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: March 31
Registrant is making a filing for 7 of its series:
Wells Fargo Small Cap Fund, Wells Fargo Disciplined Small Cap Fund, Wells Fargo Special Small Cap Value Fund, Wells Fargo Fundamental Small Cap Growth Fund, Wells Fargo Precious Metals Fund, Wells Fargo Specialized Technology Fund, and Wells Fargo Utility and Telecommunications Fund.
Date of reporting period: September 30, 2021
ITEM 1. REPORT TO STOCKHOLDERS
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Disciplined Small Cap Fund
2 | |
6 | |
8 | |
9 | |
Financial statements | |
20 | |
21 | |
22 | |
23 | |
27 | |
34 | |
Board considerations | |
38 | |
42 | |
48 |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Justin P. Carr, CFA®‡, Robert M. Wicentowski, CFA®‡ |
Average annual total returns (%) as of September 30, 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 (WDSAX)3 | 7-31-2018 | 40.37 | 8.77 | 12.09 | 48.94 | 10.07 | 12.75 | 1.84 | 0.93 | ||
Class R6 (WSCJX)4 | 10-31-2016 | – | – | – | 49.20 | 10.18 | 12.87 | 1.41 | 0.50 | ||
Administrator Class (NVSOX) | 8-1-1993 | – | – | – | 48.66 | 9.89 | 12.67 | 1.76 | 0.85 | ||
Institutional Class (WSCOX)5 | 10-31-2014 | – | – | – | 48.95 | 10.16 | 12.86 | 1.51 | 0.60 | ||
Russell 2000® Index6 | – | – | – | – | 47.68 | 13.45 | 14.63 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through July 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.93% for Class A, 0.50% for Class R6, 0.85% for Administrator Class, and 0.60% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Administrator Class shares, and is adjusted to reflect the higher expenses and sales charges of the Class A shares. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
6 | 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of September 30, 20211 | |
SPS Commerce Incorporated | 0.95 |
Apollo Medical Holdings Incorporated | 0.76 |
Tenet Healthcare Corporation | 0.74 |
Magnolia Oil & Gas Corporation | 0.73 |
EMCOR Group Incorporated | 0.71 |
Arcbest Corporation | 0.71 |
Rimini Street Incorporated | 0.69 |
Mimecast Limited | 0.68 |
Hillenbrand Incorporated | 0.62 |
Atkore International Incorporated | 0.62 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of September 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g579376img1438e17e4.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. |
Beginning account value 4-1-2021 | Ending account value 9-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,022.28 | $4.66 | 0.92% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.46 | $4.66 | 0.92% |
Class R6 | ||||
Actual | $1,000.00 | $1,025.33 | $2.54 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.56 | $2.54 | 0.50% |
Administrator Class | ||||
Actual | $1,000.00 | $1,023.30 | $4.31 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $4.31 | 0.85% |
Institutional Class | ||||
Actual | $1,000.00 | $1,025.00 | $3.05 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.06 | $3.04 | 0.60% |
Shares | Value | ||||
Common stocks: 98.16% | |||||
Communication services: 2.85% | |||||
Diversified telecommunication services: 0.20% | |||||
Ooma Incorporated † | 2,814 | $ 52,369 | |||
Interactive media & services: 0.45% | |||||
Liberty TripAdvisor Holdings Incorporated Class A † | 16,771 | 51,822 | |||
QuinStreet Incorporated † | 3,691 | 64,814 | |||
116,636 | |||||
Media: 1.91% | |||||
AMC Networks Incorporated Class A † | 375 | 17,471 | |||
Entravision Communications Corporation Class A | 19,970 | 141,787 | |||
Gray Television Incorporated | 4,903 | 111,886 | |||
Hemisphere Media Group Incorporated † | 2,446 | 29,792 | |||
Magnite Incorporated † | 1,545 | 43,260 | |||
National CineMedia Incorporated | 5,958 | 21,210 | |||
Nexstar Media Group Incorporated Class A | 865 | 131,445 | |||
496,851 | |||||
Wireless telecommunication services: 0.29% | |||||
Gogo Incorporated † | 4,304 | 74,459 | |||
Consumer discretionary: 11.20% | |||||
Auto components: 0.98% | |||||
Dana Incorporated | 5,223 | 116,160 | |||
Gentherm Incorporated † | 473 | 38,280 | |||
Standard Motor Products Incorporated | 1,156 | 50,529 | |||
The Goodyear Tire & Rubber Company † | 2,753 | 48,728 | |||
253,697 | |||||
Diversified consumer services: 0.71% | |||||
Grand Canyon Education Incorporated † | 370 | 32,545 | |||
Perdoceo Education Corporation † | 5,652 | 59,685 | |||
Stride Incorporated † | 1,922 | 69,077 | |||
Vivint Smart Home Incorporated † | 2,480 | 23,436 | |||
184,743 | |||||
Hotels, restaurants & leisure: 2.60% | |||||
Bloomin' Brands Incorporated † | 4,214 | 105,350 | |||
Boyd Gaming Corporation † | 1,058 | 66,929 | |||
Brinker International Incorporated † | 1,328 | 65,138 | |||
Del Taco Restaurants Incorporated | 6,754 | 58,962 | |||
International Game Technology plc † | 5,388 | 141,812 | |||
Marriott Vacations Worldwide Corporation | 643 | 101,163 | |||
Penn National Gaming Incorporated † | 1,314 | 95,212 | |||
Wingstop Incorporated | 250 | 40,983 | |||
675,549 | |||||
Household durables: 2.63% | |||||
Beazer Homes Incorporated † | 3,503 | 60,427 | |||
Helen of Troy Limited † | 415 | 93,242 | |||
Installed Building Products | 415 | 44,467 | |||
iRobot Corporation † | 393 | 30,851 |
Shares | Value | ||||
Household durables (continued) | |||||
KB Home Incorporated | 1,580 | $ 61,494 | |||
M/I Homes Incorporated † | 1,368 | 79,070 | |||
Meritage Corporation † | 878 | 85,166 | |||
Taylor Morrison Home Corporation † | 3,973 | 102,424 | |||
TopBuild Corporation † | 341 | 69,840 | |||
Universal Electronics Incorporated † | 1,165 | 57,376 | |||
684,357 | |||||
Internet & direct marketing retail: 0.79% | |||||
1-800-Flowers.com Incorporated Class A † | 1,991 | 60,745 | |||
Overstock.com Incorporated † | 1,299 | 101,218 | |||
Stitch Fix Incorporated Class A † | 1,075 | 42,946 | |||
204,909 | |||||
Multiline retail: 0.40% | |||||
Big Lots Stores Incorporated | 2,381 | 103,240 | |||
Specialty retail: 2.36% | |||||
American Eagle Outfitters Incorporated | 1,935 | 49,923 | |||
Asbury Automotive Group Incorporated † | 800 | 157,392 | |||
Bed Bath & Beyond Incorporated † | 2,236 | 38,627 | |||
Big 5 Sporting Goods Corporation « | 2,880 | 66,355 | |||
Hibbett Sports Incorporated | 1,705 | 120,612 | |||
ODP Corporation † | 1,391 | 55,863 | |||
Zumiez Incorporated † | 3,162 | 125,721 | |||
614,493 | |||||
Textiles, apparel & luxury goods: 0.73% | |||||
Deckers Outdoor Corporation † | 332 | 119,586 | |||
Steven Madden Limited | 1,760 | 70,682 | |||
190,268 | |||||
Consumer staples: 3.19% | |||||
Beverages: 0.24% | |||||
Boston Beer Company Incorporated Class A † | 39 | 19,880 | |||
National Beverage Corporation | 817 | 42,884 | |||
62,764 | |||||
Food & staples retailing: 1.03% | |||||
Performance Food Group Company † | 1,473 | 68,436 | |||
Rite Aid Corporation † | 1,109 | 15,748 | |||
The Andersons Incorporated | 3,776 | 116,414 | |||
United Natural Foods Incorporated † | 1,402 | 67,885 | |||
268,483 | |||||
Food products: 0.86% | |||||
Fresh Del Monte Produce Incorporated | 1,518 | 48,910 | |||
John B. Sanfilippo & Son Incorporated | 494 | 40,370 | |||
Sanderson Farms Incorporated | 294 | 55,331 | |||
The Simply Good Foods Company † | 2,285 | 78,810 | |||
223,421 |
Shares | Value | ||||
Personal products: 1.06% | |||||
Medifast Incorporated | 712 | $ 137,160 | |||
USANA Health Sciences Incorporated † | 1,484 | 136,825 | |||
273,985 | |||||
Energy: 4.11% | |||||
Energy equipment & services: 0.78% | |||||
Nabors Industries Limited † | 415 | 40,039 | |||
Nextier Oilfield Solutions Incorporated † | 16,166 | 74,364 | |||
Oceaneering International Incorporated † | 6,576 | 87,592 | |||
201,995 | |||||
Oil, gas & consumable fuels: 3.33% | |||||
Bonanza Creek Energy Incorporated | 3,238 | 155,100 | |||
Magnolia Oil & Gas Corporation | 10,676 | 189,926 | |||
PDC Energy Incorporated | 2,321 | 109,992 | |||
Penn Virginia Corporation † | 5,808 | 154,899 | |||
Renewable Energy Group Incorporated † | 1,485 | 74,547 | |||
Scorpio Tankers Incorporated | 2,163 | 40,102 | |||
SM Energy Company | 3,057 | 80,644 | |||
World Fuel Services Corporation | 1,829 | 61,491 | |||
866,701 | |||||
Financials: 15.17% | |||||
Banks: 7.85% | |||||
BancFirst Corporation | 1,065 | 64,028 | |||
BankUnited Incorporated | 3,131 | 130,938 | |||
Brookline Bancorp Incorporated | 5,526 | 84,327 | |||
CNB Financial Corporation | 2,324 | 56,566 | |||
Customers Bancorp Incorporated † | 2,161 | 92,966 | |||
Enterprise Financial Service | 1,268 | 57,415 | |||
First Bancorp of North Carolina | 2,206 | 94,880 | |||
First Bancorp of Puerto Rico | 8,219 | 108,080 | |||
First Interstate BancSystem Class A | 2,021 | 81,365 | |||
First Merchants Corporation | 1,862 | 77,906 | |||
Great Southern Bancorp Incorporated | 1,435 | 78,652 | |||
Hancock Holding Company | 1,883 | 88,727 | |||
Hilltop Holdings Incorporated | 3,258 | 106,439 | |||
Independent Bank Corporation | 3,349 | 71,937 | |||
Investors Bancorp Incorporated | 4,656 | 70,352 | |||
Metropolitan Bank Holding Corporation † | 416 | 35,069 | |||
NBT Bancorp Incorporated | 3,064 | 110,672 | |||
OFG Bancorp | 4,807 | 121,233 | |||
Preferred Bank | 1,737 | 115,823 | |||
Sterling Bancorp | 2,780 | 69,389 | |||
The Bancorp Incorporated † | 4,463 | 113,583 | |||
TriCo Bancshares | 2,433 | 105,592 | |||
Westamerica Bancorporation | 1,858 | 104,531 | |||
2,040,470 | |||||
Capital markets: 2.17% | |||||
Artisan Partners Asset Management Incorporated Class A | 1,742 | 85,219 | |||
Cowen Incorporated Class A | 1,832 | 62,856 | |||
Evercore Partners Incorporated Class A | 968 | 129,393 | |||
Federated Investors Incorporated Class B | 1,824 | 59,280 |
Shares | Value | ||||
Capital markets (continued) | |||||
Gamco Investors Incorporated Class A | 955 | $ 25,193 | |||
PJT Partners Incorporated Class A | 801 | 63,367 | |||
Stifel Financial Corporation | 2,037 | 138,435 | |||
563,743 | |||||
Consumer finance: 1.60% | |||||
Curo Group Holdings Corporation | 1,824 | 31,610 | |||
Enova International Incorporated † | 3,009 | 103,961 | |||
Green Dot Corporation Class A † | 2,339 | 117,722 | |||
Navient Corporation | 1,041 | 20,539 | |||
PROG Holdings Incorporated | 2,279 | 95,741 | |||
World Acceptance Corporation † | 244 | 46,258 | |||
415,831 | |||||
Insurance: 1.98% | |||||
American Equity Investment Life Holding Company | 2,420 | 71,559 | |||
CNO Financial Group Incorporated | 6,710 | 157,953 | |||
Genworth Financial Incorporated Class A † | 20,330 | 76,238 | |||
Kemper Corporation | 665 | 44,415 | |||
Selective Insurance Group Incorporated | 876 | 66,164 | |||
Stewart Information Services Corporation | 1,541 | 97,484 | |||
513,813 | |||||
Thrifts & mortgage finance: 1.57% | |||||
Essent Group Limited | 2,406 | 105,888 | |||
MGIC Investment Corporation | 5,542 | 82,908 | |||
NMI Holdings Incorporated Class A † | 801 | 18,111 | |||
PennyMac Financial Services Incorporated | 1,159 | 70,850 | |||
Radian Group Incorporated | 3,083 | 70,046 | |||
Walker & Dunlop Incorporated | 539 | 61,177 | |||
408,980 | |||||
Health care: 19.68% | |||||
Biotechnology: 8.88% | |||||
Aduro Biotech Incorporated ♦ | 4,415 | 0 | |||
Amicus Therapeutics Incorporated † | 4,983 | 47,588 | |||
Arena Pharmaceuticals Incorporated † | 1,196 | 71,222 | |||
Arrowhead Pharmaceuticals Incorporated † | 929 | 57,997 | |||
Atara Biotherapeutics Incorporated † | 5,786 | 103,569 | |||
AVROBIO Incorporated † | 3,587 | 20,015 | |||
Beam Therapeutics Incorporated † | 242 | 21,056 | |||
Biocryst Pharmaceuticals Incorporated † | 6,056 | 87,025 | |||
Black Diamond Therapeutics Incorporated † | 3,940 | 33,332 | |||
Blueprint Medicines Corporation † | 708 | 72,789 | |||
Cabaletta Bio Incorporated † | 6,775 | 82,384 | |||
Chinook Therapeutics Incorporated † | 3,656 | 46,651 | |||
Concert Pharmaceuticals Incorporated † | 9,144 | 29,901 | |||
Cytokinetics Incorporated † | 3,009 | 107,542 | |||
Exelixis Incorporated † | 2,122 | 44,859 | |||
Fate Therapeutics Incorporated † | 844 | 50,024 | |||
Fibrogen Incorporated † | 1,461 | 14,931 | |||
Forma Therapeutics Holdings † | 2,210 | 51,250 | |||
Gossamer Bio Incorporated † | 4,562 | 57,344 | |||
Halozyme Therapeutics Incorporated † | 2,718 | 110,568 |
Shares | Value | ||||
Biotechnology (continued) | |||||
Heron Therapeutics Incorporated † | 2,889 | $ 30,883 | |||
Horizon Therapeutics plc † | 695 | 76,130 | |||
Intellia Therapeutics Incorporated † | 975 | 130,796 | |||
Jounce Therapeutics Incorporated † | 4,784 | 35,545 | |||
Kezar Life Sciences Incorporated † | 13,067 | 112,899 | |||
Kiniksa Pharmaceuticals Limited Class A † | 5,465 | 62,246 | |||
Kodiak Sciences Incorporated † | 697 | 66,898 | |||
Kymera Therapeutics Incorporated † | 1,071 | 62,911 | |||
Ligand Pharmaceuticals Incorporated † | 370 | 51,548 | |||
Mei Pharma Incorporated † | 24,246 | 66,919 | |||
Novavax Incorporated † | 96 | 19,902 | |||
Organogenesis Holdings Incorporated Class A † | 4,785 | 68,138 | |||
Pfenex Incorporated ♦ | 5,162 | 0 | |||
Protagonist Therapeutics Incorporated † | 2,012 | 35,653 | |||
Rigel Pharmaceuticals Incorporated † | 16,921 | 61,423 | |||
Rubius Therapeutics Incorporated † | 635 | 11,354 | |||
Sangamo Therapeutics Incorporated † | 4,791 | 43,167 | |||
Selecta Biosciences Incorporated † | 16,065 | 66,830 | |||
Sigilon Therapeutics Incorporated † | 4,881 | 27,578 | |||
TCR2 Therapeutics Incorporated † | 2,531 | 21,539 | |||
Ultragenyx Pharmaceutical Incorporated † | 764 | 68,905 | |||
Vanda Pharmaceuticals Incorporated † | 4,407 | 75,536 | |||
2,306,847 | |||||
Health care equipment & supplies: 3.54% | |||||
Accuray Incorporated † | 15,983 | 63,133 | |||
Apyx Medical Corporation † | 5,033 | 69,707 | |||
Globus Medical Incorporated Class A † | 1,632 | 125,044 | |||
Haemonetics Corporation † | 762 | 53,790 | |||
Lantheus Holdings Incorporated † | 2,368 | 60,810 | |||
Novocure Limited † | 347 | 40,311 | |||
Outset Medical Incorporated † | 1,179 | 58,290 | |||
Seaspine Holdings Corporation † | 4,608 | 72,484 | |||
STAAR Surgical Company † | 989 | 127,116 | |||
Surmodics Incorporated † | 2,143 | 119,151 | |||
ViewRay Incorporated † | 11,172 | 80,550 | |||
Zynex Incorporated †« | 4,425 | 50,401 | |||
920,787 | |||||
Health care providers & services: 4.09% | |||||
Amedisys Incorporated † | 415 | 61,877 | |||
AMN Healthcare Services Incorporated † | 348 | 39,933 | |||
Apollo Medical Holdings Incorporated †« | 2,175 | 198,034 | |||
Centene Corporation † | 1,031 | 64,242 | |||
Modivcare Incorporated † | 670 | 121,685 | |||
Owens & Minor Incorporated | 2,265 | 70,872 | |||
R1 RCM Incorporated † | 3,124 | 68,759 | |||
Select Medical Holdings Corporation | 3,457 | 125,040 | |||
Tenet Healthcare Corporation † | 2,896 | 192,410 | |||
The Ensign Group Incorporated | 1,617 | 121,097 | |||
1,063,949 | |||||
Health care technology: 0.64% | |||||
NextGen Healthcare Incorporated † | 2,724 | 38,408 |
Shares | Value | ||||
Health care technology (continued) | |||||
Omnicell Incorporated † | 735 | $ 109,096 | |||
Simulations Plus Incorporated | 468 | 18,486 | |||
165,990 | |||||
Life sciences tools & services: 0.52% | |||||
Repligen Corporation † | 285 | 82,362 | |||
Seer Incorporated † | 1,491 | 51,484 | |||
133,846 | |||||
Pharmaceuticals: 2.01% | |||||
Amneal Pharmaceuticals Incorporated † | 21,938 | 117,149 | |||
Antares Pharma Incorporated † | 10,419 | 37,925 | |||
Catalent Incorporated † | 1,045 | 139,058 | |||
Endo International plc † | 6,667 | 21,601 | |||
Intra-Cellular Therapies Incorporated † | 2,384 | 88,876 | |||
Pacira Pharmaceuticals Incorporated † | 610 | 34,160 | |||
Supernus Pharmaceuticals Incorporated † | 1,988 | 53,020 | |||
Tarsus Pharmaceuticals Incorporated † | 1,431 | 30,838 | |||
522,627 | |||||
Industrials: 14.57% | |||||
Aerospace & defense: 0.30% | |||||
Moog Incorporated Class A | 1,027 | 78,288 | |||
Air freight & logistics: 0.37% | |||||
Atlas Air Worldwide Holdings Incorporated † | 1,174 | 95,892 | |||
Building products: 0.86% | |||||
Builders FirstSource Incorporated † | 2,701 | 139,750 | |||
Simpson Manufacturing Company Incorporated | 781 | 83,544 | |||
223,294 | |||||
Commercial services & supplies: 0.84% | |||||
Ennis Incorporated | 2,619 | 49,368 | |||
Pitney Bowes Incorporated | 2,912 | 20,996 | |||
Tetra Tech Incorporated | 705 | 105,285 | |||
Viad Corporation † | 944 | 42,867 | |||
218,516 | |||||
Construction & engineering: 2.08% | |||||
Comfort Systems Incorporated | 1,042 | 74,315 | |||
EMCOR Group Incorporated | 1,594 | 183,916 | |||
MasTec Incorporated † | 1,312 | 113,199 | |||
MYR Group Incorporated † | 1,258 | 125,171 | |||
Primoris Services Corporation | 1,798 | 44,033 | |||
540,634 | |||||
Electrical equipment: 1.69% | |||||
Atkore International Incorporated † | 1,858 | 161,497 | |||
Bloom Energy Corporation Class A † | 850 | 15,912 | |||
Encore Wire Corporation | 1,682 | 159,504 | |||
Fuelcell Energy Incorporated † | 1,969 | 13,173 |
Shares | Value | ||||
Electrical equipment (continued) | |||||
