shareholders | (0.10) | (0.69) | (0.39) | (0.94) | (2.17) | (0.36) |
Net asset value, end of period | $11.41 | $10.88 | $10.68 | $10.25 | $10.84 | $12.54 |
Total return3 | 5.78% | 8.54% | 8.07% | 3.53% | 3.42% | 4.27% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.47% | 0.57% | 0.57% | 0.48% | 0.44% | 0.44% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.25% | 0.32% |
Net investment income | 2.19% | 2.08% | 2.61% | 2.71% | 2.00% | 1.61% |
Supplemental data | ||||||
Portfolio turnover rate4 | 53% | 79% | 37% | 45% | 79% | 41% |
Net assets, end of period (000s omitted) | $12,794 | $13,387 | $14,128 | $16,789 | $40,332 | $82,474 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.15% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.91 | $10.71 | $10.27 | $10.86 | $12.55 | $12.39 |
Net investment income | 0.10 | 0.19 2 | 0.24 2 | 0.26 2 | 0.21 2 | 0.16 |
Net realized and unrealized gains (losses) on investments | 0.51 | 0.66 | 0.55 | 0.05 | 0.21 | 0.31 |
Total from investment operations | 0.61 | 0.85 | 0.79 | 0.31 | 0.42 | 0.47 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.20) | (0.24) | (0.28) | (0.05) | (0.10) |
Net realized gains | 0.00 | (0.45) | (0.11) | (0.62) | (2.06) | (0.21) |
Total distributions to shareholders | (0.08) | (0.65) | (0.35) | (0.90) | (2.11) | (0.31) |
Net asset value, end of period | $11.44 | $10.91 | $10.71 | $10.27 | $10.86 | $12.55 |
Total return3 | 5.59% | 8.13% | 7.77% | 3.08% | 3.09% | 3.84% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.82% | 0.92% | 0.92% | 0.83% | 0.79% | 0.79% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.59% | 0.67% |
Net investment income | 1.85% | 1.76% | 2.29% | 2.37% | 1.68% | 1.26% |
Supplemental data | ||||||
Portfolio turnover rate4 | 53% | 79% | 37% | 45% | 79% | 41% |
Net assets, end of period (000s omitted) | $6,718 | $6,728 | $8,332 | $12,382 | $32,634 | $49,565 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.15% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $7.19 | $7.17 | $7.04 | $7.88 | $10.12 | $9.87 |
Net investment income | 0.06 | 0.12 | 0.16 2 | 0.16 | 0.15 | 0.15 2 |
Net realized and unrealized gains (losses) on investments | 0.38 | 0.54 | 0.34 | 0.06 | 0.27 | 0.37 |
Total from investment operations | 0.44 | 0.66 | 0.50 | 0.22 | 0.42 | 0.52 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.13) | (0.16) | (0.17) | (0.02) | (0.10) |
Net realized gains | 0.00 | (0.51) | (0.21) | (0.89) | (2.64) | (0.17) |
Total distributions to shareholders | (0.05) | (0.64) | (0.37) | (1.06) | (2.66) | (0.27) |
Net asset value, end of period | $7.58 | $7.19 | $7.17 | $7.04 | $7.88 | $10.12 |
Total return3 | 6.13% | 9.40% | 7.18% | 3.17% | 3.72% | 5.30% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.89% | 0.97% | 0.96% | 0.90% | 0.86% | 0.87% |
Net expenses | 0.57% | 0.58% | 0.62% | 0.65% | 0.71% | 0.79% |
Net investment income | 1.75% | 1.63% | 2.13% | 2.16% | 1.65% | 1.43% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 80% | 36% | 44% | 76% | 41% |
Net assets, end of period (000s omitted) | $30,704 | $31,496 | $32,650 | $36,236 | $42,542 | $54,770 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.14% |
Year ended February 28, 2018 | 0.16% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $7.46 | $7.33 | $7.19 | $8.02 | $10.26 | $10.01 |
Net investment income | 0.06 | 0.10 | 0.14 | 0.15 | 0.13 | 0.13 |
Payment from affiliate | 0.00 | 0.09 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.39 | 0.56 | 0.35 | 0.05 | 0.27 | 0.37 |
Total from investment operations | 0.45 | 0.75 | 0.49 | 0.20 | 0.40 | 0.50 |
Distributions to shareholders from | ||||||
Net investment income | (0.04) | (0.11) | (0.14) | (0.14) | (0.00) 2 | (0.08) |
Net realized gains | 0.00 | (0.51) | (0.21) | (0.89) | (2.64) | (0.17) |
Total distributions to shareholders | (0.04) | (0.62) | (0.35) | (1.03) | (2.64) | (0.25) |
Net asset value, end of period | $7.87 | $7.46 | $7.33 | $7.19 | $8.02 | $10.26 |
Total return3 | 6.02% | 10.33% 4 | 6.80% | 2.98% | 3.52% | 4.99% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.89% | 1.04% | 1.19% | 1.14% | 1.12% | 1.12% |
Net expenses | 0.82% | 0.85% | 0.90% | 0.90% | 0.96% | 1.04% |
Net investment income | 1.50% | 1.36% | 1.83% | 1.91% | 1.41% | 1.18% |
Supplemental data | ||||||
Portfolio turnover rate5 | 52% | 80% | 36% | 44% | 76% | 41% |
Net assets, end of period (000s omitted) | $21 | $20 | $20 | $20 | $22 | $37 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.07% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.19% |
Year ended February 28, 2019 | 0.12% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended Febuary 28, 2021, the Fund received a payment from an affiliate which had a 1.28% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $7.25 | $7.24 | $7.10 | $7.94 | $10.16 | $9.91 |
Net investment income | 0.08 2 | 0.15 2 | 0.18 2 | 0.21 2 | 0.19 2 | 0.18 2 |
Net realized and unrealized gains (losses) on investments | 0.38 | 0.53 | 0.35 | 0.03 | 0.26 | 0.37 |
Total from investment operations | 0.46 | 0.68 | 0.53 | 0.24 | 0.45 | 0.55 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.16) | (0.18) | (0.19) | (0.03) | (0.13) |
Net realized gains | 0.00 | (0.51) | (0.21) | (0.89) | (2.64) | (0.17) |
Total distributions to shareholders | (0.06) | (0.67) | (0.39) | (1.08) | (2.67) | (0.30) |
Net asset value, end of period | $7.65 | $7.25 | $7.24 | $7.10 | $7.94 | $10.16 |
Total return3 | 6.38% | 9.58% | 7.57% | 3.50% | 4.05% | 5.57% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.62% | 0.70% | 0.67% | 0.60% | 0.59% | 0.59% |
Net expenses | 0.29% | 0.30% | 0.34% | 0.34% | 0.41% | 0.48% |
Net investment income | 2.05% | 2.05% | 2.42% | 2.62% | 1.91% | 1.73% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 80% | 36% | 44% | 76% | 41% |
Net assets, end of period (000s omitted) | $1,520 | $2,605 | $5,853 | $7,352 | $43,346 | $105,773 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.14% |
Year ended February 28, 2018 | 0.16% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $7.26 | $7.24 | $7.10 | $7.94 | $10.15 | $9.90 |
Net investment income | 0.09 | 0.25 | 0.19 2 | 0.21 2 | 0.25 | 0.20 2 |
Net realized and unrealized gains (losses) on investments | 0.36 | 0.44 | 0.35 | 0.04 | 0.22 | 0.37 |
Total from investment operations | 0.45 | 0.69 | 0.54 | 0.25 | 0.47 | 0.57 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.16) | (0.19) | (0.20) | (0.04) | (0.15) |
Net realized gains | 0.00 | (0.51) | (0.21) | (0.89) | (2.64) | (0.17) |
Total distributions to shareholders | (0.06) | (0.67) | (0.40) | (1.09) | (2.68) | (0.32) |
Net asset value, end of period | $7.65 | $7.26 | $7.24 | $7.10 | $7.94 | $10.15 |
Total return3 | 6.28% | 9.82% | 7.74% | 3.65% | 4.27% | 5.74% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.46% | 0.54% | 0.52% | 0.46% | 0.44% | 0.43% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.26% | 0.33% |
Net investment income | 2.18% | 2.09% | 2.62% | 2.67% | 2.08% | 1.92% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 80% | 36% | 44% | 76% | 41% |
Net assets, end of period (000s omitted) | $15,355 | $14,671 | $18,725 | $31,174 | $61,265 | $125,438 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.14% |
Year ended February 28, 2018 | 0.16% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $7.42 | $7.38 | $7.24 | $8.07 | $10.29 | $10.02 |
Net investment income | 0.07 2 | 0.13 2 | 0.17 2 | 0.19 2 | 0.18 2 | 0.17 2 |
Net realized and unrealized gains (losses) on investments | 0.38 | 0.56 | 0.35 | 0.04 | 0.26 | 0.38 |
Total from investment operations | 0.45 | 0.69 | 0.52 | 0.23 | 0.44 | 0.55 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.14) | (0.17) | (0.17) | (0.02) | (0.11) |
Net realized gains | 0.00 | (0.51) | (0.21) | (0.89) | (2.64) | (0.17) |
Total distributions to shareholders | (0.05) | (0.65) | (0.38) | (1.06) | (2.66) | (0.28) |
Net asset value, end of period | $7.82 | $7.42 | $7.38 | $7.24 | $8.07 | $10.29 |
Total return3 | 6.11% | 9.51% | 7.20% | 3.33% | 3.89% | 5.52% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.81% | 0.89% | 0.87% | 0.81% | 0.77% | 0.78% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.60% | 0.68% |
Net investment income | 1.84% | 1.74% | 2.24% | 2.33% | 1.76% | 1.59% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 80% | 36% | 44% | 76% | 41% |
Net assets, end of period (000s omitted) | $4,213 | $4,568 | $5,345 | $6,821 | $15,886 | $21,910 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 2019 | 0.14% |
Year ended February 28, 2018 | 0.16% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.46 | $11.98 | $11.64 | $12.55 | $14.87 | $14.19 |
Net investment income | 0.10 | 0.17 | 0.25 2 | 0.26 | 0.24 | 0.21 |
Payment from affiliate | 0.00 | 0.00 3 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.73 | 1.13 | 0.51 | 0.06 | 0.61 | 0.85 |
Total from investment operations | 0.83 | 1.30 | 0.76 | 0.32 | 0.85 | 1.06 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.23) | (0.27) | (0.41) | 0.00 | (0.17) |
Net realized gains | 0.00 | (0.59) | (0.15) | (0.82) | (3.17) | (0.21) |
Total distributions to shareholders | 0.00 | (0.82) | (0.42) | (1.23) | (3.17) | (0.38) |
Net asset value, end of period | $13.29 | $12.46 | $11.98 | $11.64 | $12.55 | $14.87 |
Total return4 | 6.66% | 10.93% 5 | 6.53% | 3.12% | 5.40% | 7.53% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.70% | 0.73% | 0.75% | 0.75% | 0.79% | 0.85% |
Net expenses | 0.58% | 0.59% | 0.63% | 0.65% | 0.71% | 0.81% |
Net investment income | 1.74% | 1.61% | 2.08% | 2.14% | 1.74% | 1.44% |
Supplemental data | ||||||
Portfolio turnover rate6 | 51% | 80% | 36% | 43% | 73% | 39% |
Net assets, end of period (000s omitted) | $128,742 | $127,258 | $132,755 | $147,196 | $199,069 | $218,652 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 2019 | 0.14% |
Year ended February 28, 2018 | 0.16% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.20 | $11.75 | $11.41 | $12.31 | $14.75 | $14.10 |
Net investment income | 0.06 2 | 0.06 | 0.16 2 | 0.17 2 | 0.13 | 0.10 |
Net realized and unrealized gains (losses) on investments | 0.71 | 1.12 | 0.50 | 0.06 | 0.60 | 0.84 |
Total from investment operations | 0.77 | 1.18 | 0.66 | 0.23 | 0.73 | 0.94 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.14) | (0.17) | (0.31) | 0.00 | (0.08) |
Net realized gains | 0.00 | (0.59) | (0.15) | (0.82) | (3.17) | (0.21) |
Total distributions to shareholders | 0.00 | (0.73) | (0.32) | (1.13) | (3.17) | (0.29) |
Net asset value, end of period | $12.97 | $12.20 | $11.75 | $11.41 | $12.31 | $14.75 |
Total return3 | 6.31% | 10.05% | 5.79% | 2.28% | 4.60% | 6.71% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.45% | 1.48% | 1.50% | 1.50% | 1.54% | 1.60% |
Net expenses | 1.35% | 1.36% | 1.39% | 1.40% | 1.46% | 1.56% |
Net investment income | 0.97% | 0.85% | 1.33% | 1.41% | 0.99% | 0.69% |
Supplemental data | ||||||
Portfolio turnover rate4 | 51% | 80% | 36% | 43% | 73% | 39% |
Net assets, end of period (000s omitted) | $2,107 | $2,608 | $2,785 | $3,377 | $6,219 | $6,713 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 2019 | 0.14% |
Year ended February 28, 2018 | 0.16% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.37 | $11.86 | $11.53 | $12.46 | $14.81 | $14.14 |
Net investment income | 0.09 2 | 0.12 | 0.21 2 | 0.22 2 | 0.22 2 | 0.18 |
Payment from affiliate | 0.00 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.72 | 1.13 | 0.52 | 0.08 | 0.60 | 0.84 |
Total from investment operations | 0.81 | 1.29 | 0.73 | 0.30 | 0.82 | 1.02 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.19) | (0.25) | (0.41) | 0.00 | (0.14) |
Net realized gains | 0.00 | (0.59) | (0.15) | (0.82) | (3.17) | (0.21) |
Total distributions to shareholders | 0.00 | (0.78) | (0.40) | (1.23) | (3.17) | (0.35) |
Net asset value, end of period | $13.18 | $12.37 | $11.86 | $11.53 | $12.46 | $14.81 |
Total return3 | 6.55% | 10.94% 4 | 6.32% | 2.84% | 5.20% | 7.27% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.90% | 0.94% | 0.99% | 1.00% | 1.06% | 1.10% |
Net expenses | 0.85% | 0.86% | 0.90% | 0.90% | 0.98% | 1.06% |
Net investment income | 1.47% | 1.36% | 1.76% | 1.84% | 1.51% | 1.21% |
Supplemental data | �� | |||||
Portfolio turnover rate5 | 51% | 80% | 36% | 43% | 73% | 39% |
Net assets, end of period (000s omitted) | $122 | $104 | $119 | $86 | $66 | $321 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.40% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.87 | $12.36 | $11.98 | $12.89 | $15.15 | $14.44 |
Net investment income | 0.14 2 | 0.25 | 0.30 2 | 0.33 2 | 0.31 2 | 0.27 2 |
Net realized and unrealized gains (losses) on investments | 0.75 | 1.12 | 0.54 | 0.04 | 0.60 | 0.86 |
Total from investment operations | 0.89 | 1.37 | 0.84 | 0.37 | 0.91 | 1.13 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.27) | (0.31) | (0.46) | 0.00 | (0.21) |
Net realized gains | 0.00 | (0.59) | (0.15) | (0.82) | (3.17) | (0.21) |
Total distributions to shareholders | 0.00 | (0.86) | (0.46) | (1.28) | (3.17) | (0.42) |
Net asset value, end of period | $13.76 | $12.87 | $12.36 | $11.98 | $12.89 | $15.15 |
Total return3 | 6.92% | 11.15% | 6.99% | 3.36% | 5.70% | 7.89% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.42% | 0.45% | 0.47% | 0.47% | 0.53% | 0.56% |
Net expenses | 0.29% | 0.30% | 0.34% | 0.34% | 0.42% | 0.50% |
Net investment income | 2.03% | 2.02% | 2.39% | 2.54% | 2.05% | 1.76% |
Supplemental data | ||||||
Portfolio turnover rate4 | 51% | 80% | 36% | 43% | 73% | 39% |
Net assets, end of period (000s omitted) | $17,116 | $15,462 | $31,139 | $38,539 | $130,172 | $357,823 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 2019 | 0.14% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.87 | $12.35 | $11.98 | $12.90 | $15.14 | $14.43 |
Net investment income | 0.15 2 | 0.40 | 0.32 2 | 0.34 2 | 0.33 2 | 0.29 2 |
Net realized and unrealized gains (losses) on investments | 0.74 | 1.00 | 0.53 | 0.06 | 0.61 | 0.86 |
Total from investment operations | 0.89 | 1.40 | 0.85 | 0.40 | 0.94 | 1.15 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.29) | (0.33) | (0.50) | (0.01) | (0.23) |
Net realized gains | 0.00 | (0.59) | (0.15) | (0.82) | (3.17) | (0.21) |
Total distributions to shareholders | 0.00 | (0.88) | (0.48) | (1.32) | (3.18) | (0.44) |
Net asset value, end of period | $13.76 | $12.87 | $12.35 | $11.98 | $12.90 | $15.14 |
Total return3 | 6.92% | 11.40% | 7.06% | 3.58% | 5.89% | 8.04% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.27% | 0.30% | 0.32% | 0.32% | 0.37% | 0.41% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.26% | 0.35% |
Net investment income | 2.18% | 2.06% | 2.52% | 2.66% | 2.20% | 1.92% |
Supplemental data | ||||||
Portfolio turnover rate4 | 51% | 80% | 36% | 43% | 73% | 39% |
Net assets, end of period (000s omitted) | $115,577 | $121,395 | $147,590 | $154,089 | $400,206 | $645,237 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 2019 | 0.14% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.78 | $12.27 | $11.90 | $12.80 | $15.09 | $14.40 |
Net investment income | 0.12 2 | 0.18 | 0.27 2 | 0.31 | 0.29 | 0.24 2 |
Net realized and unrealized gains (losses) on investments | 0.74 | 1.16 | 0.53 | 0.04 | 0.59 | 0.84 |
Total from investment operations | 0.86 | 1.34 | 0.80 | 0.35 | 0.88 | 1.08 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.24) | (0.28) | (0.43) | 0.00 | (0.18) |
Net realized gains | 0.00 | (0.59) | (0.15) | (0.82) | (3.17) | (0.21) |
Total distributions to shareholders | 0.00 | (0.83) | (0.43) | (1.25) | (3.17) | (0.39) |
Net asset value, end of period | $13.64 | $12.78 | $12.27 | $11.90 | $12.80 | $15.09 |
Total return3 | 6.73% | 10.99% | 6.73% | 3.18% | 5.51% | 7.58% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.62% | 0.65% | 0.67% | 0.67% | 0.72% | 0.76% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.61% | 0.70% |
Net investment income | 1.83% | 1.73% | 2.18% | 2.28% | 1.85% | 1.60% |
Supplemental data | ||||||
Portfolio turnover rate4 | 51% | 80% | 36% | 43% | 73% | 39% |
Net assets, end of period (000s omitted) | $40,839 | $43,707 | $54,435 | $63,684 | $111,716 | $197,835 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 2019 | 0.14% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $5.72 | $5.57 | $5.57 | $6.41 | $10.48 | $9.77 |
Net investment income | 0.04 | 0.08 | 0.12 | 0.13 2 | 0.17 2 | 0.13 |
Payment from affiliate | 0.00 | 0.00 3 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.40 | 0.67 | 0.21 | (0.00) 4 | 0.63 | 0.90 |
Total from investment operations | 0.44 | 0.75 | 0.33 | 0.13 | 0.80 | 1.03 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.11) | (0.13) | (0.14) | (0.03) | (0.15) |
Net realized gains | 0.00 | (0.49) | (0.20) | (0.83) | (4.84) | (0.17) |
Total distributions to shareholders | 0.00 | (0.60) | (0.33) | (0.97) | (4.87) | (0.32) |
Net asset value, end of period | $6.16 | $5.72 | $5.57 | $5.57 | $6.41 | $10.48 |
Total return5 | 7.69% | 13.66% 6 | 5.71% | 2.78% | 7.09% | 10.61% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.73% | 0.77% | 0.77% | 0.78% | 0.81% | 0.84% |
Net expenses | 0.58% | 0.59% | 0.62% | 0.65% | 0.71% | 0.81% |
Net investment income | 1.66% | 1.62% | 2.04% | 2.08% | 1.70% | 1.37% |
Supplemental data | ||||||
Portfolio turnover rate7 | 52% | 83% | 36% | 43% | 67% | 36% |
Net assets, end of period (000s omitted) | $86,881 | $87,108 | $94,505 | $106,485 | $117,382 | $140,428 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Amount is more than $(0.005) |
5 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
6 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
7 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $5.67 | $5.49 | $5.50 | $6.34 | $10.49 | $9.79 |
Net investment income | 0.06 | 0.11 | 0.10 2 | 0.11 2 | 0.16 2 | 0.12 |
Payment from affiliate | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.36 | 0.62 | 0.20 | 0.02 | 0.53 | 0.88 |
Total from investment operations | 0.42 | 0.76 | 0.30 | 0.13 | 0.69 | 1.00 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.09) | (0.11) | (0.14) | 0.00 | (0.13) |
Net realized gains | 0.00 | (0.49) | (0.20) | (0.83) | (4.84) | (0.17) |
Total distributions to shareholders | 0.00 | (0.58) | (0.31) | (0.97) | (4.84) | (0.30) |
Net asset value, end of period | $6.09 | $5.67 | $5.49 | $5.50 | $6.34 | $10.49 |
Total return3 | 7.41% | 14.13% 4 | 5.37% | 2.67% | 5.94% | 10.22% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.93% | 0.98% | 1.01% | 1.02% | 1.10% | 1.10% |
Net expenses | 0.85% | 0.86% | 0.89% | 0.90% | 1.02% | 1.06% |
Net investment income | 1.41% | 1.32% | 1.73% | 1.78% | 1.53% | 1.12% |
Supplemental data | ||||||
Portfolio turnover rate5 | 52% | 83% | 36% | 43% | 67% | 36% |
Net assets, end of period (000s omitted) | $79 | $66 | $57 | $44 | $29 | $610 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.13% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.68% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $5.78 | $5.62 | $5.61 | $6.45 | $10.52 | $9.80 |
Net investment income | 0.04 | 0.12 2 | 0.14 2 | 0.16 2 | 0.20 | 0.17 |
Net realized and unrealized gains (losses) on investments | 0.41 | 0.66 | 0.21 | (0.01) | 0.63 | 0.90 |
Total from investment operations | 0.45 | 0.78 | 0.35 | 0.15 | 0.83 | 1.07 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.14) | (0.16) | (0.06) | (0.18) |
Net realized gains | 0.00 | (0.49) | (0.20) | (0.83) | (4.84) | (0.17) |
Total distributions to shareholders | 0.00 | (0.62) | (0.34) | (0.99) | (4.90) | (0.35) |
Net asset value, end of period | $6.23 | $5.78 | $5.62 | $5.61 | $6.45 | $10.52 |
Total return3 | 7.79% | 14.08% | 6.16% | 3.05% | 7.33% | 10.98% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.45% | 0.49% | 0.49% | 0.50% | 0.55% | 0.57% |
Net expenses | 0.29% | 0.31% | 0.34% | 0.34% | 0.43% | 0.50% |
Net investment income | 1.94% | 2.07% | 2.31% | 2.45% | 2.01% | 1.65% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 83% | 36% | 43% | 67% | 36% |
Net assets, end of period (000s omitted) | $13,300 | $13,375 | $36,023 | $42,046 | $87,607 | $274,639 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $5.76 | $5.61 | $5.61 | $6.44 | $10.51 | $9.80 |
Net investment income | 0.05 | 0.19 | 0.15 2 | 0.16 2 | 0.25 | 0.20 2 |
Net realized and unrealized gains (losses) on investments | 0.41 | 0.58 | 0.20 | 0.01 | 0.60 | 0.87 |
Total from investment operations | 0.46 | 0.77 | 0.35 | 0.17 | 0.85 | 1.07 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.15) | (0.17) | (0.08) | (0.19) |
Net realized gains | 0.00 | (0.49) | (0.20) | (0.83) | (4.84) | (0.17) |
Total distributions to shareholders | 0.00 | (0.62) | (0.35) | (1.00) | (4.92) | (0.36) |
Net asset value, end of period | $6.22 | $5.76 | $5.61 | $5.61 | $6.44 | $10.51 |
Total return3 | 7.99% | 14.04% | 6.15% | 3.41% | 7.54% | 11.04% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.30% | 0.33% | 0.34% | 0.35% | 0.39% | 0.41% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.26% | 0.35% |
Net investment income | 2.09% | 2.05% | 2.49% | 2.57% | 2.16% | 1.92% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 83% | 36% | 43% | 67% | 36% |
Net assets, end of period (000s omitted) | $94,840 | $84,191 | $106,756 | $131,314 | $201,812 | $372,101 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $5.83 | $5.67 | $5.66 | $6.48 | $10.55 | $9.82 |
Net investment income (loss) | (0.21) | 0.06 | 0.13 2 | 0.15 2 | 0.19 | 0.17 2 |
Net realized and unrealized gains (losses) on investments | 0.66 | 0.70 | 0.21 | (0.00) 3 | 0.62 | 0.89 |
Total from investment operations | 0.45 | 0.76 | 0.34 | 0.15 | 0.81 | 1.06 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.11) | (0.13) | (0.14) | (0.04) | (0.16) |
Net realized gains | 0.00 | (0.49) | (0.20) | (0.83) | (4.84) | (0.17) |
Total distributions to shareholders | 0.00 | (0.60) | (0.33) | (0.97) | (4.88) | (0.33) |
Net asset value, end of period | $6.28 | $5.83 | $5.67 | $5.66 | $6.48 | $10.55 |
Total return4 | 7.72% | 13.71% | 5.88% | 2.94% | 7.12% | 10.87% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.65% | 0.69% | 0.69% | 0.70% | 0.73% | 0.76% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.61% | 0.70% |
Net investment income | 1.75% | 1.70% | 2.16% | 2.27% | 1.81% | 1.59% |
Supplemental data | ||||||
Portfolio turnover rate5 | 52% | 83% | 36% | 43% | 67% | 36% |
Net assets, end of period (000s omitted) | $8,428 | $10,401 | $10,650 | $15,362 | $43,559 | $65,620 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is more than $(0.005) |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.24 | $12.14 | $12.03 | $13.53 | $16.70 | $15.17 |
Net investment income | 0.11 | 0.19 | 0.25 | 0.26 | 0.27 | 0.23 |
Payment from affiliate | 0.00 | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.03 | 1.77 | 0.34 | (0.00) 3 | 1.25 | 1.90 |
Total from investment operations | 1.14 | 1.96 | 0.59 | 0.26 | 1.52 | 2.13 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.23) | (0.27) | (0.33) | (0.15) | (0.31) |
Net realized gains | 0.00 | (0.63) | (0.21) | (1.43) | (4.54) | (0.29) |
Total distributions to shareholders | 0.00 | (0.86) | (0.48) | (1.76) | (4.69) | (0.60) |
Net asset value, end of period | $14.38 | $13.24 | $12.14 | $12.03 | $13.53 | $16.70 |
Total return4 | 8.61% | 16.32% 5 | 4.72% | 2.55% | 8.79% | 14.15% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.69% | 0.72% | 0.75% | 0.76% | 0.80% | 0.84% |
Net expenses | 0.58% | 0.59% | 0.63% | 0.65% | 0.71% | 0.82% |
Net investment income | 1.59% | 1.58% | 1.98% | 2.04% | 1.63% | 1.32% |
Supplemental data | ||||||
Portfolio turnover rate6 | 52% | 85% | 36% | 43% | 61% | 31% |
Net assets, end of period (000s omitted) | $167,657 | $166,161 | $163,774 | $177,608 | $228,015 | $230,044 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Amount is less than $0.005. |
3 | Amount is more than $(0.005) |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.65 | $11.60 | $11.50 | $13.01 | $16.24 | $14.79 |
Net investment income | 0.05 2 | 0.10 2 | 0.15 | 0.16 | 0.18 | 0.07 |
Net realized and unrealized gains (losses) on investments | 0.98 | 1.68 | 0.32 | (0.00) 3 | 1.17 | 1.88 |
Total from investment operations | 1.03 | 1.78 | 0.47 | 0.16 | 1.35 | 1.95 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.10) | (0.16) | (0.24) | (0.04) | (0.21) |
Net realized gains | 0.00 | (0.63) | (0.21) | (1.43) | (4.54) | (0.29) |
Total distributions to shareholders | 0.00 | (0.73) | (0.37) | (1.67) | (4.58) | (0.50) |
Net asset value, end of period | $13.68 | $12.65 | $11.60 | $11.50 | $13.01 | $16.24 |
Total return4 | 8.14% | 15.48% | 3.92% | 1.82% | 7.95% | 13.28% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.44% | 1.47% | 1.50% | 1.51% | 1.55% | 1.59% |
Net expenses | 1.35% | 1.36% | 1.39% | 1.40% | 1.46% | 1.57% |
Net investment income | 0.82% | 0.86% | 1.24% | 1.30% | 0.88% | 0.57% |
Supplemental data | ||||||
Portfolio turnover rate5 | 52% | 85% | 36% | 43% | 61% | 31% |
Net assets, end of period (000s omitted) | $1,190 | $1,385 | $2,060 | $2,851 | $4,748 | $4,630 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is more than $(0.005) |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.35 | $12.16 | $12.05 | $13.55 | $16.66 | $15.14 |
Net investment income | 0.08 | 0.26 | 0.22 | 0.23 | 0.26 | 0.18 |
Payment from affiliate | 0.00 | 0.08 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.05 | 1.68 | 0.34 | (0.00) 2 | 1.17 | 1.90 |
Total from investment operations | 1.13 | 2.02 | 0.56 | 0.23 | 1.43 | 2.08 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.20) | (0.24) | (0.30) | 0.00 | (0.27) |
Net realized gains | 0.00 | (0.63) | (0.21) | (1.43) | (4.54) | (0.29) |
Total distributions to shareholders | 0.00 | (0.83) | (0.45) | (1.73) | (4.54) | (0.56) |
Net asset value, end of period | $14.48 | $13.35 | $12.16 | $12.05 | $13.55 | $16.66 |
Total return3 | 8.46% | 16.76% 4 | 4.48% | 2.37% | 8.28% | 13.88% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.81% | 0.86% | 0.97% | 1.01% | 1.10% | 1.10% |
Net expenses | 0.80% | 0.83% | 0.87% | 0.89% | 1.04% | 1.07% |
Net investment income | 1.39% | 1.32% | 1.72% | 1.76% | 1.54% | 1.06% |
Supplemental data | ||||||
Portfolio turnover rate5 | 52% | 85% | 36% | 43% | 61% | 31% |
Net assets, end of period (000s omitted) | $55 | $51 | $44 | $40 | $34 | $904 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.07% |
Year ended February 28, 2021 | 0.09% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.74% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.60 | $12.45 | $12.32 | $13.81 | $16.95 | $15.38 |
Net investment income | 0.19 2 | 0.25 2 | 0.29 | 0.34 | 0.34 | 0.27 |
Net realized and unrealized gains (losses) on investments | 1.00 | 1.80 | 0.36 | (0.03) | 1.25 | 1.94 |
Total from investment operations | 1.19 | 2.05 | 0.65 | 0.31 | 1.59 | 2.21 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.27) | (0.31) | (0.37) | (0.19) | (0.35) |
Net realized gains | 0.00 | (0.63) | (0.21) | (1.43) | (4.54) | (0.29) |
Total distributions to shareholders | 0.00 | (0.90) | (0.52) | (1.80) | (4.73) | (0.64) |
Net asset value, end of period | $14.79 | $13.60 | $12.45 | $12.32 | $13.81 | $16.95 |
Total return3 | 8.75% | 16.64% | 5.07% | 2.88% | 9.09% | 14.52% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.41% | 0.44% | 0.47% | 0.48% | 0.53% | 0.56% |
Net expenses | 0.29% | 0.30% | 0.34% | 0.34% | 0.42% | 0.51% |
Net investment income | 1.88% | 1.97% | 2.28% | 2.45% | 1.95% | 1.64% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 85% | 36% | 43% | 61% | 31% |
Net assets, end of period (000s omitted) | $32,466 | $28,910 | $51,595 | $57,366 | $219,799 | $507,587 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.57 | $12.42 | $12.30 | $13.79 | $16.93 | $15.37 |
Net investment income | 0.18 | 0.33 | 0.32 | 0.34 | 0.36 | 0.31 |
Net realized and unrealized gains (losses) on investments | 1.02 | 1.74 | 0.33 | (0.01) | 1.26 | 1.92 |
Total from investment operations | 1.20 | 2.07 | 0.65 | 0.33 | 1.62 | 2.23 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.29) | (0.32) | (0.39) | (0.22) | (0.38) |