Generac Holdings Incorporated † | 148 | $ 60,483 | |||
Plug Power Incorporated † | 1,082 | 27,634 | |||
438,203 | |||||
Machinery: 3.13% | |||||
Alamo Group Incorporated | 520 | 72,556 | |||
Hillenbrand Incorporated | 3,811 | 162,539 | |||
Meritor Incorporated † | 4,223 | 89,992 | |||
Mueller Industries Incorporated | 3,595 | 147,755 | |||
Nikola Corporation † | 872 | 9,304 | |||
Park Ohio Holdings Corporation | 4,305 | 109,864 | |||
Watts Water Technologies Incorporated | 717 | 120,521 | |||
Welbilt Incorporated † | 4,356 | 101,233 | |||
813,764 | |||||
Professional services: 1.96% | |||||
CACI International Incorporated Class A † | 248 | 65,001 | |||
CBIZ Incorporated † | 1,787 | 57,792 | |||
Insperity Incorporated | 700 | 77,518 | |||
Kelly Services Incorporated Class A | 5,582 | 105,388 | |||
Science Applications International Corporation | 653 | 55,871 | |||
TriNet Group Incorporated † | 1,555 | 147,072 | |||
508,642 | |||||
Road & rail: 0.81% | |||||
Arcbest Corporation | 2,247 | 183,737 | |||
Universal Truckload Services | 1,326 | 26,626 | |||
210,363 | |||||
Trading companies & distributors: 2.53% | |||||
Applied Industrial Technologies Incorporated | 1,360 | 122,577 | |||
Boise Cascade Company | 2,108 | 113,790 | |||
GMS Incorporated † | 1,186 | 51,947 | |||
McGrath RentCorp | 663 | 47,703 | |||
Rush Enterprises Incorporated Class A | 3,198 | 144,422 | |||
Titan Machinery Incorporated † | 3,408 | 88,301 | |||
WESCO International Incorporated † | 773 | 89,142 | |||
657,882 | |||||
Information technology: 14.31% | |||||
Communications equipment: 0.27% | |||||
Ciena Corporation † | 1,378 | 70,760 | |||
Electronic equipment, instruments & components: 1.98% | |||||
Advanced Energy Industries Incorporated | 769 | 67,480 | |||
Fabrinet † | 708 | 72,577 | |||
Insight Enterprises Incorporated † | 1,336 | 120,347 | |||
Plexus Corporation † | 690 | 61,693 | |||
Sanmina Corporation † | 3,133 | 120,746 | |||
SYNNEX Corporation | 677 | 70,476 | |||
513,319 | |||||
IT services: 3.13% | |||||
BM Technologies Incorporated † | 471 | 4,192 |
Shares | Value | ||||
IT services (continued) | |||||
EPAM Systems Incorporated † | 221 | $ 126,076 | |||
Evertec Incorporated | 3,308 | 151,242 | |||
ExlService Holdings Incorporated † | 674 | 82,983 | |||
GreenBox POS †« | 5,566 | 46,142 | |||
Hackett Group Incorporated | 4,041 | 79,284 | |||
Maximus Incorporated | 864 | 71,885 | |||
Perficient Incorporated † | 979 | 113,270 | |||
TTEC Holdings Incorporated | 1,484 | 138,799 | |||
813,873 | |||||
Semiconductors & semiconductor equipment: 2.66% | |||||
Diodes Incorporated † | 1,512 | 136,972 | |||
Enphase Energy Incorporated † | 463 | 69,436 | |||
FormFactor Incorporated † | 1,331 | 49,686 | |||
Ichor Holdings Limited † | 2,882 | 118,421 | |||
MKS Instruments Incorporated | 352 | 53,120 | |||
Smart Global Holdings Incorporated † | 2,696 | 119,972 | |||
SunPower Corporation † | 886 | 20,094 | |||
Ultra Clean Holdings Incorporated † | 2,907 | 123,838 | |||
691,539 | |||||
Software: 6.27% | |||||
A10 Networks Incorporated † | 8,247 | 111,170 | |||
ACI Worldwide Incorporated † | 923 | 28,364 | |||
Arlo Technologies Incorporated † | 9,340 | 59,869 | |||
Cloudera Incorporated † | 9,238 | 147,531 | |||
Digital Turbine Incorporated † | 831 | 57,131 | |||
InterDigital Incorporated | 1,287 | 87,284 | |||
J2 Global Incorporated † | 970 | 132,521 | |||
Mimecast Limited † | 2,780 | 176,808 | |||
Rimini Street Incorporated † | 18,687 | 180,330 | |||
SailPoint Technologies Holdings Incorporated † | 824 | 35,333 | |||
SPS Commerce Incorporated † | 1,535 | 247,613 | |||
Tenable Holdings Incorporated † | 1,086 | 50,108 | |||
Upland Software Incorporated † | 2,716 | 90,823 | |||
Verint Systems Incorporated | 1,294 | 57,958 | |||
Veritone Incorporated † | 929 | 22,194 | |||
Workiva Incorporated † | 442 | 62,304 | |||
Xperi Holding Corporation | 4,253 | 80,127 | |||
1,627,468 | |||||
Materials: 4.06% | |||||
Chemicals: 1.68% | |||||
Advansix Incorporated † | 4,047 | 160,868 | |||
Avient Corporation | 549 | 25,446 | |||
Chase Corporation | 237 | 24,210 | |||
Futurefuel Corporation | 1,561 | 11,130 | |||
Kooper Holdings Incorporated † | 1,598 | 49,953 | |||
Sensient Technologies Corporation | 328 | 29,874 | |||
Tronox Holdings plc Class A | 5,495 | 135,452 | |||
436,933 | |||||
Construction materials: 0.16% | |||||
Forterra Incorporated † | 1,747 | 41,159 |
Shares | Value | ||||
Containers & packaging: 1.08% | |||||
Berry Global Group Incorporated † | 971 | $ 59,114 | |||
Greif Incorporated Class A | 1,908 | 123,257 | |||
Myers Industries Incorporated | 5,013 | 98,104 | |||
280,475 | |||||
Metals & mining: 1.14% | |||||
Arconic Corporation † | 1,990 | 62,765 | |||
Cleveland Cliffs Incorporated † | 2,275 | 45,068 | |||
Commercial Metals Company | 2,396 | 72,982 | |||
Schnitzer Steel Industries Incorporated Class A | 1,192 | 52,222 | |||
Suncoke Energy Incorporated | 10,250 | 64,370 | |||
297,407 | |||||
Real estate: 6.44% | |||||
Equity REITs: 5.83% | |||||
Armada Hoffler Properties Incorporated | 4,729 | 63,227 | |||
Ashford Hospitality Trust Incorporated †« | 2,250 | 33,120 | |||
CareTrust REIT Incorporated | 3,111 | 63,216 | |||
Catchmark Timber Trust Incorporated Class A | 6,076 | 72,122 | |||
CorePoint Lodging Incorporated † | 6,862 | 106,361 | |||
CyrusOne Incorporated | 800 | 61,928 | |||
Diversified Healthcare Trust | 28,547 | 96,774 | |||
Easterly Government Properties Incorporated | 3,396 | 70,161 | |||
First Industrial Realty Trust Incorporated | 2,321 | 120,878 | |||
Getty Realty Corporation | 1,389 | 40,712 | |||
Global Medical REIT Incorporated | 6,457 | 94,918 | |||
Global Net Lease Incorporated | 8,049 | 128,945 | |||
Industrial Logistics Properties Trust | 1,577 | 40,072 | |||
National Health Investors Incorporated | 702 | 37,557 | |||
NexPoint Residential Trust Incorporated | 2,285 | 141,396 | |||
Piedmont Office Realty Trust Incorporated Class A | 5,680 | 99,002 | |||
STAG Industrial Incorporated | 3,084 | 121,047 | |||
Uniti Group Incorporated | 4,639 | 57,384 | |||
Urban Edge Properties | 3,537 | 64,762 | |||
1,513,582 | |||||
Real estate management & development: 0.61% | |||||
Newmark Group Incorporated Class A | 11,073 | 158,455 | |||
Utilities: 2.58% | |||||
Electric utilities: 0.94% | |||||
IDACORP Incorporated | 561 | 57,996 | |||
Otter Tail Corporation | 377 | 21,101 | |||
Portland General Electric Company | 2,255 | 105,962 | |||
Via Renewables Incorporated | 5,805 | 59,153 | |||
244,212 | |||||
Gas utilities: 0.44% | |||||
Southwest Gas Holdings Incorporated | 1,683 | 112,559 |
Shares | Value | ||||
Independent power & renewable electricity producers: 0.64% | |||||
Brookfield Renewable Corporation Class A | 2,212 | $ 85,848 | |||
Clearway Energy Incorporated Class A | 2,866 | 80,821 | |||
166,669 | |||||
Multi-utilities: 0.52% | |||||
Black Hills Corporation | 758 | 47,572 | |||
Northwestern Corporation | 1,528 | 87,554 | |||
135,126 | |||||
Water utilities: 0.04% | |||||
Cadiz Incorporated † | 1,511 | 10,637 | |||
Total Common stocks (Cost $19,260,325) | 25,505,454 |
Yield | |||||
Short-term investments: 2.76% | |||||
Investment companies: 2.76% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.02% | 338,450 | 338,450 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 379,092 | 379,092 | ||
Total Short-term investments (Cost $717,542) | 717,542 | ||||
Total investments in securities (Cost $19,977,867) | 100.92% | 26,222,996 | |||
Other assets and liabilities, net | (0.92) | (240,057) | |||
Total net assets | 100.00% | $25,982,939 |
† | Non-income earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Securities Lending Cash Investments LLC | $ 121,125 | $1,453,975 | $(1,236,650) | $0 | $0 | $ 338,450 | 338,450 | $17 # | ||
Wells Fargo Government Money Market Fund Select Class | 1,082,139 | 2,085,107 | (2,788,154) | 0 | 0 | 379,092 | 379,092 | 82 | ||
$0 | $0 | $717,542 | $99 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini Russell 2000 Index | 3 | 12-17-2021 | $336,863 | $330,120 | $0 | $(6,743) |
Assets | |
Investments in unaffiliated securities (including $330,158 of securities loaned), at value (cost $19,260,325) | $ 25,505,454 |
Investments in affiliated securites, at value (cost $717,542) | 717,542 |
Cash | 780 |
Cash at broker segregated for futures contracts | 91,000 |
Receivable for dividends | 13,707 |
Receivable from manager | 7,013 |
Receivable for Fund shares sold | 2,048 |
Receivable for securities lending income, net | 191 |
Prepaid expenses and other assets | 32,208 |
Total assets | 26,369,943 |
Liabilities | |
Payable upon receipt of securities loaned | 338,450 |
Payable for Fund shares redeemed | 10,677 |
Payable for daily variation margin on open futures contracts | 3,165 |
Administration fees payable | 2,869 |
Accrued expenses and other liabilities | 31,843 |
Total liabilities | 387,004 |
Total net assets | $25,982,939 |
Net assets consist of | |
Paid-in capital | $ 21,034,055 |
Total distributable earnings | 4,948,884 |
Total net assets | $25,982,939 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 806,437 |
Shares outstanding – Class A1 | 67,589 |
Net asset value per share – Class A | $11.93 |
Maximum offering price per share – Class A2 | $12.66 |
Net assets – Class R6 | $ 231,414 |
Shares outstanding – Class R61 | 19,715 |
Net asset value per share – Class R6 | $11.74 |
Net assets – Administrator Class | $ 23,579,712 |
Shares outstanding – Administrator Class1 | 1,988,059 |
Net asset value per share – Administrator Class | $11.86 |
Net assets – Institutional Class | $ 1,365,376 |
Shares outstanding – Institutional Class1 | 114,848 |
Net asset value per share – Institutional Class | $11.89 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $407) | $ 128,821 |
Income from affiliated securities | 554 |
Total investment income | 129,375 |
Expenses | |
Management fee | 67,532 |
Administration fees | |
Class A | 969 |
Class R6 | 26 |
Administrator Class | 15,851 |
Institutional Class | 995 |
Shareholder servicing fees | |
Class A | 1,153 |
Administrator Class | 30,483 |
Custody and accounting fees | 16,501 |
Professional fees | 25,537 |
Registration fees | 31,043 |
Shareholder report expenses | 15,315 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 7,663 |
Total expenses | 222,730 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (69,173) |
Class A | (1,457) |
Class R6 | (26) |
Administrator Class | (38,239) |
Institutional Class | (995) |
Net expenses | 112,840 |
Net investment income | 16,535 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 1,781,749 |
Futures contracts | (59,362) |
Net realized gains on investments | 1,722,387 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (1,157,812) |
Futures contracts | 53,007 |
Net change in unrealized gains (losses) on investments | (1,104,805) |
Net realized and unrealized gains (losses) on investments | 617,582 |
Net increase in net assets resulting from operations | $ 634,117 |
Six months ended September 30, 2021 (unaudited) | Year ended March 31, 2021 | |||
Operations | ||||
Net investment income | $ 16,535 | $ 45,561 | ||
Net realized gains on investments | 1,722,387 | 1,536,209 | ||
Net change in unrealized gains (losses) on investments | (1,104,805) | 13,460,022 | ||
Net increase in net assets resulting from operations | 634,117 | 15,041,792 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class R6 | 0 | (2,550) | ||
Administrator Class | 0 | (5,441) | ||
Institutional Class | 0 | (1,918) | ||
Total distributions to shareholders | 0 | (9,909) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 22,239 | 266,212 | 99,181 | 1,109,960 |
Class R6 | 7,320 | 86,010 | 7,526 | 72,031 |
Administrator Class | 54,116 | 643,408 | 158,113 | 1,489,240 |
Institutional Class | 10,646 | 127,658 | 40,317 | 328,237 |
1,123,288 | 2,999,468 | |||
Reinvestment of distributions | ||||
Class R6 | 0 | 0 | 223 | 2,252 |
Administrator Class | 0 | 0 | 529 | 5,411 |
Institutional Class | 0 | 0 | 161 | 1,647 |
0 | 9,310 | |||
Payment for shares redeemed | ||||
Class A | (39,636) | (468,881) | (30,780) | (318,521) |
Class R6 | (1,139) | (13,428) | (17,224) | (135,223) |
Administrator Class | (163,965) | (1,951,421) | (856,001) | (7,874,576) |
Institutional Class | (43,007) | (513,731) | (153,506) | (1,418,005) |
(2,947,461) | (9,746,325) | |||
Net decrease in net assets resulting from capital share transactions | (1,824,173) | (6,737,547) | ||
Total increase (decrease) in net assets | (1,190,056) | 8,294,336 | ||
Net assets | ||||
Beginning of period | 27,172,995 | 18,878,659 | ||
End of period | $25,982,939 | $27,172,995 |
Year ended March 31 | ||||
Class A | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $11.67 | $6.12 | $8.39 | $23.70 |
Net investment income (loss) | 0.00 2,3 | (0.05) 3 | (0.00) 3,4 | 0.02 |
Net realized and unrealized gains (losses) on investments | 0.26 | 5.60 | (2.22) | (3.37) |
Total from investment operations | 0.26 | 5.55 | (2.22) | (3.35) |
Distributions to shareholders from | ||||
Net investment income | 0.00 | 0.00 | (0.05) | (0.04) |
Net realized gains | 0.00 | 0.00 | 0.00 | (11.92) |
Total distributions to shareholders | 0.00 | 0.00 | (0.05) | (11.96) |
Net asset value, end of period | $11.93 | $11.67 | $6.12 | $8.39 |
Total return5 | 2.23% | 90.69% | (26.67)% | (11.52)% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.74% | 1.81% | 1.40% | 1.14% |
Net expenses | 0.92% | 0.93% | 0.93% | 0.92% |
Net investment income (loss) | 0.03% | (0.53)% | (0.05)% | 0.16% |
Supplemental data | ||||
Portfolio turnover rate | 22% | 48% | 67% | 176% |
Net assets, end of period (000s omitted) | $806 | $991 | $102 | $34 |
1 | For the period from July 31, 2018 (commencement of class operations) to March 31, 2019 |
2 | Amount is less than $0.005. |
3 | Calculated based upon average shares outstanding |
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. |
Year ended March 31 | ||||||
Class R6 | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.45 | $6.15 | $8.50 | $22.63 | $23.82 | $22.43 |
Net investment income | 0.03 2 | 0.04 2 | 0.08 2 | 0.06 | 0.07 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.26 | 5.51 | (2.35) | (2.19) | 2.08 | 3.32 |
Total from investment operations | 0.29 | 5.55 | (2.27) | (2.13) | 2.15 | 3.46 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.25) | (0.08) | (0.08) | (0.06) | (0.14) |
Net realized gains | 0.00 | 0.00 | 0.00 | (11.92) | (3.28) | (1.93) |
Total distributions to shareholders | 0.00 | (0.25) | (0.08) | (12.00) | (3.34) | (2.07) |
Net asset value, end of period | $11.74 | $11.45 | $6.15 | $8.50 | $22.63 | $23.82 |
Total return3 | 2.53% | 90.71% | (27.03)% | (6.75)% | 8.95% | 15.63% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.31% | 1.42% | 0.89% | 0.82% | 1.06% | 0.92% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.64% | 0.85% | 0.85% |
Net investment income | 0.49% | 0.51% | 0.95% | 0.48% | 0.14% | 0.67% |
Supplemental data | ||||||
Portfolio turnover rate | 22% | 48% | 67% | 176% | 48% | 73% |
Net assets, end of period (000s omitted) | $231 | $155 | $141 | $4,014 | $23,871 | $1,626 |
1 | For the period from October 31, 2016 (commencement of class operations) to March 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Administrator Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.59 | $6.10 | $8.40 | $22.53 | $23.79 | $21.15 |
Net investment income | 0.01 | 0.02 | 0.02 1 | 0.03 1 | 0.06 | 0.08 1 |
Net realized and unrealized gains (losses) on investments | 0.26 | 5.47 | (2.27) | (2.21) | 2.00 | 4.56 |
Total from investment operations | 0.27 | 5.49 | (2.25) | (2.18) | 2.06 | 4.64 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.00) 2 | (0.05) | (0.03) | (0.04) | (0.07) |
Net realized gains | 0.00 | 0.00 | 0.00 | (11.92) | (3.28) | (1.93) |
Total distributions to shareholders | 0.00 | (0.00) 2 | (0.05) | (11.95) | (3.32) | (2.00) |
Net asset value, end of period | $11.86 | $11.59 | $6.10 | $8.40 | $22.53 | $23.79 |
Total return3 | 2.33% | 90.04% | (26.99)% | (7.01)% | 8.52% | 22.13% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.66% | 1.75% | 1.25% | 1.13% | 1.30% | 1.28% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.95% | 1.20% | 1.20% |
Net investment income | 0.11% | 0.17% | 0.27% | 0.16% | 0.12% | 0.36% |
Supplemental data | ||||||
Portfolio turnover rate | 22% | 48% | 67% | 176% | 48% | 73% |
Net assets, end of period (000s omitted) | $23,580 | $24,318 | $17,049 | $49,911 | $91,506 | $231,039 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Institutional Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.60 | $6.10 | $8.48 | $22.61 | $23.82 | $21.18 |
Net investment income | 0.02 1 | 0.04 1 | 0.06 1 | 0.07 1 | 0.09 | 0.09 |
Net realized and unrealized gains (losses) on investments | 0.27 | 5.47 | (2.28) | (2.22) | 2.03 | 4.61 |
Total from investment operations | 0.29 | 5.51 | (2.22) | (2.15) | 2.12 | 4.70 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.01) | (0.16) | (0.06) | (0.05) | (0.13) |