Net realized gains | 0.00 | (0.63) | (0.21) | (1.43) | (4.54) | (0.29) |
Total distributions to shareholders | 0.00 | (0.92) | (0.53) | (1.82) | (4.76) | (0.67) |
Net asset value, end of period | $14.77 | $13.57 | $12.42 | $12.30 | $13.79 | $16.93 |
Total return2 | 8.84% | 16.84% | 5.15% | 3.08% | 9.28% | 14.63% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.26% | 0.29% | 0.32% | 0.33% | 0.38% | 0.41% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.26% | 0.36% |
Net investment income | 2.03% | 2.02% | 2.41% | 2.51% | 2.10% | 1.87% |
Supplemental data | ||||||
Portfolio turnover rate3 | 52% | 85% | 36% | 43% | 61% | 31% |
Net assets, end of period (000s omitted) | $226,136 | $219,419 | $231,645 | $230,953 | $353,891 | $618,551 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.60 | $12.45 | $12.32 | $13.80 | $16.94 | $15.37 |
Net investment income | 0.12 2 | 0.17 | 0.27 | 0.30 | 0.28 | 0.25 |
Net realized and unrealized gains (losses) on investments | 1.05 | 1.85 | 0.35 | (0.02) | 1.27 | 1.93 |
Total from investment operations | 1.17 | 2.02 | 0.62 | 0.28 | 1.55 | 2.18 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.24) | (0.28) | (0.33) | (0.15) | (0.32) |
Net realized gains | 0.00 | (0.63) | (0.21) | (1.43) | (4.54) | (0.29) |
Total distributions to shareholders | 0.00 | (0.87) | (0.49) | (1.76) | (4.69) | (0.61) |
Net asset value, end of period | $14.77 | $13.60 | $12.45 | $12.32 | $13.80 | $16.94 |
Total return3 | 8.60% | 16.41% | 4.86% | 2.69% | 8.86% | 14.32% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.61% | 0.64% | 0.67% | 0.68% | 0.72% | 0.76% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.61% | 0.71% |
Net investment income | 1.68% | 1.69% | 2.08% | 2.18% | 1.75% | 1.51% |
Supplemental data | ||||||
Portfolio turnover rate4 | 52% | 85% | 36% | 43% | 61% | 31% |
Net assets, end of period (000s omitted) | $75,163 | $73,721 | $79,552 | $89,022 | $161,583 | $262,336 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 2019 | 0.15% |
Year ended February 28, 2018 | 0.17% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.19 | $7.38 | $7.38 | $8.35 | $11.25 | $9.89 |
Net investment income | 0.07 | 0.12 | 0.15 | 0.15 | 0.18 | 0.13 |
Net realized and unrealized gains (losses) on investments | 0.71 | 1.27 | 0.14 | (0.00) 2 | 1.01 | 1.56 |
Total from investment operations | 0.78 | 1.39 | 0.29 | 0.15 | 1.19 | 1.69 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.14) | (0.16) | (0.18) | (0.12) | (0.15) |
Net realized gains | 0.00 | (0.44) | (0.13) | (0.94) | (3.97) | (0.18) |
Total distributions to shareholders | 0.00 | (0.58) | (0.29) | (1.12) | (4.09) | (0.33) |
Net asset value, end of period | $8.97 | $8.19 | $7.38 | $7.38 | $8.35 | $11.25 |
Total return3 | 9.52% | 19.04% | 3.70% | 2.48% | 10.21% | 17.33% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.73% | 0.78% | 0.80% | 0.81% | 0.83% | 0.85% |
Net expenses | 0.58% | 0.59% | 0.63% | 0.65% | 0.72% | 0.83% |
Net investment income | 1.59% | 1.54% | 1.92% | 1.97% | 1.56% | 1.28% |
Supplemental data | ||||||
Portfolio turnover rate4 | 51% | 87% | 36% | 41% | 55% | 27% |
Net assets, end of period (000s omitted) | $102,149 | $97,610 | $95,284 | $108,389 | $118,000 | $127,294 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.16% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Amount is more than $(0.005) |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.26 | $7.44 | $7.44 | $8.42 | $11.32 | $9.95 |
Net investment income | 0.06 | 0.10 | 0.13 | 0.12 | 0.15 | 0.11 |
Net realized and unrealized gains (losses) on investments | 0.71 | 1.28 | 0.15 | 0.01 | 1.01 | 1.57 |
Total from investment operations | 0.77 | 1.38 | 0.28 | 0.13 | 1.16 | 1.68 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.12) | (0.15) | (0.17) | (0.09) | (0.13) |
Net realized gains | 0.00 | (0.44) | (0.13) | (0.94) | (3.97) | (0.18) |
Total distributions to shareholders | 0.00 | (0.56) | (0.28) | (1.11) | (4.06) | (0.31) |
Net asset value, end of period | $9.03 | $8.26 | $7.44 | $7.44 | $8.42 | $11.32 |
Total return2 | 9.32% | 18.81% | 3.46% | 2.16% | 9.87% | 17.09% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.97% | 1.01% | 1.04% | 1.06% | 1.08% | 1.11% |
Net expenses | 0.85% | 0.86% | 0.90% | 0.90% | 0.97% | 1.08% |
Net investment income | 1.31% | 1.22% | 1.60% | 1.68% | 1.32% | 0.89% |
Supplemental data | ||||||
Portfolio turnover rate3 | 51% | 87% | 36% | 41% | 55% | 27% |
Net assets, end of period (000s omitted) | $539 | $461 | $318 | $250 | $192 | $171 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.16% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.22 | $7.40 | $7.40 | $8.37 | $11.27 | $9.91 |
Net investment income | 0.08 2 | 0.15 2 | 0.17 2 | 0.20 2 | 0.21 2 | 0.17 2 |
Net realized and unrealized gains (losses) on investments | 0.71 | 1.28 | 0.15 | (0.03) | 1.02 | 1.56 |
Total from investment operations | 0.79 | 1.43 | 0.32 | 0.17 | 1.23 | 1.73 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.17) | (0.19) | (0.20) | (0.16) | (0.19) |
Net realized gains | 0.00 | (0.44) | (0.13) | (0.94) | (3.97) | (0.18) |
Total distributions to shareholders | 0.00 | (0.61) | (0.32) | (1.14) | (4.13) | (0.37) |
Net asset value, end of period | $9.01 | $8.22 | $7.40 | $7.40 | $8.37 | $11.27 |
Total return3 | 9.61% | 19.51% | 3.99% | 2.80% | 10.53% | 17.68% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.45% | 0.51% | 0.52% | 0.53% | 0.56% | 0.57% |
Net expenses | 0.29% | 0.31% | 0.34% | 0.34% | 0.43% | 0.52% |
Net investment income | 1.87% | 2.05% | 2.20% | 2.37% | 1.90% | 1.54% |
Supplemental data | ||||||
Portfolio turnover rate4 | 51% | 87% | 36% | 41% | 55% | 27% |
Net assets, end of period (000s omitted) | $10,389 | $9,228 | $26,748 | $34,388 | $82,617 | $240,025 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.16% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.21 | $7.39 | $7.39 | $8.37 | $11.27 | $9.91 |
Net investment income | 0.08 | 0.18 | 0.18 2 | 0.25 | 0.27 | 0.20 2 |
Net realized and unrealized gains (losses) on investments | 0.72 | 1.25 | 0.15 | (0.07) | 0.98 | 1.55 |
Total from investment operations | 0.80 | 1.43 | 0.33 | 0.18 | 1.25 | 1.75 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.17) | (0.20) | (0.22) | (0.18) | (0.21) |
Net realized gains | 0.00 | (0.44) | (0.13) | (0.94) | (3.97) | (0.18) |
Total distributions to shareholders | 0.00 | (0.61) | (0.33) | (1.16) | (4.15) | (0.39) |
Net asset value, end of period | $9.01 | $8.21 | $7.39 | $7.39 | $8.37 | $11.27 |
Total return3 | 9.74% | 19.64% | 4.16% | 2.86% | 10.76% | 17.86% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.30% | 0.35% | 0.37% | 0.38% | 0.41% | 0.42% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.27% | 0.37% |
Net investment income | 2.02% | 1.97% | 2.38% | 2.48% | 2.04% | 1.83% |
Supplemental data | ||||||
Portfolio turnover rate4 | 51% | 87% | 36% | 41% | 55% | 27% |
Net assets, end of period (000s omitted) | $93,871 | $83,173 | $89,108 | $112,021 | $185,889 | $317,594 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.16% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.30 | $7.47 | $7.47 | $8.41 | $11.30 | $9.94 |
Net investment income | 0.07 2 | 0.12 | 0.16 2 | 0.18 | 0.19 | 0.16 2 |
Net realized and unrealized gains (losses) on investments | 0.72 | 1.30 | 0.14 | (0.01) | 1.02 | 1.55 |
Total from investment operations | 0.79 | 1.42 | 0.30 | 0.17 | 1.21 | 1.71 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.17) | (0.17) | (0.13) | (0.17) |
Net realized gains | 0.00 | (0.44) | (0.13) | (0.94) | (3.97) | (0.18) |
Total distributions to shareholders | 0.00 | (0.59) | (0.30) | (1.11) | (4.10) | (0.35) |
Net asset value, end of period | $9.09 | $8.30 | $7.47 | $7.47 | $8.41 | $11.30 |
Total return3 | 9.52% | 19.17% | 3.75% | 2.64% | 10.33% | 17.38% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.65% | 0.70% | 0.72% | 0.72% | 0.74% | 0.77% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.61% | 0.72% |
Net investment income | 1.70% | 1.66% | 2.04% | 2.20% | 1.67% | 1.52% |
Supplemental data | ||||||
Portfolio turnover rate4 | 51% | 87% | 36% | 41% | 55% | 27% |
Net assets, end of period (000s omitted) | $5,445 | $6,541 | $6,888 | $9,608 | $35,678 | $50,898 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.16% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.11 | $14.02 | $14.09 | $16.02 | $19.43 | $16.74 |
Net investment income | 0.14 | 0.22 | 0.28 | 0.29 | 0.31 | 0.23 |
Payment from affiliate | 0.00 | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.57 | 2.69 | 0.12 | (0.05) | 1.93 | 3.08 |
Total from investment operations | 1.71 | 2.91 | 0.40 | 0.24 | 2.24 | 3.31 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.26) | (0.29) | (0.36) | (0.31) | (0.27) |
Net realized gains | 0.00 | (0.56) | (0.18) | (1.81) | (5.34) | (0.35) |
Total distributions to shareholders | 0.00 | (0.82) | (0.47) | (2.17) | (5.65) | (0.62) |
Net asset value, end of period | $17.82 | $16.11 | $14.02 | $14.09 | $16.02 | $19.43 |
Total return3 | 10.61% | 20.97% 4 | 2.68% | 2.32% | 11.24% | 20.01% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.71% | 0.74% | 0.77% | 0.78% | 0.81% | 0.85% |
Net expenses | 0.59% | 0.60% | 0.64% | 0.65% | 0.72% | 0.83% |
Net investment income | 1.59% | 1.49% | 1.85% | 1.91% | 1.51% | 1.21% |
Supplemental data | ||||||
Portfolio turnover rate5 | 49% | 87% | 36% | 40% | 51% | 24% |
Net assets, end of period (000s omitted) | $192,854 | $184,160 | $175,942 | $189,990 | $223,769 | $218,689 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.38 | $12.56 | $12.66 | $14.61 | $18.19 | $15.71 |
Net investment income | 0.06 | 0.10 2 | 0.15 2 | 0.17 2 | 0.14 2 | 0.04 2 |
Net realized and unrealized gains (losses) on investments | 1.40 | 2.41 | 0.11 | (0.06) | 1.81 | 2.94 |
Total from investment operations | 1.46 | 2.51 | 0.26 | 0.11 | 1.95 | 2.98 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.18) | (0.25) | (0.19) | (0.15) |
Net realized gains | 0.00 | (0.56) | (0.18) | (1.81) | (5.34) | (0.35) |
Total distributions to shareholders | 0.00 | (0.69) | (0.36) | (2.06) | (5.53) | (0.50) |
Net asset value, end of period | $15.84 | $14.38 | $12.56 | $12.66 | $14.61 | $18.19 |
Total return3 | 10.15% | 20.19% | 1.87% | 1.55% | 10.41% | 19.11% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.46% | 1.49% | 1.52% | 1.53% | 1.56% | 1.60% |
Net expenses | 1.35% | 1.36% | 1.39% | 1.40% | 1.46% | 1.58% |
Net investment income | 0.84% | 0.77% | 1.12% | 1.21% | 0.76% | 0.47% |
Supplemental data | ||||||
Portfolio turnover rate4 | 49% | 87% | 36% | 40% | 51% | 24% |
Net assets, end of period (000s omitted) | $1,263 | $1,417 | $1,906 | $2,754 | $5,292 | $4,782 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.18 | $14.01 | $14.08 | $16.02 | $19.36 | $16.69 |
Net investment income | 0.12 | 0.20 | 0.25 | 0.25 2 | 0.27 2 | 0.18 |
Payment from affiliate | 0.00 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.57 | 2.69 | 0.12 | (0.05) | 1.93 | 3.07 |
Total from investment operations | 1.69 | 2.96 | 0.37 | 0.20 | 2.20 | 3.25 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.23) | (0.26) | (0.33) | (0.20) | (0.23) |
Net realized gains | 0.00 | (0.56) | (0.18) | (1.81) | (5.34) | (0.35) |
Total distributions to shareholders | 0.00 | (0.79) | (0.44) | (2.14) | (5.54) | (0.58) |
Net asset value, end of period | $17.87 | $16.18 | $14.01 | $14.08 | $16.02 | $19.36 |
Total return3 | 10.44% | 21.30% 4 | 2.44% | 2.04% | 11.07% | 19.68% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.90% | 0.92% | 1.02% | 1.02% | 1.08% | 1.10% |
Net expenses | 0.85% | 0.85% | 0.89% | 0.90% | 1.01% | 1.08% |
Net investment income | 1.33% | 1.20% | 1.57% | 1.63% | 1.40% | 0.94% |
Supplemental data | ||||||
Portfolio turnover rate5 | 49% | 87% | 36% | 40% | 51% | 24% |
Net assets, end of period (000s omitted) | $95 | $83 | $66 | $62 | $56 | $394 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.18% |
Year ended February 28, 2019 | 0.16% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.49% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.76 | $14.54 | $14.60 | $16.51 | $19.86 | $17.09 |
Net investment income | 0.19 | 0.28 2 | 0.33 2 | 0.39 2 | 0.36 | 0.27 |
Net realized and unrealized gains (losses) on investments | 1.61 | 2.81 | 0.13 | (0.08) | 1.99 | 3.18 |
Total from investment operations | 1.80 | 3.09 | 0.46 | 0.31 | 2.35 | 3.45 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.31) | (0.34) | (0.41) | (0.36) | (0.33) |
Net realized gains | 0.00 | (0.56) | (0.18) | (1.81) | (5.34) | (0.35) |
Total distributions to shareholders | 0.00 | (0.87) | (0.52) | (2.22) | (5.70) | (0.68) |
Net asset value, end of period | $18.56 | $16.76 | $14.54 | $14.60 | $16.51 | $19.86 |
Total return3 | 10.74% | 21.45% | 2.94% | 2.69% | 11.56% | 20.43% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.43% | 0.46% | 0.49% | 0.50% | 0.54% | 0.57% |
Net expenses | 0.29% | 0.30% | 0.34% | 0.34% | 0.42% | 0.52% |
Net investment income | 1.89% | 1.88% | 2.14% | 2.38% | 1.85% | 1.54% |
Supplemental data | ||||||
Portfolio turnover rate4 | 49% | 87% | 36% | 40% | 51% | 24% |
Net assets, end of period (000s omitted) | $30,673 | $26,903 | $41,864 | $45,177 | $189,896 | $388,622 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.74 | $14.52 | $14.58 | $16.50 | $19.85 | $17.09 |
Net investment income | 0.22 | 0.32 | 0.35 | 0.39 2 | 0.40 2 | 0.41 |
Net realized and unrealized gains (losses) on investments | 1.60 | 2.79 | 0.13 | (0.06) | 1.98 | 3.06 |
Total from investment operations | 1.82 | 3.11 | 0.48 | 0.33 | 2.38 | 3.47 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.33) | (0.36) | (0.44) | (0.39) | (0.36) |
Net realized gains | 0.00 | (0.56) | (0.18) | (1.81) | (5.34) | (0.35) |
Total distributions to shareholders | 0.00 | (0.89) | (0.54) | (2.25) | (5.73) | (0.71) |
Net asset value, end of period | $18.56 | $16.74 | $14.52 | $14.58 | $16.50 | $19.85 |
Total return3 | 10.87% | 21.64% | 3.09% | 2.81% | 11.74% | 20.56% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.28% | 0.30% | 0.34% | 0.35% | 0.39% | 0.41% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.27% | 0.37% |
Net investment income | 2.05% | 1.93% | 2.29% | 2.40% | 2.00% | 1.80% |
Supplemental data | ||||||
Portfolio turnover rate4 | 49% | 87% | 36% | 40% | 51% | 24% |
Net assets, end of period (000s omitted) | $194,329 | $194,078 | $185,291 | $184,594 | $283,562 | $489,693 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.71 | $14.51 | $14.56 | $16.47 | $19.82 | $17.07 |
Net investment income | 0.16 | 0.30 | 0.32 | 0.34 2 | 0.33 2 | 0.25 |
Net realized and unrealized gains (losses) on investments | 1.63 | 2.73 | 0.12 | (0.07) | 1.98 | 3.14 |
Total from investment operations | 1.79 | 3.03 | 0.44 | 0.27 | 2.31 | 3.39 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.27) | (0.31) | (0.37) | (0.32) | (0.29) |
Net realized gains | 0.00 | (0.56) | (0.18) | (1.81) | (5.34) | (0.35) |
Total distributions to shareholders | 0.00 | (0.83) | (0.49) | (2.18) | (5.66) | (0.64) |
Net asset value, end of period | $18.50 | $16.71 | $14.51 | $14.56 | $16.47 | $19.82 |
Total return3 | 10.71% | 21.11% | 2.82% | 2.40% | 11.38% | 20.09% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.63% | 0.66% | 0.69% | 0.70% | 0.73% | 0.76% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.61% | 0.72% |
Net investment income | 1.69% | 1.61% | 1.95% | 2.09% | 1.63% | 1.43% |
Supplemental data | ||||||
Portfolio turnover rate4 | 49% | 87% | 36% | 40% | 51% | 24% |
Net assets, end of period (000s omitted) | $64,242 | $58,544 | $63,232 | $71,411 | $132,365 | $197,272 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.14 | $8.07 | $8.13 | $9.18 | $11.91 | $10.07 |
Net investment income | 0.08 | 0.12 | 0.16 2 | 0.16 | 0.18 2 | 0.13 |
Payment from affiliate | 0.00 | 0.00 3 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.94 | 1.64 | 0.03 | (0.03) | 1.28 | 2.05 |
Total from investment operations | 1.02 | 1.76 | 0.19 | 0.13 | 1.46 | 2.18 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.19) | (0.19) | (0.20) | (0.17) |
Net realized gains | 0.00 | (0.54) | (0.06) | (0.99) | (3.99) | (0.17) |
Total distributions to shareholders | 0.00 | (0.69) | (0.25) | (1.18) | (4.19) | (0.34) |
Net asset value, end of period | $10.16 | $9.14 | $8.07 | $8.13 | $9.18 | $11.91 |
Total return4 | 11.16% | 22.27% 5 | 2.14% | 2.21% | 11.98% | 21.85% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.80% | 0.89% | 0.88% | 0.85% | 0.86% | 0.86% |
Net expenses | 0.58% | 0.59% | 0.63% | 0.65% | 0.72% | 0.83% |
Net investment income | 1.62% | 1.48% | 1.85% | 1.88% | 1.48% | 1.22% |
Supplemental data | ||||||
Portfolio turnover rate6 | 47% | 87% | 36% | 39% | 48% | 22% |
Net assets, end of period (000s omitted) | $41,374 | $40,542 | $42,792 | $56,491 | $61,914 | $70,570 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.38 | $8.22 | $8.29 | $9.33 | $12.04 | $10.19 |
Net investment income | 0.07 | 0.11 | 0.13 | 0.14 | 0.16 | 0.11 |
Payment from affiliate | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.96 | 1.67 | 0.03 | (0.02) | 1.29 | 2.05 |
Total from investment operations | 1.03 | 1.83 | 0.16 | 0.12 | 1.45 | 2.16 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.17) | (0.17) | (0.17) | (0.14) |
Net realized gains | 0.00 | (0.54) | (0.06) | (0.99) | (3.99) | (0.17) |
Total distributions to shareholders | 0.00 | (0.67) | (0.23) | (1.16) | (4.16) | (0.31) |
Net asset value, end of period | $10.41 | $9.38 | $8.22 | $8.29 | $9.33 | $12.04 |
Total return2 | 10.98% | 22.70% 3 | 1.81% | 2.03% | 11.77% | 21.41% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.98% | 1.07% | 1.13% | 1.09% | 1.10% | 1.11% |
Net expenses | 0.85% | 0.86% | 0.90% | 0.90% | 0.97% | 1.08% |
Net investment income | 1.34% | 1.15% | 1.47% | 1.62% | 1.25% | 0.88% |
Supplemental data | ||||||
Portfolio turnover rate4 | 47% | 87% | 36% | 39% | 48% | 22% |
Net assets, end of period (000s omitted) | $84 | $68 | $49 | $37 | $36 | $42 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.14% |
Year ended February 29, 2020 | 0.20% |
Year ended February 28, 2019 | 0.16% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.65% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.19 | $8.12 | $8.19 | $9.24 | $11.96 | $10.11 |
Net investment income | 0.09 | 0.16 2 | 0.18 2 | 0.20 2 | 0.22 2 | 0.16 |
Net realized and unrealized gains (losses) on investments | 0.96 | 1.65 | 0.03 | (0.04) | 1.28 | 2.06 |
Total from investment operations | 1.05 | 1.81 | 0.21 | 0.16 | 1.50 | 2.22 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.20) | (0.22) | (0.22) | (0.23) | (0.20) |
Net realized gains | 0.00 | (0.54) | (0.06) | (0.99) | (3.99) | (0.17) |
Total distributions to shareholders | 0.00 | (0.74) | (0.28) | (1.21) | (4.22) | (0.37) |
Net asset value, end of period | $10.24 | $9.19 | $8.12 | $8.19 | $9.24 | $11.96 |
Total return3 | 11.43% | 22.66% | 2.34% | 2.53% | 12.39% | 22.25% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.52% | 0.63% | 0.60% | 0.57% | 0.59% | 0.59% |
Net expenses | 0.29% | 0.31% | 0.34% | 0.34% | 0.44% | 0.52% |
Net investment income | 1.90% | 2.04% | 2.12% | 2.26% | 1.84% | 1.46% |
Supplemental data | ||||||
Portfolio turnover rate4 | 47% | 87% | 36% | 39% | 48% | 22% |
Net assets, end of period (000s omitted) | $4,965 | $4,459 | $15,460 | $22,076 | $46,811 | $151,999 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.14% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.16 | $8.09 | $8.15 | $9.21 | $11.93 | $10.10 |
Net investment income | 0.09 | 0.16 2 | 0.20 2 | 0.22 2 | 0.29 | 0.23 |
Net realized and unrealized gains (losses) on investments | 0.96 | 1.64 | 0.03 | (0.05) | 1.24 | 1.99 |
Total from investment operations | 1.05 | 1.80 | 0.23 | 0.17 | 1.53 | 2.22 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.19) | (0.23) | (0.24) | (0.26) | (0.22) |
Net realized gains | 0.00 | (0.54) | (0.06) | (0.99) | (3.99) | (0.17) |
Total distributions to shareholders | 0.00 | (0.73) | (0.29) | (1.23) | (4.25) | (0.39) |
Net asset value, end of period | $10.21 | $9.16 | $8.09 | $8.15 | $9.21 | $11.93 |
Total return3 | 11.46% | 22.73% | 2.64% | 2.61% | 12.61% | 22.26% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.37% | 0.46% | 0.45% | 0.42% | 0.43% | 0.43% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.27% | 0.37% |
Net investment income | 2.05% | 1.91% | 2.32% | 2.41% | 1.97% | 1.77% |
Supplemental data | ||||||
Portfolio turnover rate4 | 47% | 87% | 36% | 39% | 48% | 22% |
Net assets, end of period (000s omitted) | $49,355 | $42,687 | $47,672 | $69,435 | $133,524 | $219,922 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.31 | $8.21 | $8.27 | $9.29 | $12.01 | $10.16 |
Net investment income | 0.09 2 | 0.14 2 | 0.17 2 | 0.20 2 | 0.19 2 | 0.16 2 |
Net realized and unrealized gains (losses) on investments | 0.96 | 1.66 | 0.03 | (0.05) | 1.28 | 2.04 |
Total from investment operations | 1.05 | 1.80 | 0.20 | 0.15 | 1.47 | 2.20 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.16) | (0.20) | (0.18) | (0.20) | (0.18) |
Net realized gains | 0.00 | (0.54) | (0.06) | (0.99) | (3.99) | (0.17) |
Total distributions to shareholders | 0.00 | (0.70) | (0.26) | (1.17) | (4.19) | (0.35) |
Net asset value, end of period | $10.36 | $9.31 | $8.21 | $8.27 | $9.29 | $12.01 |
Total return3 | 11.28% | 22.38% | 2.21% | 2.32% | 12.05% | 21.89% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.73% | 0.82% | 0.80% | 0.76% | 0.77% | 0.78% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.61% | 0.72% |
Net investment income | 1.76% | 1.66% | 1.98% | 2.14% | 1.60% | 1.46% |
Supplemental data | ||||||
Portfolio turnover rate4 | 47% | 87% | 36% | 39% | 48% | 22% |
Net assets, end of period (000s omitted) | $2,088 | $3,192 | $4,544 | $7,213 | $30,255 | $41,504 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.03 | $6.95 | $7.13 | $8.61 | $11.40 | $9.61 |
Net investment income | 0.07 | 0.10 | 0.13 2 | 0.14 | 0.20 | 0.12 |
Payment from affiliate | 0.00 | 0.00 3 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.87 | 1.48 | 0.02 | (0.05) | 1.23 | 2.02 |
Total from investment operations | 0.94 | 1.58 | 0.15 | 0.09 | 1.43 | 2.14 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.12) | (0.14) | (0.20) | (0.19) | (0.18) |
Net realized gains | 0.00 | (0.38) | (0.19) | (1.37) | (4.03) | (0.17) |
Total distributions to shareholders | 0.00 | (0.50) | (0.33) | (1.57) | (4.22) | (0.35) |
Net asset value, end of period | $8.97 | $8.03 | $6.95 | $7.13 | $8.61 | $11.40 |
Total return4 | 11.71% | 23.13% 5 | 1.74% | 2.10% | 12.26% | 22.48% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.74% | 0.79% | 0.83% | 0.82% | 0.83% | 0.85% |
Net expenses | 0.58% | 0.59% | 0.63% | 0.65% | 0.72% | 0.83% |
Net investment income | 1.63% | 1.45% | 1.81% | 1.88% | 1.47% | 1.13% |
Supplemental data | ||||||
Portfolio turnover rate6 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $47,478 | $46,771 | $47,060 | $53,038 | $67,360 | $64,356 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $7.98 | $6.91 | $7.08 | $8.56 | $11.36 | $9.58 |
Net investment income | 0.04 2 | 0.06 | 0.08 2 | 0.06 | 0.11 | 0.04 |
Payment from affiliate | 0.00 | 0.00 3 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.87 | 1.45 | 0.00 3 | (0.03) | 1.22 | 2.02 |
Total from investment operations | 0.91 | 1.51 | 0.08 | 0.03 | 1.33 | 2.06 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.06) | (0.06) | (0.14) | (0.10) | (0.11) |
Net realized gains | 0.00 | (0.38) | (0.19) | (1.37) | (4.03) | (0.17) |
Total distributions to shareholders | 0.00 | (0.44) | (0.25) | (1.51) | (4.13) | (0.28) |
Net asset value, end of period | $8.89 | $7.98 | $6.91 | $7.08 | $8.56 | $11.36 |
Total return4 | 11.40% | 22.23% 5 | 0.88% | 1.38% | 11.38% | 21.58% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.45% | 1.50% | 1.57% | 1.57% | 1.58% | 1.61% |
Net expenses | 1.35% | 1.36% | 1.39% | 1.40% | 1.46% | 1.58% |
Net investment income | 0.87% | 0.66% | 1.12% | 1.13% | 0.72% | 0.33% |
Supplemental data | ||||||
Portfolio turnover rate6 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $598 | $612 | $519 | $1,013 | $1,376 | $1,218 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.14% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.12 | $6.96 | $7.15 | $8.63 | $11.43 | $9.63 |
Net investment income | 0.07 | 0.10 | 0.12 | 0.13 | 0.15 | 0.09 |
Payment from affiliate | 0.00 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.87 | 1.48 | 0.00 2 | (0.05) | 1.24 | 2.04 |
Total from investment operations | 0.94 | 1.64 | 0.12 | 0.08 | 1.39 | 2.13 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.10) | (0.12) | (0.19) | (0.16) | (0.16) |
Net realized gains | 0.00 | (0.38) | (0.19) | (1.37) | (4.03) | (0.17) |
Total distributions to shareholders | 0.00 | (0.48) | (0.31) | (1.56) | (4.19) | (0.33) |
Net asset value, end of period | $9.06 | $8.12 | $6.96 | $7.15 | $8.63 | $11.43 |
Total return3 | 11.58% | 23.96% 4 | 1.38% | 1.93% | 11.88% | 22.29% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.91% | 0.94% | 1.07% | 1.08% | 1.12% | 1.13% |
Net expenses | 0.85% | 0.84% | 0.89% | 0.90% | 0.97% | 1.08% |
Net investment income | 1.35% | 1.15% | 1.50% | 1.58% | 1.24% | 0.94% |
Supplemental data | ||||||
Portfolio turnover rate5 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $65 | $51 | $37 | $32 | $28 | $34 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.21% |
Year ended February 28, 2019 | 0.18% |
Year ended February 28, 2018 | 0.23% |
Year ended February 28, 2017 | 0.19% |
1 | Year ended February 29 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.96% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.10 | $7.00 | $7.19 | $8.66 | $11.45 | $9.64 |
Net investment income | 0.10 | 0.13 2 | 0.16 2 | 0.20 2 | 0.21 2 | 0.16 2 |
Net realized and unrealized gains (losses) on investments | 0.86 | 1.50 | 0.00 3 | (0.07) | 1.25 | 2.03 |
Total from investment operations | 0.96 | 1.63 | 0.16 | 0.13 | 1.46 | 2.19 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.16) | (0.23) | (0.22) | (0.21) |
Net realized gains | 0.00 | (0.38) | (0.19) | (1.37) | (4.03) | (0.17) |
Total distributions to shareholders | 0.00 | (0.53) | (0.35) | (1.60) | (4.25) | (0.38) |
Net asset value, end of period | $9.06 | $8.10 | $7.00 | $7.19 | $8.66 | $11.45 |
Total return4 | 11.85% | 23.61% | 1.89% | 2.57% | 12.54% | 23.00% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.46% | 0.51% | 0.55% | 0.53% | 0.56% | 0.57% |
Net expenses | 0.29% | 0.30% | 0.34% | 0.34% | 0.42% | 0.52% |
Net investment income | 1.91% | 1.82% | 2.08% | 2.40% | 1.82% | 1.45% |
Supplemental data | ||||||
Portfolio turnover rate5 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $15,017 | $12,859 | $17,989 | $19,551 | $122,118 | $243,339 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.18% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.08 | $6.99 | $7.17 | $8.65 | $11.44 | $9.64 |
Net investment income | 0.11 | 0.14 | 0.17 | 0.25 | 0.26 | 0.19 2 |
Net realized and unrealized gains (losses) on investments | 0.86 | 1.48 | 0.02 | (0.12) | 1.22 | 2.01 |
Total from investment operations | 0.97 | 1.62 | 0.19 | 0.13 | 1.48 | 2.20 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.18) | (0.24) | (0.24) | (0.23) |
Net realized gains | 0.00 | (0.38) | (0.19) | (1.37) | (4.03) | (0.17) |
Total distributions to shareholders | 0.00 | (0.53) | (0.37) | (1.61) | (4.27) | (0.40) |
Net asset value, end of period | $9.05 | $8.08 | $6.99 | $7.17 | $8.65 | $11.44 |
Total return3 | 12.00% | 23.63% | 2.18% | 2.61% | 12.73% | 23.09% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.31% | 0.36% | 0.40% | 0.39% | 0.41% | 0.42% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.27% | 0.37% |
Net investment income | 2.07% | 1.87% | 2.23% | 2.37% | 1.95% | 1.81% |
Supplemental data | ||||||
Portfolio turnover rate4 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $119,740 | $118,172 | $107,868 | $107,769 | $180,036 | $287,423 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $8.06 | $6.97 | $7.16 | $8.62 | $11.41 | $9.61 |
Net investment income | 0.07 | 0.11 | 0.14 | 0.18 | 0.20 | 0.15 2 |
Net realized and unrealized gains (losses) on investments | 0.88 | 1.49 | 0.01 | (0.07) | 1.24 | 2.01 |
Total from investment operations | 0.95 | 1.60 | 0.15 | 0.11 | 1.44 | 2.16 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.15) | (0.20) | (0.20) | (0.19) |
Net realized gains | 0.00 | (0.38) | (0.19) | (1.37) | (4.03) | (0.17) |
Total distributions to shareholders | 0.00 | (0.51) | (0.34) | (1.57) | (4.23) | (0.36) |
Net asset value, end of period | $9.01 | $8.06 | $6.97 | $7.16 | $8.62 | $11.41 |
Total return3 | 11.79% | 23.31% | 1.70% | 2.37% | 12.29% | 22.72% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.66% | 0.71% | 0.75% | 0.74% | 0.75% | 0.76% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.61% | 0.72% |
Net investment income | 1.72% | 1.57% | 1.88% | 2.07% | 1.59% | 1.37% |
Supplemental data | ||||||
Portfolio turnover rate4 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $38,164 | $35,788 | $39,498 | $40,236 | $82,574 | $121,028 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.98 | $11.54 | $11.56 | $12.72 | $13.91 | $11.56 |
Net investment income | 0.11 | 0.16 | 0.22 2 | 0.22 | 0.21 2 | 0.14 |
Net realized and unrealized gains (losses) on investments | 1.53 | 2.51 | (0.01) | (0.02) | 1.50 | 2.44 |
Total from investment operations | 1.64 | 2.67 | 0.21 | 0.20 | 1.71 | 2.58 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.23) | (0.22) | (0.30) | (0.23) | (0.23) |
Net realized gains | 0.00 | 0.00 | (0.01) | (1.06) | (2.67) | 0.00 |
Total distributions to shareholders | 0.00 | (0.23) | (0.23) | (1.36) | (2.90) | (0.23) |
Net asset value, end of period | $15.62 | $13.98 | $11.54 | $11.56 | $12.72 | $13.91 |
Total return3 | 11.73% | 23.23% | 1.62% | 2.29% | 12.15% | 22.45% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.04% | 1.31% | 1.21% | 1.17% | 1.04% | 0.91% |
Net expenses | 0.58% | 0.59% | 0.63% | 0.65% | 0.71% | 0.83% |
Net investment income | 1.64% | 1.47% | 1.87% | 1.86% | 1.47% | 1.13% |
Supplemental data | ||||||
Portfolio turnover rate4 | 46% | 87% | 36.0% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $6,147 | $6,532 | $7,374 | $10,582 | $10,352 | $9,270 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.79 | $11.35 | $11.39 | $12.56 | $13.76 | $11.45 |
Net investment income | 0.10 2 | 0.15 | 0.18 | 0.19 | 0.18 | 0.10 |
Payment from affiliate | 0.00 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.51 | 2.45 | 0.00 3 | (0.03) | 1.49 | 2.41 |
Total from investment operations | 1.61 | 2.67 | 0.18 | 0.16 | 1.67 | 2.51 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.23) | (0.21) | (0.27) | (0.20) | (0.20) |
Net realized gains | 0.00 | 0.00 | (0.01) | (1.06) | (2.67) | 0.00 |
Total distributions to shareholders | 0.00 | (0.23) | (0.22) | (1.33) | (2.87) | (0.20) |
Net asset value, end of period | $15.40 | $13.79 | $11.35 | $11.39 | $12.56 | $13.76 |
Total return4 | 11.68% | 23.63% 5 | 1.43% | 1.96% | 11.99% | 22.04% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.18% | 1.44% | 1.45% | 1.39% | 1.29% | 1.16% |
Net expenses | 0.84% | 0.86% | 0.89% | 0.89% | 0.96% | 1.08% |
Net investment income | 1.37% | 1.15% | 1.52% | 1.60% | 1.22% | 0.98% |
Supplemental data | ||||||
Portfolio turnover rate6 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $65 | $54 | $41 | $43 | $42 | $40 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.14% |
Year ended February 29, 2020 | 0.21% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 0.68% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.05 | $11.58 | $11.60 | $12.76 | $13.94 | $11.59 |
Net investment income | 0.15 2 | 0.23 2 | 0.25 2 | 0.28 2 | 0.27 2 | 0.18 |
Net realized and unrealized gains (losses) on investments | 1.53 | 2.49 | 0.00 3 | (0.05) | 1.50 | 2.44 |
Total from investment operations | 1.68 | 2.72 | 0.25 | 0.23 | 1.77 | 2.62 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.25) | (0.26) | (0.33) | (0.28) | (0.27) |
Net realized gains | 0.00 | 0.00 | (0.01) | (1.06) | (2.67) | 0.00 |
Total distributions to shareholders | 0.00 | (0.25) | (0.27) | (1.39) | (2.95) | (0.27) |
Net asset value, end of period | $15.73 | $14.05 | $11.58 | $11.60 | $12.76 | $13.94 |
Total return4 | 11.96% | 23.59% | 1.98% | 2.57% | 12.56% | 22.78% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.76% | 1.06% | 0.93% | 0.93% | 0.73% | 0.64% |
Net expenses | 0.28% | 0.31% | 0.34% | 0.34% | 0.44% | 0.52% |
Net investment income | 1.92% | 2.05% | 2.08% | 2.24% | 1.85% | 1.32% |
Supplemental data | ||||||
Portfolio turnover rate5 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $2,667 | $2,175 | $7,233 | $7,578 | $15,764 | $43,147 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.14% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.18% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.99 | $11.55 | $11.57 | $12.73 | $13.91 | $11.57 |
Net investment income | 0.16 2 | 0.32 | 0.27 2 | 0.31 2 | 0.31 | 0.23 2 |
Net realized and unrealized gains (losses) on investments | 1.52 | 2.42 | 0.00 3 | (0.06) | 1.48 | 2.40 |
Total from investment operations | 1.68 | 2.74 | 0.27 | 0.25 | 1.79 | 2.63 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.30) | (0.28) | (0.35) | (0.30) | (0.29) |
Net realized gains | 0.00 | 0.00 | (0.01) | (1.06) | (2.67) | 0.00 |
Total distributions to shareholders | 0.00 | (0.30) | (0.29) | (1.41) | (2.97) | (0.29) |
Net asset value, end of period | $15.67 | $13.99 | $11.55 | $11.57 | $12.73 | $13.91 |
Total return4 | 12.01% | 23.80% | 2.10% | 2.71% | 12.76% | 22.97% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.61% | 0.87% | 0.78% | 0.87% | 0.60% | 0.47% |
Net expenses | 0.13% | 0.15% | 0.19% | 0.19% | 0.26% | 0.37% |
Net investment income | 2.07% | 1.90% | 2.23% | 2.46% | 1.94% | 1.79% |
Supplemental data | ||||||
Portfolio turnover rate5 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $20,659 | $17,035 | $19,338 | $18,491 | $56,563 | $65,516 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.18% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.08 | $11.63 | $11.57 | $12.73 | $13.91 | $11.57 |
Net investment income | 0.13 2 | 0.22 | 0.24 2 | 0.28 2 | 0.23 2 | 0.17 2 |
Net realized and unrealized gains (losses) on investments | 1.53 | 2.48 | (0.03) | (0.07) | 1.50 | 2.41 |
Total from investment operations | 1.66 | 2.70 | 0.21 | 0.21 | 1.73 | 2.58 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.25) | (0.14) | (0.31) | (0.24) | (0.24) |
Net realized gains | 0.00 | 0.00 | (0.01) | (1.06) | (2.67) | 0.00 |
Total distributions to shareholders | 0.00 | (0.25) | (0.15) | (1.37) | (2.91) | (0.24) |
Net asset value, end of period | $15.74 | $14.08 | $11.63 | $11.57 | $12.73 | $13.91 |
Total return3 | 11.79% | 23.33% | 1.74% | 2.37% | 12.32% | 22.50% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.97% | 1.23% | 1.13% | 1.37% | 0.94% | 0.83% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.62% | 0.72% |
Net investment income | 1.74% | 1.54% | 1.97% | 2.22% | 1.62% | 1.34% |
Supplemental data | ||||||
Portfolio turnover rate4 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $964 | $983 | $759 | $1,188 | $5,662 | $9,700 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.18% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.90 | $11.44 | $11.44 | $11.83 | $10.69 | $8.84 |
Net investment income | 0.13 | 0.19 | 0.19 | 0.22 2 | 0.15 | 0.09 2 |
Net realized and unrealized gains (losses) on investments | 1.51 | 2.47 | 0.02 | (0.01) | 1.15 | 1.86 |
Total from investment operations | 1.64 | 2.66 | 0.21 | 0.21 | 1.30 | 1.95 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.19) | (0.21) | (0.25) | (0.16) | (0.10) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.35) | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.20) | (0.21) | (0.60) | (0.16) | (0.10) |
Net asset value, end of period | $15.54 | $13.90 | $11.44 | $11.44 | $11.83 | $10.69 |
Total return3 | 11.80% | 23.30% | 1.67% | 2.18% | 12.20% | 22.23% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.02% | 1.38% | 1.61% | 2.69% | 1.79% | 3.21% |
Net expenses | 0.59% | 0.60% | 0.64% | 0.65% | 0.71% | 0.83% |
Net investment income | 1.61% | 1.45% | 1.74% | 1.88% | 1.45% | 0.90% |
Supplemental data | ||||||
Portfolio turnover rate4 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $1,290 | $1,176 | $973 | $660 | $907 | $671 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.02 | $11.43 | $11.42 | $11.85 | $10.71 | $8.90 |
Net investment income | 0.07 | 0.07 | 0.08 | 0.13 | 0.07 | 0.04 |
Payment from affiliate | 0.00 | 0.14 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.53 | 2.46 | 0.04 | (0.00) 2 | 1.15 | 1.84 |
Total from investment operations | 1.60 | 2.67 | 0.12 | 0.13 | 1.22 | 1.88 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.07) | (0.11) | (0.21) | (0.08) | (0.07) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.35) | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.08) | (0.11) | (0.56) | (0.08) | (0.07) |
Net asset value, end of period | $15.62 | $14.02 | $11.43 | $11.42 | $11.85 | $10.71 |
Total return3 | 11.41% | 23.38% 4 | 0.94% | 1.42% | 11.37% | 21.22% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.65% | 2.08% | 2.35% | 3.06% | 2.41% | 5.30% |
Net expenses | 1.32% | 1.36% | 1.39% | 1.40% | 1.47% | 1.58% |
Net investment income | 0.88% | 0.72% | 1.09% | 1.10% | 0.73% | 0.39% |
Supplemental data | ||||||
Portfolio turnover rate5 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $155 | $134 | $142 | $221 | $196 | $252 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.18% |
Year ended February 28, 2019 | 0.17% |
Year ended February 28, 2018 | 0.18% |
Year ended February 28, 2017 | 0.16% |
1 | Year ended February 29 |
2 | Amount is more than $(0.005) |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 1.21% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.75 | $11.21 | $11.22 | $11.65 | $10.53 | $8.84 |
Net investment income | 0.10 2 | 0.14 2 | 0.18 2 | 0.19 2 | 0.14 2 | 0.09 2 |
Payment from affiliate | 0.00 | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.49 | 2.47 | (0.01) | (0.01) | 1.11 | 1.80 |
Total from investment operations | 1.59 | 2.73 | 0.17 | 0.18 | 1.25 | 1.89 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.18) | (0.18) | (0.26) | (0.13) | (0.20) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.35) | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.19) | (0.18) | (0.61) | (0.13) | (0.20) |
Net asset value, end of period | $15.34 | $13.75 | $11.21 | $11.22 | $11.65 | $10.53 |
Total return3 | 11.56% | 24.39% 4 | 1.42% | 1.91% | 11.90% | 21.73% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.22% | 1.56% | 1.85% | 2.59% | 1.81% | 4.69% |
Net expenses | 0.84% | 0.86% | 0.90% | 0.90% | 0.97% | 1.08% |
Net investment income | 1.36% | 1.14% | 1.50% | 1.62% | 1.24% | 0.89% |
Supplemental data | ||||||
Portfolio turnover rate5 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $129 | $103 | $67 | $54 | $50 | $127 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.19% |
Year ended February 28, 2019 | 0.18% |
Year ended February 28, 2018 | 0.20% |
Year ended February 28, 2017 | 0.19% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended February 28, 2021, the Fund received a payment from an affiliate that had an impact of 1.08% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.20 | $11.67 | $11.66 | $12.06 | $10.88 | $8.97 |
Net investment income | 0.15 2 | 0.22 2 | 0.22 | 0.28 2 | 0.21 | 0.12 2 |
Net realized and unrealized gains (losses) on investments | 1.54 | 2.54 | 0.02 | (0.02) | 1.16 | 1.89 |
Total from investment operations | 1.69 | 2.76 | 0.24 | 0.26 | 1.37 | 2.01 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.22) | (0.23) | (0.31) | (0.19) | (0.10) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.35) | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.23) | (0.23) | (0.66) | (0.19) | (0.10) |
Net asset value, end of period | $15.89 | $14.20 | $11.67 | $11.66 | $12.06 | $10.88 |
Total return3 | 11.90% | 23.74% | 1.94% | 2.56% | 12.61% | 22.45% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.74% | 1.12% | 1.33% | 3.01% | 1.38% | 1.88% |
Net expenses | 0.29% | 0.30% | 0.34% | 0.34% | 0.41% | 0.52% |
Net investment income | 1.92% | 1.78% | 2.07% | 2.34% | 1.81% | 1.14% |
Supplemental data | ||||||
Portfolio turnover rate4 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $3,044 | $2,522 | $2,297 | $2,038 | $5,119 | $6,443 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.18% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.14 | $11.62 | $11.61 | $12.03 | $10.86 | $8.95 |
Net investment income | 0.15 | 0.23 2 | 0.25 | 0.28 2 | 0.24 | 0.13 2 |
Net realized and unrealized gains (losses) on investments | 1.54 | 2.55 | 0.01 | (0.01) | 1.14 | 1.90 |
Total from investment operations | 1.69 | 2.78 | 0.26 | 0.27 | 1.38 | 2.03 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.25) | (0.25) | (0.34) | (0.21) | (0.12) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.35) | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.26) | (0.25) | (0.69) | (0.21) | (0.12) |
Net asset value, end of period | $15.83 | $14.14 | $11.62 | $11.61 | $12.03 | $10.86 |
Total return3 | 11.95% | 23.95% | 2.07% | 2.68% | 12.70% | 22.75% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.59% | 0.94% | 1.18% | 1.88% | 1.29% | 1.82% |
Net expenses | 0.14% | 0.15% | 0.19% | 0.19% | 0.26% | 0.37% |
Net investment income | 2.07% | 1.86% | 2.20% | 2.36% | 1.95% | 1.31% |
Supplemental data | ||||||
Portfolio turnover rate4 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $25,426 | $21,643 | $15,541 | $10,497 | $12,115 | $12,518 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.18% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Year ended February 28 | ||||||
Administrator Class | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.97 | $11.49 | $11.48 | $11.89 | $10.74 | $8.89 |
Net investment income | 0.13 2 | 0.19 2 | 0.21 | 0.24 2 | 0.19 | 0.10 2 |
Net realized and unrealized gains (losses) on investments | 1.52 | 2.49 | 0.01 | (0.01) | 1.13 | 1.88 |
Total from investment operations | 1.65 | 2.68 | 0.22 | 0.23 | 1.32 | 1.98 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.19) | (0.21) | (0.29) | (0.17) | (0.13) |
Net realized gains | 0.00 | (0.01) | 0.00 | (0.35) | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.20) | (0.21) | (0.64) | (0.17) | (0.13) |
Net asset value, end of period | $15.62 | $13.97 | $11.49 | $11.48 | $11.89 | $10.74 |
Total return3 | 11.81% | 23.41% | 1.79% | 2.32% | 12.27% | 22.38% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.94% | 1.32% | 1.53% | 2.42% | 1.61% | 2.31% |
Net expenses | 0.49% | 0.50% | 0.54% | 0.54% | 0.61% | 0.72% |
Net investment income | 1.73% | 1.59% | 1.87% | 2.06% | 1.58% | 0.98% |
Supplemental data | ||||||
Portfolio turnover rate4 | 46% | 87% | 36% | 39% | 46% | 21% |
Net assets, end of period (000s omitted) | $4,142 | $3,263 | $3,623 | $3,068 | $4,267 | $4,427 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 2019 | 0.18% |
Year ended February 28, 2018 | 0.19% |
Year ended February 28, 2017 | 0.17% |
1 | Year ended February 29 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. |
Tax cost | Gross unrealized gains | Gross unrealized losses | Net unrealized gains | |
Target Today Fund | $ 46,209,376 | $ 9,090,445 | $0 | $ 9,090,445 |
Target 2010 Fund | 31,513,570 | 21,439,154 | 0 | 21,439,154 |
Target 2015 Fund | 38,516,578 | 13,336,699 | 0 | 13,336,699 |
Target 2020 Fund | 246,869,469 | 57,679,533 | 0 | 57,679,533 |
Target 2025 Fund | 173,385,925 | 30,152,363 | 0 | 30,152,363 |
Target 2030 Fund | 422,975,907 | 79,562,010 | 0 | 79,562,010 |
Target 2035 Fund | 181,968,129 | 30,443,978 | 0 | 30,443,978 |
Target 2040 Fund | 404,420,052 | 79,023,761 | 0 | 79,023,761 |
Target 2045 Fund | 82,870,256 | 15,026,847 | 0 | 15,026,847 |
Target 2050 Fund | 183,222,284 | 37,888,401 | 0 | 37,888,401 |
Target 2055 Fund | 26,837,522 | 3,688,431 | 0 | 3,688,431 |
Target 2060 Fund | 29,548,150 | 4,612,456 | 0 | 4,612,456 |
Aggregate fair value of affiliated Master Portfolios | |
Target Today Fund | $ 55,299,821 |
Target 2010 Fund | 52,952,724 |
Target 2015 Fund | 51,853,277 |
Target 2020 Fund | 304,549,002 |
Target 2025 Fund | 203,538,288 |
Target 2030 Fund | 502,537,917 |
Target 2035 Fund | 212,412,107 |
Target 2040 Fund | 483,443,813 |
Target 2045 Fund | 97,897,103 |
Target 2050 Fund | 221,110,685 |
Target 2055 Fund | 30,525,953 |
Target 2060 Fund | 34,160,606 |
Affiliated Master Portfolio | Investment objective |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Seeks to replicate the total return of the Bloomberg U.S. Aggregate ex-Corporate Index, before fees and expenses |
Wells Fargo Emerging Markets Bond Portfolio | Seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced U.S. Low Volatility Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo High Yield Corporate Bond Portfolio | Seeks to replicate the total return of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index, before fees and expenses |
Wells Fargo Investment Grade Corporate Bond Portfolio | Seeks to replicate the total return of the Bloomberg U.S. Corporate Bond Index, before fees and expenses |
Wells Fargo Strategic Retirement Bond Portfolio | Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg U.S. Intermediate Government Bond Index, before fees and expense |
Wells Fargo U.S. REIT Portfolio | Seeks to replicate the total return of the Dow Jones U.S. Select REIT Index, before fees and expenses. |
Average daily net assets | Management fee |
First $5 billion | 0.100% |
Next $5 billion | 0.090 |
Over $10 billion | 0.080 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Expense ratio caps | |
Class A | 0.60% |
Class C | 1.35 |
Class R | 0.85 |
Class R4 | 0.29 |
Class R6 | 0.14 |
Administrator Class | 0.49 |
Front-end sales charges | Contingent deferred sales charges | |
Class A | Class C | |
Target Today Fund | $ 488 | $ 0 |
Target 2010 Fund | 16 | 0 |
Target 2015 Fund | 57 | N/A |
Target 2020 Fund | 313 | 0 |
Target 2025 Fund | 1,743 | N/A |
Target 2030 Fund | 1,859 | 18 |
Target 2035 Fund | 192 | N/A |
Target 2040 Fund | 844 | 18 |
Target 2045 Fund | 70 | N/A |
Target 2050 Fund | 117 | 0 |
Target 2055 Fund | 32 | N/A |
Target 2060 Fund | 293 | 0 |
Reimbursement amount | |||
Class A | Class C | Class R | |
Target Today Fund | $ 0 | $ 0 | $232 |
Target 2010 Fund | 0 | 0 | 230 |
Target 2015 Fund | 0 | N/A | 235 |
Target 2020 Fund | 916 | 0 | 372 |
Target 2025 Fund | 547 | N/A | 397 |
Target 2030 Fund | 2,838 | 0 | 321 |
Target 2040 Fund | 2,292 | 0 | 337 |
Target 2045 Fund | 850 | N/A | 363 |
Target 2050 Fund | 716 | 17 | 396 |
Target 2055 Fund | 0 | N/A | 293 |
Target 2060 Fund | 0 | 1,316 | 897 |
Purchases at cost | Sales proceeds | ||||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | ||
Target Today Fund | $ 19,354,128 | $ 9,058,545 | $ 18,449,581 | $ 10,158,425 | |
Target 2010 Fund | 18,507,597 | 8,683,849 | 17,642,815 | 9,739,533 | |
Target 2015 Fund | 16,844,648 | 9,402,000 | 16,057,486 | 10,511,394 | |
Target 2020 Fund | 91,158,097 | 60,638,908 | 86,898,163 | 67,627,510 | |
Target 2025 Fund | 53,782,096 | 48,427,451 | 50,945,484 | 53,334,946 | |
Target 2030 Fund | 111,933,451 | 139,182,741 | 105,427,558 | 151,333,539 | |
Target 2035 Fund | 36,437,592 | 66,362,358 | 34,229,178 | 71,633,802 | |
Target 2040 Fund | 55,286,891 | 165,420,574 | 51,936,056 | 178,918,523 | |
Target 2045 Fund | 8,418,826 | 34,947,202 | 7,908,576 | 37,827,326 | |
Target 2050 Fund | 12,852,882 | 82,142,256 | 12,073,893 | 88,946,285 | |
Target 2055 Fund | 1,753,174 | 11,350,480 | 1,646,918 | 12,292,258 | |
Target 2060 Fund | 1,957,631 | 12,702,722 | 1,838,983 | 13,756,260 |
Target Fund | Acquiring Fund |
Wells Fargo Target Today Fund | Wells Fargo Dynamic Target Today Fund |
Wells Fargo Target 2010 Fund | Wells Fargo Dynamic Target Today Fund |
Wells Fargo Target 2015 Fund | Wells Fargo Dynamic Target 2015 Fund |
Wells Fargo Target 2020 Fund | Wells Fargo Dynamic Target 2020 Fund |
Wells Fargo Target 2025 Fund | Wells Fargo Dynamic Target 2025 Fund |
Wells Fargo Target 2030 Fund | Wells Fargo Dynamic Target 2030 Fund |
Wells Fargo Target 2035 Fund | Wells Fargo Dynamic Target 2035 Fund |
Wells Fargo Target 2040 Fund | Wells Fargo Dynamic Target 2040 Fund |
Wells Fargo Target 2045 Fund | Wells Fargo Dynamic Target 2045 Fund |
Wells Fargo Target 2050 Fund | Wells Fargo Dynamic Target 2050 Fund |
Wells Fargo Target 2055 Fund | Wells Fargo Dynamic Target 2055 Fund |
Wells Fargo Target 2060 Fund | Wells Fargo Dynamic Target 2060 Fund |
Shares voted “For” | Shares voted “Against” | Shares voted “Abstain” | |||
Target Today Fund | 2,789,107 | 71,508 | 264,530 | ||
Target 2010 Fund | 2,424,039 | 97,702 | 139,720 | ||
Target 2015 Fund | 3,591,094 | 53,134 | 156,007 | ||
Target 2020 Fund | 12,651,693 | 990,477 | 718,205 | ||
Target 2025 Fund | 15,248,092 | 1,421,702 | 817,776 | ||
Target 2030 Fund | 18,404,975 | 1,377,761 | 1,022,250 | ||
Target 2035 Fund | 11,257,874 | 325,675 | 745,971 | ||
Target 2040 Fund | 12,881,846 | 799,307 | 1,561,191 | ||
Target 2050 Fund | 12,276,471 | 1,236,957 | 1,870,979 | ||
Target 2060 Fund | 1,542,511 | 2,423 | 229,646 |
Shares voted “For” | Shares voted “Against” | Shares voted “Abstain” | |||
Target Today Fund | 2,700,596 | 160,668 | 263,881 | ||
Target 2010 Fund | 2,407,726 | 107,619 | 146,116 | ||
Target 2015 Fund | 3,591,094 | 53,200 | 155,941 | ||
Target 2020 Fund | 12,612,042 | 998,931 | 749,402 | ||
Target 2025 Fund | 15,069,177 | 1,523,242 | 895,151 | ||
Target 2030 Fund | 18,268,379 | 1,381,093 | 1,155,514 | ||
Target 2035 Fund | 11,206,687 | 379,682 | 743,151 | ||
Target 2040 Fund | 12,556,308 | 1,126,034 | 1,560,002 | ||
Target 2050 Fund | 12,317,043 | 1,196,385 | 1,870,979 | ||
Target 2060 Fund | 1,542,511 | 2,423 | 229,646 |
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. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Wells Fargo Legal Department since 2018. Previously, Director and Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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 Dynamic Target Today Fund |
Wells Fargo Dynamic Target 2015 Fund |
Wells Fargo Dynamic Target 2020 Fund |
Wells Fargo Dynamic Target 2025 Fund |
Wells Fargo Dynamic Target 2030 Fund |
Wells Fargo Dynamic Target 2035 Fund |
Wells Fargo Dynamic Target 2040 Fund |
Wells Fargo Dynamic Target 2045 Fund |
Wells Fargo Dynamic Target 2050 Fund |
Wells Fargo Dynamic Target 2055 Fund |
Wells Fargo Dynamic Target 2060 Fund |
Wells Fargo Target Today Fund |
Wells Fargo Target 2010 Fund |
Wells Fargo Target 2015 Fund |
Wells Fargo Target 2020 Fund |
Wells Fargo Target 2025 Fund |
Wells Fargo Target 2030 Fund |
Wells Fargo Target 2035 Fund |
Wells Fargo Target 2040 Fund |
Wells Fargo Target 2045 Fund |
Wells Fargo Target 2050 Fund |
Wells Fargo Target 2055 Fund |
Wells Fargo Target 2060 Fund |
■ | 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. |
Target Today Blended Index | Target 2010 Blended Index | Target 2015 Blended Index | |
Bloomberg U.S. Aggregate ex-Corporate Index | 34.50% | 34.50% | 32.03% |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index | 2.94% | 2.94% | 2.73% |
Bloomberg U.S. Corporate Investment Grade Index | 17.95% | 17.95% | 16.67% |
Bloomberg U.S. Government Intermediate Bond Index | 5.83% | 5.83% | 5.41% |
Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index | 5.83% | 5.83% | 5.41% |
Dow Jones U.S. Select REIT Index | 2.50% | 2.50% | 2.92% |
JP Morgan EMBI Global Diversified Index | 2.94% | 2.94% | 2.73% |
MSCI Emerging Markets Index (Net) (USD) | 1.82% | 1.82% | 2.27% |
MSCI USA Minimum Volatility Index (Net) (USD) | 5.00% | 5.00% | 4.00% |
MSCI World ex USA Index (Net) (USD) | 6.06% | 6.06% | 7.57% |
Russell 1000® Index | 11.71% | 11.71% | 14.61% |
Russell 2000® Index | 2.92% | 2.92% | 3.65% |
1 year | 5 year | 10 year | |
Bloomberg U.S. Aggregate ex-Corporate Index1* | (1.04) | 2.50 | – |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index2 | 10.14 | 6.65 | 7.06 |
Bloomberg U.S. Corporate Investment Grade Index3 | 2.53 | 4.78 | 5.01 |
Bloomberg U.S. Government Intermediate Bond Index4 | (0.66) | 2.15 | 1.90 |
Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index5 | 5.82 | 4.08 | 2.55 |
Dow Jones U.S. Select REIT Index6 | 44.17 | 6.44 | 9.85 |
JP Morgan EMBI Global Diversified Index7 | 4.59 | 4.41 | 5.55 |
MSCI EM Index (Net) (USD)8 | 21.12 | 10.40 | 4.85 |
MSCI USA Minimum Volatility Index (Net) (USD)9 | 20.70 | 12.72 | 13.67 |
MSCI World ex USA Index (Net) (USD)10 | 26.57 | 9.78 | 7.05 |
Russell 1000® Index11 | 32.25 | 18.24 | 16.40 |
Russell 2000® Index12 | 47.08 | 14.38 | 13.62 |
* | The inception date of the index is December 2015. |
1 | The Bloomberg U.S. Aggregate ex-Corporate Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). You cannot invest directly in an index. |
2 | The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%. You cannot invest directly into an index. |
3 | The Bloomberg U.S. Corporate Investment Grade Index is a broad based benchmark that measures the investment grade, fixed-rate, taxable, corporate bond market. Bloomberg U.S. Credit - Financial Institutions Index. You cannot invest directly into an index. |
4 | The Bloomberg U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index. |
5 | Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market with maturities more than 1 year and less than 10 years. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index. |
Target 2020 Blended Index | Target 2025 Blended Index | Target 2030 Blended Index | Target 2035 Blended Index | Target 2040 Blended Index | Target 2045 Blended Index | Target 2050 Blended Index | Target 2055 Blended Index | Target 2060 Blended Index |
29.56% | 26.64% | 22.87% | 17.76% | 11.84% | 8.87% | 5.92% | 5.92% | 5.92% |
2.52% | 2.25% | 1.92% | 1.50% | 1.00% | 0.75% | 0.50% | 0.50% | 0.50% |
15.39% | 13.86% | 11.92% | 9.24% | 6.16% | 4.62% | 3.08% | 3.08% | 3.08% |
5.00% | 2.50% | 0.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
5.00% | 2.50% | 0.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
3.33% | 2.50% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
2.52% | 2.25% | 1.92% | 1.50% | 1.00% | 0.75% | 0.50% | 0.50% | 0.50% |
2.72% | 3.78% | 4.96% | 6.09% | 7.20% | 7.74% | 8.28% | 8.28% | 8.28% |
3.00% | 2.00% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
9.07% | 12.60% | 16.52% | 20.51% | 24.00% | 25.84% | 27.72% | 27.72% | 27.72% |
17.52% | 23.28% | 29.24% | 34.72% | 39.04% | 41.14% | 43.20% | 43.20% | 43.20% |
4.37% | 5.84% | 7.31% | 8.68% | 9.76% | 10.29% | 10.80% | 10.80% | 10.80% |
6 | The Dow Jones U.S. Select REIT Index tracks the performance of publicly traded REITs and REIT-like securities and is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. The index is a subset of the Dow Jones U.S. Select Real Estate Securities Index (RESI). You cannot invest directly into an index. |
7 | The JP Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index. |
8 | The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) (USD)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. |
9 | The MSCI USA Minimum Volatility Index (Net) (USD) aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). You cannot invest directly in an index. |
10 | The MSCI World ex USA Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. You cannot invest directly in an index. |
11 | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
12 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g122469img42840ad71.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Funds' website at wfam.com. Read the prospectus carefully before you invest or send money.