Net realized gains | 0.00 | 0.00 | 0.00 | (11.92) | (3.28) | (1.93) |
Total distributions to shareholders | 0.00 | (0.01) | (0.16) | (11.98) | (3.33) | (2.06) |
Net asset value, end of period | $11.89 | $11.60 | $6.10 | $8.48 | $22.61 | $23.82 |
Total return2 | 2.50% | 90.34% | (26.80)% | (6.79)% | 8.81% | 22.43% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.41% | 1.51% | 0.94% | 0.89% | 1.07% | 1.03% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.71% | 0.95% | 0.95% |
Net investment income | 0.34% | 0.47% | 0.69% | 0.41% | 0.37% | 0.56% |
Supplemental data | ||||||
Portfolio turnover rate | 22% | 48% | 67% | 176% | 48% | 73% |
Net assets, end of period (000s omitted) | $1,365 | $1,708 | $1,586 | $25,658 | $67,798 | $54,375 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 7,239,983 |
Gross unrealized losses | (1,044,480) |
Net unrealized gains | $ 6,195,503 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 740,315 | $0 | $0 | $ 740,315 |
Consumer discretionary | 2,911,256 | 0 | 0 | 2,911,256 |
Consumer staples | 828,653 | 0 | 0 | 828,653 |
Energy | 1,068,696 | 0 | 0 | 1,068,696 |
Financials | 3,942,837 | 0 | 0 | 3,942,837 |
Health care | 5,114,046 | 0 | 0 | 5,114,046 |
Industrials | 3,785,478 | 0 | 0 | 3,785,478 |
Information technology | 3,716,959 | 0 | 0 | 3,716,959 |
Materials | 1,055,974 | 0 | 0 | 1,055,974 |
Real estate | 1,672,037 | 0 | 0 | 1,672,037 |
Utilities | 669,203 | 0 | 0 | 669,203 |
Short-term investments | ||||
Investment companies | 717,542 | 0 | 0 | 717,542 |
Total assets | $26,222,996 | $0 | $0 | $26,222,996 |
Liabilities | ||||
Futures contracts | $ 6,743 | $0 | $0 | $ 6,743 |
Total liabilities | $ 6,743 | $0 | $0 | $ 6,743 |
Average daily net assets | Management fee |
First $1 billion | 0.500% |
Next $4 billion | 0.475 |
Next $5 billion | 0.440 |
Over $10 billion | 0.430 |
Class-level administration fee | |
Class A | 0.21% |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 0.93% |
Class R6 | 0.50 |
Administrator Class | 0.85 |
Institutional Class | 0.60 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Barclays Capital Incorporated | $ 31,395 | $ (31,395) | 0 |
Morgan Stanley & Co. LLC | 201,020 | (201,020) | 0 |
National Financial Services LLC | 97,743 | (97,743) | 0 |
Shares voted “For” | 1,282,314 | |
Shares voted “Against” | 10,456 | |
Shares voted “Abstain” | 36,704 |
Shares voted “For” | 1,279,642 | |
Shares voted “Against” | 10,605 | |
Shares voted “Abstain” | 39,227 |
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 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
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 Allspring 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. |
Kate McKinley (Born 1977) | Chief Legal Officer and Chief Compliance Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors, Inc. beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021. Previously served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g579376imgb86a40901.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA243/SAR243 09-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g589867img30b962bc1.jpg)
Small Cap Growth Fund
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Financial statements | |
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Board considerations | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g589867img6547e71d2.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 U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael T. Smith, CFA®‡, Christopher J. Warner, CFA®‡ |
Average annual total returns (%) as of September 30, 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 (EGWAX) | 6-5-1995 | 22.88 | 21.23 | 17.19 | 30.36 | 22.68 | 17.88 | 1.47 | 1.23 | ||
Class C (EGWCX) | 7-30-2010 | 28.47 | 21.80 | 17.02 | 29.47 | 21.80 | 17.02 | 2.22 | 1.98 | ||
Class R6 (EGWRX)3 | 5-29-2020 | – | – | – | 30.98 | 23.12 | 18.30 | 1.04 | 0.80 | ||
Administrator Class (EGWDX) | 7-30-2010 | – | – | – | 30.53 | 23.13 | 18.19 | 1.39 | 1.15 | ||
Institutional Class (EGRYX) | 11-19-1997 | – | – | – | 30.86 | 23.09 | 18.28 | 1.14 | 0.90 | ||
Russell 2000® Growth Index4 | – | – | – | – | 33.27 | 15.34 | 15.74 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through July 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.23% for Class A, 1.98% for Class C, 0.80% for Class R6, 1.15% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of September 30, 20211 | |
Workiva Incorporated | 2.48 |
SiteOne Landscape Supply Incorporated | 2.41 |
Casella Waste Systems Incorporated Class A | 2.34 |
Shockwave Medical Incorporated | 2.26 |
Sprout Social Incorporated Class A | 2.18 |
Bill.com Holdings Incorporated | 2.06 |
Option Care Health Incorporated | 2.06 |
WNS Holdings Limited ADR | 1.98 |
Tetra Tech Incorporated | 1.96 |
Goosehead Insurance Incorporated Class A | 1.90 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of September 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g589867img9a90cd704.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. |
Beginning account value 4-1-2021 | Ending account value 9-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,054.23 | $ 6.33 | 1.23% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.90 | $ 6.23 | 1.23% |
Class C | ||||
Actual | $1,000.00 | $1,050.33 | $10.18 | 1.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.14 | $10.00 | 1.98% |
Class R6 | ||||
Actual | $1,000.00 | $1,056.68 | $ 4.12 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.06 | $ 4.05 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,054.82 | $ 5.92 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.30 | $ 5.82 | 1.15% |
Institutional Class | ||||
Actual | $1,000.00 | $1,056.36 | $ 4.64 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.56 | $ 4.56 | 0.90% |
Shares | Value | ||||
Common stocks: 96.48% | |||||
Communication services: 3.06% | |||||
Interactive media & services: 1.25% | |||||
Bumble Incorporated Class A † | 46,671 | $ 2,332,617 | |||
Media: 1.81% | |||||
Cardlytics Incorporated † | 17,656 | 1,482,045 | |||
Magnite Incorporated † | 67,525 | 1,890,700 | |||
3,372,745 | |||||
Consumer discretionary: 8.56% | |||||
Diversified consumer services: 2.95% | |||||
Chegg Incorporated † | 29,569 | 2,011,283 | |||
Duolingo †« | 7,129 | 1,185,980 | |||
Mister Car Wash Incorporated † | 125,889 | 2,297,474 | |||
5,494,737 | |||||
Hotels, restaurants & leisure: 0.76% | |||||
Playa Hotels & Resorts NV † | 171,400 | 1,420,906 | |||
Internet & direct marketing retail: 2.38% | |||||
Etsy Incorporated † | 13,014 | 2,706,391 | |||
Redbubble Limited † | 555,871 | 1,734,748 | |||
4,441,139 | |||||
Leisure products: 2.47% | |||||
Callaway Golf Company † | 87,455 | 2,416,382 | |||
Games Workshop Group plc | 15,877 | 2,197,028 | |||
4,613,410 | |||||
Financials: 4.23% | |||||
Banks: 0.99% | |||||
Silvergate Capital Corporation Class A † | 15,969 | 1,844,420 | |||
Capital markets: 1.34% | |||||
Open Lending Corporation Class A † | 69,162 | 2,494,673 | |||
Insurance: 1.90% | |||||
Goosehead Insurance Incorporated Class A | 23,332 | 3,553,230 | |||
Health care: 30.49% | |||||
Biotechnology: 10.16% | |||||
Ascendis Pharma AS ADR † | 8,566 | 1,365,335 | |||
CareDx Incorporated † | 44,106 | 2,794,997 | |||
Chimerix Incorporated † | 105,140 | 650,817 | |||
CRISPR Therapeutics AG † | 7,761 | 868,689 | |||
Deciphera Pharmaceuticals Incorporated † | 23,401 | 795,166 | |||
Fate Therapeutics Incorporated † | 9,937 | 588,966 | |||
MaxCyte Incorporated †« | 113,840 | 1,389,986 | |||
Mirati Therapeutics Incorporated † | 6,142 | 1,086,581 | |||
Natera Incorporated † | 30,486 | 3,397,360 | |||
ORIC Pharmaceuticals Incorporated † | 30,548 | 638,759 | |||
Turning Point Therapeutics Incorporated † | 13,441 | 892,886 |
Shares | Value | ||||
Biotechnology (continued) | |||||
Twist Bioscience Corporation † | 16,435 | $ 1,758,052 | |||
Veracyte Incorporated † | 35,991 | 1,671,782 | |||
Zentalis Pharmaceuticals Incorporated † | 15,948 | 1,062,775 | |||
18,962,151 | |||||
Health care equipment & supplies: 10.52% | |||||
Axonics Modulation Technologies Incorporated † | 29,631 | 1,928,682 | |||
Cryoport Incorporated † | 36,276 | 2,412,717 | |||
Establishment Labs Holdings Incorporated † | 12,859 | 920,447 | |||
Figs Incorporated Class A †« | 35,187 | 1,306,845 | |||
Heska Corporation † | 12,413 | 3,209,257 | |||
Inari Medical Incorporated † | 34,966 | 2,835,743 | |||
Pulmonx Corporation † | 38,760 | 1,394,585 | |||
Shockwave Medical Incorporated † | 20,447 | 4,209,628 | |||
Treace Medical Concepts Incorporated † | 52,053 | 1,400,226 | |||
19,618,130 | |||||
Health care providers & services: 4.47% | |||||
Amedisys Incorporated † | 8,609 | 1,283,602 | |||
HealthEquity Incorporated † | 49,516 | 3,206,656 | |||
Option Care Health Incorporated † | 158,286 | 3,840,018 | |||
8,330,276 | |||||
Health care technology: 3.97% | |||||
Inspire Medical Systems Incorporated † | 14,601 | 3,400,281 | |||
Phreesia Incorporated † | 43,260 | 2,669,142 | |||
Schrodinger Incorporated † | 24,438 | 1,336,270 | |||
7,405,693 | |||||
Life sciences tools & services: 0.67% | |||||
Inotiv Incorporated † | 5,233 | 153,013 | |||
Rapid Micro Biosystems Incorporated Class A †« | 59,802 | 1,104,543 | |||
1,257,556 | |||||
Pharmaceuticals: 0.70% | |||||
Arvinas Incorporated † | 15,946 | 1,310,442 | |||
Industrials: 14.41% | |||||
Building products: 2.93% | |||||
Advanced Drainage Systems Incorporated | 28,103 | 3,039,902 | |||
Trex Company Incorporated † | 23,827 | 2,428,686 | |||
5,468,588 | |||||
Commercial services & supplies: 4.30% | |||||
Casella Waste Systems Incorporated Class A † | 57,548 | 4,370,195 | |||
Tetra Tech Incorporated | 24,458 | 3,652,558 | |||
8,022,753 | |||||
Construction & engineering: 1.37% | |||||
Construction Partners Incorporated Class A † | 76,894 | 2,565,953 | |||
Electrical equipment: 1.22% | |||||
Allied Motion Technologies | 72,541 | 2,269,082 |
Shares | Value | ||||
Machinery: 0.32% | |||||
Desktop Metal Incorporated †« | 83,352 | $ 597,634 | |||
Road & rail: 1.86% | |||||
Saia Incorporated † | 14,601 | 3,475,476 | |||
Trading companies & distributors: 2.41% | |||||
SiteOne Landscape Supply Incorporated † | 22,543 | 4,496,652 | |||
Information technology: 32.70% | |||||
Electronic equipment, instruments & components: 4.82% | |||||
Littelfuse Incorporated | 9,268 | 2,532,666 | |||
Nayax Limited † | 256,639 | 1,014,095 | |||
Nlight Incorporated † | 73,488 | 2,071,627 | |||
Novanta Incorporated † | 21,805 | 3,368,873 | |||
8,987,261 | |||||
IT services: 11.34% | |||||
Euronet Worldwide Incorporated † | 14,175 | 1,804,194 | |||
Globant SA † | 12,036 | 3,382,236 | |||
Keywords Studios plc † | 70,520 | 2,766,943 | |||
MongoDB Incorporated † | 6,598 | 3,111,023 | |||
Paymentus Holdings Incorporated A † | 57,024 | 1,405,071 | |||
Repay Holdings Corporation † | 103,327 | 2,379,621 | |||
Shift4 Payments Incorporated Class A † | 33,662 | 2,609,478 | |||
WNS Holdings Limited ADR † | 45,214 | 3,698,505 | |||
21,157,071 | |||||
Semiconductors & semiconductor equipment: 1.69% | |||||
MKS Instruments Incorporated | 13,807 | 2,083,614 | |||
Universal Display Corporation | 6,293 | 1,075,851 | |||
3,159,465 | |||||
Software: 14.85% | |||||
Avalara Incorporated † | 15,924 | 2,783,037 | |||
Bill.com Holdings Incorporated † | 14,419 | 3,849,152 | |||
Cerence Incorporated † | 26,208 | 2,518,851 | |||
Jamf Holding Corporation † | 70,749 | 2,725,251 | |||
Lightspeed Commerce Incorporated † | 25,062 | 2,416,729 | |||
Model N Incorporated † | 68,885 | 2,307,648 | |||
Olo Incorporated Class A † | 80,414 | 2,414,832 | |||
Sprout Social Incorporated Class A † | 33,345 | 4,066,423 | |||
Workiva Incorporated † | 32,868 | 4,633,073 | |||
27,714,996 | |||||
Materials: 1.54% | |||||
Containers & packaging: 1.54% | |||||
Ranpak Holdings Corporation † | 107,152 | 2,873,817 | |||
Real estate: 1.49% | |||||
Equity REITs: 1.49% | |||||
Rexford Industrial Realty Incorporated | 48,874 | 2,773,600 | |||
Total Common stocks (Cost $123,764,466) | 180,014,473 |
Yield | Shares | Value | |||
Short-term investments: 5.40% | |||||
Investment companies: 5.40% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.02% | 4,255,925 | $ 4,255,925 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 5,813,195 | 5,813,195 | ||
Total Short-term investments (Cost $10,069,120) | 10,069,120 | ||||
Total investments in securities (Cost $133,833,586) | 101.88% | 190,083,593 | |||
Other assets and liabilities, net | (1.88) | (3,502,078) | |||
Total net assets | 100.00% | $186,581,515 |
† | Non-income earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Securities Lending Cash Investments LLC | $5,017,845 | $24,018,536 | $(24,780,456) | $0 | $0 | $ 4,255,925 | 4,255,925 | $371 # | ||
Wells Fargo Government Money Market Fund Select Class | 672,531 | 42,681,785 | (37,541,121) | 0 | 0 | 5,813,195 | 5,813,195 | 550 | ||
$0 | $0 | $10,069,120 | $921 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $4,144,097 of securities loaned), at value (cost $123,764,466) | $ 180,014,473 |
Investments in affiliated securites, at value (cost $10,069,120) | 10,069,120 |
Foreign currency, at value (cost $215,656) | 215,992 |
Receivable for investments sold | 3,100,952 |
Receivable for Fund shares sold | 225,611 |
Receivable for dividends | 17,409 |
Receivable for securities lending income, net | 3,949 |
Prepaid expenses and other assets | 71,802 |
Total assets | 193,719,308 |
Liabilities | |
Payable upon receipt of securities loaned | 4,255,925 |
Payable for investments purchased | 2,593,837 |
Payable for Fund shares redeemed | 105,110 |
Management fee payable | 104,457 |
Administration fees payable | 30,521 |
Distribution fee payable | 1,066 |
Accrued expenses and other liabilities | 46,877 |
Total liabilities | 7,137,793 |
Total net assets | $186,581,515 |
Net assets consist of | |
Paid-in capital | $ 105,086,921 |
Total distributable earnings | 81,494,594 |
Total net assets | $186,581,515 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 138,312,378 |
Shares outstanding – Class A1 | 6,132,603 |
Net asset value per share – Class A | $22.55 |
Maximum offering price per share – Class A2 | $23.93 |
Net assets – Class C | $ 1,653,902 |
Shares outstanding – Class C1 | 87,096 |
Net asset value per share – Class C | $18.99 |
Net assets – Class R6 | $ 2,039,016 |
Shares outstanding – Class R61 | 73,405 |
Net asset value per share – Class R6 | $27.78 |
Net assets – Administrator Class | $ 561,235 |
Shares outstanding – Administrator Class1 | 20,835 |
Net asset value per share – Administrator Class | $26.94 |
Net assets – Institutional Class | $ 44,014,984 |
Shares outstanding – Institutional Class1 | 1,586,837 |
Net asset value per share – Institutional Class | $27.74 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $397) | $ 154,223 |
Securities lending income from affiliates, net | 18,577 |
Income from affiliated securities | 555 |
Total investment income | 173,355 |
Expenses | |
Management fee | 755,974 |
Administration fees | |
Class A | 146,458 |
Class C | 1,753 |
Class R6 | 115 |
Administrator Class | 286 |
Institutional Class | 23,091 |
Shareholder servicing fees | |
Class A | 174,355 |
Class C | 2,083 |
Administrator Class | 550 |
Distribution fee | |
Class C | 6,181 |
Custody and accounting fees | 11,793 |
Professional fees | 27,906 |
Registration fees | 37,281 |
Shareholder report expenses | 24,783 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 5,572 |
Total expenses | 1,227,843 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (178,994) |
Class C | (8,111) |
Class R6 | (33) |
Administrator Class | (24) |
Institutional Class | (1,854) |
Net expenses | 1,038,827 |
Net investment loss | (865,472) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 11,938,858 |
Net change in unrealized gains (losses) on investments | (1,840,304) |
Net realized and unrealized gains (losses) on investments | 10,098,554 |
Net increase in net assets resulting from operations | $ 9,233,082 |
Six months ended September 30, 2021 (unaudited) | Year ended March 31, 2021 | |||
Operations | ||||
Net investment loss | $ (865,472) | $ (1,196,806) | ||
Payment from affiliate | 0 | 2,422 | ||
Net realized gains on investments | 11,938,858 | 18,310,286 | ||
Net change in unrealized gains (losses) on investments | (1,840,304) | 55,783,989 | ||
Net increase in net assets resulting from operations | 9,233,082 | 72,899,891 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (2,946,281) | ||
Class C | 0 | (25,513) | ||
Class R6 | 0 | (982) 1 | ||
Administrator Class | 0 | (4,445) | ||
Institutional Class | 0 | (385,274) | ||
Total distributions to shareholders | 0 | (3,362,495) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 187,402 | 4,161,103 | 851,445 | 18,597,612 |
Class C | 7,256 | 132,366 | 52,448 | 945,378 |