SOFLD/SAR101 08-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g123507img65c069a01.jpg)
■ | Wells Fargo Dynamic Target Today Fund |
■ | Wells Fargo Dynamic Target 2015 Fund |
■ | Wells Fargo Dynamic Target 2020 Fund |
■ | Wells Fargo Dynamic Target 2025 Fund |
■ | Wells Fargo Dynamic Target 2030 Fund |
■ | Wells Fargo Dynamic Target 2035 Fund |
■ | Wells Fargo Dynamic Target 2040 Fund |
■ | Wells Fargo Dynamic Target 2045 Fund |
■ | Wells Fargo Dynamic Target 2050 Fund |
■ | Wells Fargo Dynamic Target 2055 Fund |
■ | Wells Fargo Dynamic Target 2060 Fund |
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Financial highlights | |
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Board considerations | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g123507imga41c04e12.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/0001193125-21-321620/g123507imgc3e5a2b83.jpg)
President
Wells Fargo Funds
Petros N. Bocray, CFA®‡, FRM
Christian L. Chan, CFA®‡
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WDYAX) | 11-30-2015 | 5.75 | 6.39 | 6.22 | 12.23 | 7.66 | 7.32 | 2.95 | 0.68 | ||
Class C (WDYCX) | 11-30-2015 | 10.34 | 7.17 | 6.79 | 11.34 | 7.17 | 6.79 | 3.70 | 1.43 | ||
Class R4 (WDYYX) | 11-30-2015 | – | – | – | 12.56 | 7.99 | 7.64 | 2.67 | 0.37 | ||
Class R6 (WDYZX) | 11-30-2015 | – | – | – | 12.71 | 8.13 | 7.80 | 2.52 | 0.22 | ||
S&P Target Date Retirement Income Index3 | – | – | – | – | 8.83 | 6.31 | 6.28 * | – | – | ||
Dynamic Target Today Blended Index4 | – | – | – | – | 13.16 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.10% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 29.27 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 18.89 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 15.21 |
Wells Fargo Strategic Retirement Bond Portfolio | 9.88 |
Wells Fargo Factor Enhanced International Equity Portfolio | 9.77 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 4.70 |
Wells Fargo U.S. REIT Portfolio | 3.34 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 3.00 |
Wells Fargo Emerging Markets Bond Portfolio | 2.50 |
Wells Fargo High Yield Corporate Bond Portfolio | 2.50 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 60 | 60 |
Stock Funds | 40 | 43 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 1.08 | 6.94 | 0.97 |
Class C | 1.09 | 7.06 | 0.95 |
Class R4 | 1.08 | 6.93 | 0.97 |
Class R6 | 1.08 | 6.95 | 0.97 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date Retirement Income Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WDTAX) | 11-30-2015 | 8.04 | 7.41 | 7.02 | 14.59 | 8.70 | 8.13 | 3.40 | 0.68 | ||
Class C (WDTCX) | 11-30-2015 | 12.64 | 8.20 | 7.59 | 13.64 | 8.20 | 7.59 | 4.15 | 1.43 | ||
Class R4 (WDTYX) | 11-30-2015 | – | – | – | 14.90 | 9.01 | 8.44 | 3.12 | 0.37 | ||
Class R6 (WDTZX) | 11-30-2015 | – | – | – | 15.04 | 9.17 | 8.61 | 2.97 | 0.22 | ||
S&P Target Date 2015 Index3 | – | – | – | – | 12.70 | 7.95 | 7.74 * | – | – | ||
Dynamic Target 2015 Blended Index4 | – | – | – | – | 15.72 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.11% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 25.70 |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 22.50 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 13.35 |
Wells Fargo Factor Enhanced International Equity Portfolio | 11.64 |
Wells Fargo Strategic Retirement Bond Portfolio | 8.67 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 5.59 |
Wells Fargo U.S. REIT Portfolio | 3.98 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 3.57 |
Wells Fargo Emerging Markets Bond Portfolio | 2.20 |
Wells Fargo High Yield Corporate Bond Portfolio | 2.19 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 53 | 53 |
Stock Funds | 47 | 50 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 1.00 | 8.34 | 0.98 |
Class C | 1.01 | 8.43 | 0.97 |
Class R4 | 0.99 | 8.27 | 0.98 |
Class R6 | 1.00 | 8.35 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2015 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WDTDX) | 11-30-2015 | 10.27 | 8.29 | 7.81 | 16.99 | 9.59 | 8.92 | 2.89 | 0.68 | ||
Class C (WDTEX) | 11-30-2015 | 15.09 | 9.02 | 8.34 | 16.09 | 9.02 | 8.34 | 3.64 | 1.43 | ||
Class R4 (WDTGX) | 11-30-2015 | – | – | – | 17.34 | 9.91 | 9.25 | 2.61 | 0.37 | ||
Class R6 (WDTHX) | 11-30-2015 | – | – | – | 17.58 | 10.08 | 9.42 | 2.46 | 0.22 | ||
S&P Target Date 2020 Index3 | – | – | – | – | 13.79 | 8.51 | 8.24 * | – | – | ||
Dynamic Target 2020 Blended Index4 | – | – | – | – | 18.19 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.11% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 26.01 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 22.01 |
Wells Fargo Factor Enhanced International Equity Portfolio | 13.45 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 11.44 |
Wells Fargo Strategic Retirement Bond Portfolio | 7.43 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 6.47 |
Wells Fargo U.S. REIT Portfolio | 4.60 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 4.13 |
Wells Fargo Emerging Markets Bond Portfolio | 1.88 |
Wells Fargo High Yield Corporate Bond Portfolio | 1.88 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 45 | 45 |
Stock Funds | 55 | 58 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 1.01 | 9.30 | 0.98 |
Class C | 1.01 | 9.40 | 0.97 |
Class R4 | 1.01 | 9.33 | 0.98 |
Class R6 | 1.01 | 9.31 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2020 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WDTIX) | 11-30-2015 | 12.88 | 9.45 | 8.71 | 19.77 | 10.75 | 9.83 | 2.21 | 0.68 | ||
Class C (WDTJX) | 11-30-2015 | 17.78 | 10.20 | 9.25 | 18.78 | 10.20 | 9.25 | 2.96 | 1.43 | ||
Class R4 (WDTLX) | 11-30-2015 | – | – | – | 20.09 | 11.04 | 10.14 | 1.93 | 0.37 | ||
Class R6 (WDTMX) | 11-30-2015 | – | – | – | 20.22 | 11.21 | 10.31 | 1.78 | 0.22 | ||
S&P Target Date 2025 Index3 | – | – | – | – | 16.96 | 9.61 | 9.19 * | – | – | ||
Dynamic Target 2025 Blended Index4 | – | – | – | – | 21.06 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.12% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 31.39 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 18.60 |
Wells Fargo Factor Enhanced International Equity Portfolio | 16.98 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 9.66 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 7.81 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 5.22 |
Wells Fargo Strategic Retirement Bond Portfolio | 3.49 |
Wells Fargo U.S. REIT Portfolio | 3.27 |
Wells Fargo Emerging Markets Bond Portfolio | 1.58 |
Wells Fargo High Yield Corporate Bond Portfolio | 1.57 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 35 | 35 |
Stock Funds | 65 | 68 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.98 | 10.73 | 0.98 |
Class C | 0.99 | 10.85 | 0.97 |
Class R4 | 0.98 | 10.68 | 0.98 |
Class R6 | 0.98 | 10.69 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2025 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WDTNX) | 11-30-2015 | 15.32 | 10.52 | 9.59 | 22.34 | 11.83 | 10.73 | 2.33 | 0.68 | ||
Class C (WDTOX) | 11-30-2015 | 20.34 | 11.23 | 10.11 | 21.34 | 11.23 | 10.11 | 3.08 | 1.43 | ||
Class R4 (WDTQX) | 11-30-2015 | – | – | – | 22.67 | 12.15 | 11.05 | 2.05 | 0.37 | ||
Class R6 (WDTSX) | 11-30-2015 | – | – | – | 22.80 | 12.32 | 11.22 | 1.90 | 0.22 | ||
S&P Target Date 2030 Index3 | – | – | – | – | 19.98 | 10.60 | 10.05 * | – | – | ||
Dynamic Target 2030 Blended Index4 | – | – | – | – | 23.73 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.12% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 36.94 |
Wells Fargo Factor Enhanced International Equity Portfolio | 20.84 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 14.27 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 9.21 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 7.42 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 6.41 |
Wells Fargo U.S. REIT Portfolio | 1.25 |
Wells Fargo Emerging Markets Bond Portfolio | 1.20 |
Wells Fargo High Yield Corporate Bond Portfolio | 1.20 |
Wells Fargo Strategic Retirement Bond Portfolio | 0.83 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 25 | 25 |
Stock Funds | 75 | 78 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.93 | 11.83 | 0.98 |
Class C | 0.93 | 11.93 | 0.97 |
Class R4 | 0.93 | 11.87 | 0.98 |
Class R6 | 0.93 | 11.83 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2030 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WDTTX) | 11-30-2015 | 16.48 | 11.23 | 10.16 | 23.60 | 12.55 | 11.30 | 2.40 | 0.68 | ||
Class C (WDCTX) | 11-30-2015 | 21.70 | 12.03 | 10.74 | 22.70 | 12.03 | 10.74 | 3.15 | 1.43 | ||
Class R4 (WDTVX) | 11-30-2015 | – | – | – | 23.90 | 12.87 | 11.62 | 2.12 | 0.37 | ||
Class R6 (WDTWX) | 11-30-2015 | – | – | – | 24.22 | 13.06 | 11.80 | 1.97 | 0.22 | ||
S&P Target Date 2035 Index3 | – | – | – | – | 23.45 | 11.65 | 10.96 * | – | – | ||
Dynamic Target 2035 Blended Index4 | – | – | – | – | 25.08 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 39.41 |
Wells Fargo Factor Enhanced International Equity Portfolio | 23.25 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 11.84 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 9.82 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 7.08 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 6.14 |
Wells Fargo Emerging Markets Bond Portfolio | 1.00 |
Wells Fargo High Yield Corporate Bond Portfolio | 1.00 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 20 | 20 |
Stock Funds | 80 | 83 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.86 | 12.52 | 0.97 |
Class C | 0.87 | 12.66 | 0.97 |
Class R4 | 0.86 | 12.53 | 0.97 |
Class R6 | 0.86 | 12.47 | 0.97 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2035 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WTDAX) | 11-30-2015 | 17.79 | 11.43 | 10.28 | 25.02 | 12.75 | 11.42 | 2.63 | 0.68 | ||
Class C (WTDCX) | 11-30-2015 | 23.02 | 12.21 | 10.87 | 24.02 | 12.21 | 10.87 | 3.38 | 1.43 | ||
Class R4 (WTDEX) | 11-30-2015 | – | – | – | 25.37 | 13.08 | 11.76 | 2.35 | 0.37 | ||
Class R6 (WTDFX) | 11-30-2015 | – | – | – | 25.50 | 13.25 | 11.93 | 2.20 | 0.22 | ||
S&P Target Date 2040 Index3 | – | – | – | – | 25.91 | 12.38 | 11.59 * | – | – | ||
Dynamic Target 2040 Blended Index4 | – | – | – | – | 26.62 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 41.17 |
Wells Fargo Factor Enhanced International Equity Portfolio | 25.28 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 10.26 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 8.83 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 7.77 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 4.59 |
Wells Fargo Emerging Markets Bond Portfolio | 0.75 |
Wells Fargo High Yield Corporate Bond Portfolio | 0.74 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 15 | 15 |
Stock Funds | 85 | 88 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.84 | 13.21 | 0.98 |
Class C | 0.85 | 13.38 | 0.97 |
Class R4 | 0.84 | 13.21 | 0.98 |
Class R6 | 0.84 | 13.23 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2040 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WTDGX) | 11-30-2015 | 19.27 | 11.74 | 10.59 | 26.51 | 13.07 | 11.73 | 2.97 | 0.68 | ||
Class C (WTDHX) | 11-30-2015 | 24.58 | 12.54 | 11.17 | 25.58 | 12.54 | 11.17 | 3.72 | 1.43 | ||
Class R4 (WTDJX) | 11-30-2015 | – | – | – | 26.86 | 13.40 | 12.06 | 2.69 | 0.37 | ||
Class R6 (WTDKX) | 11-30-2015 | – | – | – | 27.07 | 13.58 | 12.23 | 2.54 | 0.22 | ||
S&P Target Date 2045 Index3 | – | – | – | – | 27.34 | 12.81 | 11.95 * | – | – | ||
Dynamic Target 2045 Blended Index4 | – | – | – | – | 28.21 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 43.22 |
Wells Fargo Factor Enhanced International Equity Portfolio | 27.21 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 10.77 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 8.37 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 5.94 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 3.09 |
Wells Fargo Emerging Markets Bond Portfolio | 0.50 |
Wells Fargo High Yield Corporate Bond Portfolio | 0.50 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 10 | 10 |
Stock Funds | 90 | 93 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.87 | 14.14 | 0.98 |
Class C | 0.87 | 14.28 | 0.97 |
Class R4 | 0.86 | 14.11 | 0.98 |
Class R6 | 0.86 | 14.09 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2045 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WTDLX) | 11-30-2015 | 21.17 | 11.91 | 10.73 | 28.58 | 13.24 | 11.88 | 3.28 | 0.68 | ||
Class C (WTDMX) | 11-30-2015 | 26.59 | 12.71 | 11.32 | 27.59 | 12.71 | 11.32 | 4.03 | 1.43 | ||
Class R4 (WTDOX) | 11-30-2015 | – | – | – | 28.88 | 13.56 | 12.20 | 3.00 | 0.37 | ||
Class R6 (WTDPX) | 11-30-2015 | – | – | – | 29.00 | 13.73 | 12.37 | 2.85 | 0.22 | ||
S&P Target Date 2050 Index3 | – | – | – | – | 28.13 | 13.10 | 12.19 * | – | – | ||
Dynamic Target 2050 Blended Index4 | – | – | – | – | 29.66 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 45.16 |
Wells Fargo Factor Enhanced International Equity Portfolio | 29.09 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 11.16 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 8.91 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 2.94 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 1.52 |
Wells Fargo Emerging Markets Bond Portfolio | 0.25 |
Wells Fargo High Yield Corporate Bond Portfolio | 0.25 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 5 | 5 |
Stock Funds | 95 | 98 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.88 | 14.65 | 0.98 |
Class C | 0.88 | 14.79 | 0.97 |
Class R4 | 0.88 | 14.63 | 0.98 |
Class R6 | 0.88 | 14.65 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2050 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WTDQX) | 11-30-2015 | 21.02 | 11.96 | 10.78 | 28.39 | 13.29 | 11.92 | 3.29 | 0.68 | ||
Class C (WTDRX) | 11-30-2015 | 26.40 | 12.77 | 11.37 | 27.40 | 12.77 | 11.37 | 4.04 | 1.43 | ||
Class R4 (WTDTX) | 11-30-2015 | – | – | – | 28.64 | 13.60 | 12.25 | 3.01 | 0.37 | ||
Class R6 (WTDUX) | 11-30-2015 | – | – | – | 28.88 | 13.78 | 12.43 | 2.86 | 0.22 | ||
S&P Target Date 2055 Index3 | – | – | – | – | 28.45 | 13.24 | 12.31 * | – | – | ||
Dynamic Target 2055 Blended Index4 | – | – | – | – | 29.66 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 45.13 |
Wells Fargo Factor Enhanced International Equity Portfolio | 29.01 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 11.25 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 8.89 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 2.96 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 1.54 |
Wells Fargo Emerging Markets Bond Portfolio | 0.25 |
Wells Fargo High Yield Corporate Bond Portfolio | 0.25 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 5 | 5 |
Stock Funds | 95 | 98 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.87 | 14.65 | 0.98 |
Class C | 0.88 | 14.83 | 0.97 |
Class R4 | 0.87 | 14.62 | 0.98 |
Class R6 | 0.87 | 14.65 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2055 Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Average annual total returns (%) as of August 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WTDVX) | 11-30-2015 | 20.99 | 11.86 | 10.73 | 28.39 | 13.19 | 11.87 | 3.39 | 0.68 | ||
Class C (WTDWX) | 11-30-2015 | 26.45 | 12.68 | 11.33 | 27.45 | 12.68 | 11.33 | 4.14 | 1.43 | ||
Class R4 (WTDZX) | 11-30-2015 | – | – | – | 28.83 | 13.53 | 12.21 | 3.11 | 0.37 | ||
Class R6 (WTSZX) | 11-30-2015 | – | – | – | 28.95 | 13.70 | 12.38 | 2.96 | 0.22 | ||
S&P Target Date 2055 Index3 | – | – | – | – | 28.45 | 13.24 | 12.31 * | – | – | ||
S&P Target Date 2060+ Index**,3 | – | – | – | – | 28.34 | 13.37 | – | – | – | ||
Dynamic Target 2060 Blended Index4 | – | – | – | – | 29.66 | – | – | – | – |
* | Based on the inception date of the oldest Fund class. |
** | The inception date of the index is May 31, 2016. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.13% of acquired fund fees and expenses representing the net expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through June 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.68% for Class A, 1.43% for Class C, 0.37% for Class R4 and 0.22% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index. |
4 | Source: Wells Fargo Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. See Appendix I for additional information. You cannot invest directly in an index. |
Holdings (%) as of August 31, 20211 | |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 45.08 |
Wells Fargo Factor Enhanced International Equity Portfolio | 28.94 |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 11.24 |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 8.88 |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 2.95 |
Wells Fargo Investment Grade Corporate Bond Portfolio | 1.53 |
Wells Fargo Emerging Markets Bond Portfolio | 0.25 |
Wells Fargo High Yield Corporate Bond Portfolio | 0.25 |
Wells Fargo U.S. REIT Portfolio | 0.11 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of August 31, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 5 | 5 |
Stock Funds | 95 | 98 |
Effective Cash | 0 | (3) |
1 | The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Volatility metrics as of August 31, 20211 | |||
Beta 2 | Standard deviation3 | R-squared 4 | |
Class A | 0.86 | 14.64 | 0.98 |
Class C | 0.87 | 14.80 | 0.97 |
Class R4 | 0.87 | 14.64 | 0.98 |
Class R6 | 0.86 | 14.63 | 0.98 |
1 | These metrics show the degree and timing of the Fund’s fluctuations compared to S&P Target Date 2060+ Index over 36 months. |
2 | Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition. Beta is based on historical performance and does not represent future results. |
3 | Standard deviation is the square root of the sum of squared deviations from the mean. It is often used as a measure of volatility, variability, or risk. Standard deviation is based on historical performance and does not represent future results. |
4 | R-squared (R2) is a statistical measure that reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. The measure ranges from 0.0, which means that the fund’s performance bears no relationship to the performance of the index, to 1.0, which means that the fund’s performance was perfectly synchronized with the performance of the benchmark. R2 is based on historical performance and does not represent future results. |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Dynamic Target Today Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,069.48 | $3.44 | 0.66% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | $3.36 | 0.66% |
Class C | ||||
Actual | $1,000.00 | $1,064.63 | $7.44 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,070.24 | $1.93 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,071.12 | $1.15 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Dynamic Target 2015 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,078.88 | $3.46 | 0.66% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | $3.36 | 0.66% |
Class C | ||||
Actual | $1,000.00 | $1,074.04 | $7.48 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,079.75 | $1.94 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,080.56 | $1.15 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Dynamic Target 2020 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,087.29 | $3.47 | 0.66% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | $3.36 | 0.66% |
Class C | ||||
Actual | $1,000.00 | $1,083.19 | $7.51 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,089.35 | $1.95 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,090.13 | $1.16 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Dynamic Target 2025 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,099.34 | $3.49 | 0.66% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | $3.36 | 0.66% |
Class C | ||||
Actual | $1,000.00 | $1,094.34 | $7.55 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,100.41 | $1.96 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,101.15 | $1.17 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Dynamic Target 2030 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,106.17 | $3.50 | 0.66% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | $3.36 | 0.66% |
Class C | ||||
Actual | $1,000.00 | $1,101.31 | $7.57 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,107.76 | $1.97 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,108.48 | $1.17 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Dynamic Target 2035 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,108.84 | $3.51 | 0.66% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.88 | $3.36 | 0.66% |
Class C | ||||
Actual | $1,000.00 | $1,104.62 | $7.59 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,110.48 | $1.97 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,112.01 | $1.17 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Dynamic Target 2040 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,114.24 | $3.57 | 0.67% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.83 | $3.41 | 0.67% |
Class C | ||||
Actual | $1,000.00 | $1,109.93 | $7.60 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,116.49 | $1.97 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,117.21 | $1.17 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Dynamic Target 2045 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,120.56 | $3.58 | 0.67% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.83 | $3.41 | 0.67% |
Class C | ||||
Actual | $1,000.00 | $1,116.49 | $7.63 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,122.13 | $1.98 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,123.67 | $1.18 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Dynamic Target 2050 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,126.85 | $3.59 | 0.67% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.83 | $3.41 | 0.67% |
Class C | ||||
Actual | $1,000.00 | $1,122.23 | $7.65 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,127.87 | $1.98 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,128.58 | $1.18 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Dynamic Target 2055 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,125.51 | $3.59 | 0.67% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.83 | $3.41 | 0.67% |
Class C | ||||
Actual | $1,000.00 | $1,120.92 | $7.64 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,126.53 | $1.98 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,128.16 | $1.18 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Beginning account value 3-1-2021 | Ending account value 8-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Dynamic Target 2060 Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,126.13 | $3.59 | 0.67% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.83 | $3.41 | 0.67% |
Class C | ||||
Actual | $1,000.00 | $1,121.93 | $7.65 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43% |
Class R4 | ||||
Actual | $1,000.00 | $1,127.56 | $1.98 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.34 | $1.89 | 0.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,128.27 | $1.18 | 0.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.10 | $1.12 | 0.22% |
Value | |||||
Investment companies: 99.06% | |||||
Affiliated master portfolios: 99.06% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 2,180,545 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 186,322 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 223,533 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 727,531 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 1,406,676 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 349,792 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 185,912 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 1,133,134 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 736,085 | ||||
Wells Fargo U.S. REIT Portfolio | 248,685 | ||||
Total Investment companies (Cost $6,556,352) | 7,378,215 | ||||
Total investments in securities (Cost $6,556,352) | 99.06% | 7,378,215 | |||
Other assets and liabilities, net | 0.94 | 70,007 | |||
Total net assets | 100.00% | $7,448,222 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.35% | 0.37% | $ 8,106 | $ (1,463) | $ 13,098 | $ 0 | $41 | $ 2,180,545 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.47 | 0.49 | (2,694) | 6,397 | 4,119 | 0 | 0 | 186,322 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.12 | 0.12 | 10,477 | (13,767) | 0 | 3,398 | 0 | 223,533 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.10 | 0.10 | 51,840 | 10,729 | 0 | 13,242 | 0 | 727,531 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.17 | 0.16 | 195,189 | 36,296 | 0 | 9,567 | 7 | 1,406,676 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.16 | 0.16 | 67,809 | (47,533) | 0 | 1,774 | 4 | 349,792 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.35 | 0.37 | 1,963 | 76 | 4,613 | 0 | 0 | 185,912 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.47 | 0.49 | 12,997 | 388 | 16,878 | 0 | 0 | 1,133,134 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 0.45 | 0.48 | 4,001 | 1,057 | 13,563 | 0 | 0 | 736,085 | ||||||
Wells Fargo U.S. REIT Portfolio | 0.94 | 0.95 | 20,952 | 30,708 | 0 | 3,757 | 0 | 248,685 | ||||||
$370,640 | $ 22,888 | $52,271 | $31,738 | $52 | $7,378,215 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 3 | 9-13-2021 | $ 208,924 | $ 211,695 | $ 2,771 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 1 | 9-17-2021 | 68,732 | 64,960 | 0 | (3,772) | |
Short | |||||||
Euro FX Futures | (2) | 9-13-2021 | (297,909) | (295,388) | 2,521 | 0 | |
$19,482 | $(3,772) |
Value | |||||
Investment companies: 99.39% | |||||
Affiliated master portfolios: 99.39% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 1,748,468 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 149,368 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 243,248 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 791,665 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 1,530,646 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 380,690 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 149,041 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 908,366 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 590,145 | ||||
Wells Fargo U.S. REIT Portfolio | 270,620 | ||||
Total Investment companies (Cost $5,944,284) | 6,762,257 | ||||
Total investments in securities (Cost $5,944,284) | 99.39% | 6,762,257 | |||
Other assets and liabilities, net | 0.61 | 41,491 | |||
Total net assets | 100.00% | $6,803,748 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.27% | 0.30% | $ 6,621 | $ (1,566) | $ 10,206 | $ 0 | $32 | $ 1,748,468 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.37 | 0.39 | (2,076) | 5,073 | 3,261 | 0 | 0 | 149,368 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.12 | 0.13 | 11,329 | (15,026) | 0 | 3,655 | 1 | 243,248 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.11 | 0.11 | 55,239 | 9,734 | 0 | 14,182 | 0 | 791,665 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.18 | 0.18 | 208,239 | 40,550 | 0 | 10,312 | 7 | 1,530,646 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.17 | 0.17 | 72,033 | (52,035) | 0 | 1,912 | 2 | 380,690 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.28 | 0.29 | 1,564 | 111 | 3,647 | 0 | 0 | 149,041 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.36 | 0.39 | 10,467 | 647 | 13,285 | 0 | 2 | 908,366 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 0.35 | 0.38 | 3,029 | 1,242 | 11,008 | 0 | 0 | 590,145 | ||||||
Wells Fargo U.S. REIT Portfolio | 0.99 | 1.03 | 22,806 | 32,683 | 0 | 4,073 | 0 | 270,620 | ||||||
$389,251 | $ 21,413 | $41,407 | $34,134 | $44 | $6,762,257 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 2 | 9-13-2021 | $ 139,283 | $ 141,130 | $ 1,847 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 1 | 9-17-2021 | 68,732 | 64,960 | 0 | (3,772) | |
Short | |||||||
Euro FX Futures | (2) | 9-13-2021 | (297,909) | (295,388) | 2,521 | 0 | |
$18,558 | $(3,772) |
Value | |||||
Investment companies: 99.30% | |||||
Affiliated master portfolios: 99.30% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 1,830,625 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 156,410 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 343,841 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 1,118,992 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 2,163,730 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 538,093 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 156,067 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 951,223 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 617,989 | ||||
Wells Fargo U.S. REIT Portfolio | 382,572 | ||||
Total Investment companies (Cost $7,196,226) | 8,259,542 | ||||
Total investments in securities (Cost $7,196,226) | 99.30% | 8,259,542 | |||
Other assets and liabilities, net | 0.70 | 58,512 | |||
Total net assets | 100.00% | $8,318,054 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.29% | 0.31% | $ 7,183 | $ (494) | $ 10,769 | $ 0 | $36 | $ 1,830,625 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.39 | 0.41 | (2,146) | 5,200 | 3,406 | 0 | 0 | 156,410 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.17 | 0.19 | 15,897 | (20,193) | 0 | 5,103 | 1 | 343,841 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.15 | 0.15 | 77,543 | 12,934 | 0 | 19,830 | 0 | 1,118,992 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.25 | 0.25 | 290,309 | 60,775 | 0 | 14,306 | 8 | 2,163,730 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.24 | 0.24 | 100,300 | (72,898) | 0 | 2,653 | 3 | 538,093 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.29 | 0.31 | 1,656 | 38 | 3,807 | 0 | 0 | 156,067 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.38 | 0.41 | 11,040 | (7) | 13,903 | 0 | 1 | 951,223 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 0.37 | 0.40 | 2,813 | 1,308 | 11,498 | 0 | 0 | 617,989 | ||||||
Wells Fargo U.S. REIT Portfolio | 1.40 | 1.45 | 32,033 | 45,868 | 0 | 5,715 | 0 | 382,572 | ||||||
$536,628 | $ 32,531 | $43,383 | $47,607 | $49 | $8,259,542 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 3 | 9-13-2021 | $ 208,924 | $ 211,695 | $ 2,771 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 1 | 9-17-2021 | 68,732 | 64,960 | 0 | (3,772) | |
Short | |||||||
Euro FX Futures | (2) | 9-13-2021 | (297,909) | (295,388) | 2,521 | 0 | |
$19,482 | $(3,772) |
Value | |||||
Investment companies: 99.57% | |||||
Affiliated master portfolios: 99.57% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 2,558,823 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 217,132 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 717,508 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 2,336,221 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 4,319,213 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 1,074,111 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 216,455 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 1,329,306 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 479,855 | ||||
Wells Fargo U.S. REIT Portfolio | 450,052 | ||||
Total Investment companies (Cost $12,078,332) | 13,698,676 | ||||
Total investments in securities (Cost $12,078,332) | 99.57% | 13,698,676 | |||
Other assets and liabilities, net | 0.43 | 59,590 | |||
Total net assets | 100.00% | $13,758,266 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.38% | 0.43% | $ 10,264 | $ 1,334 | $ 15,138 | $ 0 | $50 | $ 2,558,823 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.50 | 0.57 | (2,926) | 7,237 | 4,822 | 0 | 0 | 217,132 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.35 | 0.39 | 34,185 | (48,109) | 0 | 11,202 | 3 | 717,508 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.30 | 0.32 | 163,874 | 22,956 | 0 | 42,173 | 0 | 2,336,221 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.47 | 0.51 | 590,451 | 112,427 | 0 | 29,716 | 20 | 4,319,213 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.46 | 0.48 | 211,431 | (159,853) | 0 | 5,577 | 7 | 1,074,111 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.38 | 0.43 | 2,320 | (49) | 5,384 | 0 | 0 | 216,455 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.50 | 0.57 | 16,260 | 714 | 19,766 | 0 | 2 | 1,329,306 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 0.27 | 0.31 | 1,797 | 1,660 | 9,188 | 0 | 0 | 479,855 | ||||||
Wells Fargo U.S. REIT Portfolio | 1.57 | 1.71 | 39,550 | 52,546 | 0 | 6,841 | 0 | 450,052 | ||||||
$1,067,206 | $ (9,137) | $54,298 | $95,509 | $82 | $13,698,676 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 5 | 9-13-2021 | $ 348,207 | $ 352,825 | $ 4,618 | $ 0 | |
E-Mini S&P 500 Index | 2 | 9-17-2021 | 423,670 | 452,050 | 28,380 | 0 | |
MSCI Emerging Markets Index | 2 | 9-17-2021 | 137,465 | 129,920 | 0 | (7,545) | |
Short | |||||||
Euro FX Futures | (4) | 9-13-2021 | (595,818) | (590,775) | 5,043 | 0 | |
$38,041 | $(7,545) |
Value | |||||
Investment companies: 99.57% | |||||
Affiliated master portfolios: 99.57% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 1,967,190 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 165,463 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 883,820 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 2,872,944 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 5,093,081 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 1,269,859 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 165,101 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 1,022,784 | ||||
Wells Fargo Strategic Retirement Bond Portfolio | 114,375 | ||||
Wells Fargo U.S. REIT Portfolio | 173,210 | ||||
Total Investment companies (Cost $12,033,715) | 13,727,827 | ||||
Total investments in securities (Cost $12,033,715) | 99.57% | 13,727,827 | |||
Other assets and liabilities, net | 0.43 | 58,636 | |||
Total net assets | 100.00% | $13,786,463 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.27% | 0.33% | $ 7,551 | $ 1,261 | $ 10,966 | $ 0 | $37 | $ 1,967,190 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.35 | 0.44 | (2,096) | 5,202 | 3,479 | 0 | 0 | 165,463 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.40 | 0.48 | 39,379 | (54,196) | 0 | 12,981 | 4 | 883,820 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.34 | 0.39 | 189,654 | 22,368 | 0 | 48,679 | 0 | 2,872,944 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.52 | 0.60 | 652,343 | 131,863 | 0 | 33,115 | 22 | 5,093,081 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.49 | 0.57 | 233,799 | (174,945) | 0 | 6,209 | 7 | 1,269,859 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.27 | 0.33 | 1,664 | 49 | 3,887 | 0 | 0 | 165,101 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.36 | 0.44 | 11,778 | 1,703 | 14,360 | 0 | 2 | 1,022,784 | ||||||
Wells Fargo Strategic Retirement Bond Portfolio | 0.06 | 0.07 | 362 | 401 | 2,073 | 0 | 0 | 114,375 | ||||||
Wells Fargo U.S. REIT Portfolio | 0.56 | 0.66 | 14,556 | 18,766 | 0 | 2,516 | 0 | 173,210 | ||||||
$1,148,990 | $ (47,528) | $34,765 | $103,500 | $72 | $13,727,827 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 5 | 9-13-2021 | $ 348,207 | $ 352,825 | $ 4,618 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 2 | 9-17-2021 | 137,465 | 129,920 | 0 | (7,545) | |
Short | |||||||
Euro FX Futures | (4) | 9-13-2021 | (595,818) | (590,775) | 5,043 | 0 | |
$23,851 | $(7,545) |
Value | |||||
Investment companies: 99.54% | |||||
Affiliated master portfolios: 99.54% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 1,490,472 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 126,136 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 891,648 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 2,928,221 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 4,962,999 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 1,236,902 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 125,860 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 773,849 | ||||
Total Investment companies (Cost $10,803,025) | 12,536,087 | ||||
Total investments in securities (Cost $10,803,025) | 99.54% | 12,536,087 | |||
Other assets and liabilities, net | 0.46 | 58,059 | |||
Total net assets | 100.00% | $12,594,146 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.22% | 0.25% | $ 5,532 | $ 70,616 | $ 8,658 | $ 0 | $37 | $ 1,490,472 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.29 | 0.33 | (1,704) | 7,863 | 2,696 | 0 | 0 | 126,136 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.43 | 0.48 | 40,510 | (46,057) | 0 | 13,209 | 3 | 891,648 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.38 | 0.40 | 198,611 | 134,717 | 0 | 51,151 | 0 | 2,928,221 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.54 | 0.58 | 658,897 | 109,603 | 0 | 32,807 | 18 | 4,962,999 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.52 | 0.56 | 232,873 | (382,173) | 0 | 6,133 | 6 | 1,236,902 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.22 | 0.25 | 1,279 | 835 | 3,018 | 0 | 0 | 125,860 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.29 | 0.33 | 8,740 | 47,272 | 10,541 | 0 | 0 | 773,849 | ||||||
$1,144,738 | $ (57,324) | $24,913 | $103,300 | $64 | $12,536,087 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 4 | 9-13-2021 | $ 278,566 | $ 282,260 | $ 3,694 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 2 | 9-17-2021 | 137,465 | 129,920 | 0 | (7,545) | |
Short | |||||||
Euro FX Futures | (3) | 9-13-2021 | (446,864) | (443,081) | 3,783 | 0 | |
$21,667 | $(7,545) |
Value | |||||
Investment companies: 99.39% | |||||
Affiliated master portfolios: 99.39% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 957,767 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 81,130 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 843,756 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 2,742,584 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 4,466,715 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 1,113,248 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 80,970 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 497,696 | ||||
Total Investment companies (Cost $9,093,769) | 10,783,866 | ||||
Total investments in securities (Cost $9,093,769) | 99.39% | 10,783,866 | |||
Other assets and liabilities, net | 0.61 | 66,539 | |||
Total net assets | 100.00% | $10,850,405 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.15% | 0.16% | $ 3,555 | $ (13,761) | $ 5,633 | $ 0 | $26 | $ 957,767 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.19 | 0.21 | (1,117) | 1,748 | 1,753 | 0 | 0 | 81,130 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.41 | 0.46 | 38,210 | (34,386) | 0 | 12,569 | 3 | 843,756 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.36 | 0.37 | 188,695 | 29,614 | 0 | 48,435 | 0 | 2,742,584 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.50 | 0.52 | 601,106 | 182,480 | 0 | 29,777 | 17 | 4,466,715 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.48 | 0.50 | 208,197 | (199,545) | 0 | 5,534 | 5 | 1,113,248 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.14 | 0.16 | 831 | 1,297 | 1,963 | 0 | 0 | 80,970 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.19 | 0.21 | 5,654 | (22,651) | 6,701 | 0 | 0 | 497,696 | ||||||
$1,045,131 | $ (55,204) | $16,050 | $96,315 | $51 | $10,783,866 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 4 | 9-13-2021 | $ 278,566 | $ 282,260 | $ 3,694 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 2 | 9-17-2021 | 137,465 | 129,920 | 0 | (7,545) | |
Short | |||||||
Euro FX Futures | (3) | 9-13-2021 | (446,864) | (443,081) | 3,783 | 0 | |
$21,667 | $(7,545) |
Value | |||||
Investment companies: 99.60% | |||||
Affiliated master portfolios: 99.60% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 525,965 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 44,566 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 740,683 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 2,408,482 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 3,825,870 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 953,483 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 44,479 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 273,327 | ||||
Total Investment companies (Cost $7,350,128) | 8,816,855 | ||||
Total investments in securities (Cost $7,350,128) | 99.60% | 8,816,855 | |||
Other assets and liabilities, net | 0.40 | 35,445 | |||
Total net assets | 100.00% | $8,852,300 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.08% | 0.09% | $ 2,009 | $ (3) | $ 2,903 | $ 0 | $ 9 | $ 525,965 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.11 | 0.12 | (617) | 1,493 | 965 | 0 | 0 | 44,566 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.37 | 0.40 | 33,965 | (43,441) | 0 | 11,098 | 3 | 740,683 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.32 | 0.33 | 167,757 | 27,005 | 0 | 43,028 | 0 | 2,408,482 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.43 | 0.45 | 521,816 | 99,777 | 0 | 25,813 | 22 | 3,825,870 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.42 | 0.43 | 180,746 | (132,874) | 0 | 4,801 | 5 | 953,483 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.08 | 0.09 | 463 | 14 | 1,082 | 0 | 0 | 44,479 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.11 | 0.12 | 3,119 | 152 | 3,730 | 0 | 0 | 273,327 | ||||||
$909,258 | $ (47,877) | $8,680 | $84,740 | $39 | $8,816,855 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 3 | 9-13-2021 | $ 208,924 | $ 211,695 | $ 2,771 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 1 | 9-17-2021 | 68,732 | 64,960 | 0 | (3,772) | |
Short | |||||||
Euro FX Futures | (2) | 9-13-2021 | (297,909) | (295,388) | 2,521 | 0 | |
$19,482 | $(3,772) |
Value | |||||
Investment companies: 99.28% | |||||
Affiliated master portfolios: 99.28% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 235,909 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 19,996 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 715,678 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 2,336,427 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 3,628,005 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 896,559 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 19,941 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 122,501 | ||||
Total Investment companies (Cost $6,616,087) | 7,975,016 | ||||
Total investments in securities (Cost $6,616,087) | 99.28% | 7,975,016 | |||
Other assets and liabilities, net | 0.72 | 57,535 | |||
Total net assets | 100.00% | $8,032,551 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.04% | 0.04% | $ 917 | $ 41 | $ 1,241 | $ 0 | $ 4 | $ 235,909 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.05 | 0.05 | (270) | 664 | 395 | 0 | 0 | 19,996 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.34 | 0.39 | 32,330 | (42,704) | 0 | 10,614 | 3 | 715,678 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.30 | 0.32 | 159,800 | 23,277 | 0 | 40,881 | 7 | 2,336,427 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.40 | 0.42 | 484,299 | 94,448 | 0 | 24,096 | 14 | 3,628,005 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.39 | 0.40 | 169,169 | (125,227) | 0 | 4,483 | 4 | 896,559 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.04 | 0.04 | 208 | 9 | 434 | 0 | 0 | 19,941 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.05 | 0.05 | 1,414 | 101 | 1,583 | 0 | 0 | 122,501 | ||||||
$847,867 | $ (49,391) | $3,653 | $80,074 | $32 | $7,975,016 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 3 | 9-13-2021 | $ 208,924 | $ 211,695 | $ 2,771 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 1 | 9-17-2021 | 68,732 | 64,960 | 0 | (3,772) | |
Short | |||||||
Euro FX Futures | (2) | 9-13-2021 | (297,909) | (295,388) | 2,521 | 0 | |
$19,482 | $(3,772) |
Value | |||||
Investment companies: 99.28% | |||||
Affiliated master portfolios: 99.28% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 246,784 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 20,899 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 742,112 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 2,420,582 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 3,766,212 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 938,640 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 20,861 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 128,211 | ||||
Total Investment companies (Cost $6,884,200) | 8,284,301 | ||||
Total investments in securities (Cost $6,884,200) | 99.28% | 8,284,301 | |||
Other assets and liabilities, net | 0.72 | 59,836 | |||
Total net assets | 100.00% | $8,344,137 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.04% | 0.04% | $ 951 | $ 18 | $ 1,277 | $ 0 | $ 4 | $ 246,784 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.05 | 0.06 | (279) | 682 | 399 | 0 | 0 | 20,899 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.36 | 0.40 | 33,481 | (43,834) | 0 | 10,970 | 3 | 742,112 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.31 | 0.33 | 164,526 | 25,308 | 0 | 42,215 | 6 | 2,420,582 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.41 | 0.44 | 499,499 | 98,437 | 0 | 24,915 | 14 | 3,766,212 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.40 | 0.42 | 175,526 | (129,531) | 0 | 4,638 | 5 | 938,640 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.04 | 0.04 | 215 | 7 | 445 | 0 | 0 | 20,861 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.05 | 0.06 | 1,461 | 78 | 1,646 | 0 | 0 | 128,211 | ||||||
$875,380 | $ (48,835) | $3,767 | $82,738 | $32 | $8,284,301 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 3 | 9-13-2021 | $ 208,924 | $ 211,695 | $ 2,771 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 1 | 9-17-2021 | 68,732 | 64,960 | 0 | (3,772) | |
Short | |||||||
Euro FX Futures | (2) | 9-13-2021 | (297,909) | (295,388) | 2,521 | 0 | |
$19,482 | $(3,772) |
Value | |||||
Investment companies: 99.23% | |||||
Affiliated master portfolios: 99.23% | |||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | $ 222,468 | ||||
Wells Fargo Emerging Markets Bond Portfolio | 18,840 | ||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 668,848 | ||||
Wells Fargo Factor Enhanced International Equity Portfolio | 2,179,792 | ||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 3,396,067 | ||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 846,396 | ||||
Wells Fargo High Yield Corporate Bond Portfolio | 18,805 | ||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 115,578 | ||||
Wells Fargo U.S. REIT Portfolio | 8,100 | ||||
Total Investment companies (Cost $6,166,572) | 7,474,894 | ||||
Total investments in securities (Cost $6,166,572) | 99.23% | 7,474,894 | |||
Other assets and liabilities, net | 0.77 | 58,227 | |||
Total net assets | 100.00% | $7,533,121 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | 0.03% | 0.04% | $ 830 | $ 13 | $ 1,158 | $ 0 | $ 4 | $ 222,468 | ||||||
Wells Fargo Emerging Markets Bond Portfolio | 0.05 | 0.05 | (258) | 622 | 363 | 0 | 0 | 18,840 | ||||||
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | 0.33 | 0.36 | 30,443 | (39,689) | 0 | 9,937 | 3 | 668,848 | ||||||
Wells Fargo Factor Enhanced International Equity Portfolio | 0.28 | 0.30 | 150,134 | 22,994 | 0 | 38,413 | 6 | 2,179,792 | ||||||
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | 0.37 | 0.40 | 454,519 | 88,762 | 0 | 22,628 | 13 | 3,396,067 | ||||||
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | 0.37 | 0.38 | 158,421 | (117,076) | 0 | 4,207 | 4 | 846,396 | ||||||
Wells Fargo High Yield Corporate Bond Portfolio | 0.03 | 0.04 | 192 | 7 | 405 | 0 | 0 | 18,805 | ||||||
Wells Fargo Investment Grade Corporate Bond Portfolio | 0.05 | 0.05 | 1,308 | 72 | 1,496 | 0 | 0 | 115,578 | ||||||
Wells Fargo U.S. REIT Portfolio | 0.03 | 0.03 | 855 | 889 | 0 | 115 | 0 | 8,100 | ||||||
$796,444 | $ (43,406) | $3,422 | $75,300 | $30 | $7,474,894 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
New Zealand Dollar Futures | 3 | 9-13-2021 | $ 208,924 | $ 211,695 | $ 2,771 | $ 0 | |
E-Mini S&P 500 Index | 1 | 9-17-2021 | 211,835 | 226,025 | 14,190 | 0 | |
MSCI Emerging Markets Index | 1 | 9-17-2021 | 68,732 | 64,960 | 0 | (3,772) | |
Short | |||||||
Euro FX Futures | (2) | 9-13-2021 | (297,909) | (295,388) | 2,521 | 0 | |
$19,482 | $(3,772) |
Dynamic Target Today Fund | Dynamic Target 2015 Fund | Dynamic Target 2020 Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 7,378,215 | $ 6,762,257 | $ 8,259,542 |
Cash | 10,000 | 10,000 | 10,000 |
Cash at broker segregated for futures contracts | 21,999 | 22,000 | 23,000 |
Receivable from manager | 8,673 | 8,704 | 8,326 |
Receivable for daily variation margin on open futures contracts | 2,068 | 1,550 | 2,070 |
Receivable for Fund shares sold | 54 | 0 | 0 |
Prepaid expenses and other assets | 50,913 | 30,820 | 33,535 |
Total assets | 7,471,922 | 6,835,331 | 8,336,473 |
Liabilities | |||
Professional fees payable | 17,973 | 23,101 | 12,052 |
Trustees’ fees and expenses payable | 1,677 | 1,737 | 1,737 |
Custodian and accounting fee payable | 1,518 | 1,626 | 1,645 |
Payable for Fund shares redeemed | 487 | 0 | 0 |
Administration fees payable | 317 | 302 | 485 |
Distribution fee payable | 16 | 14 | 37 |
Shareholder report expenses payable | 0 | 1,265 | 0 |
Accrued expenses and other liabilities | 1,712 | 3,538 | 2,463 |
Total liabilities | 23,700 | 31,583 | 18,419 |
Total net assets | $7,448,222 | $6,803,748 | $8,318,054 |
Net assets consist of | |||
Paid-in capital | $ 6,091,144 | $ 5,447,873 | $ 6,529,337 |
Total distributable earnings | 1,357,078 | 1,355,875 | 1,788,717 |
Total net assets | $7,448,222 | $6,803,748 | $8,318,054 |
Computation of net asset value and offering price per share | |||
Net assets – Class A | $ 671,968 | $ 697,103 | $ 1,632,441 |
Shares outstanding – Class A1 | 55,268 | 56,638 | 129,719 |
Net asset value per share – Class A | $12.16 | $12.31 | $12.58 |
Maximum offering price per share – Class A2 | $12.90 | $13.06 | $13.35 |
Net assets – Class C | $ 137,438 | $ 125,543 | $ 167,118 |
Shares outstanding – Class C1 | 11,274 | 10,180 | 13,228 |
Net asset value per share – Class C | $12.19 | $12.33 | $12.63 |
Net assets – Class R4 | $ 125,304 | $ 126,892 | $ 131,333 |
Shares outstanding – Class R41 | 10,279 | 10,296 | 10,356 |
Net asset value per share – Class R4 | $12.19 | $12.32 | $12.68 |
Net assets – Class R6 | $ 6,513,512 | $ 5,854,210 | $ 6,387,162 |
Shares outstanding – Class R61 | 533,703 | 474,416 | 502,936 |
Net asset value per share – Class R6 | $12.20 | $12.34 | $12.70 |
Investments in affiliated Master Portfolios, at cost | $ 6,556,352 | $ 5,944,284 | $ 7,196,226 |
1 | Each Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Dynamic Target 2025 Fund | Dynamic Target 2030 Fund | Dynamic Target 2035 Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 13,698,676 | $ 13,727,827 | $ 12,536,087 |
Cash | 10,000 | 10,000 | 10,000 |
Cash at broker segregated for futures contracts | 41,000 | 30,200 | 28,200 |
Receivable from manager | 7,930 | 8,609 | 8,371 |
Receivable for daily variation margin on open futures contracts | 3,571 | 3,807 | 3,419 |
Receivable for Fund shares sold | 1,274 | 270 | 0 |
Prepaid expenses and other assets | 21,215 | 29,579 | 27,827 |
Total assets | 13,783,666 | 13,810,292 | 12,613,904 |
Liabilities | |||
Professional fees payable | 15,970 | 15,663 | 13,627 |
Trustees’ fees and expenses payable | 1,778 | 1,848 | 1,848 |
Custodian and accounting fee payable | 2,544 | 2,276 | 1,361 |
Administration fees payable | 1,201 | 1,101 | 628 |
Distribution fee payable | 20 | 19 | 23 |
Shareholder report expenses payable | 1,607 | 923 | 943 |
Accrued expenses and other liabilities | 2,280 | 1,999 | 1,328 |
Total liabilities | 25,400 | 23,829 | 19,758 |
Total net assets | $13,758,266 | $13,786,463 | $12,594,146 |
Net assets consist of | |||
Paid-in capital | $ 10,712,797 | $ 10,586,892 | $ 9,352,005 |
Total distributable earnings | 3,045,469 | 3,199,571 | 3,242,141 |
Total net assets | $13,758,266 | $13,786,463 | $12,594,146 |
Computation of net asset value and offering price per share | |||
Net assets – Class A | $ 4,968,776 | $ 4,667,926 | $ 1,847,343 |
Shares outstanding – Class A1 | 374,151 | 347,388 | 136,309 |
Net asset value per share – Class A | $13.28 | $13.44 | $13.55 |
Maximum offering price per share – Class A2 | $14.09 | $14.26 | $14.38 |
Net assets – Class C | $ 143,807 | $ 143,307 | $ 150,840 |
Shares outstanding – Class C1 | 10,780 | 10,632 | 11,074 |
Net asset value per share – Class C | $13.34 | $13.48 | $13.62 |
Net assets – Class R4 | $ 138,377 | $ 140,703 | $ 142,039 |
Shares outstanding – Class R41 | 10,347 | 10,369 | 10,388 |
Net asset value per share – Class R4 | $13.37 | $13.57 | $13.67 |
Net assets – Class R6 | $ 8,507,306 | $ 8,834,527 | $ 10,453,924 |
Shares outstanding – Class R61 | 635,280 | 650,043 | 763,328 |
Net asset value per share – Class R6 | $13.39 | $13.59 | $13.70 |
Investments in affiliated Master Portfolios, at cost | $ 12,078,332 | $ 12,033,715 | $ 10,803,025 |
1 | Each Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Dynamic Target 2040 Fund | Dynamic Target 2045 Fund | Dynamic Target 2050 Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 10,783,866 | $ 8,816,855 | $ 7,975,016 |
Cash | 10,000 | 10,000 | 10,000 |
Cash at broker segregated for futures contracts | 28,000 | 22,000 | 21,999 |
Receivable from manager | 7,541 | 7,603 | 8,770 |
Receivable for daily variation margin on open futures contracts | 3,401 | 2,067 | 2,068 |
Receivable for Fund shares sold | 11,130 | 1,623 | 866 |
Prepaid expenses and other assets | 28,084 | 43,841 | 34,403 |
Total assets | 10,872,022 | 8,903,989 | 8,053,122 |
Liabilities | |||
Professional fees payable | 12,344 | 13,297 | 14,447 |
Trustees’ fees and expenses payable | 2,031 | 1,737 | 1,715 |
Custodian and accounting fee payable | 2,337 | 2,352 | 1,491 |
Payable for Fund shares redeemed | 0 | 12 | 10 |
Administration fees payable | 863 | 371 | 304 |
Distribution fee payable | 21 | 34 | 28 |
Shareholder report expenses payable | 774 | 31,268 | 834 |
Accrued expenses and other liabilities | 3,247 | 2,618 | 1,742 |
Total liabilities | 21,617 | 51,689 | 20,571 |
Total net assets | $10,850,405 | $8,852,300 | $8,032,551 |
Net assets consist of | |||
Paid-in capital | $ 7,896,405 | $ 6,324,180 | $ 5,719,594 |
Total distributable earnings | 2,954,000 | 2,528,120 | 2,312,957 |
Total net assets | $10,850,405 | $8,852,300 | $8,032,551 |
Computation of net asset value and offering price per share | |||
Net assets – Class A | $ 3,742,366 | $ 795,901 | $ 481,678 |
Shares outstanding – Class A1 | 278,081 | 58,667 | 35,220 |
Net asset value per share – Class A | $13.46 | $13.57 | $13.68 |
Maximum offering price per share – Class A2 | $14.28 | $14.40 | $14.51 |
Net assets – Class C | $ 146,880 | $ 164,196 | $ 154,512 |
Shares outstanding – Class C1 | 10,852 | 12,067 | 11,296 |
Net asset value per share – Class C | $13.53 | $13.61 | $13.68 |
Net assets – Class R4 | $ 141,338 | $ 142,484 | $ 143,273 |
Shares outstanding – Class R41 | 10,387 | 10,408 | 10,410 |
Net asset value per share – Class R4 | $13.61 | $13.69 | $13.76 |
Net assets – Class R6 | $ 6,819,821 | $ 7,749,719 | $ 7,253,088 |
Shares outstanding – Class R61 | 500,416 | 565,028 | 526,165 |
Net asset value per share – Class R6 | $13.63 | $13.72 | $13.78 |
Investments in affiliated Master Portfolios, at cost | $ 9,093,769 | $ 7,350,128 | $ 6,616,087 |
1 | Each Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Dynamic Target 2055 Fund | Dynamic Target 2060 Fund | |
Assets | ||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 8,284,301 | $ 7,474,894 |
Cash | 10,000 | 10,000 |
Cash at broker segregated for futures contracts | 22,000 | 23,000 |
Receivable from manager | 8,338 | 8,412 |
Receivable for daily variation margin on open futures contracts | 2,067 | 2,065 |
Receivable for Fund shares sold | 214 | 407 |
Prepaid expenses and other assets | 37,960 | 35,047 |
Total assets | 8,364,880 | 7,553,825 |
Liabilities | ||
Professional fees payable | 15,429 | 15,441 |
Trustees’ fees and expenses payable | 1,732 | 1,732 |
Custodian and accounting fee payable | 1,373 | 1,586 |
Administration fees payable | 317 | 290 |
Distribution fee payable | 29 | 20 |
Shareholder report expenses payable | 885 | 0 |
Accrued expenses and other liabilities | 978 | 1,635 |
Total liabilities | 20,743 | 20,704 |
Total net assets | $8,344,137 | $7,533,121 |
Net assets consist of | ||
Paid-in capital | $ 5,936,827 | $ 5,350,565 |
Total distributable earnings | 2,407,310 | 2,182,556 |
Total net assets | $8,344,137 | $7,533,121 |
Computation of net asset value and offering price per share | ||
Net assets – Class A | $ 502,192 | $ 475,948 |
Shares outstanding – Class A1 | 36,614 | 34,839 |
Net asset value per share – Class A | $13.72 | $13.66 |
Maximum offering price per share – Class A2 | $14.56 | $14.49 |
Net assets – Class C | $ 162,588 | $ 141,430 |
Shares outstanding – Class C1 | 11,852 | 10,318 |
Net asset value per share – Class C | $13.72 | $13.71 |
Net assets – Class R4 | $ 143,740 | $ 143,769 |
Shares outstanding – Class R41 | 10,413 | 10,424 |
Net asset value per share – Class R4 | $13.80 | $13.79 |
Net assets – Class R6 | $ 7,535,617 | $ 6,771,974 |
Shares outstanding – Class R61 | 545,267 | 490,255 |
Net asset value per share – Class R6 | $13.82 | $13.81 |
Investments in affiliated Master Portfolios, at cost | $ 6,884,200 | $ 6,166,572 |
1 | Each Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Dynamic Target Today Fund | Dynamic Target 2015 Fund | Dynamic Target 2020 Fund | |
Investment income | |||
Interest allocated from affiliated Master Portfolios | $ 52,271 | $ 41,407 | $ 43,383 |
Dividends allocated from affiliated Master Portfolios* | 31,738 | 34,134 | 47,607 |
Affiliated income allocated from affiliated Master Portfolios | 52 | 44 | 49 |
Expenses allocated from affiliated Master Portfolios | (5,769) | (5,462) | (6,914) |
Waivers allocated from affiliated Master Portfolios | 2,278 | 2,156 | 2,728 |
Total investment income | 80,570 | 72,279 | 86,853 |
Expenses | |||
Management fee | 5,484 | 4,952 | 6,021 |
Administration fees | |||
Class A | 735 | 695 | 1,611 |
Class C | 136 | 129 | 171 |
Class R4 | 49 | 49 | 51 |
Class R6 | 954 | 854 | 930 |
Shareholder servicing fees | |||
Class A | 873 | 827 | 1,918 |
Class C | 160 | 153 | 203 |
Class R4 | 61 | 62 | 64 |
Distribution fee | |||
Class C | 101 | 88 | 238 |
Custody and accounting fees | 1,844 | 1,958 | 1,917 |
Professional fees | 15,613 | 15,452 | 16,132 |
Registration fees | 22,565 | 22,554 | 20,865 |
Shareholder report expenses | 7,407 | 8,892 | 7,820 |
Trustees’ fees and expenses | 9,715 | 9,715 | 9,715 |
Other fees and expenses | 2,600 | 2,028 | 2,165 |
Total expenses | 68,297 | 68,408 | 69,821 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (60,276) | (61,289) | (59,685) |
Class A | (83) | 0 | (77) |
Class R4 | (7) | (6) | (5) |
Class R6 | (954) | (854) | (930) |
Net expenses | 6,977 | 6,259 | 9,124 |
Net investment income | 73,593 | 66,020 | 77,729 |
Realized and unrealized gains (losses) on investments | |||
Net realized gains on | |||
Securities transactions allocated from affiliated Master Portfolios | 370,640 | 389,251 | 536,628 |
Futures contracts | 9,968 | 9,485 | 12,825 |
Net realized gains on investments | 380,608 | 398,736 | 549,453 |
Net change in unrealized gains (losses) on | |||
Securities transactions allocated from affiliated Master Portfolios | 22,888 | 21,413 | 32,531 |
Futures contracts | 19,178 | 17,726 | 19,557 |
Net change in unrealized gains (losses) on investments | 42,066 | 39,139 | 52,088 |
Net realized and unrealized gains (losses) on investments | 422,674 | 437,875 | 601,541 |
Net increase in net assets resulting from operations | $496,267 | $503,895 | $679,270 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $2,010 | $2,153 | $3,023 |
Dynamic Target 2025 Fund | Dynamic Target 2030 Fund | Dynamic Target 2035 Fund | |
Investment income | |||
Interest allocated from affiliated Master Portfolios | $ 54,298 | $ 34,765 | $ 24,913 |
Dividends allocated from affiliated Master Portfolios* | 95,509 | 103,500 | 103,300 |
Affiliated income allocated from affiliated Master Portfolios | 82 | 72 | 64 |
Expenses allocated from affiliated Master Portfolios | (12,042) | (11,487) | (10,662) |
Waivers allocated from affiliated Master Portfolios | 4,480 | 3,924 | 3,460 |
Total investment income | 142,327 | 130,774 | 121,075 |
Expenses | |||
Management fee | 10,248 | 9,706 | 9,001 |
Administration fees | |||
Class A | 4,935 | 4,492 | 1,812 |
Class C | 149 | 143 | 153 |
Class R4 | 54 | 54 | 55 |
Class R6 | 1,303 | 1,259 | 1,499 |
Shareholder servicing fees | |||
Class A | 5,871 | 5,348 | 2,158 |
Class C | 178 | 170 | 178 |
Class R4 | 67 | 68 | 69 |
Distribution fee | |||
Class C | 151 | 132 | 153 |
Custody and accounting fees | 1,952 | 1,952 | 1,952 |
Professional fees | 15,491 | 15,228 | 15,127 |
Registration fees | 16,058 | 19,337 | 17,892 |
Shareholder report expenses | 8,769 | 9,072 | 9,119 |
Trustees’ fees and expenses | 9,715 | 9,715 | 9,715 |
Other fees and expenses | 1,999 | 1,973 | 1,986 |
Total expenses | 76,940 | 78,649 | 70,869 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (56,487) | (60,294) | (58,458) |
Class A | (303) | 0 | (94) |
Class R4 | (15) | (10) | (14) |
Class R6 | (1,303) | (1,259) | (1,499) |
Net expenses | 18,832 | 17,086 | 10,804 |
Net investment income | 123,495 | 113,688 | 110,271 |
Realized and unrealized gains (losses) on investments | |||
Net realized gains on | |||
Securities transactions allocated from affiliated Master Portfolios | 1,067,206 | 1,148,990 | 1,144,738 |
Futures contracts | 40,353 | 26,303 | 24,049 |
Net realized gains on investments | 1,107,559 | 1,175,293 | 1,168,787 |
Net change in unrealized gains (losses) on | |||
Securities transactions allocated from affiliated Master Portfolios | (9,137) | (47,528) | (57,324) |
Futures contracts | 35,443 | 21,253 | 18,121 |
Net change in unrealized gains (losses) on investments | 26,306 | (26,275) | (39,203) |
Net realized and unrealized gains (losses) on investments | 1,133,865 | 1,149,018 | 1,129,584 |
Net increase in net assets resulting from operations | $1,257,360 | $1,262,706 | $1,239,855 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $6,439 | $7,428 | $7,738 |
Dynamic Target 2040 Fund | Dynamic Target 2045 Fund | Dynamic Target 2050 Fund | |
Investment income | |||
Interest allocated from affiliated Master Portfolios | $ 16,050 | $ 8,680 | $ 3,653 |
Dividends allocated from affiliated Master Portfolios* | 96,315 | 84,740 | 80,074 |
Affiliated income allocated from affiliated Master Portfolios | 51 | 39 | 32 |
Expenses allocated from affiliated Master Portfolios | (9,491) | (8,008) | (7,303) |
Waivers allocated from affiliated Master Portfolios | 3,074 | 2,577 | 2,337 |
Total investment income | 105,999 | 88,028 | 78,793 |
Expenses | |||
Management fee | 7,813 | 6,435 | 5,763 |
Administration fees | |||
Class A | 3,765 | 839 | 466 |
Class C | 148 | 165 | 156 |
Class R4 | 55 | 55 | 55 |
Class R6 | 983 | 1,123 | 1,043 |
Shareholder servicing fees | |||
Class A | 4,482 | 999 | 554 |
Class C | 173 | 197 | 186 |
Class R4 | 68 | 69 | 69 |
Distribution fee | |||
Class C | 148 | 225 | 195 |
Custody and accounting fees | 1,952 | 1,952 | 1,952 |
Professional fees | 14,828 | 14,838 | 14,995 |
Registration fees | 15,034 | 16,682 | 19,995 |
Shareholder report expenses | 8,991 | 6,788 | 9,003 |
Trustees’ fees and expenses | 9,715 | 9,715 | 9,715 |
Other fees and expenses | 2,374 | 2,269 | 2,441 |
Total expenses | 70,529 | 62,351 | 66,588 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (55,387) | (54,256) | (60,037) |
Class A | 0 | (106) | 0 |
Class R4 | (13) | (17) | (19) |
Class R6 | (983) | (1,123) | (1,043) |
Net expenses | 14,146 | 6,849 | 5,489 |
Net investment income | 91,853 | 81,179 | 73,304 |
Realized and unrealized gains (losses) on investments | |||
Net realized gains on | |||
Securities transactions allocated from affiliated Master Portfolios | 1,045,131 | 909,258 | 847,867 |
Futures contracts | 15,006 | 9,985 | 12,966 |
Net realized gains on investments | 1,060,137 | 919,243 | 860,833 |
Net change in unrealized gains (losses) on | |||
Securities transactions allocated from affiliated Master Portfolios | (55,204) | (47,877) | (49,391) |
Futures contracts | 22,373 | 22,714 | 22,046 |
Net change in unrealized gains (losses) on investments | (32,831) | (25,163) | (27,345) |
Net realized and unrealized gains (losses) on investments | 1,027,306 | 894,080 | 833,488 |
Net increase in net assets resulting from operations | $1,119,159 | $975,259 | $906,792 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $7,337 | $6,515 | $6,190 |
Dynamic Target 2055 Fund | Dynamic Target 2060 Fund | |
Investment income | ||
Interest allocated from affiliated Master Portfolios | $ 3,767 | $ 3,422 |
Dividends allocated from affiliated Master Portfolios* | 82,738 | 75,300 |
Affiliated income allocated from affiliated Master Portfolios | 32 | 30 |
Expenses allocated from affiliated Master Portfolios | (7,546) | (6,872) |
Waivers allocated from affiliated Master Portfolios | 2,414 | 2,205 |
Total investment income | 81,405 | 74,085 |
Expenses | ||
Management fee | 5,957 | 5,416 |
Administration fees | ||
Class A | 494 | 495 |
Class C | 162 | 143 |
Class R4 | 55 | 55 |
Class R6 | 1,077 | 971 |
Shareholder servicing fees | ||
Class A | 588 | 589 |
Class C | 188 | 170 |
Class R4 | 69 | 69 |
Distribution fee | ||
Class C | 194 | 146 |
Custody and accounting fees | 1,952 | 1,952 |
Professional fees | 15,007 | 15,018 |
Registration fees | 19,766 | 19,837 |
Shareholder report expenses | 9,028 | 7,808 |
Trustees’ fees and expenses | 9,715 | 9,715 |
Other fees and expenses | 2,246 | 2,109 |
Total expenses | 66,498 | 64,493 |
Less: Fee waivers and/or expense reimbursements | ||
Fund-level | (59,704) | (58,240) |
Class R4 | (20) | (18) |
Class R6 | (1,077) | (971) |