Class R6 | 58,142 | 1,657,768 | 18,616 1 | 480,290 1 |
Administrator Class | 7,762 | 205,832 | 12,658 | 329,154 |
Institutional Class | 1,042,370 | 27,821,371 | 316,411 | 7,406,047 |
33,978,440 | 27,758,481 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 139,563 | 2,880,580 |
Class C | 0 | 0 | 1,415 | 24,733 |
Class R6 | 0 | 0 | 10 1 | 262 1 |
Administrator Class | 0 | 0 | 138 | 3,389 |
Institutional Class | 0 | 0 | 13,426 | 339,942 |
0 | 3,248,906 | |||
Payment for shares redeemed | ||||
Class A | (269,571) | (6,010,714) | (821,662) | (15,585,066) |
Class C | (6,972) | (132,234) | (9,108) | (150,170) |
Class R6 | (1,988) | (51,491) | (1,375) 1 | (36,477) 1 |
Administrator Class | (2,230) | (56,046) | (4,715) | (109,842) |
Institutional Class | (190,877) | (5,041,507) | (190,256) | (4,941,582) |
(11,291,992) | (20,823,137) | |||
Net increase in net assets resulting from capital share transactions | 22,686,448 | 10,184,250 | ||
Total increase in net assets | 31,919,530 | 79,721,646 | ||
Net assets | ||||
Beginning of period | 154,661,985 | 74,940,339 | ||
End of period | $186,581,515 | $154,661,985 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
Year ended March 31 | ||||||
Class A | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $21.39 | $11.00 | $13.28 | $15.32 | $14.08 | $12.05 |
Net investment loss | (0.14) | (0.18) 1 | (0.10) 1 | (0.11) 1 | (0.12) 1 | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | 1.30 | 11.09 | (1.27) | 2.17 | 2.35 | 2.51 |
Total from investment operations | 1.16 | 10.91 | (1.37) | 2.06 | 2.23 | 2.41 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (0.52) | (0.91) | (4.10) | (0.99) | (0.38) |
Net asset value, end of period | $22.55 | $21.39 | $11.00 | $13.28 | $15.32 | $14.08 |
Total return2 | 5.42% | 99.31% | (11.52)% | 17.46% | 16.08% | 20.10% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.44% | 1.47% | 1.52% | 1.51% | 1.52% | 1.51% |
Net expenses | 1.23% | 1.23% | 1.23% | 1.23% | 1.33% | 1.33% |
Net investment loss | (1.04)% | (0.99)% | (0.74)% | (0.74)% | (0.79)% | (0.77)% |
Supplemental data | ||||||
Portfolio turnover rate | 25% | 55% | 63% | 155% | 44% | 113% |
Net assets, end of period (000s omitted) | $138,312 | $132,937 | $66,472 | $86,006 | $84,738 | $82,734 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Class C | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.08 | $9.39 | $11.55 | $13.94 | $12.99 | $11.22 |
Net investment loss | (0.17) | (0.28) 1 | (0.18) 1 | (0.20) 1 | (0.21) 1 | (0.18) 1 |
Payment from affiliate | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.08 | 9.48 | (1.07) | 1.91 | 2.15 | 2.33 |
Total from investment operations | 0.91 | 9.21 | (1.25) | 1.71 | 1.94 | 2.15 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (0.52) | (0.91) | (4.10) | (0.99) | (0.38) |
Net asset value, end of period | $18.99 | $18.08 | $9.39 | $11.55 | $13.94 | $12.99 |
Total return2 | 5.03% | 98.22% 3 | (12.30)% | 16.69% | 15.17% | 19.26% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.18% | 2.20% | 2.26% | 2.26% | 2.27% | 2.26% |
Net expenses | 1.98% | 1.98% | 1.98% | 1.98% | 2.08% | 2.08% |
Net investment loss | (1.79)% | (1.74)% | (1.49)% | (1.48)% | (1.54)% | (1.52)% |
Supplemental data | ||||||
Portfolio turnover rate | 25% | 55% | 63% | 155% | 44% | 113% |
Net assets, end of period (000s omitted) | $1,654 | $1,569 | $395 | $349 | $274 | $225 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the year ended March 31, 2021, the Fund received a payment from an affiliate which had an impact of 0.09% on the total return. See Note 4 in the Notes to Financial Statement for additional information. |
Year ended March 31 | ||
Class R6 | Six months ended September 30, 2021 (unaudited) | 2021 1 |
Net asset value, beginning of period | $26.29 | $17.87 |
Net investment loss | (0.05) | (0.11) 2 |
Net realized and unrealized gains (losses) on investments | 1.54 | 9.05 |
Total from investment operations | 1.49 | 8.94 |
Distributions to shareholders from | ||
Net realized gains | 0.00 | (0.52) |
Net asset value, end of period | $27.78 | $26.29 |
Total return3 | 5.67% | 50.11% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.01% | 1.03% |
Net expenses | 0.80% | 0.80% |
Net investment loss | (0.59)% | (0.54)% |
Supplemental data | ||
Portfolio turnover rate | 25% | 55% |
Net assets, end of period (000s omitted) | $2,039 | $454 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Administrator Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $25.54 | $12.91 | $15.43 | $17.14 | $15.63 | $13.29 |
Net investment loss | (0.13) 1 | (0.20) 1 | (0.11) 1 | (0.11) 1 | (0.11) 1 | (0.09) 1 |
Payment from affiliate | 0.00 | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.53 | 13.24 | (1.50) | 2.50 | 2.61 | 2.81 |
Total from investment operations | 1.40 | 13.15 | (1.61) | 2.39 | 2.50 | 2.72 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (0.52) | (0.91) | (4.10) | (0.99) | (0.38) |
Net asset value, end of period | $26.94 | $25.54 | $12.91 | $15.43 | $17.14 | $15.63 |
Total return2 | 5.48% | 101.97% 3 | (11.52)% | 17.59% | 16.21% | 20.56% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.36% | 1.39% | 1.44% | 1.43% | 1.44% | 1.43% |
Net expenses | 1.15% | 1.15% | 1.15% | 1.15% | 1.20% | 1.20% |
Net investment loss | (0.95)% | (0.90)% | (0.66)% | (0.62)% | (0.66)% | (0.64)% |
Supplemental data | ||||||
Portfolio turnover rate | 25% | 55% | 63% | 155% | 44% | 113% |
Net assets, end of period (000s omitted) | $561 | $391 | $93 | $104 | $133 | $174 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended March 31, 2021, the Fund received a payment from an affiliate which had an impact of 0.89% on the total return. See Note 4 in the Notes to Financial Statement for additional information. |
Year ended March 31 | ||||||
Institutional Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $26.26 | $13.39 | $15.94 | $17.53 | $15.94 | $13.54 |
Net investment loss | (0.10) 1 | (0.15) 1 | (0.07) 1 | (0.07) 1 | (0.08) 1 | (0.06) 1 |
Net realized and unrealized gains (losses) on investments | 1.58 | 13.54 | (1.57) | 2.58 | 2.66 | 2.84 |
Total from investment operations | 1.48 | 13.39 | (1.64) | 2.51 | 2.58 | 2.78 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (0.52) | (0.91) | (4.10) | (0.99) | (0.38) |
Net asset value, end of period | $27.74 | $26.26 | $13.39 | $15.94 | $17.53 | $15.94 |
Total return2 | 5.64% | 100.11% | (11.29)% | 17.85% | 16.40% | 20.62% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.11% | 1.14% | 1.19% | 1.18% | 1.19% | 1.18% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.98% | 0.98% |
Net investment loss | (0.69)% | (0.66)% | (0.41)% | (0.41)% | (0.44)% | (0.43)% |
Supplemental data | ||||||
Portfolio turnover rate | 25% | 55% | 63% | 155% | 44% | 113% |
Net assets, end of period (000s omitted) | $44,015 | $19,311 | $7,980 | $9,695 | $8,878 | $8,001 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $63,606,047 |
Gross unrealized losses | (7,510,155) |
Net unrealized gains | $56,095,892 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 5,705,362 | $ 0 | $0 | $ 5,705,362 |
Consumer discretionary | 14,235,444 | 1,734,748 | 0 | 15,970,192 |
Financials | 7,892,323 | 0 | 0 | 7,892,323 |
Health care | 56,884,248 | 0 | 0 | 56,884,248 |
Industrials | 26,896,138 | 0 | 0 | 26,896,138 |
Information technology | 60,004,698 | 1,014,095 | 0 | 61,018,793 |
Materials | 2,873,817 | 0 | 0 | 2,873,817 |
Real estate | 2,773,600 | 0 | 0 | 2,773,600 |
Short-term investments | ||||
Investment companies | 10,069,120 | 0 | 0 | 10,069,120 |
Total assets | $187,334,750 | $2,748,843 | $0 | $190,083,593 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.825 |
Next $1 billion | 0.800 |
Next $1 billion | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.730 |
Next $5 billion | 0.720 |
Over $10 billion | 0.710 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.23% |
Class C | 1.98 |
Class R6 | 0.80 |
Administrator Class | 1.15 |
Institutional Class | 0.90 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $2,109,563 | $(2,109,563) | 0 |
Barclays Capital Incorporated | 179,600 | (179,600) | 0 |
BNP Paribas Securities Corporation | 186,816 | (186,816) | 0 |
Deutsche Bank Securities Incorporated | 309,309 | (309,309) | 0 |
Morgan Stanley & Co. LLC | 1,101,530 | (1,101,530) | 0 |
Nomura Securities International Incorporated | 257,279 | (257,279) | 0 |
Shares voted “For” | 2,852,854 | |
Shares voted “Against” | 133,475 | |
Shares voted “Abstain” | 665,169 |
Shares voted “For” | 2,848,422 | |
Shares voted “Withhold” | 137,047 | |
Shares voted “Abstain” | 666,029 |
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 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
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 Allspring 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. |
Kate McKinley (Born 1977) | Chief Legal Officer and Chief Compliance Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors, Inc. beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021. Previously served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g589867img30b962bc1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA247/SAR247 09-21
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Christopher G. Miller, CFA®‡, Theran Motl, CFA®‡ |
Average annual total returns (%) as of September 30, 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 (WFSMX) | 3-31-2008 | 40.12 | 9.29 | 12.81 | 48.67 | 10.59 | 13.48 | 1.69 | 1.24 | ||
Class C (WSCDX) | 3-31-2008 | 46.47 | 9.76 | 12.62 | 47.47 | 9.76 | 12.62 | 2.44 | 1.99 | ||
Class R6 (WFSJX)3 | 5-29-2020 | – | – | – | 49.45 | 11.02 | 13.94 | 1.26 | 0.81 | ||
Administrator Class (WFSDX) | 4-8-2005 | – | – | – | 48.75 | 10.74 | 13.67 | 1.61 | 1.16 | ||
Institutional Class (WFSSX) | 4-8-2005 | – | – | – | 49.13 | 10.97 | 13.91 | 1.36 | 0.91 | ||
Russell 2000® Index4 | – | – | – | – | 47.68 | 13.45 | 14.63 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through July 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.23% for Class A, 1.98% for Class C, 0.80% for Class R6, 1.15% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Institutional Class shares adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of September 30, 20211 | |
LivaNova plc | 2.27 |
CoreSite Realty Corporation | 2.00 |
Integer Holdings Corporation | 1.98 |
Masonite International Corporation | 1.96 |
Atkore International Incorporated | 1.83 |
Quaker Chemical Corporation | 1.80 |
National Vision Holdings Incorporated | 1.75 |
Macom Technology Solutions Holdings Incorporated | 1.60 |
Air Lease Corporation | 1.60 |
Ashland Global Holdings Incorporated | 1.59 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of September 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g592631imgd38de33b4.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. |
Beginning account value 4-1-2021 | Ending account value 9-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,044.21 | $ 6.25 | 1.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.95 | $ 6.17 | 1.22% |
Class C | ||||
Actual | $1,000.00 | $1,039.75 | $10.12 | 1.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.14 | $10.00 | 1.98% |
Class R6 | ||||
Actual | $1,000.00 | $1,046.38 | $ 4.10 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.06 | $ 4.05 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,044.48 | $ 5.89 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.30 | $ 5.82 | 1.15% |
Institutional Class | ||||
Actual | $1,000.00 | $1,045.81 | $ 4.62 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.56 | $ 4.56 | 0.90% |
Shares | Value | ||||
Common stocks: 98.38% | |||||
Communication services: 1.14% | |||||
Interactive media & services: 1.14% | |||||
Eventbrite Incorporated Class A † | 32,565 | $ 615,804 | |||
Consumer discretionary: 10.74% | |||||
Auto components: 2.23% | |||||
Dana Incorporated | 26,060 | 579,574 | |||
Gentherm Incorporated † | 7,792 | 630,607 | |||
1,210,181 | |||||
Diversified consumer services: 2.48% | |||||
Houghton Mifflin Harcourt Company † | 39,899 | 535,844 | |||
Service Corporation International | 13,470 | 811,702 | |||
1,347,546 | |||||
Hotels, restaurants & leisure: 1.90% | |||||
Jack In The Box Incorporated | 6,518 | 634,397 | |||
Planet Fitness Incorporated Class A † | 5,042 | 396,049 | |||
1,030,446 | |||||
Internet & direct marketing retail: 2.38% | |||||
Revolve Group Incorporated † | 13,524 | 835,377 | |||
The RealReal Incorporated † | 34,579 | 455,751 | |||
1,291,128 | |||||
Specialty retail: 1.75% | |||||
National Vision Holdings Incorporated † | 16,698 | 947,945 | |||
Consumer staples: 5.42% | |||||
Food products: 3.63% | |||||
Nomad Foods Limited † | 25,939 | 714,879 | |||
The Simply Good Foods Company † | 22,559 | 778,060 | |||
TreeHouse Foods Incorporated † | 11,952 | 476,646 | |||
1,969,585 | |||||
Personal products: 1.79% | |||||
e.l.f. Beauty Incorporated † | 22,903 | 665,332 | |||
The Honest Company Incorporated †« | 29,453 | 305,722 | |||
971,054 | |||||
Financials: 13.46% | |||||
Banks: 6.58% | |||||
Ameris Bancorp | 9,016 | 467,750 | |||
Pinnacle Financial Partners Incorporated | 6,932 | 652,163 | |||
Sterling Bancorp | 19,391 | 483,999 | |||
United Community Bank | 11,934 | 391,674 | |||
Veritex Holdings Incorporated | 16,298 | 641,489 | |||
Webster Financial Corporation | 10,591 | 576,786 | |||
Wintrust Financial Corporation | 4,414 | 354,753 | |||
3,568,614 |
Shares | Value | ||||
Capital markets: 1.02% | |||||
Raymond James Financial Incorporated | 6,026 | $ 556,033 | |||
Insurance: 4.36% | |||||
Axis Capital Holdings Limited | 15,502 | 713,712 | |||
CNO Financial Group Incorporated | 19,424 | 457,241 | |||
First American Financial Corporation | 7,915 | 530,701 | |||
Reinsurance Group of America Incorporated | 5,974 | 664,667 | |||
2,366,321 | |||||
Thrifts & mortgage finance: 1.50% | |||||
Essent Group Limited | 18,469 | 812,821 | |||
Health care: 15.03% | |||||
Biotechnology: 2.80% | |||||
Agios Pharmaceuticals Incorporated † | 3,485 | 160,833 | |||
Arena Pharmaceuticals Incorporated † | 3,633 | 216,345 | |||
Atara Biotherapeutics Incorporated † | 6,615 | 118,409 | |||
Coherus Biosciences Incorporated † | 9,778 | 157,132 | |||
Insmed Incorporated † | 9,052 | 249,292 | |||
Mirati Therapeutics Incorporated † | 859 | 151,966 | |||
Neurocrine Biosciences Incorporated † | 2,625 | 251,764 | |||
Sage Therapeutics Incorporated † | 2,402 | 106,433 | |||
Zymeworks Incorporated † | 3,728 | 108,261 | |||
1,520,435 | |||||
Health care equipment & supplies: 9.05% | |||||
AngioDynamics Incorporated † | 29,576 | 767,201 | |||
Haemonetics Corporation † | 6,675 | 471,188 | |||
Integer Holdings Corporation † | 11,999 | 1,071,991 | |||
LivaNova plc † | 15,574 | 1,233,305 | |||
Mesa Laboratories Incorporated | 563 | 170,229 | |||
Neuronetics Incorporated † | 27,304 | 179,114 | |||
Teleflex Incorporated | 1,265 | 476,336 | |||
ViewRay Incorporated † | 75,157 | 541,882 | |||
4,911,246 | |||||
Health care providers & services: 0.89% | |||||
HealthEquity Incorporated † | 7,444 | 482,073 | |||
Health care technology: 0.36% | |||||
Schrodinger Incorporated † | 3,507 | 191,763 | |||
Life sciences tools & services: 1.93% | |||||
Bruker Corporation | 9,718 | 758,976 | |||
Codexis Incorporated † | 12,441 | 289,378 | |||
1,048,354 | |||||
Industrials: 19.14% | |||||
Building products: 6.63% | |||||
Armstrong World Industries Incorporated | 8,114 | 774,644 | |||
Masonite International Corporation † | 10,011 | 1,062,467 | |||
Rexnord Corporation | 13,207 | 849,078 |
Shares | Value | ||||
Building products (continued) | |||||
Tecnoglass Incorporated | 12,812 | $ 278,405 | |||
The AZEK Company Incorporated † | 17,257 | 630,398 | |||
3,594,992 | |||||
Commercial services & supplies: 2.42% | |||||
Steelcase Incorporated Class A | 40,978 | 519,601 | |||
Stericycle Incorporated † | 11,709 | 795,861 | |||
1,315,462 | |||||
Construction & engineering: 1.57% | |||||
APi Group Corporation † | 41,946 | 853,601 | |||
Electrical equipment: 1.83% | |||||
Atkore International Incorporated † | 11,424 | 992,974 | |||
Machinery: 2.47% | |||||
Albany International Corporation Class A | 7,238 | 556,385 | |||
SPX Corporation † | 14,631 | 782,027 | |||
1,338,412 | |||||
Road & rail: 1.13% | |||||
Ryder System Incorporated | 7,425 | 614,122 | |||
Trading companies & distributors: 3.09% | |||||
Air Lease Corporation | 22,017 | 866,149 | |||
Herc Holdings Incorporated † | 4,962 | 811,089 | |||
1,677,238 | |||||
Information technology: 20.44% | |||||
Communications equipment: 0.53% | |||||
Infinera Corporation † | 34,387 | 286,100 | |||
Electronic equipment, instruments & components: 2.27% | |||||
Avnet Incorporated | 13,288 | 491,257 | |||
Littelfuse Incorporated | 2,714 | 741,655 | |||
1,232,912 | |||||
IT services: 3.54% | |||||
EVO Payments Incorporated Class A † | 30,774 | 728,728 | |||
Paya Holdings Incorporated Class A † | 38,750 | 421,213 | |||