Net expenses | 5,697 | 5,264 |
Net investment income | 75,708 | 68,821 |
Realized and unrealized gains (losses) on investments | ||
Net realized gains on | ||
Securities transactions allocated from affiliated Master Portfolios | 875,380 | 796,444 |
Futures contracts | 6,721 | 12,891 |
Net realized gains on investments | 882,101 | 809,335 |
Net change in unrealized gains (losses) on | ||
Securities transactions allocated from affiliated Master Portfolios | (48,835) | (43,406) |
Futures contracts | 22,334 | 18,919 |
Net change in unrealized gains (losses) on investments | (26,501) | (24,487) |
Net realized and unrealized gains (losses) on investments | 855,600 | 784,848 |
Net increase in net assets resulting from operations | $931,308 | $853,669 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $6,389 | $5,811 |
Dynamic Target Today Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 73,593 | $ 132,102 | ||
Payment from affiliate | 0 | 1,648 | ||
Net realized gains on investments | 380,608 | 209,607 | ||
Net change in unrealized gains (losses) on investments | 42,066 | 463,636 | ||
Net increase in net assets resulting from operations | 496,267 | 806,993 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (34,876) | ||
Class C | 0 | (4,227) | ||
Class R4 | 0 | (4,908) | ||
Class R6 | 0 | (262,818) | ||
Total distributions to shareholders | 0 | (306,829) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 7,884 | 91,214 | 15,550 | 172,874 |
Class C | 927 | 11,000 | 316 | 3,500 |
Class R6 | 4,486 | 52,734 | 16,865 | 180,112 |
154,948 | 356,486 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 2,679 | 30,376 |
Class C | 0 | 0 | 10 | 109 |
Class R6 | 0 | 0 | 2,541 | 28,872 |
0 | 59,357 | |||
Payment for shares redeemed | ||||
Class A | (10,804) | (128,170) | (56,424) | (631,348) |
Class C | (90) | (1,050) | (52) | (574) |
Class R6 | (5,553) | (65,300) | (6,783) | (75,511) |
(194,520) | (707,433) | |||
Net decrease in net assets resulting from capital share transactions | (39,572) | (291,590) | ||
Total increase in net assets | 456,695 | 208,574 | ||
Net assets | ||||
Beginning of period | 6,991,527 | 6,782,953 | ||
End of period | $7,448,222 | $6,991,527 |
Dynamic Target 2015 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 66,020 | $ 109,378 | ||
Payment from affiliate | 0 | 1,699 | ||
Net realized gains on investments | 398,736 | 176,579 | ||
Net change in unrealized gains (losses) on investments | 39,139 | 457,272 | ||
Net increase in net assets resulting from operations | 503,895 | 744,928 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (13,767) | ||
Class C | 0 | (2,965) | ||
Class R4 | 0 | (3,742) | ||
Class R6 | 0 | (180,070) | ||
Total distributions to shareholders | 0 | (200,544) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 6,436 | 75,682 | 15,447 | 172,588 |
Class R6 | 15 | 176 | 19 | 208 |
75,858 | 172,796 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 919 | 10,377 |
Payment for shares redeemed | ||||
Class A | (461) | (5,604) | (9,938) | (107,011) |
Class R6 | (34) | (409) | 0 | 0 |
(6,013) | (107,011) | |||
Net increase in net assets resulting from capital share transactions | 69,845 | 76,162 | ||
Total increase in net assets | 573,740 | 620,546 | ||
Net assets | ||||
Beginning of period | 6,230,008 | 5,609,462 | ||
End of period | $6,803,748 | $6,230,008 |
Dynamic Target 2020 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 77,729 | $ 123,306 | ||
Payment from affiliate | 0 | 1,768 | ||
Net realized gains on investments | 549,453 | 186,024 | ||
Net change in unrealized gains (losses) on investments | 52,088 | 709,753 | ||
Net increase in net assets resulting from operations | 679,270 | 1,020,851 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (33,648) | ||
Class C | 0 | (2,781) | ||
Class R4 | 0 | (2,881) | ||
Class R6 | 0 | (148,499) | ||
Total distributions to shareholders | 0 | (187,809) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 20,776 | 249,531 | 66,041 | 695,433 |
Class C | 0 | 0 | 2,924 | 30,529 |
Class R6 | 2,429 | 29,682 | 11,502 | 127,813 |
279,213 | 853,775 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 2,728 | 31,068 |
Class C | 0 | 0 | 54 | 619 |
Class R6 | 0 | 0 | 701 | 8,031 |
0 | 39,718 | |||
Payment for shares redeemed | ||||
Class A | (16,223) | (193,260) | (83,209) | (862,514) |
Class R6 | (5,066) | (61,166) | (1,409) | (15,434) |
(254,426) | (877,948) | |||
Net increase in net assets resulting from capital share transactions | 24,787 | 15,545 | ||
Total increase in net assets | 704,057 | 848,587 | ||
Net assets | ||||
Beginning of period | 7,613,997 | 6,765,410 | ||
End of period | $8,318,054 | $7,613,997 |
Dynamic Target 2025 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 123,495 | $ 177,049 | ||
Payment from affiliate | 0 | 1,794 | ||
Net realized gains on investments | 1,107,559 | 338,764 | ||
Net change in unrealized gains (losses) on investments | 26,306 | 1,261,073 | ||
Net increase in net assets resulting from operations | 1,257,360 | 1,778,680 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (53,176) | ||
Class C | 0 | (2,039) | ||
Class R4 | 0 | (2,712) | ||
Class R6 | 0 | (179,812) | ||
Total distributions to shareholders | 0 | (237,739) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 119,159 | 1,511,896 | 116,622 | 1,344,924 |
Class C | 0 | 0 | 51 | 525 |
Class R6 | 89,813 | 1,167,124 | 107,559 | 1,237,908 |
2,679,020 | 2,583,357 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 4,302 | 50,847 |
Class C | 0 | 0 | 17 | 207 |
Class R6 | 0 | 0 | 3,949 | 46,939 |
0 | 97,993 | |||
Payment for shares redeemed | ||||
Class A | (54,863) | (709,081) | (86,608) | (945,150) |
Class C | (468) | (6,000) | (915) | (10,088) |
Class R6 | (109,048) | (1,427,972) | (93,340) | (1,026,249) |
(2,143,053) | (1,981,487) | |||
Net increase in net assets resulting from capital share transactions | 535,967 | 699,863 | ||
Total increase in net assets | 1,793,327 | 2,240,804 | ||
Net assets | ||||
Beginning of period | 11,964,939 | 9,724,135 | ||
End of period | $13,758,266 | $11,964,939 |
Dynamic Target 2030 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 113,688 | $ 155,795 | ||
Payment from affiliate | 0 | 1,378 | ||
Net realized gains on investments | 1,175,293 | 424,253 | ||
Net change in unrealized gains (losses) on investments | (26,275) | 1,388,568 | ||
Net increase in net assets resulting from operations | 1,262,706 | 1,969,994 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (54,874) | ||
Class C | 0 | (1,660) | ||
Class R4 | 0 | (2,422) | ||
Class R6 | 0 | (151,909) | ||
Total distributions to shareholders | 0 | (210,865) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 100,948 | 1,298,574 | 104,999 | 1,147,351 |
Class C | 329 | 4,315 | 0 | 0 |
Class R6 | 68,626 | 898,799 | 66,690 | 760,708 |
2,201,688 | 1,908,059 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 4,300 | 50,872 |
Class R6 | 0 | 0 | 2,715 | 32,386 |
0 | 83,258 | |||
Payment for shares redeemed | ||||
Class A | (28,388) | (374,447) | (63,595) | (705,738) |
Class R6 | (31,188) | (409,600) | (696) | (7,969) |
(784,047) | (713,707) | |||
Net increase in net assets resulting from capital share transactions | 1,417,641 | 1,277,610 | ||
Total increase in net assets | 2,680,347 | 3,036,739 | ||
Net assets | ||||
Beginning of period | 11,106,116 | 8,069,377 | ||
End of period | $13,786,463 | $11,106,116 |
Dynamic Target 2035 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 110,271 | $ 155,122 | ||
Payment from affiliate | 0 | 1,801 | ||
Net realized gains on investments | 1,168,787 | 415,473 | ||
Net change in unrealized gains (losses) on investments | (39,203) | 1,491,216 | ||
Net increase in net assets resulting from operations | 1,239,855 | 2,063,612 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (17,069) | ||
Class C | 0 | (1,296) | ||
Class R4 | 0 | (1,987) | ||
Class R6 | 0 | (152,324) | ||
Total distributions to shareholders | 0 | (172,676) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 22,851 | 292,088 | 71,273 | 799,559 |
Class C | 97 | 1,280 | 232 | 2,531 |
Class R6 | 27,111 | 354,414 | 81,138 | 895,886 |
647,782 | 1,697,976 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 1,291 | 15,307 |
Class C | 0 | 0 | 7 | 80 |
Class R6 | 0 | 0 | 4,434 | 52,984 |
0 | 68,371 | |||
Payment for shares redeemed | ||||
Class A | (6,381) | (81,943) | (26,363) | (289,545) |
Class C | 0 | 0 | (2) | (20) |
Class R6 | (9,438) | (124,114) | (16,428) | (179,192) |
(206,057) | (468,757) | |||
Net increase in net assets resulting from capital share transactions | 441,725 | 1,297,590 | ||
Total increase in net assets | 1,681,580 | 3,188,526 | ||
Net assets | ||||
Beginning of period | 10,912,566 | 7,724,040 | ||
End of period | $12,594,146 | $10,912,566 |
Dynamic Target 2040 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 91,853 | $ 132,898 | ||
Payment from affiliate | 0 | 1,690 | ||
Net realized gains on investments | 1,060,137 | 335,617 | ||
Net change in unrealized gains (losses) on investments | (32,831) | 1,470,019 | ||
Net increase in net assets resulting from operations | 1,119,159 | 1,940,224 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (45,099) | ||
Class C | 0 | (1,273) | ||
Class R4 | 0 | (1,970) | ||
Class R6 | 0 | (101,687) | ||
Total distributions to shareholders | 0 | (150,029) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 14,362 | 184,710 | 90,234 | 890,249 |
Class C | 191 | 2,520 | 328 | 3,357 |
Class R6 | 5,931 | 76,997 | 8,375 | 89,743 |
264,227 | 983,349 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 3,707 | 43,371 |
Class C | 0 | 0 | 4 | 45 |
Class R6 | 0 | 0 | 280 | 3,308 |
0 | 46,724 | |||
Payment for shares redeemed | ||||
Class A | (7,832) | (101,017) | (11,520) | (125,598) |
Class C | 0 | 0 | (2) | (20) |
Class R6 | (1,381) | (18,355) | (6,531) | (68,363) |
(119,372) | (193,981) | |||
Net increase in net assets resulting from capital share transactions | 144,855 | 836,092 | ||
Total increase in net assets | 1,264,014 | 2,626,287 | ||
Net assets | ||||
Beginning of period | 9,586,391 | 6,960,104 | ||
End of period | $10,850,405 | $9,586,391 |
Dynamic Target 2045 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 81,179 | $ 115,081 | ||
Payment from affiliate | 0 | 1,821 | ||
Net realized gains on investments | 919,243 | 303,630 | ||
Net change in unrealized gains (losses) on investments | (25,163) | 1,232,915 | ||
Net increase in net assets resulting from operations | 975,259 | 1,653,447 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (8,119) | ||
Class C | 0 | (1,435) | ||
Class R4 | 0 | (2,023) | ||
Class R6 | 0 | (118,025) | ||
Total distributions to shareholders | 0 | (129,602) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 5,980 | 77,778 | 27,914 | 316,550 |
Class C | 161 | 2,098 | 583 | 6,107 |
Class R6 | 17,514 | 228,322 | 16,337 | 174,096 |
308,198 | 496,753 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 546 | 6,380 |
Class C | 0 | 0 | 15 | 180 |
Class R6 | 0 | 0 | 1,463 | 17,239 |
0 | 23,799 | |||
Payment for shares redeemed | ||||
Class A | (12,893) | (166,470) | (5,443) | (57,498) |
Class C | 0 | 0 | (3) | (40) |
Class R6 | (17,541) | (231,793) | (6,182) | (63,617) |
(398,263) | (121,155) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (90,065) | 399,397 | ||
Total increase in net assets | 885,194 | 1,923,242 | ||
Net assets | ||||
Beginning of period | 7,967,106 | 6,043,864 | ||
End of period | $8,852,300 | $7,967,106 |
Dynamic Target 2050 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 73,304 | $ 100,934 | ||
Payment from affiliate | 0 | 1,735 | ||
Net realized gains on investments | 860,833 | 277,077 | ||
Net change in unrealized gains (losses) on investments | (27,345) | 1,145,983 | ||
Net increase in net assets resulting from operations | 906,792 | 1,525,729 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (5,026) | ||
Class C | 0 | (1,340) | ||
Class R4 | 0 | (1,983) | ||
Class R6 | 0 | (105,760) | ||
Total distributions to shareholders | 0 | (114,109) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 8,838 | 116,307 | 8,242 | 87,395 |
Class C | 5 | 58 | 263 | 2,625 |
Class R6 | 12,432 | 161,692 | 16,652 | 181,746 |
278,057 | 271,766 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 283 | 3,307 |
Class C | 0 | 0 | 10 | 115 |
Class R6 | 0 | 0 | 584 | 6,866 |
0 | 10,288 | |||
Payment for shares redeemed | ||||
Class A | (5,040) | (66,672) | (3,419) | (36,122) |
Class C | 0 | 0 | (2) | (20) |
Class R6 | (4,001) | (54,185) | (3,000) | (33,593) |
(120,857) | (69,735) | |||
Net increase in net assets resulting from capital share transactions | 157,200 | 212,319 | ||
Total increase in net assets | 1,063,992 | 1,623,939 | ||
Net assets | ||||
Beginning of period | 6,968,559 | 5,344,620 | ||
End of period | $8,032,551 | $6,968,559 |
Dynamic Target 2055 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 75,708 | $ 104,162 | ||
Payment from affiliate | 0 | 1,693 | ||
Net realized gains on investments | 882,101 | 303,713 | ||
Net change in unrealized gains (losses) on investments | (26,501) | 1,192,728 | ||
Net increase in net assets resulting from operations | 931,308 | 1,602,296 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (5,783) | ||
Class C | 0 | (1,336) | ||
Class R4 | 0 | (1,972) | ||
Class R6 | 0 | (108,542) | ||
Total distributions to shareholders | 0 | (117,633) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 6,327 | 83,692 | 11,351 | 118,670 |
Class C | 457 | 6,000 | 971 | 10,676 |
Class R6 | 13,047 | 171,280 | 18,055 | 190,935 |
260,972 | 320,281 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 344 | 4,033 |
Class C | 0 | 0 | 7 | 88 |
Class R6 | 0 | 0 | 862 | 10,153 |
0 | 14,274 | |||
Payment for shares redeemed | ||||
Class A | (4,297) | (56,614) | (1,828) | (19,612) |
Class C | 0 | 0 | (2) | (20) |
Class R6 | (1,536) | (20,493) | (4,066) | (40,720) |
(77,107) | (60,352) | |||
Net increase in net assets resulting from capital share transactions | 183,865 | 274,203 | ||
Total increase in net assets | 1,115,173 | 1,758,866 | ||
Net assets | ||||
Beginning of period | 7,228,964 | 5,470,098 | ||
End of period | $8,344,137 | $7,228,964 |
Dynamic Target 2060 Fund | ||||
Six months ended August 31, 2021 (unaudited) | Year ended February 28, 2021 | |||
Operations | ||||
Net investment income | $ 68,821 | $ 96,484 | ||
Payment from affiliate | 0 | 1,632 | ||
Net realized gains on investments | 809,335 | 256,303 | ||
Net change in unrealized gains (losses) on investments | (24,487) | 1,081,263 | ||
Net increase in net assets resulting from operations | 853,669 | 1,435,682 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (5,036) | ||
Class C | 0 | (1,275) | ||
Class R4 | 0 | (2,015) | ||
Class R6 | 0 | (101,116) | ||
Total distributions to shareholders | 0 | (109,442) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 4,673 | 60,680 | 15,065 | 159,897 |
Class R6 | 4,967 | 65,261 | 4,305 | 46,772 |
125,941 | 206,669 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 284 | 3,322 |
Class R6 | 0 | 0 | 65 | 761 |
0 | 4,083 | |||
Payment for shares redeemed | ||||
Class A | (3,409) | (45,955) | (17,452) | (164,974) |
Class C | 0 | 0 | (1) | (10) |
Class R6 | (6) | (78) | (223) | (2,332) |
(46,033) | (167,316) | |||
Net increase in net assets resulting from capital share transactions | 79,908 | 43,436 | ||
Total increase in net assets | 933,577 | 1,369,676 | ||
Net assets | ||||
Beginning of period | 6,599,544 | 5,229,868 | ||
End of period | $7,533,121 | $6,599,544 |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.38 | $10.60 | $10.11 | $10.82 | $10.65 | $10.06 | $10.00 | |
Net investment income | 0.10 | 0.13 | 0.21 4 | 0.13 | 0.15 | 0.12 4 | 0.06 | |
Net realized and unrealized gains (losses) on investments | 0.68 | 1.09 | 0.50 | 0.16 | 0.38 | 0.65 | 0.03 | |
Total from investment operations | 0.78 | 1.22 | 0.71 | 0.29 | 0.53 | 0.77 | 0.09 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.18) | (0.22) | (0.15) | (0.19) | (0.09) | (0.03) | |
Net realized gains | 0.00 | (0.26) | 0.00 | (0.85) | (0.17) | (0.09) | (0.00) | |
Total distributions to shareholders | 0.00 | (0.44) | (0.22) | (1.00) | (0.36) | (0.18) | (0.03) | |
Net asset value, end of period | $12.16 | $11.38 | $10.60 | $10.11 | $10.82 | $10.65 | $10.06 | |
Total return5 | 6.85% | 11.47% | 6.95% | 3.16% | 4.96% | 7.97% | 0.95% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.35% * | 2.98% * | 3.37% * | 4.39% * | 4.39% ^ | 4.67% ^ | 5.22% ^ | |
Net expenses | 0.66% * | 0.67% * | 0.66% * | 0.59% * | 0.48% ^ | 0.53% ^ | 0.53% ^ | |
Net investment income | 1.64% * | 1.58% * | 1.95% * | 1.75% * | 1.37% | 1.16% | 1.31% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 52% | 87% | 39% | 48% | 94% | 97% | 66% | |
Net assets, end of period (000s omitted) | $672 | $662 | $1,022 | $400 | $384 | $238 | $101 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 20192 | 0.12% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.45 | $10.56 | $10.08 | $10.76 | $10.58 | $10.03 | $10.00 | |
Net investment income | 0.05 | 0.08 | 0.14 | 0.08 | 0.07 | 0.05 | 0.03 | |
Payment from affiliate | 0.00 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 0.69 | 1.05 | 0.48 | 0.15 | 0.38 | 0.64 | 0.03 | |
Total from investment operations | 0.74 | 1.29 | 0.62 | 0.23 | 0.45 | 0.69 | 0.06 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.14) | (0.14) | (0.06) | (0.10) | (0.05) | (0.03) | |
Net realized gains | 0.00 | (0.26) | 0.00 | (0.85) | (0.17) | (0.09) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.40) | (0.14) | (0.91) | (0.27) | (0.14) | (0.03) | |
Net asset value, end of period | $12.19 | $11.45 | $10.56 | $10.08 | $10.76 | $10.58 | $10.03 | |
Total return4 | 6.46% | 12.31% 5 | 6.11% | 2.60% | 4.25% | 7.12% | 0.58% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.50% * | 3.30% * | 4.02% * | 5.14% * | 5.14% ^ | 5.45% ^ | 5.97% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.41% * | 1.34% * | 1.24% ^ | 1.28% ^ | 1.28% ^ | |
Net investment income | 0.87% * | 0.74% * | 1.33% * | 0.99% * | 0.65% | 0.45% | 0.56% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 52% | 87% | 39% | 48% | 94% | 97% | 66% | |
Net assets, end of period (000s omitted) | $137 | $120 | $107 | $102 | $109 | $108 | $101 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.11% |
Year ended February 28, 20192 | 0.11% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.55% on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.39 | $10.62 | $10.10 | $10.81 | $10.63 | $10.07 | $10.00 | |
Net investment income | 0.11 | 0.20 | 0.25 | 0.16 | 0.18 | 0.16 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 0.69 | 1.05 | 0.49 | 0.16 | 0.38 | 0.64 | 0.03 | |
Total from investment operations | 0.80 | 1.25 | 0.74 | 0.32 | 0.56 | 0.80 | 0.11 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.22) | (0.22) | (0.18) | (0.21) | (0.15) | (0.04) | |
Net realized gains | 0.00 | (0.26) | 0.00 | (0.85) | (0.17) | (0.09) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.48) | (0.22) | (1.03) | (0.38) | (0.24) | (0.04) | |
Net asset value, end of period | $12.19 | $11.39 | $10.62 | $10.10 | $10.81 | $10.63 | $10.07 | |
Total return4 | 7.02% | 11.81% | 7.33% | 3.42% | 5.27% | 8.21% | 1.08% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.04% * | 2.65% * | 3.17% * | 4.11% * | 4.11% ^ | 4.42% ^ | 4.94% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.31% * | 0.22% ^ | 0.22% ^ | 0.22% ^ | |
Net investment income | 1.93% * | 1.82% * | 2.38% * | 2.02% * | 1.67% | 1.51% | 1.62% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 52% | 87% | 39% | 48% | 94% | 97% | 66% | |
Net assets, end of period (000s omitted) | $125 | $117 | $109 | $104 | $111 | $109 | $101 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.08% |
Year ended February 28, 2021 | 0.08% |
Year ended February 29, 2020 | 0.11% |
Year ended February 28, 20192 | 0.11% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.39 | $10.62 | $10.10 | $10.82 | $10.64 | $10.08 | $10.00 | |
Net investment income | 0.12 | 0.21 | 0.27 4 | 0.17 | 0.20 | 0.17 | 0.09 | |
Net realized and unrealized gains (losses) on investments | 0.69 | 1.05 | 0.49 | 0.15 | 0.38 | 0.65 | 0.03 | |
Total from investment operations | 0.81 | 1.26 | 0.76 | 0.32 | 0.58 | 0.82 | 0.12 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.23) | (0.24) | (0.19) | (0.23) | (0.17) | (0.04) | |
Net realized gains | 0.00 | (0.26) | 0.00 | (0.85) | (0.17) | (0.09) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.49) | (0.24) | (1.04) | (0.40) | (0.26) | (0.04) | |
Net asset value, end of period | $12.20 | $11.39 | $10.62 | $10.10 | $10.82 | $10.64 | $10.08 | |
Total return5 | 7.11% | 11.96% | 7.48% | 3.49% | 5.42% | 8.48% | 1.19% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.91% * | 2.52% * | 3.02% * | 3.97% * | 3.96% ^ | 4.27% ^ | 4.79% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.21% * | 0.16% * | 0.07% ^ | 0.06% ^ | 0.07% ^ | |
Net investment income | 2.08% * | 1.96% * | 2.51% * | 2.17% * | 1.82% | 1.67% | 1.77% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 52% | 87% | 39% | 48% | 94% | 97% | 66% | |
Net assets, end of period (000s omitted) | $6,514 | $6,093 | $5,545 | $4,785 | $5,123 | $5,037 | $4,654 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 20192 | 0.12% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.41 | $10.40 | $9.99 | $11.06 | $10.76 | $9.99 | $10.00 | |
Net investment income | 0.10 | 0.17 | 0.22 | 0.12 | 0.15 4 | 0.11 | 0.07 | |
Net realized and unrealized gains (losses) on investments | 0.80 | 1.17 | 0.41 | 0.15 | 0.56 | 0.86 | (0.04) | |
Total from investment operations | 0.90 | 1.34 | 0.63 | 0.27 | 0.71 | 0.97 | 0.03 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.18) | (0.22) | (0.13) | (0.19) | (0.09) | (0.04) | |
Net realized gains | 0.00 | (0.15) | 0.00 | (1.21) | (0.22) | (0.11) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.33) | (0.22) | (1.34) | (0.41) | (0.20) | (0.04) | |
Net asset value, end of period | $12.31 | $11.41 | $10.40 | $9.99 | $11.06 | $10.76 | $9.99 | |
Total return5 | 7.89% | 12.95% | 6.22% | 3.09% | 6.62% | 9.95% | 0.34% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.54% * | 3.39% * | 3.63% * | 4.23% * | 4.14% ^ | 4.42% ^ | 5.21% ^ | |
Net expenses | 0.66% * | 0.66% * | 0.65% * | 0.61% * | 0.51% ^ | 0.51% ^ | 0.45% ^ | |
Net investment income | 1.62% * | 1.49% * | 2.00% * | 1.50% * | 1.33% | 1.14% | 1.16% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 51% | 87% | 38% | 45% | 82% | 81% | 38% | |
Net assets, end of period (000s omitted) | $697 | $578 | $460 | $390 | $456 | $363 | $199 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 20192 | 0.12% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.48 | $10.35 | $9.96 | $11.01 | $10.71 | $9.97 | $10.00 | |
Net investment income | 0.05 | 0.08 | 0.13 | 0.06 | 0.06 | 0.04 | 0.03 | |
Payment from affiliate | 0.00 | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 0.80 | 1.17 | 0.42 | 0.15 | 0.56 | 0.85 | (0.02) | |
Total from investment operations | 0.85 | 1.42 | 0.55 | 0.21 | 0.62 | 0.89 | 0.01 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.14) | (0.16) | (0.05) | (0.10) | (0.04) | (0.04) | |
Net realized gains | 0.00 | (0.15) | 0.00 | (1.21) | (0.22) | (0.11) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.29) | (0.16) | (1.26) | (0.32) | (0.15) | (0.04) | |
Net asset value, end of period | $12.33 | $11.48 | $10.35 | $9.96 | $11.01 | $10.71 | $9.97 | |
Total return4 | 7.40% | 13.78% 5 | 5.49% | 2.46% | 5.80% | 9.18% | 0.07% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.69% * | 3.74% * | 4.19% * | 4.97% * | 4.89% ^ | 5.18% ^ | 5.96% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.36% * | 1.27% ^ | 1.27% ^ | 1.28% ^ | |
Net investment income | 0.86% * | 0.73% * | 1.26% * | 0.76% * | 0.52% | 0.40% | 0.56% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 51% | 87% | 38% | 45% | 82% | 81% | 38% | |
Net assets, end of period (000s omitted) | $126 | $117 | $105 | $101 | $112 | $109 | $100 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 20192 | 0.11% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.66% on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.41 | $10.40 | $9.99 | $11.07 | $10.75 | $10.01 | $10.00 | |
Net investment income | 0.12 | 0.19 | 0.24 | 0.15 | 0.17 | 0.15 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 0.79 | 1.18 | 0.42 | 0.14 | 0.58 | 0.84 | (0.02) | |
Total from investment operations | 0.91 | 1.37 | 0.66 | 0.29 | 0.75 | 0.99 | 0.06 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.21) | (0.25) | (0.16) | (0.21) | (0.14) | (0.05) | |
Net realized gains | 0.00 | (0.15) | 0.00 | (1.21) | (0.22) | (0.11) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.36) | (0.25) | (1.37) | (0.43) | (0.25) | (0.05) | |
Net asset value, end of period | $12.32 | $11.41 | $10.40 | $9.99 | $11.07 | $10.75 | $10.01 | |
Total return4 | 7.98% | 13.27% | 6.51% | 3.30% | 7.01% | 10.28% | 0.57% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.25% * | 3.10% * | 3.34% * | 3.94% * | 3.86% ^ | 4.15% ^ | 4.93% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.31% * | 0.23% ^ | 0.22% ^ | 0.22% ^ | |
Net investment income | 1.92% * | 1.79% * | 2.31% * | 1.77% * | 1.56% | 1.45% | 1.61% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 51% | 87% | 38% | 45% | 82% | 81% | 38% | |
Net assets, end of period (000s omitted) | $127 | $118 | $107 | $103 | $114 | $111 | $101 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.08% |
Year ended February 28, 2021 | 0.09% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 20192 | 0.11% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.42 | $10.41 | $9.99 | $11.07 | $10.76 | $10.01 | $10.00 | |
Net investment income | 0.12 | 0.21 | 0.26 | 0.16 | 0.19 | 0.16 | 0.09 | |
Net realized and unrealized gains (losses) on investments | 0.80 | 1.18 | 0.42 | 0.15 | 0.57 | 0.86 | (0.03) | |
Total from investment operations | 0.92 | 1.39 | 0.68 | 0.31 | 0.76 | 1.02 | 0.06 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.23) | (0.26) | (0.18) | (0.23) | (0.16) | (0.05) | |
Net realized gains | 0.00 | (0.15) | 0.00 | (1.21) | (0.22) | (0.11) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.38) | (0.26) | (1.39) | (0.45) | (0.27) | (0.05) | |
Net asset value, end of period | $12.34 | $11.42 | $10.41 | $9.99 | $11.07 | $10.76 | $10.01 | |
Total return4 | 8.06% | 13.41% | 6.77% | 3.47% | 7.06% | 10.44% | 0.58% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.12% * | 2.96% * | 3.20% * | 3.80% * | 3.71% ^ | 4.00% ^ | 4.78% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.21% * | 0.16% * | 0.07% ^ | 0.06% ^ | 0.06% ^ | |
Net investment income | 2.07% * | 1.94% * | 2.46% * | 1.91% * | 1.72% | 1.60% | 1.77% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 51% | 87% | 38% | 45% | 82% | 81% | 38% | |
Net assets, end of period (000s omitted) | $5,854 | $5,417 | $4,937 | $4,740 | $5,253 | $5,105 | $4,629 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 20192 | 0.12% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.57 | $10.28 | $9.95 | $11.18 | $10.78 | $9.99 | $10.00 | |
Net investment income | 0.10 | 0.14 | 0.19 4 | 0.11 | 0.14 | 0.11 4 | 0.06 | |
Net realized and unrealized gains (losses) on investments | 0.91 | 1.40 | 0.35 | 0.18 | 0.70 | 0.97 | (0.03) | |
Total from investment operations | 1.01 | 1.54 | 0.54 | 0.29 | 0.84 | 1.08 | 0.03 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.18) | (0.21) | (0.12) | (0.19) | (0.12) | (0.04) | |
Net realized gains | 0.00 | (0.07) | 0.00 | (1.40) | (0.25) | (0.17) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.25) | (0.21) | (1.52) | (0.44) | (0.29) | (0.04) | |
Net asset value, end of period | $12.58 | $11.57 | $10.28 | $9.95 | $11.18 | $10.78 | $9.99 | |
Total return5 | 8.73% | 15.03% | 5.31% | 3.33% | 7.80% | 11.18% | 0.35% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.17% * | 2.89% * | 3.27% * | 4.04% * | 3.96% ^ | 4.32% ^ | 5.21% ^ | |
Net expenses | 0.66% * | 0.67% * | 0.67% * | 0.61% * | 0.52% ^ | 0.51% ^ | 0.54% ^ | |
Net investment income | 1.61% * | 1.45% * | 1.81% * | 1.38% * | 1.15% | 1.09% | 1.33% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 50% | 87% | 38% | 42% | 72% | 69% | 38% | |
Net assets, end of period (000s omitted) | $1,632 | $1,448 | $1,435 | $623 | $540 | $380 | $119 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 20192 | 0.12% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.66 | $10.28 | $9.95 | $11.15 | $10.76 | $9.96 | $10.00 | |
Net investment income | 0.05 | 0.07 | 0.13 | 0.06 | 0.05 | 0.03 | 0.03 | |
Payment from affiliate | 0.00 | 0.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 0.92 | 1.39 | 0.33 | 0.17 | 0.69 | 0.98 | (0.03) | |
Total from investment operations | 0.97 | 1.59 | 0.46 | 0.23 | 0.74 | 1.01 | 0.00 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.14) | (0.13) | (0.03) | (0.10) | (0.04) | (0.04) | |
Net realized gains | 0.00 | (0.07) | 0.00 | (1.40) | (0.25) | (0.17) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.21) | (0.13) | (1.43) | (0.35) | (0.21) | (0.04) | |
Net asset value, end of period | $12.63 | $11.66 | $10.28 | $9.95 | $11.15 | $10.76 | $9.96 | |
Total return4 | 8.32% | 15.52% 5 | 4.61% | 2.72% | 6.89% | 10.39% | 0.01% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.47% * | 3.30% * | 3.88% * | 4.79% * | 4.71% ^ | 5.09% ^ | 5.97% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.37% * | 1.28% ^ | 1.28% ^ | 1.29% ^ | |
Net investment income | 0.85% * | 0.62% * | 1.21% * | 0.66% * | 0.43% | 0.33% | 0.53% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 50% | 87% | 38% | 42% | 72% | 69% | 38% | |
Net assets, end of period (000s omitted) | $167 | $154 | $105 | $102 | $114 | $110 | $100 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 20192 | 0.11% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.33% on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.64 | $10.34 | $9.99 | $11.22 | $10.82 | $10.01 | $10.00 | |
Net investment income | 0.12 | 0.19 | 0.24 | 0.14 | 0.17 | 0.14 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 0.92 | 1.38 | 0.33 | 0.17 | 0.69 | 0.97 | (0.02) | |
Total from investment operations | 1.04 | 1.57 | 0.57 | 0.31 | 0.86 | 1.11 | 0.06 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.20) | (0.22) | (0.14) | (0.21) | (0.13) | (0.05) | |
Net realized gains | 0.00 | (0.07) | 0.00 | (1.40) | (0.25) | (0.17) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.27) | (0.22) | (1.54) | (0.46) | (0.30) | (0.05) | |
Net asset value, end of period | $12.68 | $11.64 | $10.34 | $9.99 | $11.22 | $10.82 | $10.01 | |
Total return4 | 8.93% | 15.32% | 5.62% | 3.59% | 8.03% | 11.60% | 0.61% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.88% * | 2.60% * | 3.03% * | 3.77% * | 3.68% ^ | 4.06% ^ | 4.94% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.32% * | 0.24% ^ | 0.23% ^ | 0.23% ^ | |
Net investment income | 1.90% * | 1.72% * | 2.26% * | 1.71% * | 1.47% | 1.39% | 1.59% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 50% | 87% | 38% | 42% | 72% | 69% | 38% | |
Net assets, end of period (000s omitted) | $131 | $121 | $107 | $103 | $116 | $112 | $101 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.09% |
Year ended February 28, 2021 | 0.09% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 20192 | 0.11% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $11.65 | $10.34 | $9.99 | $11.23 | $10.82 | $10.01 | $10.00 | |
Net investment income | 0.13 | 0.20 | 0.25 | 0.15 | 0.18 | 0.16 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 0.92 | 1.40 | 0.34 | 0.17 | 0.71 | 0.97 | (0.02) | |
Total from investment operations | 1.05 | 1.60 | 0.59 | 0.32 | 0.89 | 1.13 | 0.06 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.22) | (0.24) | (0.16) | (0.23) | (0.15) | (0.05) | |
Net realized gains | 0.00 | (0.07) | 0.00 | (1.40) | (0.25) | (0.17) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.29) | (0.24) | (1.56) | (0.48) | (0.32) | (0.05) | |
Net asset value, end of period | $12.70 | $11.65 | $10.34 | $9.99 | $11.23 | $10.82 | $10.01 | |
Total return4 | 9.01% | 15.58% | 5.77% | 3.65% | 8.03% | 11.60% | 0.61% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.75% * | 2.46% * | 2.90% * | 3.63% * | 3.53% ^ | 3.91% ^ | 4.79% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.21% * | 0.17% * | 0.08% ^ | 0.07% ^ | 0.07% ^ | |
Net investment income | 2.05% * | 1.87% * | 2.40% * | 1.86% * | 1.63% | 1.54% | 1.74% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 50% | 87% | 38% | 42% | 72% | 69% | 38% | |
Net assets, end of period (000s omitted) | $6,387 | $5,891 | $5,118 | $4,767 | $5,359 | $5,165 | $4,631 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.08 | $10.36 | $10.10 | $11.38 | $10.87 | $9.94 | $10.00 | |
Net investment income | 0.09 | 0.18 | 0.19 | 0.10 | 0.11 4 | 0.09 | 0.07 | |
Net realized and unrealized gains (losses) on investments | 1.11 | 1.77 | 0.25 | 0.12 | 0.87 | 1.13 | (0.08) | |