WNS Holdings Limited ADR † | 9,399 | 768,838 | |||
1,918,779 | |||||
Semiconductors & semiconductor equipment: 2.66% | |||||
Brooks Automation Incorporated | 5,619 | 575,105 | |||
Macom Technology Solutions Holdings Incorporated † | 13,364 | 866,923 | |||
1,442,028 | |||||
Software: 11.44% | |||||
8x8 Incorporated † | 26,790 | 626,617 | |||
Benefitfocus Incorporated † | 18,654 | 207,059 | |||
CommVault Systems Incorporated † | 7,264 | 547,052 | |||
Instructure Holdings Incorporated †« | 28,095 | 634,666 | |||
Mimecast Limited † | 12,174 | 774,266 | |||
New Relic Incorporated † | 4,328 | 310,621 |
Shares | Value | ||||
Software (continued) | |||||
Pagerduty Incorporated † | 16,435 | $ 680,738 | |||
Q2 Holdings Incorporated † | 6,717 | 538,300 | |||
Riskfied Limited Class A †« | 11,666 | 266,101 | |||
SPS Commerce Incorporated † | 4,805 | 775,095 | |||
Zendesk Incorporated † | 7,287 | 848,134 | |||
6,208,649 | |||||
Materials: 6.99% | |||||
Chemicals: 4.66% | |||||
Ashland Global Holdings Incorporated | 9,692 | 863,751 | |||
Quaker Chemical Corporation | 4,107 | 976,316 | |||
Westlake Chemical Corporation | 7,552 | 688,289 | |||
2,528,356 | |||||
Containers & packaging: 1.32% | |||||
Silgan Holdings Incorporated | 18,727 | 718,368 | |||
Metals & mining: 1.01% | |||||
Reliance Steel & Aluminum Company | 3,841 | 547,035 | |||
Real estate: 6.02% | |||||
Equity REITs: 6.02% | |||||
American Homes 4 Rent Class A | 20,204 | 770,176 | |||
CoreSite Realty Corporation | 7,845 | 1,086,846 | |||
Four Corners Property Trust Incorporated | 28,085 | 754,363 | |||
Healthcare Realty Trust Incorporated | 22,047 | 656,560 | |||
3,267,945 | |||||
Total Common stocks (Cost $41,439,758) | 53,378,322 |
Investment companies: 1.06% | |||||
Exchange-traded funds: 1.06% | |||||
SPDR S&P Biotech ETF « | 4,580 | 575,752 | |||
Total Investment companies (Cost $698,962) | 575,752 |
Yield | |||||
Short-term investments: 1.69% | |||||
Investment companies: 1.69% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.02% | 583,950 | 583,950 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 329,910 | 329,910 | ||
Total Short-term investments (Cost $913,860) | 913,860 | ||||
Total investments in securities (Cost $43,052,580) | 101.13% | 54,867,934 | |||
Other assets and liabilities, net | (1.13) | (612,069) | |||
Total net assets | 100.00% | $54,255,865 |
† | Non-income earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Securities Lending Cash Investments LLC | $668,925 | $9,259,670 | $(9,344,645) | $0 | $0 | $ 583,950 | 583,950 | $144 # | ||
Wells Fargo Government Money Market Fund Select Class | 893,581 | 7,166,802 | (7,730,473) | 0 | 0 | 329,910 | 329,910 | 70 | ||
$0 | $0 | $913,860 | $214 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $570,893 of securities loaned), at value (cost $42,138,720) | $ 53,954,074 |
Investments in affiliated securites, at value (cost $913,860) | 913,860 |
Receivable for dividends | 20,595 |
Receivable for securities lending income, net | 2,044 |
Receivable for Fund shares sold | 236 |
Prepaid expenses and other assets | 52,549 |
Total assets | 54,943,358 |
Liabilities | |
Payable upon receipt of securities loaned | 583,950 |
Payable for Fund shares redeemed | 46,471 |
Management fee payable | 18,640 |
Administration fees payable | 8,972 |
Distribution fee payable | 41 |
Accrued expenses and other liabilities | 29,419 |
Total liabilities | 687,493 |
Total net assets | $54,255,865 |
Net assets consist of | |
Paid-in capital | $ 30,254,749 |
Total distributable earnings | 24,001,116 |
Total net assets | $54,255,865 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 46,571,240 |
Shares outstanding – Class A1 | 1,180,871 |
Net asset value per share – Class A | $39.44 |
Maximum offering price per share – Class A2 | $41.85 |
Net assets – Class C | $ 64,984 |
Shares outstanding – Class C1 | 1,827 |
Net asset value per share – Class C | $35.57 |
Net assets – Class R6 | $ 963,444 |
Shares outstanding – Class R61 | 23,333 |
Net asset value per share – Class R6 | $41.29 |
Net assets – Administrator Class | $ 444,551 |
Shares outstanding – Administrator Class1 | 11,007 |
Net asset value per share – Administrator Class | $40.39 |
Net assets – Institutional Class | $ 6,211,646 |
Shares outstanding – Institutional Class1 | 151,189 |
Net asset value per share – Institutional Class | $41.09 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends | $ 207,724 |
Income from affiliated securities | 6,347 |
Total investment income | 214,071 |
Expenses | |
Management fee | 241,215 |
Administration fees | |
Class A | 49,957 |
Class C | 116 |
Class R6 | 154 |
Administrator Class | 321 |
Institutional Class | 4,907 |
Shareholder servicing fees | |
Class A | 59,472 |
Class C | 135 |
Administrator Class | 617 |
Distribution fee | |
Class C | 403 |
Custody and accounting fees | 7,027 |
Professional fees | 24,963 |
Registration fees | 33,965 |
Shareholder report expenses | 19,787 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 3,990 |
Total expenses | 456,691 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (112,238) |
Class A | (12,618) |
Class R6 | (127) |
Administrator Class | (57) |
Institutional Class | (573) |
Net expenses | 331,078 |
Net investment loss | (117,007) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 4,495,054 |
Net change in unrealized gains (losses) on investments | (1,535,322) |
Net realized and unrealized gains (losses) on investments | 2,959,732 |
Net increase in net assets resulting from operations | $ 2,842,725 |
Six months ended September 30, 2021 (unaudited) | Year ended March 31, 2021 | |||
Operations | ||||
Net investment loss | $ (117,007) | $ (84,156) | ||
Net realized gains on investments | 4,495,054 | 8,195,099 | ||
Net change in unrealized gains (losses) on investments | (1,535,322) | 22,426,580 | ||
Net increase in net assets resulting from operations | 2,842,725 | 30,537,523 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (35,117) | ||
Class R6 | 0 | (2,355) 1 | ||
Administrator Class | 0 | (1,270) | ||
Institutional Class | 0 | (55,258) | ||
Total distributions to shareholders | 0 | (94,000) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 18,003 | 713,632 | 53,590 | 1,610,309 |
Class C | 2,123 | 76,244 | 566 | 16,703 |
Class R6 | 4,878 | 197,875 | 29,573 1 | 831,915 1 |
Administrator Class | 1,222 | 49,111 | 2,281 | 76,786 |
Institutional Class | 2,664 | 109,983 | 49,452 | 1,722,335 |
1,146,845 | 4,258,048 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 999 | 33,896 |
Class R6 | 0 | 0 | 64 1 | 2,263 1 |
Administrator Class | 0 | 0 | 33 | 1,137 |
Institutional Class | 0 | 0 | 996 | 35,109 |
0 | 72,405 | |||
Payment for shares redeemed | ||||
Class A | (70,358) | (2,775,476) | (193,021) | (5,538,418) |
Class C | (3,561) | (127,496) | (7,825) | (178,870) |
Class R6 | (5,262) | (218,677) | (5,920) 1 | (198,400) 1 |
Administrator Class | (2,263) | (91,941) | (12,507) | (426,084) |
Institutional Class | (192,541) | (8,014,617) | (258,725) | (5,997,728) |
(11,228,207) | (12,339,500) | |||
Net decrease in net assets resulting from capital share transactions | (10,081,362) | (8,009,047) | ||
Total increase (decrease) in net assets | (7,238,637) | 22,434,476 | ||
Net assets | ||||
Beginning of period | 61,494,502 | 39,060,026 | ||
End of period | $ 54,255,865 | $ 61,494,502 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
Year ended March 31 | ||||||
Class A | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $37.77 | $19.77 | $30.27 | $31.46 | $28.92 | $23.49 |
Net investment income (loss) | (0.09) 1 | (0.07) 1 | 0.02 1 | (0.04) 1 | (0.08) 1 | (0.15) 1 |
Net realized and unrealized gains (losses) on investments | 1.76 | 18.10 | (8.43) | (1.15) | 2.62 | 5.71 |
Total from investment operations | 1.67 | 18.03 | (8.41) | (1.19) | 2.54 | 5.56 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.03) | 0.00 | 0.00 | 0.00 | (0.13) |
Net realized gains | 0.00 | 0.00 | (2.09) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.03) | (2.09) | 0.00 | 0.00 | (0.13) |
Net asset value, end of period | $39.44 | $37.77 | $19.77 | $30.27 | $31.46 | $28.92 |
Total return2 | 4.42% | 91.20% | (30.24)% | (3.78)% | 8.78% | 23.68% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.66% | 1.68% | 1.60% | 1.54% | 1.54% | 1.48% |
Net expenses | 1.22% | 1.32% | 1.33% | 1.35% | 1.35% | 1.35% |
Net investment income (loss) | (0.45)% | (0.24)% | 0.05% | (0.11)% | (0.26)% | (0.57)% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 55% | 41% | 34% | 27% | 142% |
Net assets, end of period (000s omitted) | $46,571 | $46,580 | $27,115 | $44,028 | $50,993 | $52,817 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Class C | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $34.21 | $18.03 | $27.98 | $29.30 | $27.14 | $22.11 |
Net investment loss | (0.21) 1 | (0.23) 1 | (0.20) 1 | (0.25) 1 | (0.28) 1 | (0.39) 1 |
Net realized and unrealized gains (losses) on investments | 1.57 | 16.41 | (7.66) | (1.07) | 2.44 | 5.42 |
Total from investment operations | 1.36 | 16.18 | (7.86) | (1.32) | 2.16 | 5.03 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | 0.00 | (2.09) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $35.57 | $34.21 | $18.03 | $27.98 | $29.30 | $27.14 |
Total return2 | 3.98% | 89.74% | (30.76)% | (4.51)% | 7.96% | 22.75% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.39% | 2.44% | 2.34% | 2.29% | 2.29% | 2.22% |
Net expenses | 1.98% | 2.09% | 2.10% | 2.10% | 2.10% | 2.10% |
Net investment loss | (1.20)% | (0.94)% | (0.73)% | (0.85)% | (1.02)% | (1.52)% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 55% | 41% | 34% | 27% | 142% |
Net assets, end of period (000s omitted) | $65 | $112 | $190 | $526 | $840 | $989 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||
Class R6 | Six months ended September 30, 2021 (unaudited) | 2021 1 |
Net asset value, beginning of period | $39.46 | $25.43 |
Net investment income (loss) | (0.01) 2 | 0.03 2 |
Net realized and unrealized gains (losses) on investments | 1.84 | 14.09 |
Total from investment operations | 1.83 | 14.12 |
Distributions to shareholders from | ||
Net investment income | 0.00 | (0.09) |
Net asset value, end of period | $41.29 | $39.46 |
Total return3 | 4.64% | 55.58% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.23% | 1.23% |
Net expenses | 0.80% | 0.88% |
Net investment income (loss) | (0.03)% | 0.09% |
Supplemental data | ||
Portfolio turnover rate | 19% | 55% |
Net assets, end of period (000s omitted) | $963 | $936 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Administrator Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $38.67 | $20.23 | $30.89 | $32.06 | $29.43 | $23.89 |
Net investment income (loss) | (0.08) 1 | (0.01) 1 | 0.05 1 | 0.01 1 | (0.03) 1 | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | 1.80 | 18.51 | (8.62) | (1.18) | 2.66 | 5.80 |
Total from investment operations | 1.72 | 18.50 | (8.57) | (1.17) | 2.63 | 5.70 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.06) | 0.00 | 0.00 | 0.00 | (0.16) |
Net realized gains | 0.00 | 0.00 | (2.09) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.06) | (2.09) | 0.00 | 0.00 | (0.16) |
Net asset value, end of period | $40.39 | $38.67 | $20.23 | $30.89 | $32.06 | $29.43 |
Total return2 | 4.45% | 91.48% | (30.15)% | (3.65)% | 8.94% | 23.86% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.58% | 1.61% | 1.51% | 1.46% | 1.46% | 1.40% |
Net expenses | 1.15% | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment income (loss) | (0.37)% | (0.02)% | 0.17% | 0.05% | (0.10)% | (0.38)% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 55% | 41% | 34% | 27% | 142% |
Net assets, end of period (000s omitted) | $445 | $466 | $450 | $1,165 | $1,347 | $4,355 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Institutional Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $39.29 | $20.58 | $31.33 | $32.45 | $29.73 | $24.13 |
Net investment income (loss) | (0.05) 1 | 0.02 1 | 0.12 1 | 0.08 1 | 0.03 1 | (0.07) 1 |
Net realized and unrealized gains (losses) on investments | 1.85 | 18.87 | (8.78) | (1.20) | 2.69 | 5.89 |
Total from investment operations | 1.80 | 18.89 | (8.66) | (1.12) | 2.72 | 5.82 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.18) | (0.00) 2 | 0.00 | 0.00 | (0.22) |
Net realized gains | 0.00 | 0.00 | (2.09) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.18) | (2.09) | 0.00 | 0.00 | (0.22) |
Net asset value, end of period | $41.09 | $39.29 | $20.58 | $31.33 | $32.45 | $29.73 |
Total return3 | 4.58% | 91.87% | (30.00)% | (3.45)% | 9.15% | 24.14% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.32% | 1.35% | 1.27% | 1.21% | 1.21% | 1.15% |
Net expenses | 0.90% | 0.98% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | (0.24)% | 0.08% | 0.38% | 0.24% | 0.08% | (0.26)% |
Supplemental data | ||||||
Portfolio turnover rate | 19% | 55% | 41% | 34% | 27% | 142% |
Net assets, end of period (000s omitted) | $6,212 | $13,401 | $11,305 | $21,398 | $28,032 | $59,991 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $14,506,958 |
Gross unrealized losses | (1,912,818) |
Net unrealized gains | $12,594,140 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 615,804 | $0 | $0 | $ 615,804 |
Consumer discretionary | 5,827,246 | 0 | 0 | 5,827,246 |
Consumer staples | 2,940,639 | 0 | 0 | 2,940,639 |
Financials | 7,303,789 | 0 | 0 | 7,303,789 |
Health care | 8,153,871 | 0 | 0 | 8,153,871 |
Industrials | 10,386,801 | 0 | 0 | 10,386,801 |
Information technology | 11,088,468 | 0 | 0 | 11,088,468 |
Materials | 3,793,759 | 0 | 0 | 3,793,759 |
Real estate | 3,267,945 | 0 | 0 | 3,267,945 |
Investment companies | 575,752 | 0 | 0 | 575,752 |
Short-term investments | ||||
Investment companies | 913,860 | 0 | 0 | 913,860 |
Total assets | $54,867,934 | $0 | $0 | $54,867,934 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.825 |
Next $1 billion | 0.800 |
Next $1 billion | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.730 |
Next $5 billion | 0.720 |
Over $10 billion | 0.710 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.23% |
Class C | 1.98 |
Class R6 | 0.80 |
Administrator Class | 1.15 |
Institutional Class | 0.90 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Barclays Capital Incorporated | $157,350 | $(157,350) | $0 |
Deutsche Bank Securities Incorporated | 21,150 | (21,150) | 0 |
J.P. Morgan Securities LLC | 130,076 | (130,076) | 0 |
Morgan Stanley & Company LLC | 50,252 | (50,252) | 0 |
National Financial Services LLC | 34,470 | (34,470) | 0 |
SG Americas Securities, LLC | 172,350 | (172,350) | 0 |
UBS Securities LLC | 5,245 | (5,245) | 0 |
Shares voted “For” | 593,761 |
Shares voted “Against” | 65,107 |
Shares voted “Abstain” | 64,889 |
Shares voted “For” | 591,986 |
Shares voted “Against” | 65,750 |
Shares voted “Abstain” | 66,021 |
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 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
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 Allspring 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. |
Kate McKinley (Born 1977) | Chief Legal Officer and Chief Compliance Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors, Inc. beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021. Previously served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g592631imga8a56dc91.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA242/SAR242 09-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g617503img82286bf41.jpg)
Special Small Cap Value Fund
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6 | |
8 | |
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Financial statements | |
16 | |
17 | |
18 | |
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25 | |
33 | |
Board considerations | |
37 | |
40 | |
46 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g617503img9f019a7d2.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 U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Brian Martin, CFA®‡, James M. Tringas, CFA®‡, Bryant VanCronkhite, CFA®‡ |
Average annual total returns (%) as of September 30, 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 (ESPAX) | 5-7-1993 | 44.39 | 9.17 | 12.99 | 53.22 | 10.47 | 13.66 | 1.28 | 1.28 | ||
Class C (ESPCX) | 12-12-2000 | 51.08 | 9.66 | 12.82 | 52.08 | 9.66 | 12.82 | 2.03 | 2.03 | ||
Class R (ESPHX)3 | 9-30-2015 | – | – | – | 52.83 | 10.20 | 13.38 | 1.53 | 1.53 | ||
Class R6 (ESPRX)4 | 10-31-2014 | – | – | – | 53.88 | 10.94 | 14.14 | 0.85 | 0.85 | ||
Administrator Class (ESPIX) | 7-23-1996 | – | – | – | 53.36 | 10.57 | 13.84 | 1.20 | 1.20 | ||
Institutional Class (ESPNX) | 7-30-2010 | – | – | – | 53.72 | 10.85 | 14.08 | 0.95 | 0.95 | ||
Russell 2000® Value Index5 | – | – | – | – | 63.92 | 11.03 | 13.22 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through July 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.31% for Class A, 2.06% for Class C, 1.56% for Class R, 0.89% for Class R6, 1.20% for Administrator Class, and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Institutional Class shares adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
* | Please see the Fund’s current Statement of Additional Information for further details. |
Ten largest holdings (%) as of September 30, 20211 | |
Eagle Materials Incorporated | 2.77 |
Spectrum Brands Holdings Incorporated | 2.57 |
J & J Snack Foods Corporation | 2.56 |
Innospec Incorporated | 2.47 |
UMB Financial Corporation | 2.41 |
Mueller Industries Incorporated | 2.34 |
Franklin Electric Company Incorporated | 2.31 |
Avient Corporation | 2.28 |
Helen of Troy Limited | 2.01 |
CSW Industrials Incorporated | 1.83 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of September 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g617503imgff1519264.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. |
Beginning account value 4-1-2021 | Ending account value 9-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,001.42 | $ 6.22 | 1.24% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.85 | $ 6.28 | 1.24% |
Class C | ||||
Actual | $1,000.00 | $ 997.63 | $ 9.97 | 1.99% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.09 | $10.05 | 1.99% |
Class R | ||||
Actual | $1,000.00 | $1,000.00 | $ 7.47 | 1.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.60 | $ 7.54 | 1.49% |
Class R6 | ||||
Actual | $1,000.00 | $1,003.45 | $ 4.07 | 0.81% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.01 | $ 4.10 | 0.81% |
Administrator Class | ||||
Actual | $1,000.00 | $1,001.84 | $ 5.82 | 1.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.25 | $ 5.87 | 1.16% |
Institutional Class | ||||
Actual | $1,000.00 | $1,002.99 | $ 4.57 | 0.91% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.51 | $ 4.61 | 0.91% |
Shares | Value | ||||
Common stocks: 97.54% | |||||
Communication services: 0.06% | |||||
Media: 0.06% | |||||
DallasNews Corporation Class A ♠ | 542,597 | $ 3,771,049 | |||
Consumer discretionary: 9.30% | |||||
Auto components: 1.12% | |||||
Holley Incorporated † | 5,500,000 | 65,670,000 | |||
Hotels, restaurants & leisure: 4.05% | |||||
Bally's Corporation † | 320,981 | 16,093,987 | |||
Denny’s Corporation ♠† | 4,526,812 | 73,968,108 | |||
Dine Brands Global Incorporated ♠† | 945,846 | 76,812,154 | |||
Jack In The Box Incorporated | 727,100 | 70,768,643 | |||
237,642,892 | |||||
Household durables: 2.77% | |||||
Helen of Troy Limited † | 527,030 | 118,413,100 | |||
Tupperware Brands Corporation † | 2,107,513 | 44,510,675 | |||
162,923,775 | |||||
Multiline retail: 0.50% | |||||
Franchise Group Incorporated | 821,421 | 29,086,518 | |||
Textiles, apparel & luxury goods: 0.86% | |||||
Delta Apparel Incorporated ♠† | 597,802 | 16,325,973 | |||
Steven Madden Limited | 853,700 | 34,284,592 | |||
50,610,565 | |||||
Consumer staples: 10.82% | |||||
Beverages: 0.82% | |||||
Primo Water Corporation | 3,056,889 | 48,054,295 | |||
Food products: 5.75% | |||||
Hostess Brands Incorporated † | 3,003,743 | 52,175,016 | |||
J & J Snack Foods Corporation ♠ | 982,119 | 150,087,426 | |||
Nomad Foods Limited † | 3,257,177 | 89,767,798 | |||
Tootsie Roll Industries Incorporated « | 734,424 | 22,348,522 | |||
UTZ Brands Incorporated Class A | 1,356,379 | 23,234,772 | |||
337,613,534 | |||||
Household products: 3.94% | |||||
Central Garden & Pet Company ♠† | 816,722 | 39,202,656 | |||
Central Garden & Pet Company Class A † | 951,351 | 40,908,093 | |||
Spectrum Brands Holdings Incorporated | 1,576,729 | 150,845,663 | |||
230,956,412 | |||||
Personal products: 0.31% | |||||
Edgewell Personal Care Company | 504,958 | 18,329,975 | |||
Energy: 5.68% | |||||
Energy equipment & services: 1.14% | |||||
Forum Energy Technologies Incorporated †« | 173,244 | 3,904,920 | |||
Liberty Oilfield Services Class A † | 544,891 | 6,609,528 |
Shares | Value | ||||
Energy equipment & services (continued) | |||||
Patterson-UTI Energy Incorporated | 4,310,810 | $ 38,797,290 | |||
TechnipFMC plc | 2,293,617 | 17,270,936 | |||
66,582,674 | |||||
Oil, gas & consumable fuels: 4.54% | |||||
Alto Ingredients Incorporated † | 2,489,376 | 12,297,517 | |||
Berry Petroleum Corporation | 1,950,586 | 14,063,725 | |||
Denbury Incorporated † | 626,258 | 43,994,625 | |||
EQT Corporation † | 898,600 | 18,385,356 | |||
Magnolia Oil & Gas Corporation | 3,973,176 | 70,682,801 | |||
Nordic American Tankers Limited « | 4,144,811 | 10,610,716 | |||
Northern Oil and Gas Incorporated | 284,100 | 6,079,740 | |||
Southwestern Energy Company † | 7,862,680 | 43,559,247 | |||
Whiting Petroleum Corporation † | 804,248 | 46,976,126 | |||
266,649,853 | |||||
Financials: 18.58% | |||||
Banks: 8.67% | |||||
Associated Banc Corporation | 2,002,856 | 42,901,176 | |||
CVB Financial Corporation | 1,811,200 | 36,894,144 | |||
First Citizens BancShares Corporation Class A | 127,156 | 107,214,125 | |||
First Hawaiian Incorporated | 1,188,858 | 34,892,982 | |||
Hancock Holding Company | 1,080,620 | 50,918,814 | |||
Renasant Corporation | 1,287,574 | 46,417,043 | |||
South State Corporation | 641,832 | 47,925,595 | |||
UMB Financial Corporation | 1,463,300 | 141,515,743 | |||
508,679,622 | |||||
Capital markets: 2.20% | |||||
Apollo Investment Corporation | 1,868,886 | 24,239,451 | |||
Capitol Investment Corporation V † | 1,250,000 | 9,250,000 | |||
Glassbridge Enterprises Incorporated ♠♦†« | 1,527 | 41,229 | |||
Mason Industrial Technology Incorporated † | 862,800 | 8,584,860 | |||
New Mountain Finance Corporation | 2,515,050 | 33,475,316 | |||
Pershing Square Tontine Holdings † | 2,308,595 | 45,479,322 | |||
Westwood Holdings Group Incorporated ♠ | 438,883 | 8,338,777 | |||
129,408,955 | |||||
Diversified financial services: 0.68% | |||||
Jackson Financial Incorporation Class A †« | 1,312,600 | 34,127,600 | |||
Pine Island Acquisition Corporation † | 598,455 | 6,014,473 | |||
40,142,073 | |||||
Insurance: 4.81% | |||||
CNO Financial Group Incorporated | 539,903 | 12,709,317 | |||
Enstar Group Limited † | 298,737 | 70,122,536 | |||
National Western Life Group Class A | 69,326 | 14,599,362 | |||
ProAssurance Corporation | 1,232,159 | 29,300,741 | |||
Stewart Information Services Corporation | 1,218,300 | 77,069,658 | |||
The Hanover Insurance Group Incorporated | 608,277 | 78,844,865 | |||
282,646,479 | |||||
Mortgage REITs: 2.22% | |||||
Apollo Commercial Real Estate Finance Incorporated | 2,134,153 | 31,649,489 |
Shares | Value | ||||
Mortgage REITs (continued) | |||||
New York Mortgage Trust Incorporated | 7,635,522 | $ 32,527,324 | |||
Two Harbors Investment Corporation | 10,390,496 | 65,875,745 | |||
130,052,558 | |||||
Health care: 4.60% | |||||
Health care equipment & supplies: 1.00% | |||||
Natus Medical Incorporated † | 1,087,867 | 27,283,704 | |||
Varex Imaging Corporation † | 1,100,912 | 31,045,718 | |||
58,329,422 | |||||
Health care providers & services: 2.21% | |||||
ATI Physical Therapy Incorporated Class A † | 928,700 | 3,529,060 | |||
Owens & Minor Incorporated ## | 1,980,398 | 61,966,653 | |||
Patterson Companies Incorporated | 1,290,765 | 38,903,657 | |||
Premier Incorporated Class A | 658,837 | 25,536,522 | |||
129,935,892 | |||||
Pharmaceuticals: 1.39% | |||||
Perrigo Company plc | 754,851 | 35,727,098 | |||
Prestige Consumer Healthcare Incorporated † | 820,700 | 46,049,477 | |||
81,776,575 | |||||
Industrials: 27.63% | |||||
Aerospace & defense: 0.73% | |||||
Parsons Corporation † | 1,266,916 | 42,771,084 | |||
Building products: 5.25% | |||||
CSW Industrials Incorporated ♠ | 839,881 | 107,252,804 | |||
Griffon Corporation | 1,812,799 | 44,594,855 | |||
Janus International Group Incorporated †« | 2,407,302 | 29,465,376 | |||
JELD-WEN Holding Incorporated † | 523,621 | 13,106,234 | |||
Quanex Building Products Corporation ♠ | 2,534,235 | 54,257,971 | |||
Simpson Manufacturing Company Incorporated | 458,581 | 49,054,410 | |||
UFP Industries Incorporated | 152,800 | 10,387,344 | |||
308,118,994 | |||||
Commercial services & supplies: 4.09% | |||||
ACCO Brands Corporation | 3,656,528 | 31,409,576 | |||
Custom Truck One Source Incorporated † | 3,475,000 | 32,421,750 | |||
Ennis Incorporated | 1,291,529 | 24,345,322 | |||
Harsco Corporation † | 1,748,399 | 29,635,363 | |||
Healthcare Services Group Incorporated | 2,333,271 | 58,308,442 | |||
Matthews International Corporation Class A | 350,100 | 12,144,969 | |||
Viad Corporation ♠† | 1,147,215 | 52,095,033 | |||
240,360,455 | |||||
Construction & engineering: 1.43% | |||||
APi Group Corporation † | 3,651,267 | 74,303,283 | |||
Fluor Corporation † | 602,499 | 9,621,909 | |||
83,925,192 |
Shares | Value | ||||
Electrical equipment: 1.83% | |||||
Atkore International Incorporated †## | 1,044,164 | $ 90,758,735 | |||
Babcock & Wilcox Enterprises Incorporated † | 2,612,343 | 16,745,119 | |||
107,503,854 | |||||
Machinery: 10.91% | |||||
Alamo Group Incorporated | 243,949 | 34,038,204 | |||
Columbus McKinnon Corporation | 919,917 | 44,477,987 | |||
Douglas Dynamics Incorporated ♠ | 1,694,144 | 61,497,427 | |||
Franklin Electric Company Incorporated | 1,699,969 | 135,742,525 | |||
Hillenbrand Incorporated | 286,446 | 12,216,922 | |||
Hillman Group Incorporated † | 3,622,900 | 43,221,197 | |||
Hillman Solutions Corporation †« | 1,382,008 | 16,487,355 | |||
Kadant Incorporated | 325,689 | 66,473,125 | |||
Mayville Engineering Company Incorporated † | 859,538 | 16,159,314 | |||
Mueller Industries Incorporated ♠ | 3,337,797 | 137,183,457 | |||
NN Incorporated † | 1,157,115 | 6,074,854 | |||
Trimas Corporation † | 2,069,663 | 66,974,295 | |||
640,546,662 | |||||
Professional services: 2.19% | |||||
CBIZ Incorporated † | 1,715,603 | 55,482,601 | |||
Korn Ferry International | 1,009,537 | 73,050,097 | |||
128,532,698 | |||||
Road & rail: 0.79% | |||||
Werner Enterprises Incorporated | 1,047,543 | 46,374,729 | |||
Trading companies & distributors: 0.41% | |||||
Air Lease Corporation | 611,000 | 24,036,740 | |||
Information technology: 3.60% | |||||
Communications equipment: 0.36% | |||||
Netgear Incorporated † | 670,200 | 21,386,082 | |||
Electronic equipment, instruments & components: 0.87% | |||||
Belden Incorporated | 873,493 | 50,889,702 | |||
IT services: 2.23% | |||||
Concentrix Corporation † | 318,504 | 56,375,208 | |||
Global Blue Group Holding AG † | 4,536,904 | 29,308,400 | |||
Maximus Incorporated | 541,900 | 45,086,080 | |||
130,769,688 | |||||
Software: 0.14% | |||||
Synchronoss Technologies Incorporated † | 3,344,238 | 8,026,171 | |||
Materials: 14.78% | |||||
Chemicals: 7.13% | |||||
Avient Corporation | 2,885,301 | 133,733,701 | |||
Ecovyst Incorporated | 2,712,563 | 31,628,485 | |||
Element Solutions Incorporated | 985,692 | 21,369,803 | |||
Innospec Incorporated ♠ | 1,723,494 | 145,152,665 | |||
Minerals Technologies Incorporated | 188,856 | 13,189,703 | |||
NewMarket Corporation | 217,686 | 73,745,486 | |||
418,819,843 |
Shares | Value | ||||
Construction materials: 2.77% | |||||
Eagle Materials Incorporated | 1,238,757 | $ 162,475,367 | |||
Containers & packaging: 2.25% | |||||
Myers Industries Incorporated | 1,639,760 | 32,090,103 | |||
Silgan Holdings Incorporated | 2,609,571 | 100,103,144 | |||
132,193,247 | |||||
Metals & mining: 0.66% | |||||
Compass Minerals International Incorporated | 598,800 | 38,562,720 | |||
Paper & forest products: 1.97% | |||||
Neenah Incorporated ♠ | 1,502,061 | 70,011,063 | |||
Schweitzer-Mauduit International Incorporated | 1,323,815 | 45,883,428 | |||
115,894,491 | |||||
Real estate: 0.62% | |||||
Equity REITs: 0.62% | |||||
Washington REIT | 1,468,710 | 36,350,573 | |||
Utilities: 1.87% | |||||
Electric utilities: 1.87% | |||||
Allete Incorporated | 624,100 | 37,146,432 | |||
Hawaiian Electric Industries Incorporated | 1,772,504 | 72,371,338 | |||
109,517,770 | |||||
Total Common stocks (Cost $4,550,885,591) | 5,725,919,180 | ||||
Other instruments: 0.00% | |||||
Isos Acquisition Corporation Class A (Acquired 7-1-2021, commitment amount $9,000,000, cost $0) ♦‡†= | 900,000 | 0 | |||
Total Other instruments (Cost $0) | 0 |
Yield | |||||
Short-term investments: 3.21% | |||||
Investment companies: 3.21% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.02% | 33,210,833 | 33,210,833 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞# | 0.03 | 155,134,300 | 155,134,300 | ||
Total Short-term investments (Cost $188,345,133) | 188,345,133 | ||||
Total investments in securities (Cost $4,739,230,724) | 100.75% | 5,914,264,313 | |||
Other assets and liabilities, net | (0.75) | (44,075,795) | |||
Total net assets | 100.00% | $5,870,188,518 |
† | Non-income earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
‡ | Security is valued using significant unobservable inputs. |
= | All or a portion of the position represents an unfunded purchase commitment. The Fund held securities with an aggregate unfunded commitment amount of $9,000,000, representing 0.15% of its net assets as of period end. |
# | All or a portion of this security is segregated as collateral for investments in unfunded restricted securities. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
## | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Common Stocks | ||||||||||
A.H. Belo Corporation Class A* | $ 4,209,028 | $ 334,362 | $ (11,223,160) | $ 0 | $ 6,679,770 | $ 0 | 0 | $ 86,816 | ||
Central Garden & Pet Company† | 45,370,897 | 2,014,684 | 0 | 0 | (8,182,925) | 39,202,656 | 816,722 | 0 | ||
CSW Industrials Incorporated | 106,799,175 | 6,955,135 | (859,084) | (29,541) | (5,612,881) | 107,252,804 | 839,881 | 244,643 | ||
DallasNews Corporation Class A | 0 | 11,223,160 | (2) | (4) | (7,452,105) | 3,771,049 | 542,597 | 86,816 | ||
Delta Apparel Incorporated† | 15,770,723 | 533,074 | 0 | 0 | 22,176 | 16,325,973 | 597,802 | 0 | ||
Denny’s Corporation† | 78,234,620 | 3,591,703 | 0 | 0 | (7,858,215) | 73,968,108 | 4,526,812 | 0 | ||
Dine Brands Global Incorporated† | 72,487,294 | 12,902,011 | 0 | 0 | (8,577,151) | 76,812,154 | 945,846 | 0 | ||
Douglas Dynamics Incorporated | 62,770,646 | 14,055,433 | 0 | 0 | (15,328,652) | 61,497,427 | 1,694,144 | 934,341 | ||
Glassbridge Enterprises Incorporated† | 106,890 | 0 | 0 | 0 | (65,661) | 41,229 | 1,527 | 0 | ||
Innospec Incorporated | 154,024,731 | 21,105,617 | (17,496) | (1,995) | (29,958,192) | 145,152,665 | 1,723,494 | 897,693 | ||
J & J Snack Foods Corporation | 138,851,420 | 15,946,258 | 0 | 0 | (4,710,252) | 150,087,426 | 982,119 | 1,192,564 | ||
Juniper Industrial Holdings Incorporated Class A* | 30,004,950 | 718,953 | (29,382,038) | 0 | (1,341,865) | 0 | 0 | 0 | ||
Mueller Industries Incorporated | 132,122,926 | 6,286,982 | (133,687) | (7,366) | (1,085,398) | 137,183,457 | 3,337,797 | 852,531 | ||
Neenah Incorporated | 74,946,002 | 2,210,777 | 0 | 0 | (7,145,716) | 70,011,063 | 1,502,061 | 1,385,711 | ||
Quanex Building Products Corporation | 58,803,044 | 7,307,469 | 0 | 0 | (11,852,542) | 54,257,971 | 2,534,235 | 388,685 | ||
Viad Corporation† | 46,553,755 | 1,381,285 | 0 | 0 | 4,159,993 | 52,095,033 | 1,147,215 | 0 | ||
Westwood Holdings Group Incorporated | 6,346,248 | 0 | 0 | 0 | 1,992,529 | 8,338,777 | 438,883 | 1,184,984 | ||
Short-term investments | ||||||||||
Securities Lending Cash Investments LLC | 88,068,134 | 307,841,431 | (362,698,732) | 0 | 0 | 33,210,833 | 33,210,833 | 7,299 # | ||
Wells Fargo Government Money Market Fund Select Class | 229,802,237 | 724,305,176 | (798,973,113) | 0 | 0 | 155,134,300 | 155,134,300 | 20,956 | ||
$(38,906) | $(96,317,087)^ | $1,184,342,925 | $7,283,039 |
† | Non-income earning security |
* | No longer an affiliate of the Fund at the end of the period. |
# | Amount shown represents income before fees and rebates. |
^ | Amount may differ from the value reported on the respective financial statement due to securities that were not deemed affiliates of the Fund either at the beginning or end of the period. |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Put | ||||||
Atkore International Incorporated | Bank of America Securities Incorporated | 500 | $ 4,500,000 | $ 90.00 | 10-15-2021 | $ (292,500) |
Atkore International Incorporated | Bank of America Securities Incorporated | 250 | 2,125,000 | 85.00 | 10-15-2021 | (61,250) |
B. Riley Financial Incorporated | Bank of America Securities Incorporated | 500 | 2,875,000 | 57.50 | 10-15-2021 | (67,500) |
iShares Russell 2000 ETF | Bank of America Securities Incorporated | 500 | 10,750,000 | 215.00 | 10-15-2021 | (162,000) |
Owens & Minor Incorporated | Bank of America Securities Incorporated | 500 | 1,750,000 | 35.00 | 10-15-2021 | (232,500) |
$(815,750) |
Assets | |
Investments in unaffiliated securities (including $32,175,848 of securities loaned), at value (cost $3,718,015,174) | $ 4,729,921,388 |
Investments in affiliated securites, at value (cost $1,021,215,550) | 1,184,342,925 |
Cash | 7,999,280 |
Cash at broker segregated cash for written options | 21,999,952 |