Total from investment operations | 1.20 | 1.95 | 0.44 | 0.22 | 0.98 | 1.22 | (0.01) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.18) | (0.18) | (0.10) | (0.19) | (0.12) | (0.05) | |
Net realized gains | 0.00 | (0.05) | 0.00 | (1.40) | (0.28) | (0.17) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.23) | (0.18) | (1.50) | (0.47) | (0.29) | (0.05) | |
Net asset value, end of period | $13.28 | $12.08 | $10.36 | $10.10 | $11.38 | $10.87 | $9.94 | |
Total return5 | 9.93% | 18.83% | 4.29% | 2.76% | 9.07% | 12.62% | (0.07)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.51% * | 2.21% * | 2.72% * | 3.81% * | 4.06% ^ | 4.75% ^ | 5.25% ^ | |
Net expenses | 0.66% * | 0.66% * | 0.66% * | 0.60% * | 0.52% ^ | 0.49% ^ | 0.46% ^ | |
Net investment income | 1.53% * | 1.44% * | 1.88% * | 1.31% * | 1.00% | 1.07% | 1.09% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 50% | 85% | 37% | 41% | 62% | 58% | 38% | |
Net assets, end of period (000s omitted) | $4,969 | $3,744 | $2,856 | $1,929 | $1,497 | $510 | $188 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.19 | $10.35 | $10.10 | $11.35 | $10.84 | $9.91 | $10.00 | |
Net investment income | 0.05 | 0.08 | 0.12 | 0.05 | 0.04 | 0.03 | 0.02 | |
Payment from affiliate | 0.00 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 1.10 | 1.78 | 0.24 | 0.12 | 0.85 | 1.10 | (0.06) | |
Total from investment operations | 1.15 | 2.02 | 0.36 | 0.17 | 0.89 | 1.13 | (0.04) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.13) | (0.11) | (0.02) | (0.10) | (0.03) | (0.05) | |
Net realized gains | 0.00 | (0.05) | 0.00 | (1.40) | (0.28) | (0.17) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.18) | (0.11) | (1.42) | (0.38) | (0.20) | (0.05) | |
Net asset value, end of period | $13.34 | $12.19 | $10.35 | $10.10 | $11.35 | $10.84 | $9.91 | |
Total return4 | 9.43% | 19.55% 5 | 3.55% | 2.17% | 8.24% | 11.77% | (0.44)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.72% * | 2.60% * | 3.34% * | 4.56% * | 4.88% ^ | 5.55% ^ | 6.00% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.36% * | 1.28% ^ | 1.29% ^ | 1.30% ^ | |
Net investment income | 0.79% * | 0.70% * | 1.17% * | 0.56% * | 0.36% | 0.29% | 0.52% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 50% | 85% | 37% | 41% | 62% | 58% | 38% | |
Net assets, end of period (000s omitted) | $144 | $137 | $125 | $130 | $130 | $124 | $100 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 20192 | 0.12% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.56% on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.15 | $10.42 | $10.14 | $11.42 | $10.90 | $9.96 | $10.00 | |
Net investment income | 0.12 | 0.19 | 0.24 | 0.14 | 0.16 | 0.14 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 1.10 | 1.81 | 0.25 | 0.11 | 0.85 | 1.10 | (0.07) | |
Total from investment operations | 1.22 | 2.00 | 0.49 | 0.25 | 1.01 | 1.24 | 0.01 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.22) | (0.21) | (0.13) | (0.21) | (0.13) | (0.05) | |
Net realized gains | 0.00 | (0.05) | 0.00 | (1.40) | (0.28) | (0.17) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.27) | (0.21) | (1.53) | (0.49) | (0.30) | (0.05) | |
Net asset value, end of period | $13.37 | $12.15 | $10.42 | $10.14 | $11.42 | $10.90 | $9.96 | |
Total return4 | 10.04% | 19.18% | 4.68% | 2.96% | 9.33% | 12.84% | 0.16% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.22% * | 1.91% * | 2.45% * | 3.53% * | 3.85% ^ | 4.52% ^ | 4.97% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.31% * | 0.24% ^ | 0.23% ^ | 0.23% ^ | |
Net investment income | 1.85% * | 1.75% * | 2.22% * | 1.62% * | 1.41% | 1.35% | 1.58% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 50% | 85% | 37% | 41% | 62% | 58% | 38% | |
Net assets, end of period (000s omitted) | $138 | $126 | $108 | $105 | $118 | $113 | $100 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.12% |
Year ended February 28, 20192 | 0.12% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.16 | $10.43 | $10.15 | $11.43 | $10.91 | $9.96 | $10.00 | |
Net investment income | 0.14 | 0.20 | 0.25 4 | 0.15 | 0.18 | 0.15 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 1.09 | 1.81 | 0.25 | 0.11 | 0.85 | 1.11 | (0.06) | |
Total from investment operations | 1.23 | 2.01 | 0.50 | 0.26 | 1.03 | 1.26 | 0.02 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.23) | (0.22) | (0.14) | (0.23) | (0.14) | (0.06) | |
Net realized gains | 0.00 | (0.05) | 0.00 | (1.40) | (0.28) | (0.17) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.28) | (0.22) | (1.54) | (0.51) | (0.31) | (0.06) | |
Net asset value, end of period | $13.39 | $12.16 | $10.43 | $10.15 | $11.43 | $10.91 | $9.96 | |
Total return5 | 10.12% | 19.33% | 4.83% | 3.13% | 9.48% | 13.10% | 0.17% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.08% * | 1.77% * | 2.29% * | 3.39% * | 3.70% ^ | 4.37% | 4.82% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.22% * | 0.16% * | 0.09% ^ | 0.08% ^ | 0.08% ^ | |
Net investment income | 1.98% * | 1.89% * | 2.31% * | 1.77% * | 1.56% | 1.50% | 1.73% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 50% | 85% | 37% | 41% | 62% | 58% | 38% | |
Net assets, end of period (000s omitted) | $8,507 | $7,958 | $6,635 | $4,838 | $5,451 | $5,201 | $4,609 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.15 | $10.11 | $9.94 | $11.54 | $10.92 | $9.91 | $10.00 | |
Net investment income | 0.10 | 0.15 | 0.18 | 0.11 | 0.13 | 0.09 | 0.06 | |
Net realized and unrealized gains (losses) on investments | 1.19 | 2.09 | 0.17 | 0.12 | 0.98 | 1.22 | (0.10) | |
Total from investment operations | 1.29 | 2.24 | 0.35 | 0.23 | 1.11 | 1.31 | (0.04) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.16) | (0.18) | (0.09) | (0.19) | (0.11) | (0.05) | |
Net realized gains | 0.00 | (0.04) | 0.00 | (1.74) | (0.30) | (0.19) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.20) | (0.18) | (1.83) | (0.49) | (0.30) | (0.05) | |
Net asset value, end of period | $13.44 | $12.15 | $10.11 | $9.94 | $11.54 | $10.92 | $9.91 | |
Total return4 | 10.62% | 22.30% | 3.40% | 2.99% | 10.30% | 13.72% | (0.34)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.61% * | 2.32% * | 2.94% * | 4.08% * | 4.20% ^ | 4.76% ^ | 5.29% ^ | |
Net expenses | 0.66% * | 0.67% * | 0.66% * | 0.60% * | 0.53% ^ | 0.48% ^ | 0.45% ^ | |
Net investment income | 1.47% * | 1.37% * | 1.77% * | 1.23% * | 1.08% | 1.04% | 1.19% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 49% | 85% | 36% | 37% | 53% | 46% | 22% | |
Net assets, end of period (000s omitted) | $4,668 | $3,340 | $2,317 | $1,010 | $917 | $543 | $173 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.24 | $10.10 | $9.88 | $11.52 | $10.90 | $9.88 | $10.00 | |
Net investment income | 0.05 | 0.07 | 0.12 4 | 0.05 | 0.03 | 0.02 | 0.02 | |
Payment from affiliate | 0.00 | 0.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 1.19 | 2.10 | 0.15 | 0.11 | 0.99 | 1.21 | (0.09) | |
Total from investment operations | 1.24 | 2.30 | 0.27 | 0.16 | 1.02 | 1.23 | (0.07) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.12) | (0.05) | (0.06) | (0.10) | (0.02) | (0.05) | |
Net realized gains | 0.00 | (0.04) | 0.00 | (1.74) | (0.30) | (0.19) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.16) | (0.05) | (1.80) | (0.40) | (0.21) | (0.05) | |
Net asset value, end of period | $13.48 | $12.24 | $10.10 | $9.88 | $11.52 | $10.90 | $9.88 | |
Total return5 | 10.13% | 22.95% 6 | 2.74% | 2.32% | 9.43% | 12.86% | (0.70)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.81% * | 2.69% * | 3.62% * | 4.81% * | 4.95% ^ | 5.59% ^ | 6.03% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.35% * | 1.29% ^ | 1.29% ^ | 1.30% ^ | |
Net investment income | 0.73% * | 0.65% * | 1.17% * | 0.49% * | 0.27% | 0.24% | 0.49% | |
Supplemental data | ||||||||
Portfolio turnover rate7 | 49% | 85% | 36% | 37% | 53% | 46% | 22% | |
Net assets, end of period (000s omitted) | $143 | $126 | $104 | $153 | $119 | $112 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 20192 | 0.12% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
6 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.34% on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
7 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.25 | $10.18 | $9.99 | $11.59 | $10.96 | $9.93 | $10.00 | |
Net investment income | 0.12 | 0.19 | 0.23 | 0.13 | 0.15 | 0.13 | 0.07 | |
Net realized and unrealized gains (losses) on investments | 1.20 | 2.11 | 0.16 | 0.12 | 0.99 | 1.21 | (0.08) | |
Total from investment operations | 1.32 | 2.30 | 0.39 | 0.25 | 1.14 | 1.34 | (0.01) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.19) | (0.20) | (0.11) | (0.21) | (0.12) | (0.06) | |
Net realized gains | 0.00 | (0.04) | 0.00 | (1.74) | (0.30) | (0.19) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.23) | (0.20) | (1.85) | (0.51) | (0.31) | (0.06) | |
Net asset value, end of period | $13.57 | $12.25 | $10.18 | $9.99 | $11.59 | $10.96 | $9.93 | |
Total return4 | 10.78% | 22.70% | 3.74% | 3.19% | 10.53% | 13.99% | (0.10)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.33% * | 2.04% * | 2.70% * | 3.80% * | 3.92% ^ | 4.56% ^ | 5.00% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.31% * | 0.25% ^ | 0.24% ^ | 0.24% ^ | |
Net investment income | 1.79% * | 1.70% * | 2.17% * | 1.51% * | 1.32% | 1.29% | 1.55% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 49% | 85% | 36% | 37% | 53% | 46% | 22% | |
Net assets, end of period (000s omitted) | $141 | $127 | $106 | $104 | $120 | $114 | $100 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.10% |
Year ended February 28, 2021 | 0.10% |
Year ended February 29, 2020 | 0.13% |
Year ended February 28, 20192 | 0.12% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.26 | $10.19 | $9.99 | $11.60 | $10.96 | $9.93 | $10.00 | |
Net investment income | 0.13 4 | 0.16 | 0.24 4 | 0.14 | 0.17 | 0.14 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 1.20 | 2.16 | 0.17 | 0.12 | 1.00 | 1.22 | (0.09) | |
Total from investment operations | 1.33 | 2.32 | 0.41 | 0.26 | 1.17 | 1.36 | (0.01) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.21) | (0.21) | (0.13) | (0.23) | (0.14) | (0.06) | |
Net realized gains | 0.00 | (0.04) | 0.00 | (1.74) | (0.30) | (0.19) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.25) | (0.21) | (1.87) | (0.53) | (0.33) | (0.06) | |
Net asset value, end of period | $13.59 | $12.26 | $10.19 | $9.99 | $11.60 | $10.96 | $9.93 | |
Total return5 | 10.85% | 22.85% | 3.99% | 3.26% | 10.77% | 14.15% | (0.09)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.19% * | 1.90% * | 2.54% * | 3.66% * | 3.77% ^ | 4.41% ^ | 4.85% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.22% * | 0.16% * | 0.09% ^ | 0.08% ^ | 0.09% ^ | |
Net investment income | 1.92% * | 1.84% * | 2.29% * | 1.66% * | 1.47% | 1.440% | 1.70% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 49% | 85% | 36% | 37% | 53% | 46% | 22% | |
Net assets, end of period (000s omitted) | $8,835 | $7,513 | $5,543 | $4,775 | $5,544 | $5,238 | $4,597 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.22 | $9.95 | $9.84 | $11.66 | $10.97 | $9.88 | $10.00 | |
Net investment income | 0.10 | 0.14 | 0.18 | 0.09 | 0.11 | 0.09 | 0.06 | |
Net realized and unrealized gains (losses) on investments | 1.23 | 2.30 | 0.09 | 0.14 | 1.11 | 1.32 | (0.12) | |
Total from investment operations | 1.33 | 2.44 | 0.27 | 0.23 | 1.22 | 1.41 | (0.06) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.17) | (0.16) | (0.08) | (0.19) | (0.11) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (1.97) | (0.34) | (0.21) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.17) | (0.16) | (2.05) | (0.53) | (0.32) | (0.06) | |
Net asset value, end of period | $13.55 | $12.22 | $9.95 | $9.84 | $11.66 | $10.97 | $9.88 | |
Total return4 | 10.88% | 24.45% | 2.65% | 3.13% | 11.24% | 14.74% | (0.62)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.65% * | 2.41% * | 3.12% * | 4.34% * | 4.32% ^ | 4.86% ^ | 5.32% ^ | |
Net expenses | 0.66% * | 0.67% * | 0.66% * | 0.60% * | 0.53% ^ | 0.49% ^ | 0.55% ^ | |
Net investment income | 1.47% * | 1.30% * | 1.81% * | 1.16% * | 0.99% | 1.05% | 1.24% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 48% | 85% | 36% | 34% | 44% | 39% | 19% | |
Net assets, end of period (000s omitted) | $1,847 | $1,464 | $733 | $521 | $453 | $338 | $119 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.33 | $9.93 | $9.83 | $11.63 | $10.95 | $9.84 | $10.00 | |
Net investment income | 0.05 | 0.07 | 0.11 | 0.03 | 0.02 | 0.02 | 0.02 | |
Payment from affiliate | 0.00 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 1.24 | 2.29 | 0.09 | 0.14 | 1.10 | 1.32 | (0.13) | |
Total from investment operations | 1.29 | 2.52 | 0.20 | 0.17 | 1.12 | 1.34 | (0.11) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.12) | (0.10) | 0.00 | (0.10) | (0.02) | (0.05) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (1.97) | (0.34) | (0.21) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.12) | (0.10) | (1.97) | (0.44) | (0.23) | (0.05) | |
Net asset value, end of period | $13.62 | $12.33 | $9.93 | $9.83 | $11.63 | $10.95 | $9.84 | |
Total return4 | 10.46% | 25.39% 5 | 1.99% | 2.55% | 10.30% | 14.02% | (1.08)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.85% * | 2.78% * | 3.71% * | 5.08% * | 5.07% ^ | 5.67% ^ | 6.06% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.36% * | 1.29% ^ | 1.29% ^ | 1.30% ^ | |
Net investment income | 0.71% * | 0.62% * | 1.09% * | 0.37% * | 0.21% | 0.21% | 0.48% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 48% | 85% | 36% | 34% | 44% | 39% | 19% | |
Net assets, end of period (000s omitted) | $151 | $135 | $107 | $102 | $120 | $113 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.66% on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.31 | $10.02 | $9.89 | $11.71 | $11.00 | $9.89 | $10.00 | |
Net investment income | 0.12 | 0.18 | 0.22 | 0.12 | 0.15 | 0.13 | 0.07 | |
Net realized and unrealized gains (losses) on investments | 1.24 | 2.30 | 0.09 | 0.13 | 1.11 | 1.31 | (0.12) | |
Total from investment operations | 1.36 | 2.48 | 0.31 | 0.25 | 1.26 | 1.44 | (0.05) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.19) | (0.18) | (0.10) | (0.21) | (0.12) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (1.97) | (0.34) | (0.21) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.19) | (0.18) | (2.07) | (0.55) | (0.33) | (0.06) | |
Net asset value, end of period | $13.67 | $12.31 | $10.02 | $9.89 | $11.71 | $11.00 | $9.89 | |
Total return4 | 11.05% | 24.82% | 3.05% | 3.34% | 11.59% | 15.05% | (0.48)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.37% * | 2.12% * | 2.86% * | 4.06% * | 4.04% ^ | 4.64% ^ | 5.03% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.31% * | 0.25% ^ | 0.24% ^ | 0.24% ^ | |
Net investment income | 1.77% * | 1.68% * | 2.15% * | 1.42% * | 1.26% | 1.26% | 1.54% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 48% | 85% | 36% | 34% | 44% | 39% | 19% | |
Net assets, end of period (000s omitted) | $142 | $128 | $104 | $103 | $122 | $114 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.11% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.32 | $10.02 | $9.89 | $11.72 | $11.01 | $9.89 | $10.00 | |
Net investment income | 0.13 | 0.19 | 0.23 4 | 0.13 | 0.16 | 0.14 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 1.25 | 2.32 | 0.10 | 0.13 | 1.12 | 1.33 | (0.13) | |
Total from investment operations | 1.38 | 2.51 | 0.33 | 0.26 | 1.28 | 1.47 | (0.05) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.21) | (0.20) | (0.12) | (0.23) | (0.14) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (1.97) | (0.34) | (0.21) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.21) | (0.20) | (2.09) | (0.57) | (0.35) | (0.06) | |
Net asset value, end of period | $13.70 | $12.32 | $10.02 | $9.89 | $11.72 | $11.01 | $9.89 | |
Total return5 | 11.20% | 25.09% | 3.19% | 3.41% | 11.73% | 15.31% | (0.46)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.23% * | 1.96% * | 2.66% * | 3.91% * | 3.89% ^ | 4.49% ^ | 4.88% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.22% * | 0.16% * | 0.09% ^ | 0.08% ^ | 0.08% ^ | |
Net investment income | 1.92% * | 1.81% * | 2.22% * | 1.57% * | 1.41% | 1.41% | 1.69% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 48% | 85% | 36% | 34% | 44% | 39% | 19% | |
Net assets, end of period (000s omitted) | $10,454 | $9,185 | $6,780 | $4,734 | $5,608 | $5,270 | $4,580 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.08 | $9.83 | $9.77 | $11.74 | $11.00 | $9.85 | $10.00 | |
Net investment income | 0.10 | 0.15 | 0.16 | 0.08 | 0.09 | 0.09 | 0.06 | |
Net realized and unrealized gains (losses) on investments | 1.28 | 2.27 | 0.08 | 0.11 | 1.20 | 1.37 | (0.15) | |
Total from investment operations | 1.38 | 2.42 | 0.24 | 0.19 | 1.29 | 1.46 | (0.09) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.17) | (0.18) | (0.06) | (0.20) | (0.11) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.10) | (0.35) | (0.20) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.17) | (0.18) | (2.16) | (0.55) | (0.31) | (0.06) | |
Net asset value, end of period | $13.46 | $12.08 | $9.83 | $9.77 | $11.74 | $11.00 | $9.85 | |
Total return4 | 11.42% | 24.64% | 2.33% | 2.80% | 11.79% | 15.34% | (0.90)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.75% * | 2.63% * | 3.57% * | 4.11% * | 3.93% ^ | 4.46% ^ | 5.33% ^ | |
Net expenses | 0.67% * | 0.68% * | 0.67% * | 0.63% * | 0.54% ^ | 0.51% ^ | 0.53% ^ | |
Net investment income | 1.48% * | 1.30% * | 1.62% * | 0.99% * | 1.02% | 1.01% | 1.22% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 47% | 87% | 36% | 32% | 40% | 33% | 15% | |
Net assets, end of period (000s omitted) | $3,742 | $3,279 | $1,858 | $454 | $472 | $307 | $157 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.19 | $9.81 | $9.76 | $11.72 | $10.98 | $9.82 | $10.00 | |
Net investment income | 0.05 | 0.06 | 0.11 | 0.02 | 0.02 | 0.02 | 0.02 | |
Payment from affiliate | 0.00 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 1.29 | 2.28 | 0.05 | 0.12 | 1.17 | 1.36 | (0.15) | |
Total from investment operations | 1.34 | 2.50 | 0.16 | 0.14 | 1.19 | 1.38 | (0.13) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.12) | (0.11) | 0.00 | (0.10) | (0.02) | (0.05) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.10) | (0.35) | (0.20) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.12) | (0.11) | (2.10) | (0.45) | (0.22) | (0.05) | |
Net asset value, end of period | $13.53 | $12.19 | $9.81 | $9.76 | $11.72 | $10.98 | $9.82 | |
Total return4 | 10.99% | 25.52% 5 | 1.53% | 2.30% | 10.88% | 14.52% | (1.25)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.94% * | 3.00% * | 4.35% * | 4.85% * | 4.70% ^ | 5.25% ^ | 6.07% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.38% * | 1.29% ^ | 1.30% ^ | 1.30% ^ | |
Net investment income | 0.73% * | 0.59% * | 1.05% * | 0.25% * | 0.16% | 0.18% | 0.47% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 47% | 87% | 36% | 32% | 40% | 33% | 15% | |
Net assets, end of period (000s omitted) | $147 | $130 | $101 | $100 | $120 | $113 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.64% on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.19 | $9.91 | $9.83 | $11.80 | $11.04 | $9.86 | $10.00 | |
Net investment income | 0.12 | 0.18 | 0.22 | 0.11 | 0.14 | 0.13 | 0.07 | |
Net realized and unrealized gains (losses) on investments | 1.30 | 2.29 | 0.05 | 0.11 | 1.18 | 1.37 | (0.15) | |
Total from investment operations | 1.42 | 2.47 | 0.27 | 0.22 | 1.32 | 1.50 | (0.08) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.19) | (0.19) | (0.09) | (0.21) | (0.12) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.10) | (0.35) | (0.20) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.19) | (0.19) | (2.19) | (0.56) | (0.32) | (0.06) | |
Net asset value, end of period | $13.61 | $12.19 | $9.91 | $9.83 | $11.80 | $11.04 | $9.86 | |
Total return4 | 11.65% | 24.98% | 2.61% | 3.06% | 12.07% | 15.78% | (0.76)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.46% * | 2.36% * | 3.31% * | 3.82% * | 3.67% ^ | 4.22% ^ | 5.04% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.34% * | 0.25% ^ | 0.24% ^ | 0.24% ^ | |
Net investment income | 1.79% * | 1.65% * | 2.10% * | 1.29% * | 1.21% | 1.24% | 1.53% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 47% | 87% | 36% | 32% | 40% | 33% | 15% | |
Net assets, end of period (000s omitted) | $141 | $127 | $103 | $102 | $123 | $115 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.11% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.14% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.20 | $9.92 | $9.84 | $11.81 | $11.04 | $9.87 | $10.00 | |
Net investment income | 0.13 | 0.19 | 0.23 | 0.12 | 0.16 | 0.14 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 1.30 | 2.30 | 0.06 | 0.12 | 1.19 | 1.36 | (0.14) | |
Total from investment operations | 1.43 | 2.49 | 0.29 | 0.24 | 1.35 | 1.50 | (0.06) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.21) | (0.21) | (0.11) | (0.23) | (0.13) | (0.07) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.10) | (0.35) | (0.20) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.21) | (0.21) | (2.21) | (0.58) | (0.33) | (0.07) | |
Net asset value, end of period | $13.63 | $12.20 | $9.92 | $9.84 | $11.81 | $11.04 | $9.87 | |
Total return4 | 11.72% | 25.12% | 2.75% | 3.24% | 12.31% | 15.82% | (0.64)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.32% * | 2.20% * | 3.15% * | 3.67% * | 3.52% ^ | 4.07% ^ | 4.90% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.21% * | 0.19% * | 0.10% ^ | 0.09% ^ | 0.09% ^ | |
Net investment income | 1.94% * | 1.80% * | 2.24% * | 1.44% * | 1.36% | 1.39% | 1.69% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 47% | 87% | 36% | 32% | 40% | 33% | 15% | |
Net assets, end of period (000s omitted) | $6,820 | $6,050 | $4,897 | $4,707 | $5,651 | $5,285 | $4,571 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.11 | $9.72 | $9.73 | $11.79 | $11.02 | $9.86 | $10.00 | |
Net investment income | 0.10 | 0.15 | 0.16 | 0.08 | 0.12 | 0.08 | 0.06 | |
Net realized and unrealized gains (losses) on investments | 1.36 | 2.41 | 0.00 4 | 0.08 | 1.20 | 1.41 | (0.14) | |
Total from investment operations | 1.46 | 2.56 | 0.16 | 0.16 | 1.32 | 1.49 | (0.08) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.17) | (0.17) | (0.07) | (0.19) | (0.10) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.36) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.17) | (0.17) | (2.22) | (0.55) | (0.33) | (0.06) | |
Net asset value, end of period | $13.57 | $12.11 | $9.72 | $9.73 | $11.79 | $11.02 | $9.86 | |
Total return5 | 12.06% | 26.37% | 1.53% | 2.62% | 12.06% | 15.64% | (0.79)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.96% * | 2.96% * | 3.61% * | 4.18% * | 4.09% ^ | 4.58% ^ | 5.36% ^ | |
Net expenses | 0.67% * | 0.67% * | 0.66% * | 0.61% * | 0.54% ^ | 0.51% ^ | 0.53% ^ | |
Net investment income | 1.54% * | 1.26% * | 1.72% * | 0.97% * | 0.90% | 0.98% | 1.23% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 46% | 86% | 36% | 31% | 35% | 31% | 14% | |
Net assets, end of period (000s omitted) | $796 | $794 | $414 | $329 | $327 | $221 | $121 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 20192 | 0.14% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Amount is less than $0.005. |
5 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.19 | $9.68 | $9.71 | $11.75 | $10.99 | $9.83 | $10.00 | |
Net investment income | 0.05 | 0.06 | 0.10 | 0.02 | 0.02 | 0.02 | 0.02 | |
Payment from affiliate | 0.00 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 1.37 | 2.42 | (0.01) | 0.09 | 1.20 | 1.39 | (0.14) | |
Total from investment operations | 1.42 | 2.63 | 0.09 | 0.11 | 1.22 | 1.41 | (0.12) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.12) | (0.12) | 0.00 | (0.10) | (0.02) | (0.05) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.36) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.12) | (0.12) | (2.15) | (0.46) | (0.25) | (0.05) | |
Net asset value, end of period | $13.61 | $12.19 | $9.68 | $9.71 | $11.75 | $10.99 | $9.83 | |
Total return4 | 11.65% | 27.23% 5 | 0.78% | 2.06% | 11.18% | 14.74% | (1.15)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.23% * | 3.38% * | 4.19% * | 4.92% * | 4.84% ^ | 5.37% ^ | 6.10% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.36% * | 1.29% ^ | 1.30% ^ | 1.30% ^ | |
Net investment income | 0.75% * | 0.56% * | 1.00% * | 0.21% * | 0.15% | 0.17% | 0.48% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 46% | 86% | 36% | 31% | 35% | 31% | 14% | |
Net assets, end of period (000s omitted) | $164 | $145 | $109 | $102 | $121 | $113 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.60% on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.20 | $9.78 | $9.78 | $11.83 | $11.05 | $9.88 | $10.00 | |
Net investment income | 0.12 | 0.17 | 0.21 | 0.11 | 0.14 | 0.13 | 0.07 | |
Net realized and unrealized gains (losses) on investments | 1.37 | 2.44 | (0.01) | 0.08 | 1.22 | 1.39 | (0.13) | |
Total from investment operations | 1.49 | 2.61 | 0.20 | 0.19 | 1.36 | 1.52 | (0.06) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.19) | (0.20) | (0.09) | (0.22) | (0.12) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.36) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.19) | (0.20) | (2.24) | (0.58) | (0.35) | (0.06) | |
Net asset value, end of period | $13.69 | $12.20 | $9.78 | $9.78 | $11.83 | $11.05 | $9.88 | |
Total return4 | 12.21% | 26.80% | 1.83% | 2.81% | 12.36% | 15.88% | (0.55)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.67% * | 2.68% * | 3.34% * | 3.89% * | 3.81% ^ | 4.34% ^ | 5.07% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.32% * | 0.25% ^ | 0.24% ^ | 0.24% ^ | |
Net investment income | 1.81% * | 1.63% * | 2.06% * | 1.25% * | 1.19% | 1.23% | 1.54% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 46% | 86% | 36% | 31% | 35% | 31% | 14% | |
Net assets, end of period (000s omitted) | $142 | $127 | $102 | $102 | $123 | $115 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.12% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.21 | $9.79 | $9.79 | $11.84 | $11.06 | $9.88 | $10.00 | |
Net investment income | 0.13 | 0.19 | 0.22 4 | 0.12 | 0.16 | 0.14 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 1.38 | 2.44 | (0.01) | 0.08 | 1.21 | 1.40 | (0.13) | |
Total from investment operations | 1.51 | 2.63 | 0.21 | 0.20 | 1.37 | 1.54 | (0.05) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.21) | (0.21) | (0.10) | (0.23) | (0.13) | (0.07) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.36) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.21) | (0.21) | (2.25) | (0.59) | (0.36) | (0.07) | |
Net asset value, end of period | $13.72 | $12.21 | $9.79 | $9.79 | $11.84 | $11.05 | $9.88 | |
Total return5 | 12.37% | 26.94% | 1.97% | 2.97% | 12.51% | 16.14% | (0.53)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.52% * | 2.54% * | 3.18% * | 3.75% * | 3.66% ^ | 4.19% ^ | 4.92% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.21% * | 0.17% * | 0.10% ^ | 0.09% ^ | 0.09% ^ | |
Net investment income | 1.96% * | 1.78% * | 2.18% * | 1.40% * | 1.35% | 1.38% | 1.69% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 46% | 86% | 36% | 31% | 35% | 31% | 14% | |
Net assets, end of period (000s omitted) | $7,750 | $6,901 | $5,419 | $4,695 | $5,679 | $5,303 | $4,576 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 20192 | 0.14% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.14 | $9.66 | $9.73 | $11.80 | $11.03 | $9.86 | $10.00 | |
Net investment income | 0.10 | 0.13 | 0.17 | 0.07 | 0.11 | 0.09 | 0.06 | |
Net realized and unrealized gains (losses) on investments | 1.44 | 2.52 | (0.06) | 0.06 | 1.22 | 1.40 | (0.14) | |
Total from investment operations | 1.54 | 2.65 | 0.11 | 0.13 | 1.33 | 1.49 | (0.08) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.17) | (0.18) | (0.05) | (0.20) | (0.09) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.36) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.17) | (0.18) | (2.20) | (0.56) | (0.32) | (0.06) | |
Net asset value, end of period | $13.68 | $12.14 | $9.66 | $9.73 | $11.80 | $11.03 | $9.86 | |
Total return4 | 12.69% | 27.59% | 1.01% | 2.37% | 12.16% | 15.65% | (0.78)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.24% * | 3.27% * | 3.67% * | 4.34% * | 4.26% ^ | 4.80% ^ | 5.25% ^ | |
Net expenses | 0.67% * | 0.67% * | 0.66% * | 0.60% * | 0.54% ^ | 0.53% ^ | 0.53% ^ | |
Net investment income | 1.49% * | 1.28% * | 1.72% * | 0.96% * | 0.83% | 0.91% | 1.22% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 44% | 85% | 36% | 31% | 35% | 31% | 14% | |
Net assets, end of period (000s omitted) | $482 | $382 | $254 | $198 | $256 | $134 | $108 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.19 | $9.59 | $9.68 | $11.76 | $10.99 | $9.83 | $10.00 | |
Net investment income | 0.05 | 0.06 | 0.10 | 0.02 | 0.02 | 0.02 | 0.02 | |
Payment from affiliate | 0.00 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 1.44 | 2.51 | (0.06) | 0.05 | 1.21 | 1.39 | (0.14) | |
Total from investment operations | 1.49 | 2.72 | 0.04 | 0.07 | 1.23 | 1.41 | (0.12) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.12) | (0.13) | 0.00 | (0.10) | (0.02) | (0.05) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.36) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.12) | (0.13) | (2.15) | (0.46) | (0.25) | (0.05) | |
Net asset value, end of period | $13.68 | $12.19 | $9.59 | $9.68 | $11.76 | $10.99 | $9.83 | |
Total return4 | 12.22% | 28.40% 5 | 0.26% | 1.77% | 11.33% | 14.77% | (1.15)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.51% * | 3.67% * | 4.42% * | 5.09% * | 5.02% ^ | 5.56% ^ | 6.00% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.35% * | 1.29% ^ | 1.29% ^ | 1.30% ^ | |
Net investment income | 0.75% * | 0.54% * | 0.99% * | 0.21% * | 0.15% | 0.18% | 0.48% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 44% | 85% | 36% | 31% | 35% | 31% | 14% | |
Net assets, end of period (000s omitted) | $155 | $138 | $106 | $102 | $121 | $113 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 1.62% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.20 | $9.69 | $9.76 | $11.83 | $11.05 | $9.88 | $10.00 | |
Net investment income | 0.12 | 0.17 | 0.21 | 0.10 | 0.14 | 0.13 | 0.07 | |
Net realized and unrealized gains (losses) on investments | 1.44 | 2.53 | (0.07) | 0.06 | 1.22 | 1.39 | (0.13) | |
Total from investment operations | 1.56 | 2.70 | 0.14 | 0.16 | 1.36 | 1.52 | (0.05) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.19) | (0.21) | (0.08) | (0.22) | (0.12) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.36) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.19) | (0.21) | (2.23) | (0.58) | (0.35) | (0.06) | |
Net asset value, end of period | $13.76 | $12.20 | $9.69 | $9.76 | $11.83 | $11.05 | $9.88 | |
Total return4 | 12.79% | 27.95% | 1.22% | 2.67% | 12.42% | 15.90% | (0.55)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.97% * | 3.00% * | 3.39% * | 4.06% * | 3.99% ^ | 4.53% ^ | 4.97% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.30% * | 0.25% ^ | 0.24% ^ | 0.24% ^ | |
Net investment income | 1.81% * | 1.61% * | 2.05% * | 1.25% * | 1.19% | 1.23% | 1.53% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 44% | 85% | 36% | 31% | 35% | 31% | 14% | |
Net assets, end of period (000s omitted) | $143 | $127 | $101 | $102 | $123 | $115 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.21 | $9.70 | $9.76 | $11.84 | $11.06 | $9.88 | $10.00 | |
Net investment income | 0.13 | 0.18 | 0.22 | 0.12 | 0.16 | 0.14 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 1.44 | 2.54 | (0.06) | 0.05 | 1.21 | 1.40 | (0.13) | |
Total from investment operations | 1.57 | 2.72 | 0.16 | 0.17 | 1.37 | 1.54 | (0.05) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.21) | (0.22) | (0.10) | (0.23) | (0.13) | (0.07) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.36) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.21) | (0.22) | (2.25) | (0.59) | (0.36) | (0.07) | |
Net asset value, end of period | $13.78 | $12.21 | $9.70 | $9.76 | $11.84 | $11.06 | $9.88 | |
Total return4 | 12.86% | 28.09% | 1.47% | 2.75% | 12.56% | 16.17% | (0.53)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.82% * | 2.85% * | 3.25% * | 3.92% * | 3.84% ^ | 4.38% ^ | 4.82% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.21% * | 0.15% * | 0.10% ^ | 0.09% ^ | 0.09% ^ | |
Net investment income | 1.96% * | 1.75% * | 2.19% * | 1.40% * | 1.35% | 1.39% | 1.69% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 44% | 85% | 36% | 31% | 35% | 31% | 14% | |
Net assets, end of period (000s omitted) | $7,253 | $6,322 | $4,884 | $4,682 | $5,681 | $5,304 | $4,576 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.17% |
Year ended February 28, 20192 | 0.14% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.19 | $9.66 | $9.73 | $11.80 | $11.03 | $9.87 | $10.00 | |
Net investment income | 0.10 | 0.12 | 0.15 | 0.08 | 0.11 | 0.09 | 0.06 | |
Net realized and unrealized gains (losses) on investments | 1.43 | 2.58 | (0.04) | 0.05 | 1.22 | 1.39 | (0.13) | |