Receivable for Fund shares sold | 8,513,958 |
Receivable for dividends | 7,762,468 |
Receivable for investments sold | 5,820,618 |
Receivable for securities lending income, net | 10,430 |
Prepaid expenses and other assets | 280,561 |
Total assets | 5,966,651,580 |
Liabilities | |
Payable for investments purchased | 46,791,983 |
Payable upon receipt of securities loaned | 33,210,833 |
Payable for Fund shares redeemed | 5,920,088 |
Management fee payable | 3,725,632 |
Written options at value (premiums received $645,057) | 815,750 |
Administration fees payable | 545,711 |
Distribution fees payable | 11,097 |
Accrued expenses and other liabilities | 5,441,968 |
Total liabilities | 96,463,062 |
Total net assets | $5,870,188,518 |
Net assets consist of | |
Paid-in capital | $ 4,374,682,225 |
Total distributable earnings | 1,495,506,293 |
Total net assets | $5,870,188,518 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 817,870,550 |
Shares outstanding – Class A1 | 19,275,427 |
Net asset value per share – Class A | $42.43 |
Maximum offering price per share – Class A2 | $45.02 |
Net assets – Class C | $ 12,547,529 |
Shares outstanding – Class C1 | 331,841 |
Net asset value per share – Class C | $37.81 |
Net assets – Class R | $ 15,365,521 |
Shares outstanding – Class R1 | 357,257 |
Net asset value per share – Class R | $43.01 |
Net assets – Class R6 | $ 1,736,794,698 |
Shares outstanding – Class R61 | 39,778,609 |
Net asset value per share – Class R6 | $43.66 |
Net assets – Administrator Class | $ 186,798,412 |
Shares outstanding – Administrator Class1 | 4,286,770 |
Net asset value per share – Administrator Class | $43.58 |
Net assets – Institutional Class | $ 3,100,811,808 |
Shares outstanding – Institutional Class1 | 71,044,810 |
Net asset value per share – Institutional Class | $43.65 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $50,051) | $ 41,579,955 |
Income from affiliated securities | 7,410,538 |
Total investment income | 48,990,493 |
Expenses | |
Management fee | 22,987,123 |
Administration fees | |
Class A | 884,645 |
Class C | 14,297 |
Class R | 16,228 |
Class R6 | 254,248 |
Administrator Class | 129,416 |
Institutional Class | 2,087,977 |
Shareholder servicing fees | |
Class A | 1,053,148 |
Class C | 17,004 |
Class R | 19,317 |
Administrator Class | 248,133 |
Distribution fees | |
Class C | 50,980 |
Class R | 19,284 |
Custody and accounting fees | 90,007 |
Professional fees | 28,294 |
Registration fees | 76,587 |
Shareholder report expenses | 126,017 |
Trustees’ fees and expenses | 9,663 |
Other fees and expenses | 35,291 |
Total expenses | 28,147,659 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (808) |
Administrator Class | (560) |
Net expenses | 28,146,291 |
Net investment income | 20,844,202 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 206,069,777 |
Affiliated securities | (38,906) |
Written options | 6,372,805 |
Net realized gains on investments | 212,403,676 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (164,349,901) |
Affiliated securities | (57,867,939) |
Written options | (1,323,926) |
Net change in unrealized gains (losses) on investments | (223,541,766) |
Net realized and unrealized gains (losses) on investments | (11,138,090) |
Net increase in net assets resulting from operations | $ 9,706,112 |
Six months ended September 30, 2021 (unaudited) | Year ended March 31, 2021 | |||
Operations | ||||
Net investment income | $ 20,844,202 | $ 27,051,744 | ||
Net realized gains on investments | 212,403,676 | 144,396,109 | ||
Net change in unrealized gains (losses) on investments | (223,541,766) | 2,122,289,791 | ||
Net increase in net assets resulting from operations | 9,706,112 | 2,293,737,644 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (2,445,539) | ||
Class C | 0 | (4,280) | ||
Class R | 0 | (6,642) | ||
Class R6 | 0 | (7,859,335) | ||
Administrator Class | 0 | (538,350) | ||
Institutional Class | 0 | (15,451,748) | ||
Total distributions to shareholders | 0 | (26,305,894) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 2,544,559 | 110,850,643 | 7,294,082 | 230,613,268 |
Class C | 6,790 | 263,485 | 16,692 | 494,243 |
Class R | 63,231 | 2,768,328 | 250,757 | 9,097,592 |
Class R6 | 8,172,955 | 363,536,533 | 21,980,351 | 761,400,701 |
Administrator Class | 504,567 | 22,467,966 | 2,055,132 | 75,004,672 |
Institutional Class | 12,262,636 | 546,891,436 | 34,987,937 | 1,135,204,199 |
1,046,778,391 | 2,211,814,675 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 62,952 | 2,222,955 |
Class C | 0 | 0 | 130 | 4,085 |
Class R | 0 | 0 | 185 | 6,607 |
Class R6 | 0 | 0 | 191,793 | 6,947,813 |
Administrator Class | 0 | 0 | 14,723 | 533,619 |
Institutional Class | 0 | 0 | 341,159 | 12,364,859 |
0 | 22,079,938 | |||
Payment for shares redeemed | ||||
Class A | (2,082,585) | (89,905,158) | (4,832,719) | (153,758,673) |
Class C | (45,983) | (1,786,406) | (189,809) | (5,180,413) |
Class R | (48,552) | (2,139,410) | (127,826) | (4,228,425) |
Class R6 | (5,130,228) | (227,319,481) | (9,626,235) | (315,055,102) |
Administrator Class | (742,024) | (33,048,484) | (1,933,125) | (59,966,242) |
Institutional Class | (12,520,093) | (555,969,178) | (25,069,313) | (788,171,169) |
(910,168,117) | (1,326,360,024) | |||
Net increase in net assets resulting from capital share transactions | 136,610,274 | 907,534,589 | ||
Total increase in net assets | 146,316,386 | 3,174,966,339 | ||
Net assets | ||||
Beginning of period | 5,723,872,132 | 2,548,905,793 | ||
End of period | $5,870,188,518 | $ 5,723,872,132 |
Year ended March 31 | ||||||
Class A | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $42.37 | $23.39 | $31.74 | $34.42 | $33.15 | $27.40 |
Net investment income | 0.09 | 0.14 1 | 0.24 | 0.22 | 0.24 | 0.35 1 |
Net realized and unrealized gains (losses) on investments | (0.03) | 18.98 | (8.00) | (0.69) | 2.89 | 6.15 |
Total from investment operations | 0.06 | 19.12 | (7.76) | (0.47) | 3.13 | 6.50 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.28) | (0.15) | (0.32) | (0.18) |
Net realized gains | 0.00 | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | 0.00 | (0.14) | (0.59) | (2.21) | (1.86) | (0.75) |
Net asset value, end of period | $42.43 | $42.37 | $23.39 | $31.74 | $34.42 | $33.15 |
Total return2 | 0.14% | 81.92% | (25.08)% | (0.87)% | 9.42% | 23.69% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.24% | 1.27% | 1.27% | 1.29% | 1.31% | 1.32% |
Net expenses | 1.24% | 1.27% | 1.27% | 1.29% | 1.31% | 1.32% |
Net investment income | 0.40% | 0.43% | 0.75% | 0.67% | 0.66% | 1.14% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $817,871 | $797,193 | $381,058 | $526,656 | $539,499 | $575,269 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Class C | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $37.90 | $20.99 | $28.49 | $31.21 | $30.19 | $25.05 |
Net investment income (loss) | (0.07) 1 | (0.08) 1 | (0.01) 1 | (0.05) 1 | (0.03) 1 | 0.12 1 |
Net realized and unrealized gains (losses) on investments | (0.02) | 17.00 | (7.18) | (0.61) | 2.64 | 5.59 |
Total from investment operations | (0.09) | 16.92 | (7.19) | (0.66) | 2.61 | 5.71 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.05) | 0.00 |
Net realized gains | 0.00 | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | 0.00 | (0.01) | (0.31) | (2.06) | (1.59) | (0.57) |
Net asset value, end of period | $37.81 | $37.90 | $20.99 | $28.49 | $31.21 | $30.19 |
Total return2 | (0.24)% | 80.71% | (25.65)% | (1.63)% | 8.60% | 22.75% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.99% | 2.01% | 2.02% | 2.04% | 2.06% | 2.07% |
Net expenses | 1.99% | 2.01% | 2.02% | 2.04% | 2.06% | 2.07% |
Net investment income (loss) | (0.38)% | (0.29)% | (0.04)% | (0.13)% | (0.10)% | 0.42% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $12,548 | $14,063 | $11,419 | $24,334 | $53,145 | $60,309 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Class R | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $43.01 | $23.73 | $32.20 | $34.94 | $33.73 | $27.97 |
Net investment income | 0.04 | 0.07 | 0.16 | 0.18 | 0.17 | 0.63 1 |
Net realized and unrealized gains (losses) on investments | (0.04) | 19.25 | (8.12) | (0.74) | 2.92 | 5.94 |
Total from investment operations | 0.00 | 19.32 | (7.96) | (0.56) | 3.09 | 6.57 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.03) | (0.20) | (0.12) | (0.34) | (0.24) |
Net realized gains | 0.00 | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | 0.00 | (0.04) | (0.51) | (2.18) | (1.88) | (0.81) |
Net asset value, end of period | $43.01 | $43.01 | $23.73 | $32.20 | $34.94 | $33.73 |
Total return2 | 0.00% | 81.50% | (25.29)% | (1.11)% | 9.13% | 23.47% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.49% | 1.51% | 1.52% | 1.55% | 1.57% | 1.56% |
Net expenses | 1.49% | 1.51% | 1.52% | 1.55% | 1.56% | 1.56% |
Net investment income | 0.16% | 0.13% | 0.46% | 0.47% | 0.43% | 1.86% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $15,366 | $14,733 | $5,209 | $6,656 | $4,631 | $785 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Class R6 | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $43.51 | $24.00 | $32.55 | $35.25 | $33.93 | $28.01 |
Net investment income | 0.18 | 0.28 | 0.37 | 0.38 | 0.38 1 | 0.61 1 |
Net realized and unrealized gains (losses) on investments | (0.03) | 19.49 | (8.17) | (0.72) | 2.97 | 6.18 |
Total from investment operations | 0.15 | 19.77 | (7.80) | (0.34) | 3.35 | 6.79 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.25) | (0.44) | (0.30) | (0.49) | (0.30) |
Net realized gains | 0.00 | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | 0.00 | (0.26) | (0.75) | (2.36) | (2.03) | (0.87) |
Net asset value, end of period | $43.66 | $43.51 | $24.00 | $32.55 | $35.25 | $33.93 |
Total return2 | 0.34% | 82.77% | (24.78)% | (0.42)% | 9.85% | 24.22% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.81% | 0.84% | 0.84% | 0.86% | 0.88% | 0.89% |
Net expenses | 0.81% | 0.84% | 0.84% | 0.86% | 0.88% | 0.89% |
Net investment income | 0.84% | 0.84% | 1.12% | 1.16% | 0.10% | 1.87% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $1,736,795 | $1,598,341 | $580,535 | $518,377 | $254,801 | $176,362 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Administrator Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $43.50 | $24.00 | $32.55 | $35.22 | $33.90 | $28.02 |
Net investment income | 0.10 1 | 0.16 1 | 0.26 1 | 0.27 1 | 0.27 1 | 0.44 1 |
Net realized and unrealized gains (losses) on investments | (0.02) | 19.48 | (8.18) | (0.71) | 2.97 | 6.24 |
Total from investment operations | 0.08 | 19.64 | (7.92) | (0.44) | 3.24 | 6.68 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.32) | (0.17) | (0.38) | (0.23) |
Net realized gains | 0.00 | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | 0.00 | (0.14) | (0.63) | (2.23) | (1.92) | (0.80) |
Net asset value, end of period | $43.58 | $43.50 | $24.00 | $32.55 | $35.22 | $33.90 |
Total return2 | 0.18% | 82.13% | (25.03)% | (0.77)% | 9.52% | 23.82% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.16% | 1.19% | 1.19% | 1.21% | 1.23% | 1.24% |
Net expenses | 1.16% | 1.18% | 1.19% | 1.20% | 1.20% | 1.20% |
Net investment income | 0.47% | 0.51% | 0.79% | 0.74% | 0.76% | 1.36% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $186,798 | $196,801 | $105,286 | $160,369 | $229,992 | $199,262 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Institutional Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $43.52 | $24.01 | $32.56 | $35.27 | $33.94 | $28.03 |
Net investment income | 0.16 | 0.25 1 | 0.31 | 0.33 | 0.33 | 0.60 1 |
Net realized and unrealized gains (losses) on investments | (0.03) | 19.50 | (8.14) | (0.70) | 3.01 | 6.17 |
Total from investment operations | 0.13 | 19.75 | (7.83) | (0.37) | 3.34 | 6.77 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.23) | (0.41) | (0.28) | (0.47) | (0.29) |
Net realized gains | 0.00 | (0.01) | (0.31) | (2.06) | (1.54) | (0.57) |
Total distributions to shareholders | 0.00 | (0.24) | (0.72) | (2.34) | (2.01) | (0.86) |
Net asset value, end of period | $43.65 | $43.52 | $24.01 | $32.56 | $35.27 | $33.94 |
Total return2 | 0.30% | 82.59% | (24.85)% | (0.53)% | 9.82% | 24.13% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.91% | 0.94% | 0.94% | 0.96% | 0.98% | 0.99% |
Net expenses | 0.91% | 0.93% | 0.94% | 0.94% | 0.94% | 0.94% |
Net investment income | 0.72% | 0.77% | 1.07% | 1.04% | 1.02% | 1.86% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 40% | 39% | 32% | 41% | 51% |
Net assets, end of period (000s omitted) | $3,100,812 | $3,102,741 | $1,465,398 | $1,359,038 | $1,196,501 | $921,732 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,383,179,825 |
Gross unrealized losses | (210,880,702) |
Net unrealized gains | $1,172,299,123 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 3,771,049 | $ 0 | $0 | $ 3,771,049 |
Consumer discretionary | 480,263,750 | 65,670,000 | 0 | 545,933,750 |
Consumer staples | 634,954,216 | 0 | 0 | 634,954,216 |
Energy | 333,232,527 | 0 | 0 | 333,232,527 |
Financials | 1,081,638,458 | 9,291,229 | 0 | 1,090,929,687 |
Health care | 266,512,829 | 3,529,060 | 0 | 270,041,889 |
Industrials | 1,546,527,461 | 75,642,947 | 0 | 1,622,170,408 |
Information technology | 181,763,243 | 29,308,400 | 0 | 211,071,643 |
Materials | 867,945,668 | 0 | 0 | 867,945,668 |
Real estate | 36,350,573 | 0 | 0 | 36,350,573 |
Utilities | 109,517,770 | 0 | 0 | 109,517,770 |
Other instruments | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 188,345,133 | 0 | 0 | 188,345,133 |
Total assets | $5,730,822,677 | $183,441,636 | $0 | $5,914,264,313 |
Liabilities | ||||
Written options | $ 0 | $ 815,750 | $0 | $ 815,750 |
Total liabilities | $ 0 | $ 815,750 | $0 | $ 815,750 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.825 |
Next $1 billion | 0.800 |
Next $1 billion | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.730 |
Next $5 billion | 0.720 |
Over $10 billion | 0.710 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.31% |
Class C | 2.06 |
Class R | 1.56 |
Class R6 | 0.89 |
Administrator Class | 1.20 |
Institutional Class | 0.94 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 2,802,280 | $ (2,802,280) | $0 |
Barclays Capital Incorporated | 757,482 | (757,482) | 0 |
BNP Paribas Securities Corporation | 1,369,745 | (1,369,745) | 0 |
JPMorgan Securities LLC | 27,027,450 | (27,027,450) | 0 |
National Financial Services LLC | 218,891 | (218,891) | 0 |
Counterparty | Value of written options | Collateral pledged1 | Net amount of assets |
Bank of America Securities Incorporated | $815,750 | $(815,750) | $0 |
Shares voted “For” | 60,309,911 | |
Shares voted “Against” | 1,608,022 | |
Shares voted “Abstain” | 3,736,840 | |
Shares voted “Uninstructed” | 3,815,599 |
Shares voted “For” | 60,120,532 | |
Shares voted “Against” | 1,744,490 | |
Shares voted “Abstain” | 3,789,751 | |
Shares voted “Uninstructed” | 3,815,599 |
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 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
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 Allspring 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. |
Kate McKinley (Born 1977) | Chief Legal Officer and Chief Compliance Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors, Inc. beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021. Previously served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
Wells Fargo Wisconsin Tax-Free Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g617503img82286bf41.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA246/SAR246 09-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g239192imgbdb813501.jpg)
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Consolidated financial statements | |
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Board considerations | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g239192img913443da2.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 U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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/0001193125-21-343639/g239192imga53267f43.jpg)
President
Wells Fargo Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Funds seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael Bradshaw, CFA®‡, Oleg Makhorine |
Average annual total returns (%) as of September 30, 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 (EKWAX) | 1-20-1998 | -29.34 | -0.20 | -5.43 | -25.03 | 0.99 | -4.87 | 1.17 | 1.09 | ||
Class C (EKWCX) | 1-29-1998 | -26.61 | 0.23 | -5.58 | -25.61 | 0.23 | -5.58 | 1.92 | 1.84 | ||
Administrator Class (EKWDX) | 7-30-2010 | – | – | – | -24.94 | 1.13 | -4.73 | 1.09 | 0.95 | ||
Institutional Class (EKWYX) | 2-29-2000 | – | – | – | -24.82 | 1.29 | -4.58 | 0.84 | 0.79 | ||
FTSE Gold Mines Index3 | – | – | – | – | -27.21 | 2.82 | -4.98 | – | – | ||