Total from investment operations | 1.53 | 2.70 | 0.11 | 0.13 | 1.33 | 1.48 | (0.07) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.17) | (0.18) | (0.05) | (0.19) | (0.09) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.37) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.17) | (0.18) | (2.20) | (0.56) | (0.32) | (0.06) | |
Net asset value, end of period | $13.72 | $12.19 | $9.66 | $9.73 | $11.80 | $11.03 | $9.87 | |
Total return4 | 12.55% | 28.00% | 0.95% | 2.37% | 12.10% | 15.56% | (0.68)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.18% * | 3.28% * | 3.82% * | 4.31% * | 4.18% ^ | 4.67% ^ | 5.23% ^ | |
Net expenses | 0.67% * | 0.68% * | 0.67% * | 0.61% * | 0.54% ^ | 0.54% ^ | 0.54% ^ | |
Net investment income | 1.49% * | 1.23% * | 1.68% * | 0.95% * | 0.89% | 0.90% | 1.21% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 44% | 85% | 36% | 31% | 34% | 31% | 14% | |
Net assets, end of period (000s omitted) | $502 | $422 | $239 | $161 | $170 | $134 | $103 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.24 | $9.59 | $9.67 | $11.75 | $10.99 | $9.84 | $10.00 | |
Net investment income | 0.05 | 0.06 | 0.10 | 0.02 | 0.02 | 0.02 | 0.02 | |
Payment from affiliate | 0.00 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 1.43 | 2.56 | (0.06) | 0.05 | 1.21 | 1.38 | (0.13) | |
Total from investment operations | 1.48 | 2.77 | 0.04 | 0.07 | 1.23 | 1.40 | (0.11) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.12) | (0.12) | 0.00 | (0.10) | (0.02) | (0.05) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.37) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.12) | (0.12) | (2.15) | (0.47) | (0.25) | (0.05) | |
Net asset value, end of period | $13.72 | $12.24 | $9.59 | $9.67 | $11.75 | $10.99 | $9.84 | |
Total return4 | 12.09% | 28.94% 5 | 0.26% | 1.77% | 11.25% | 14.68% | (1.05)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.43% * | 3.67% * | 4.40% * | 5.04% * | 4.93% ^ | 5.42% ^ | 5.98% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.36% * | 1.29% ^ | 1.30% ^ | 1.30% ^ | |
Net investment income | 0.75% * | 0.53% * | 0.99% * | 0.18% * | 0.15% | 0.17% | 0.47% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 44% | 85% | 36% | 31% | 34% | 31% | 14% | |
Net assets, end of period (000s omitted) | $163 | $139 | $100 | $100 | $121 | $113 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 1.56% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.25 | $9.69 | $9.75 | $11.83 | $11.05 | $9.88 | $10.00 | |
Net investment income | 0.12 | 0.17 | 0.21 | 0.10 | 0.14 | 0.13 | 0.07 | |
Net realized and unrealized gains (losses) on investments | 1.43 | 2.58 | (0.07) | 0.05 | 1.23 | 1.39 | (0.13) | |
Total from investment operations | 1.55 | 2.75 | 0.14 | 0.15 | 1.37 | 1.52 | (0.06) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.19) | (0.20) | (0.08) | (0.22) | (0.12) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.37) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.19) | (0.20) | (2.23) | (0.59) | (0.35) | (0.06) | |
Net asset value, end of period | $13.80 | $12.25 | $9.69 | $9.75 | $11.83 | $11.05 | $9.88 | |
Total return4 | 12.65% | 28.45% | 1.24% | 2.58% | 12.44% | 15.94% | (0.55)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.91% * | 3.01% * | 3.55% * | 4.02% * | 3.90% ^ | 4.39% ^ | 4.95% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.32% * | 0.25% ^ | 0.24% ^ | 0.24% ^ | |
Net investment income | 1.81% * | 1.61% * | 2.04% * | 1.23% * | 1.19% | 1.23% | 1.53% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 44% | 85% | 36% | 31% | 34% | 31% | 14% | |
Net assets, end of period (000s omitted) | $144 | $128 | $101 | $102 | $123 | $115 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.25 | $9.69 | $9.75 | $11.84 | $11.06 | $9.89 | $10.00 | |
Net investment income | 0.13 | 0.18 | 0.22 4 | 0.12 | 0.16 | 0.14 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 1.44 | 2.59 | (0.07) | 0.04 | 1.22 | 1.39 | (0.12) | |
Total from investment operations | 1.57 | 2.77 | 0.15 | 0.16 | 1.38 | 1.53 | (0.04) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.21) | (0.21) | (0.10) | (0.23) | (0.13) | (0.07) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.15) | (0.37) | (0.23) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.21) | (0.21) | (2.25) | (0.60) | (0.35) | (0.07) | |
Net asset value, end of period | $13.82 | $12.25 | $9.69 | $9.75 | $11.84 | $11.06 | $9.89 | |
Total return5 | 12.82% | 28.62% | 1.38% | 2.70% | 12.58% | 16.08% | (0.43)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.76% * | 2.86% * | 3.41% * | 3.87% * | 3.75% ^ | 4.25% ^ | 4.80% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.21% * | 0.17% * | 0.10% ^ | 0.09% ^ | 0.09% ^ | |
Net investment income | 1.96% * | 1.75% * | 2.18% * | 1.38% * | 1.34% | 1.38% | 1.69% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 44% | 85% | 36% | 31% | 34% | 31% | 14% | |
Net assets, end of period (000s omitted) | $7,536 | $6,540 | $5,031 | $4,678 | $5,679 | $5,305 | $4,579 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.17% |
Year ended February 28, 20192 | 0.14% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class A | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.13 | $9.66 | $9.74 | $11.79 | $11.03 | $9.88 | $10.00 | |
Net investment income | 0.11 | 0.12 | 0.17 4 | 0.08 | 0.09 | 0.09 | 0.06 | |
Net realized and unrealized gains (losses) on investments | 1.42 | 2.51 | (0.05) | 0.06 | 1.23 | 1.39 | (0.12) | |
Total from investment operations | 1.53 | 2.63 | 0.12 | 0.14 | 1.32 | 1.48 | (0.06) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.16) | (0.20) | (0.06) | (0.20) | (0.09) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.13) | (0.36) | (0.24) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.16) | (0.20) | (2.19) | (0.56) | (0.33) | (0.06) | |
Net asset value, end of period | $13.66 | $12.13 | $9.66 | $9.74 | $11.79 | $11.03 | $9.88 | |
Total return5 | 12.61% | 27.34% | 1.01% | 2.40% | 12.12% | 15.57% | (0.58)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.29% * | 3.37% * | 3.64% * | 4.30% * | 4.22% ^ | 4.80% ^ | 5.24% ^ | |
Net expenses | 0.67% * | 0.67% * | 0.66% * | 0.59% * | 0.53% ^ | 0.55% ^ | 0.55% ^ | |
Net investment income | 1.50% * | 1.29% * | 1.67% * | 0.97% * | 1.03% | 0.92% | 1.22% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 44% | 85% | 36% | 31% | 36% | 30% | 14% | |
Net assets, end of period (000s omitted) | $476 | $407 | $345 | $290 | $261 | $127 | $101 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.16% |
Year ended February 28, 20192 | 0.14% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Calculated based upon average shares outstanding |
5 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class C | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.22 | $9.62 | $9.72 | $11.76 | $10.99 | $9.85 | $10.00 | |
Net investment income | 0.05 | 0.06 | 0.10 | 0.02 | 0.02 | 0.02 | 0.02 | |
Payment from affiliate | 0.00 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 1.44 | 2.50 | (0.07) | 0.07 | 1.21 | 1.38 | (0.12) | |
Total from investment operations | 1.49 | 2.72 | 0.03 | 0.09 | 1.23 | 1.40 | (0.10) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.12) | (0.13) | 0.00 | (0.10) | (0.02) | (0.05) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.13) | (0.36) | (0.24) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.12) | (0.13) | (2.13) | (0.46) | (0.26) | (0.05) | |
Net asset value, end of period | $13.71 | $12.22 | $9.62 | $9.72 | $11.76 | $10.99 | $9.85 | |
Total return4 | 12.19% | 28.36% 5 | 0.16% | 1.89% | 11.28% | 14.69% | (0.94)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.51% * | 3.75% * | 4.22% * | 5.04% * | 4.99% ^ | 5.55% ^ | 5.99% ^ | |
Net expenses | 1.43% * | 1.43% * | 1.42% * | 1.35% * | 1.29% ^ | 1.30% ^ | 1.30% ^ | |
Net investment income | 0.75% * | 0.55% * | 0.99% * | 0.20% * | 0.15% | 0.17% | 0.48% | |
Supplemental data | ||||||||
Portfolio turnover rate6 | 44% | 85% | 36% | 31% | 36% | 30% | 14% | |
Net assets, end of period (000s omitted) | $141 | $126 | $99 | $100 | $121 | $113 | $99 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 1.66% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R4 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.23 | $9.73 | $9.79 | $11.84 | $11.05 | $9.89 | $10.00 | |
Net investment income | 0.12 | 0.17 | 0.21 | 0.10 | 0.14 | 0.13 | 0.07 | |
Net realized and unrealized gains (losses) on investments | 1.44 | 2.52 | (0.06) | 0.06 | 1.22 | 1.39 | (0.12) | |
Total from investment operations | 1.56 | 2.69 | 0.15 | 0.16 | 1.36 | 1.52 | (0.05) | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.19) | (0.21) | (0.08) | (0.21) | (0.12) | (0.06) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.13) | (0.36) | (0.24) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.19) | (0.21) | (2.21) | (0.57) | (0.36) | (0.06) | |
Net asset value, end of period | $13.79 | $12.23 | $9.73 | $9.79 | $11.84 | $11.05 | $9.89 | |
Total return4 | 12.76% | 27.76% | 1.34% | 2.60% | 12.46% | 15.94% | (0.45)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 2.02% * | 3.11% * | 3.37% * | 4.01% * | 3.96% ^ | 4.52% ^ | 4.96% ^ | |
Net expenses | 0.37% * | 0.37% * | 0.36% * | 0.30% * | 0.25% ^ | 0.24% ^ | 0.24% ^ | |
Net investment income | 1.81% * | 1.61% * | 2.05% * | 1.25% * | 1.19% | 1.23% | 1.53% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 44% | 85% | 36% | 31% | 36% | 30% | 14% | |
Net assets, end of period (000s omitted) | $144 | $127 | $101 | $102 | $123 | $115 | $100 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.12% |
Year ended February 28, 2021 | 0.13% |
Year ended February 29, 2020 | 0.15% |
Year ended February 28, 20192 | 0.13% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.09% |
Year ended May 31, 2017 | 0.10% |
Year ended May 31, 20163 | 0.10% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended February 28 | Year ended May 31 | |||||||
Class R6 | Six months ended August 31, 2021 (unaudited) | 2021 | 2020 1 | 2019 2 | 2018 | 2017 | 2016 3 | |
Net asset value, beginning of period | $12.24 | $9.74 | $9.80 | $11.85 | $11.06 | $9.90 | $10.00 | |
Net investment income | 0.13 | 0.19 | 0.23 | 0.12 | 0.16 | 0.14 | 0.08 | |
Net realized and unrealized gains (losses) on investments | 1.44 | 2.52 | (0.06) | 0.06 | 1.22 | 1.39 | (0.11) | |
Total from investment operations | 1.57 | 2.71 | 0.17 | 0.18 | 1.38 | 1.53 | 0.03 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.21) | (0.23) | (0.10) | (0.23) | (0.13) | (0.07) | |
Net realized gains | 0.00 | 0.00 | 0.00 | (2.13) | (0.36) | (0.24) | 0.00 | |
Total distributions to shareholders | 0.00 | (0.21) | (0.23) | (2.23) | (0.59) | (0.37) | (0.07) | |
Net asset value, end of period | $13.81 | $12.24 | $9.74 | $9.80 | $11.85 | $11.06 | $9.90 | |
Total return4 | 12.83% | 28.03% | 1.48% | 2.78% | 12.60% | 16.09% | (0.33)% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.87% * | 2.96% * | 3.23% * | 3.87% * | 3.81% ^ | 4.37% ^ | 4.81% ^ | |
Net expenses | 0.22% * | 0.22% * | 0.21% * | 0.15% * | 0.10% ^ | 0.09% ^ | 0.09% ^ | |
Net investment income | 1.96% * | 1.76% * | 2.20% * | 1.40% * | 1.35% | 1.39% | 1.69% | |
Supplemental data | ||||||||
Portfolio turnover rate5 | 44% | 85% | 36% | 31% | 36% | 30% | 14% | |
Net assets, end of period (000s omitted) | $6,772 | $5,939 | $4,685 | $4,706 | $5,692 | $5,312 | $4,584 |
* | Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended August 31, 2021 (unaudited) | 0.13% |
Year ended February 28, 2021 | 0.14% |
Year ended February 29, 2020 | 0.17% |
Year ended February 28, 20192 | 0.14% |
^ | Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.11% |
Year ended May 31, 20163 | 0.11% |
1 | Year ended February 29 |
2 | For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019. |
3 | For the period from November 30, 2015 (commencement of class operations) to May 31, 2016 |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales in affiliated and unaffiliated mutual funds, exchange-traded funds and unaffiliated securities and included in the portfolio turnover calculation. |
Tax cost | Gross unrealized gains | Gross unrealized losses | Net unrealized gains | |
Dynamic Target Today Fund | $ 6,556,352 | $ 837,573 | $0 | $ 837,573 |
Dynamic Target 2015 Fund | 6,008,627 | 768,416 | 0 | 768,416 |
Dynamic Target 2020 Fund | 7,281,166 | 994,086 | 0 | 994,086 |
Dynamic Target 2025 Fund | 12,182,324 | 1,546,848 | 0 | 1,546,848 |
Dynamic Target 2030 Fund | 12,106,533 | 1,637,600 | 0 | 1,637,600 |
Dynamic Target 2035 Fund | 10,854,239 | 1,695,970 | 0 | 1,695,970 |
Dynamic Target 2040 Fund | 9,135,658 | 1,662,330 | 0 | 1,662,330 |
Dynamic Target 2045 Fund | 7,398,306 | 1,434,259 | 0 | 1,434,259 |
Dynamic Target 2050 Fund | 6,653,510 | 1,337,216 | 0 | 1,337,216 |
Dynamic Target 2055 Fund | 6,922,847 | 1,377,164 | 0 | 1,377,164 |
Dynamic Target 2060 Fund | 6,204,889 | 1,285,715 | 0 | 1,285,715 |
■ | 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) |
Dynamic Target Today Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 7,378,215 | |||
Futures contracts | $ 19,482 | $0 | $0 | 19,482 |
Total assets | $19,482 | $0 | $0 | $7,397,697 |
Liabilities | ||||
Futures contracts | $ 3,772 | $0 | $0 | $ 3,772 |
Total liabilities | $ 3,772 | $0 | $0 | $ 3,772 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $7,378,215. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2015 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 6,762,257 | |||
Futures contracts | $ 18,558 | $0 | $0 | 18,558 |
Total assets | $18,558 | $0 | $0 | $6,780,815 |
Liabilities | ||||
Futures contracts | $ 3,772 | $0 | $0 | $ 3,772 |
Total liabilities | $ 3,772 | $0 | $0 | $ 3,772 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,762,257. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2020 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 8,259,542 | |||
Futures contracts | $ 19,482 | $0 | $0 | 19,482 |
Total assets | $19,482 | $0 | $0 | $8,279,024 |
Liabilities | ||||
Futures contracts | $ 3,772 | $0 | $0 | $ 3,772 |
Total liabilities | $ 3,772 | $0 | $0 | $ 3,772 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $8,259,542. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2025 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 13,698,676 | |||
Futures contracts | $ 38,041 | $0 | $0 | 38,041 |
Total assets | $38,041 | $0 | $0 | $13,736,717 |
Liabilities | ||||
Futures contracts | $ 7,545 | $0 | $0 | $ 7,545 |
Total liabilities | $ 7,545 | $0 | $0 | $ 7,545 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $13,698,676. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2030 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 13,727,827 | |||
Futures contracts | $ 23,851 | $0 | $0 | 23,851 |
Total assets | $23,851 | $0 | $0 | $13,751,678 |
Liabilities | ||||
Futures contracts | $ 7,545 | $0 | $0 | $ 7,545 |
Total liabilities | $ 7,545 | $0 | $0 | $ 7,545 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $13,727,827. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2035 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 12,536,087 | |||
Futures contracts | $ 21,667 | $0 | $0 | 21,667 |
Total assets | $21,667 | $0 | $0 | $12,557,754 |
Liabilities | ||||
Futures contracts | $ 7,545 | $0 | $0 | $ 7,545 |
Total liabilities | $ 7,545 | $0 | $0 | $ 7,545 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $12,536,087. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2040 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 10,783,866 | |||
Futures contracts | $ 21,667 | $0 | $0 | 21,667 |
Total assets | $21,667 | $0 | $0 | $10,805,533 |
Liabilities | ||||
Futures contracts | $ 7,545 | $0 | $0 | $ 7,545 |
Total liabilities | $ 7,545 | $0 | $0 | $ 7,545 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $10,783,866. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2045 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 8,816,855 | |||
Futures contracts | $ 19,482 | $0 | $0 | 19,482 |
Total assets | $19,482 | $0 | $0 | $8,836,337 |
Liabilities | ||||
Futures contracts | $ 3,772 | $0 | $0 | $ 3,772 |
Total liabilities | $ 3,772 | $0 | $0 | $ 3,772 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $8,816,855. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2050 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 7,975,016 | |||
Futures contracts | $ 19,482 | $0 | $0 | 19,482 |
Total assets | $19,482 | $0 | $0 | $7,994,498 |
Liabilities | ||||
Futures contracts | $ 3,772 | $0 | $0 | $ 3,772 |
Total liabilities | $ 3,772 | $0 | $0 | $ 3,772 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $7,975,016. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2055 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 8,284,301 | |||
Futures contracts | $ 19,482 | $0 | $0 | 19,482 |
Total assets | $19,482 | $0 | $0 | $8,303,783 |
Liabilities | ||||
Futures contracts | $ 3,772 | $0 | $0 | $ 3,772 |
Total liabilities | $ 3,772 | $0 | $0 | $ 3,772 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $8,284,301. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Dynamic Target 2060 Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investments measured at net asset value* | $ 7,474,894 | |||
Futures contracts | $ 19,482 | $0 | $0 | 19,482 |
Total assets | $19,482 | $0 | $0 | $7,494,376 |
Liabilities | ||||
Futures contracts | $ 3,772 | $0 | $0 | $ 3,772 |
Total liabilities | $ 3,772 | $0 | $0 | $ 3,772 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $7,474,894. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Seeks to replicate the total return of the Bloomberg U.S. Aggregate ex-Corporate Index, before fees and expenses |
Wells Fargo Emerging Markets Bond Portfolio | Seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses |
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio | Seeks long-term capital appreciation |
Wells Fargo High Yield Corporate Bond Portfolio | Seeks to replicate the total return of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index, before fees and expenses |
Wells Fargo Investment Grade Corporate Bond Portfolio | Seeks to replicate the total return of the Bloomberg U.S. Corporate Bond Index, before fees and expenses |
Wells Fargo Strategic Retirement Bond Portfolio | Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg U.S. Intermediate Government Bond Index, before fees and expenses |
Wells Fargo U.S. REIT Portfolio | Seeks to replicate the total return of the Dow Jones U.S. Select REIT Index, before fees and expenses |
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 | 0.21% |
Class C | 0.21 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Expense ratio caps | |
Class A | 0.68% |
Class C | 1.43 |
Class R4 | 0.37 |
Class R6 | 0.22 |
Front-end sales charges | |
Class A | |
Dynamic Target 2025 Fund | $ 46 |
Dynamic Target 2030 Fund | 15 |
Dynamic Target 2035 Fund | 29 |
Dynamic Target 2040 Fund | 3 |
Dynamic Target 2050 Fund | 19 |
Dynamic Target 2055 Fund | 10 |
Dynamic Target 2060 Fund | 25 |
Reimbursement amount | |
Dynamic Target Today Fund | $1,648 |
Dynamic Target 2015 Fund | 1,699 |
Dynamic Target 2020 Fund | 1,768 |
Dynamic Target 2025 Fund | 1,794 |
Dynamic Target 2030 Fund | 1,378 |
Dynamic Target 2035 Fund | 1,801 |
Dynamic Target 2040 Fund | 1,690 |
Dynamic Target 2045 Fund | 1,821 |
Dynamic Target 2050 Fund | 1,735 |
Dynamic Target 2055 Fund | 1,693 |
Dynamic Target 2060 Fund | 1,632 |
Purchases at cost | Sales proceeds | ||||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | ||
Dynamic Target Today Fund | $2,210,227 | $1,459,877 | $2,106,907 | $1,603,985 | |
Dynamic Target 2015 Fund | 1,772,257 | 1,459,260 | 1,689,407 | 1,615,231 | |
Dynamic Target 2020 Fund | 1,855,547 | 1,949,012 | 1,768,808 | 2,167,626 | |
Dynamic Target 2025 Fund | 2,540,383 | 3,993,129 | 2,406,387 | 4,374,774 | |
Dynamic Target 2030 Fund | 1,917,695 | 4,150,052 | 1,806,228 | 4,518,535 | |
Dynamic Target 2035 Fund | 1,440,948 | 4,064,137 | 1,353,614 | 4,408,728 | |
Dynamic Target 2040 Fund | 925,942 | 3,691,395 | 869,823 | 4,001,630 | |
Dynamic Target 2045 Fund | 508,488 | 3,189,179 | 477,670 | 3,461,664 | |
Dynamic Target 2050 Fund | 228,070 | 2,965,790 | 214,248 | 3,214,008 | |
Dynamic Target 2055 Fund | 238,584 | 3,068,248 | 224,124 | 3,325,347 | |
Dynamic Target 2060 Fund | 215,076 | 2,789,784 | 202,040 | 3,026,454 |
Average notional balance | ||
Long futures | Short futures | |
Dynamic Target Today Fund | $550,407 | $437,255 |
Dynamic Target 2015 Fund | 499,655 | 415,548 |
Dynamic Target 2020 Fund | 562,699 | 437,255 |
Dynamic Target 2025 Fund | 945,346 | 695,812 |
Dynamic Target 2030 Fund | 758,511 | 695,812 |
Dynamic Target 2035 Fund | 714,793 | 637,525 |
Dynamic Target 2040 Fund | 686,640 | 577,132 |
Dynamic Target 2045 Fund | 556,414 | 437,255 |
Dynamic Target 2050 Fund | 542,043 | 415,548 |
Dynamic Target 2055 Fund | 542,043 | 437,255 |
Dynamic Target 2060 Fund | 536,666 | 415,548 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target Today Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 3,772* | |
Foreign currency risk | Unrealized gains on futures contracts | 5,292* | Unrealized losses on futures contracts | 0* | |
$19,482 | $3,772 |
Dynamic Target Today Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ (1,215) | $ 13,886 |
Foreign currency risk | 11,183 | 5,292 |
$ 9,968 | $19,178 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2015 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 3,772* | |
Foreign currency risk | Unrealized gains on futures contracts | 4,368* | Unrealized losses on futures contracts | 0* | |
$18,558 | $3,772 |
Dynamic Target 2015 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ (1,608) | $ 13,358 |
Foreign currency risk | 11,093 | 4,368 |
$ 9,485 | $17,726 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2020 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 3,772* | |
Foreign currency risk | Unrealized gains on futures contracts | 5,292* | Unrealized losses on futures contracts | 0* | |
$19,482 | $3,772 |
Dynamic Target 2020 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ 1,642 | $ 14,265 |
Foreign currency risk | 11,183 | 5,292 |
$12,825 | $19,557 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2025 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 28,380* | Unrealized losses on futures contracts | $ 7,545* | |
Foreign currency risk | Unrealized gains on futures contracts | 9,661* | Unrealized losses on futures contracts | 0* | |
$38,041 | $7,545 |
Dynamic Target 2025 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ 21,688 | $ 25,782 |
Foreign currency risk | 18,665 | 9,661 |
$40,353 | $35,443 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2030 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 7,545* | |
Foreign currency risk | Unrealized gains on futures contracts | 9,661* | Unrealized losses on futures contracts | 0* | |
$23,851 | $7,545 |
Dynamic Target 2030 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ 7,638 | $ 11,592 |
Foreign currency risk | 18,665 | 9,661 |
$26,303 | $21,253 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2035 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 7,545* | |
Foreign currency risk | Unrealized gains on futures contracts | 7,477* | Unrealized losses on futures contracts | 0* | |
$21,667 | $7,545 |
Dynamic Target 2035 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ 5,383 | $ 10,644 |
Foreign currency risk | 18,666 | 7,477 |
$24,049 | $18,121 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2040 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 7,545* | |
Foreign currency risk | Unrealized gains on futures contracts | 7,477* | Unrealized losses on futures contracts | 0* | |
$21,667 | $7,545 |
Dynamic Target 2040 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ (138) | $ 14,896 |
Foreign currency risk | 15,144 | 7,477 |
$15,006 | $22,373 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2045 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 3,772* | |
Foreign currency risk | Unrealized gains on futures contracts | 5,292* | Unrealized losses on futures contracts | 0* | |
$19,482 | $3,772 |
Dynamic Target 2045 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ (1,109) | $ 17,422 |
Foreign currency risk | 11,094 | 5,292 |
$ 9,985 | $22,714 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2050 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 3,772* | |
Foreign currency risk | Unrealized gains on futures contracts | 5,292* | Unrealized losses on futures contracts | 0* | |
$19,482 | $3,772 |
Dynamic Target 2050 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ 1,872 | $ 16,754 |
Foreign currency risk | 11,094 | 5,292 |
$12,966 | $22,046 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2055 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 3,772* | |
Foreign currency risk | Unrealized gains on futures contracts | 5,292* | Unrealized losses on futures contracts | 0* | |
$19,482 | $3,772 |
Dynamic Target 2055 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ (4,372) | $ 17,042 |
Foreign currency risk | 11,093 | 5,292 |
$ 6,721 | $22,334 |
Asset derivatives | Liability derivatives | ||||
Dynamic Target 2060 Fund | Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 14,190* | Unrealized losses on futures contracts | $ 3,772* | |
Foreign currency risk | Unrealized gains on futures contracts | 5,292* | Unrealized losses on futures contracts | 0* | |
$19,482 | $3,772 |
Dynamic Target 2060 Fund | Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives |
Equity risk | $ 1,358 | $ 13,627 |
Foreign currency risk | 11,533 | 5,292 |
$12,891 | $18,919 |
% of ownership | |
Dynamic Target Today Fund | 82.60% |
Dynamic Target 2015 Fund | 91.59 |
Dynamic Target 2020 Fund | 77.42 |
Dynamic Target 2025 Fund | 48.26 |
Dynamic Target 2030 Fund | 48.93 |
Dynamic Target 2035 Fund | 55.33 |
Dynamic Target 2040 Fund | 62.42 |
Dynamic Target 2045 Fund | 79.02 |
Dynamic Target 2050 Fund | 87.58 |
Dynamic Target 2055 Fund | 84.56 |
Dynamic Target 2060 Fund | 93.69 |
Shares voted “For” | Shares voted “Against” | Shares voted “Abstain” | |||
Dynamic Target Today Fund | 517,929 | 0 | 0 | ||
Dynamic Target 2015 Fund | 513,938 | 0 | 0 | ||
Dynamic Target 2020 Fund | 546,229 | 0 | 0 | ||
Dynamic Target 2025 Fund | 623,857 | 0 | 4,052 | ||
Dynamic Target 2030 Fund | 612,936 | 1,493 | 77 | ||
Dynamic Target 2035 Fund | 529,808 | 0 | 0 | ||
Dynamic Target 2040 Fund | 518,391 | 0 | 582 | ||
Dynamic Target 2045 Fund | 515,036 | 0 | 0 | ||
Dynamic Target 2050 Fund | 518,699 | 0 | 0 | ||
Dynamic Target 2055 Fund | 516,117 | 0 | 0 | ||
Dynamic Target 2060 Fund | 513,268 | 0 | 0 |
Shares voted “For” | Shares voted “Against” | Shares voted “Abstain” | |||
Dynamic Target Today Fund | 517,929 | 0 | 0 | ||
Dynamic Target 2015 Fund | 513,938 | 0 | 0 | ||
Dynamic Target 2020 Fund | 546,229 | 0 | 0 | ||
Dynamic Target 2025 Fund | 623,857 | 0 | 4,052 | ||
Dynamic Target 2030 Fund | 612,936 | 1,493 | 77 | ||
Dynamic Target 2035 Fund | 529,808 | 0 | 0 | ||
Dynamic Target 2040 Fund | 518,391 | 0 | 582 | ||
Dynamic Target 2045 Fund | 515,036 | 0 | 0 | ||
Dynamic Target 2050 Fund | 518,699 | 0 | 0 | ||
Dynamic Target 2055 Fund | 516,117 | 0 | 0 | ||
Dynamic Target 2060 Fund | 513,268 | 0 | 0 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Wells Fargo Legal Department since 2018. Previously, Director and Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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 Dynamic Target Today Fund |
Wells Fargo Dynamic Target 2015 Fund |
Wells Fargo Dynamic Target 2020 Fund |
Wells Fargo Dynamic Target 2025 Fund |
Wells Fargo Dynamic Target 2030 Fund |
Wells Fargo Dynamic Target 2035 Fund |
Wells Fargo Dynamic Target 2040 Fund |
Wells Fargo Dynamic Target 2045 Fund |
Wells Fargo Dynamic Target 2050 Fund |
Wells Fargo Dynamic Target 2055 Fund |
Wells Fargo Dynamic Target 2060 Fund |
Wells Fargo Target Today Fund |
Wells Fargo Target 2010 Fund |
Wells Fargo Target 2015 Fund |
Wells Fargo Target 2020 Fund |
Wells Fargo Target 2025 Fund |
Wells Fargo Target 2030 Fund |
Wells Fargo Target 2035 Fund |
Wells Fargo Target 2040 Fund |
Wells Fargo Target 2045 Fund |
Wells Fargo Target 2050 Fund |
Wells Fargo Target 2055 Fund |
Wells Fargo Target 2060 Fund |
■ | 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. |
Dynamic Target Today Blended Index | Dynamic Target 2015 Blended Index | Dynamic Target 2020 Blended Index | |
Bloomberg U.S. Aggregate ex-Corporate Index | 29.57% | 25.86% | 22.18% |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index | 2.52% | 2.21% | 1.89% |
Bloomberg U.S. Corporate Investment Grade Index | 15.39% | 13.46% | 11.54% |
Bloomberg U.S. Government Intermediate Bond Index | 5.00% | 4.38% | 3.75% |
Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index | 5.00% | 4.38% | 3.75% |
Dow Jones U.S. Select REIT Index | 3.33% | 3.96% | 4.58% |
JP Morgan EMBI Global Diversified Index | 2.52% | 2.21% | 1.89% |
MSCI Emerging Markets Index (Net) (USD) | 2.96% | 3.51% | 4.07% |
MSCI World ex USA Index (Net) (USD) | 9.88% | 11.73% | 13.58% |
Russell 1000® Index | 19.07% | 22.65% | 26.23% |
Russell 2000® Index | 4.76% | 5.65% | 6.54% |
1 year | 5 year | 10 year | |
Bloomberg U.S. Aggregate ex-Corporate Index1* | (1.04) | 2.50 | – |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index2 | 10.14 | 6.65 | 7.06 |
Bloomberg U.S. Corporate Investment Grade Index3 | 2.53 | 4.78 | 5.01 |
Bloomberg U.S. Government Intermediate Bond Index4 | (0.66) | 2.15 | 1.90 |
Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index5 | 5.82 | 4.08 | 2.55 |
Dow Jones U.S. Select REIT Index6 | 44.17 | 6.44 | 9.85 |
JP Morgan EMBI Global Diversified Index7 | 4.59 | 4.41 | 5.55 |
MSCI EM Index (Net) (USD)8 | 21.12 | 10.40 | 4.85 |
MSCI World ex USA Index (Net) (USD)9 | 26.57 | 9.78 | 7.05 |
Russell 1000® Index10 | 32.25 | 18.24 | 16.40 |
Russell 2000® Index11 | 47.08 | 14.38 | 13.62 |
* | The inception date of the index is December 2015. |
1 | The Bloomberg U.S. Aggregate ex-Corporate Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). You cannot invest directly in an index. |
2 | The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%. You cannot invest directly into an index. |
3 | The Bloomberg U.S. Corporate Investment Grade Index is a broad based benchmark that measures the investment grade, fixed-rate, taxable, corporate bond market. Bloomberg U.S. Credit - Financial Institutions Index. You cannot invest directly into an index. |
4 | The Bloomberg U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index. |
5 | Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market with maturities more than 1 year and less than 10 years. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index. |
Dynamic Target 2025 Blended Index | Dynamic Target 2030 Blended Index | Dynamic Target 2035 Blended Index | Dynamic Target 2040 Blended Index | Dynamic Target 2045 Blended Index | Dynamic Target 2050 Blended Index | Dynamic Target 2055 Blended Index | Dynamic Target 2060 Blended Index |
18.65% | 14.31% | 11.84% | 8.88% | 5.92% | 2.96% | 2.96% | 2.96% |
1.57% | 1.20% | 1.00% | 0.75% | 0.50% | 0.25% | 0.25% | 0.25% |
9.70% | 7.45% | 6.16% | 4.62% | 3.08% | 1.54% | 1.54% | 1.54% |
1.75% | 0.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
1.75% | 0.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
3.25% | 1.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
1.57% | 1.20% | 1.00% | 0.75% | 0.50% | 0.25% | 0.25% | 0.25% |
5.14% | 6.30% | 6.96% | 7.65% | 8.19% | 8.74% | 8.74% | 8.74% |
17.10% | 20.99% | 23.44% | 25.50% | 27.36% | 29.26% | 29.26% | 29.26% |
31.59% | 37.17% | 39.68% | 41.48% | 43.56% | 45.60% | 45.60% | 45.60% |
7.93% | 9.30% | 9.92% | 10.37% | 10.89% | 11.40% | 11.40% | 11.40% |
6 | The Dow Jones U.S. Select REIT Index tracks the performance of publicly traded REITs and REIT-like securities and is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. The index is a subset of the Dow Jones U.S. Select Real Estate Securities Index (RESI). You cannot invest directly into an index. |
7 | The JP Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index. |
8 | The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) (USD)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. |
9 | The MSCI World ex USA Index (Net) (USD)is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. You cannot invest directly in an index. |
10 | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
11 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-321620/g123507img65c069a01.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Funds' website at wfam.com. Read the prospectus carefully before you invest or send money.
SDTD/SAR104 08-21
ITEM 2. | CODE OF ETHICS |
Not applicable.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust | ||
By: | /s/Andrew Owen | |
Andrew Owen | ||
President | ||
Date: October 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: October 27, 2021 | ||
By: | /s/Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: October 27, 2021 |