S&P 500 Index4 | – | – | – | – | 30.00 | 16.90 | 16.63 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through July 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.09% for Class A, 1.84% for Class C, 0.95% for Administrator Class, and 0.79% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | FTSE Gold Mines Index is an unmanaged, open-ended index designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. You cannot invest directly in an index. |
4 | 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of September 30, 20211 | |
Kirkland Lake Gold Limited | 7.19 |
Newmont Corporation | 6.92 |
Kinross Gold Corporation | 6.46 |
Barrick Gold Corporation | 6.08 |
Wheaton Precious Metals Corporation-U.S. Exchange Traded Shares | 5.54 |
Franco-Nevada Corporation-Legend Shares | 5.39 |
Endeavour Mining plc | 4.69 |
Gold Bullion | 4.28 |
Gold Fields Limited ADR | 4.12 |
Royal Gold Incorporated | 3.95 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Country allocation as of September 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g239192img8b4c6a574.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. |
Beginning account value 4-1-2021 | Ending account value 9-30-2021 | Consolidated expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 923.75 | $5.26 | 1.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.60 | $5.52 | 1.09% |
Class C | ||||
Actual | $1,000.00 | $ 920.19 | $8.86 | 1.84% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.84 | $9.30 | 1.84% |
Administrator Class | ||||
Actual | $1,000.00 | $ 924.41 | $4.58 | 0.95% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.31 | $4.81 | 0.95% |
Institutional Class | ||||
Actual | $1,000.00 | $ 925.01 | $3.81 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.11 | $4.00 | 0.79% |
Shares | Value | |||||
Common stocks: 93.91% | ||||||
Australia: 8.85% | ||||||
Capricorn Metals Limited (Materials, Metals & mining) † | 600,000 | $ 923,391 | ||||
Evolution Mining Limited (Materials, Metals & mining) | 2,350,000 | 5,942,014 | ||||
Newcrest Mining Limited (Materials, Metals & mining) | 702,294 | 11,642,426 | ||||
Northern Star Resources Limited (Materials, Metals & mining) | 1,536,412 | 9,409,981 | ||||
27,917,812 | ||||||
Canada: 61.39% | ||||||
Agnico-Eagle Mines Limited (Materials, Metals & mining) | 110,370 | 5,725,890 | ||||
Agnico-Eagle Mines Limited-Legend Shares (Materials, Metals & mining) | 35,000 | 1,814,750 | ||||
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares (Materials, Metals & mining) | 141,164 | 7,319,353 | ||||
Alamos Gold Incorporated Class A (Materials, Metals & mining) | 1,273,980 | 9,163,081 | ||||
Artemis Gold Incorporated (Materials, Metals & mining) † | 500,000 | 2,119,848 | ||||
B2Gold Corporation (Materials, Metals & mining) | 2,500,000 | 8,546,502 | ||||
Barrick Gold Corporation (Materials, Metals & mining) | 1,061,723 | 19,164,100 | ||||
Centerra Gold Incorporated (Materials, Metals & mining) | 325,000 | 2,219,525 | ||||
Centerra Gold Incorporated-Legend Shares (Materials, Metals & mining) 144A | 250,000 | 1,721,143 | ||||
Dundee Precious Metals Incorporated (Materials, Metals & mining) | 700,000 | 4,211,274 | ||||
Franco-Nevada Corporation-Legend Shares (Materials, Metals & mining) 144A | 130,948 | 17,012,074 | ||||
Great Bear Resources Limited (Materials, Metals & mining) † | 75,000 | 802,937 | ||||
Kinross Gold Corporation (Materials, Metals & mining) | 3,800,553 | 20,374,037 | ||||
Kirkland Lake Gold Limited (Materials, Metals & mining) | 544,094 | 22,664,140 | ||||
Lundin Gold Incorporated (Materials, Metals & mining) † | 875,000 | 6,542,121 | ||||
MAG Silver Corporation (Materials, Metals & mining) † | 300,000 | 4,857,887 | ||||
MAG Silver Corporation-Legend Shares (Materials, Metals & mining) | 100,000 | 1,619,296 | ||||
Marathon Gold Corporation (Materials, Metals & mining) † | 700,000 | 1,696,668 | ||||
Orla Mining Limited (Materials, Metals & mining) † | 300,000 | 990,052 | ||||
Pan American Silver Corporation (Materials, Metals & mining) | 310,000 | 7,213,700 | ||||
Pretium Resources Incorporated (Materials, Metals & mining) † | 650,000 | 6,286,515 | ||||
SilverCrest Metals Incorporated (Materials, Metals & mining) † | 615,000 | 4,297,134 | ||||
Skeena Resources Limited (Materials, Metals & mining) † | 175,000 | 1,735,354 | ||||
SSR Mining Incorporated (Materials, Metals & mining) | 225,000 | 3,273,750 | ||||
SSR Mining Incorporated - U.S. Exchange Traded Shares (Materials, Metals & mining) | 323,552 | 4,705,375 | ||||
Torex Gold Resources Incorporated (Materials, Metals & mining) † | 365,000 | 3,648,271 | ||||
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & mining) 144A | 185,000 | 1,849,124 | ||||
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & mining) | 266,250 | 2,661,239 | ||||
Triple Flag Precious Metals Corporation (Materials, Metals & mining) | 160,000 | 1,452,708 | ||||
Wheaton Precious Metals Corporation (Materials, Metals & mining) | 12,950 | 487,491 | ||||
Wheaton Precious Metals Corporation-U.S. Exchange Traded Shares (Materials, Metals & mining) | 465,000 | 17,474,700 | ||||
193,650,039 | ||||||
South Africa: 5.85% | ||||||
AngloGold Ashanti Limited ADR (Materials, Metals & mining) | 340,591 | 5,446,050 | ||||
Gold Fields Limited ADR (Materials, Metals & mining) | 1,600,000 | 12,992,000 | ||||
18,438,050 |
Shares | Value | |||||
United Kingdom: 4.69% | ||||||
Endeavour Mining plc (Materials, Metals & mining) | 657,000 | $ 14,788,465 | ||||
United States: 13.13% | ||||||
Newmont Corporation (Materials, Metals & mining) | 401,802 | 21,817,849 | ||||
Newmont Corporation-Toronto Exchange Traded Shares (Materials, Metals & mining) | 131,348 | 7,133,609 | ||||
Royal Gold Incorporated (Materials, Metals & mining) | 130,436 | 12,455,334 | ||||
41,406,792 | ||||||
Total Common stocks (Cost $189,295,036) | 296,201,158 |
Troy ounces | ||||||
Commodities: 4.28% | ||||||
Gold Bullion * | 7,690 | 13,503,308 | ||||
Total Commodities (Cost $4,532,552) | 13,503,308 |
Yield | Shares | |||||
Short-term investments: 1.30% | ||||||
Investment companies: 1.30% | ||||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 4,097,424 | 4,097,424 | |||
Total Short-term investments (Cost $4,097,424) | 4,097,424 | |||||
Total investments in securities (Cost $197,925,012) | 99.49% | 313,801,890 | ||||
Other assets and liabilities, net | 0.51 | 1,623,616 | ||||
Total net assets | 100.00% | $315,425,506 |
† | Non-income earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
* | Represents an investment held in Special Investments (Cayman) SPC, the consolidated entity. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Wells Fargo Government Money Market Fund Select Class | $5,898,183 | $31,420,551 | $(33,221,310) | $0 | $0 | $4,097,424 | 4,097,424 | $679 |
Assets | |
Investments in unaffiliated securities, at value (cost $189,295,036) | $ 296,201,158 |
Investments in affiliated securites, at value (cost $4,097,424) | 4,097,424 |
Investments in commodities, at value (cost $4,532,552) | 13,503,308 |
Cash | 83,189 |
Foreign currency, at value (cost $710,507) | 711,560 |
Receivable for Fund shares sold | 756,544 |
Receivable for dividends | 569,543 |
Prepaid expenses and other assets | 25,309 |
Total assets | 315,948,035 |
Liabilities | |
Management fee payable | 153,788 |
Payable for Fund shares redeemed | 118,740 |
Administration fees payable | 48,697 |
Shareholder report expenses payable | 44,208 |
Shareholder servicing fees payable | 43,877 |
Distribution fee payable | 7,089 |
Accrued expenses and other liabilities | 106,130 |
Total liabilities | 522,529 |
Total net assets | $315,425,506 |
Net assets consist of | |
Paid-in capital | $ 354,671,051 |
Total distributable loss | (39,245,545) |
Total net assets | $315,425,506 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 172,054,999 |
Shares outstanding – Class A1 | 3,967,280 |
Net asset value per share – Class A | $43.37 |
Maximum offering price per share – Class A2 | $46.02 |
Net assets – Class C | $ 10,821,262 |
Shares outstanding – Class C1 | 284,371 |
Net asset value per share – Class C | $38.05 |
Net assets – Administrator Class | $ 17,595,327 |
Shares outstanding – Administrator Class1 | 401,882 |
Net asset value per share – Administrator Class | $43.78 |
Net assets – Institutional Class | $ 114,953,918 |
Shares outstanding – Institutional Class1 | 2,602,874 |
Net asset value per share – Institutional Class | $44.16 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $268,546) | $ 3,131,315 |
Income from affiliated securities | 679 |
Total investment income | 3,131,994 |
Expenses | |
Management fee | 1,205,064 |
Administration fees | |
Class A | 214,375 |
Class C | 13,495 |
Administrator Class | 11,908 |
Institutional Class | 88,042 |
Shareholder servicing fees | |
Class A | 255,208 |
Class C | 16,066 |
Administrator Class | 22,900 |
Distribution fee | |
Class C | 48,185 |
Custody and accounting fees | 21,653 |
Professional fees | 32,524 |
Registration fees | 30,071 |
Shareholder report expenses | 28,478 |
Trustees’ fees and expenses | 9,663 |
Transfer agent fees | 2,224 |
Other fees and expenses | 9,332 |
Total expenses | 2,009,188 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (113,831) |
Class A | (37,599) |
Class C | (1,925) |
Administrator Class | (7,050) |
Net expenses | 1,848,783 |
Net investment income | 1,283,211 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (2,711,330) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (24,591,221) |
Commodities | 369,044 |
Net change in unrealized gains (losses) on investments | (24,222,177) |
Net realized and unrealized gains (losses) on investments | (26,933,507) |
Net decrease in net assets resulting from operations | $(25,650,296) |
Six months ended September 30, 2021 (unaudited) | Year ended March 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,283,211 | $ 832,750 | ||
Net realized gains (losses) on investments | (2,711,330) | 31,323,046 | ||
Net change in unrealized gains (losses) on investments | (24,222,177) | 64,472,819 | ||
Net increase (decrease) in net assets resulting from operations | (25,650,296) | 96,628,615 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (3,269,928) | ||
Administrator Class | 0 | (259,299) | ||
Institutional Class | 0 | (2,949,296) | ||
Total distributions to shareholders | 0 | (6,478,523) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 294,231 | 14,871,519 | 1,263,769 | 70,589,866 |
Class C | 18,142 | 809,924 | 93,294 | 4,459,073 |
Administrator Class | 258,742 | 13,028,348 | 187,722 | 9,854,429 |
Institutional Class | 420,099 | 21,206,739 | 1,417,420 | 78,271,394 |
49,916,530 | 163,174,762 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 57,106 | 3,047,187 |
Administrator Class | 0 | 0 | 4,749 | 255,520 |
Institutional Class | 0 | 0 | 43,907 | 2,380,208 |
0 | 5,682,915 | |||
Payment for shares redeemed | ||||
Class A | (458,370) | (22,746,020) | (1,354,083) | (72,940,719) |
Class C | (24,934) | (1,099,345) | (185,427) | (9,204,883) |
Administrator Class | (151,959) | (7,697,229) | (121,514) | (6,447,337) |
Institutional Class | (486,208) | (24,668,595) | (1,793,191) | (97,798,865) |
(56,211,189) | (186,391,804) | |||
Net decrease in net assets resulting from capital share transactions | (6,294,659) | (17,534,127) | ||
Total increase (decrease) in net assets | (31,944,955) | 72,615,965 | ||
Net assets | ||||
Beginning of period | 347,370,461 | 274,754,496 | ||
End of period | $315,425,506 | $ 347,370,461 |
Year ended March 31 | ||||||
Class A | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $46.95 | $35.30 | $33.94 | $32.80 | $35.99 | $32.73 |
Net investment income (loss) | 0.15 1 | 0.08 | (0.03) 1 | (0.03) 1 | (0.11) 1 | (0.22) 1 |
Net realized and unrealized gains (losses) on investments | (3.73) | 12.35 | 1.44 | 1.17 | (2.60) | 3.85 |
Total from investment operations | (3.58) | 12.43 | 1.41 | 1.14 | (2.71) | 3.63 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.78) | (0.05) | 0.00 | (0.48) | (0.37) |
Net asset value, end of period | $43.37 | $46.95 | $35.30 | $33.94 | $32.80 | $35.99 |
Total return2 | (7.63)% | 34.95% | 4.13% | 3.48% | (7.56)% | 11.24% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.18% | 1.17% | 1.20% | 1.22% | 1.21% | 1.20% |
Net expenses | 1.09% | 1.09% | 1.09% | 1.09% | 1.04% | 1.09% |
Net investment income (loss) | 0.59% | 0.12% | (0.08)% | (0.11)% | (0.32)% | (0.57)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 5% | 22% | 25% | 19% | 27% | 21% |
Net assets, end of period (000s omitted) | $172,055 | $193,949 | $147,020 | $162,860 | $177,859 | $242,423 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Year ended March 31 | ||||||
Class C | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $41.35 | $30.87 | $29.88 | $29.09 | $32.07 | $29.10 |
Net investment loss | (0.03) 1 | (0.32) 1 | (0.29) 1 | (0.24) 1 | (0.33) 1 | (0.46) 1 |
Net realized and unrealized gains (losses) on investments | (3.27) | 10.80 | 1.28 | 1.03 | (2.30) | 3.49 |
Total from investment operations | (3.30) | 10.48 | 0.99 | 0.79 | (2.63) | 3.03 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.35) | (0.06) |
Net asset value, end of period | $38.05 | $41.35 | $30.87 | $29.88 | $29.09 | $32.07 |
Total return2 | (7.98)% | 33.95% | 3.31% | 2.72% | (8.24)% | 10.42% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.93% | 1.92% | 1.95% | 1.97% | 1.96% | 1.95% |
Net expenses | 1.84% | 1.84% | 1.84% | 1.84% | 1.79% | 1.84% |
Net investment loss | (0.16)% | (0.68)% | (0.83)% | (0.88)% | (1.07)% | (1.32)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 5% | 22% | 25% | 19% | 27% | 21% |
Net assets, end of period (000s omitted) | $10,821 | $12,039 | $11,834 | $14,908 | $33,022 | $48,710 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Year ended March 31 | ||||||
Administrator Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $47.36 | $35.66 | $34.29 | $33.09 | $36.27 | $32.98 |
Net investment income (loss) | 0.22 1 | 0.17 1 | 0.02 1 | 0.01 1 | (0.09) 1 | (0.17) 1 |
Net realized and unrealized gains (losses) on investments | (3.80) | 12.47 | 1.45 | 1.19 | (2.59) | 3.87 |
Total from investment operations | (3.58) | 12.64 | 1.47 | 1.20 | (2.68) | 3.70 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.94) | (0.10) | 0.00 | (0.50) | (0.41) |
Net asset value, end of period | $43.78 | $47.36 | $35.66 | $34.29 | $33.09 | $36.27 |
Total return2 | (7.56)% | 35.13% | 4.24% | 3.63% | (7.40)% | 11.37% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.10% | 1.09% | 1.12% | 1.14% | 1.15% | 1.12% |
Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.91% | 0.95% |
Net investment income (loss) | 0.86% | 0.31% | 0.06% | 0.04% | (0.25)% | (0.44)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 5% | 22% | 25% | 19% | 27% | 21% |
Net assets, end of period (000s omitted) | $17,595 | $13,976 | $7,994 | $8,086 | $9,148 | $15,325 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Year ended March 31 | ||||||
Institutional Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $47.74 | $35.96 | $34.57 | $33.30 | $36.47 | $33.21 |
Net investment income (loss) | 0.26 | 0.24 | 0.09 1 | 0.04 | 0.02 | (0.09) 1 |
Net realized and unrealized gains (losses) on investments | (3.84) | 12.59 | 1.46 | 1.23 | (2.67) | 3.85 |
Total from investment operations | (3.58) | 12.83 | 1.55 | 1.27 | (2.65) | 3.76 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (1.05) | (0.16) | 0.00 | (0.52) | (0.50) |
Net asset value, end of period | $44.16 | $47.74 | $35.96 | $34.57 | $33.30 | $36.47 |
Total return2 | (7.50)% | 35.34% | 4.43% | 3.81% | (7.27)% | 11.49% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.85% | 0.84% | 0.87% | 0.89% | 0.88% | 0.88% |
Net expenses | 0.79% | 0.79% | 0.79% | 0.79% | 0.73% | 0.79% |
Net investment income (loss) | 0.90% | 0.37% | 0.22% | 0.21% | 0.01% | (0.24)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 5% | 22% | 25% | 19% | 27% | 21% |
Net assets, end of period (000s omitted) | $114,954 | $127,406 | $107,907 | $95,431 | $82,650 | $89,680 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Gross unrealized gains | $122,890,666 |
Gross unrealized losses | (6,382,343) |
Net unrealized gains | $116,508,323 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $ 0 | $ 27,917,812 | $0 | $ 27,917,812 |
Canada | 166,972,413 | 26,677,626 | 0 | 193,650,039 |
South Africa | 18,438,050 | 0 | 0 | 18,438,050 |
United Kingdom | 14,788,465 | 0 | 0 | 14,788,465 |
United States | 41,406,792 | 0 | 0 | 41,406,792 |
Commodities | 13,503,308 | 0 | 0 | 13,503,308 |
Short-term investments | ||||
Investment companies | 4,097,424 | 0 | 0 | 4,097,424 |
Total assets | $259,206,452 | $54,595,438 | $0 | $313,801,890 |
Average daily net assets | Management fee |
First $500 million | 0.650% |
Next $500 million | 0.600 |
Next $1 billion | 0.550 |
Next $2 billion | 0.525 |
Next $1 billion | 0.500 |
Next $5 billion | 0.490 |
Over $10 billion | 0.480 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.09% |
Class C | 1.84 |
Administrator Class | 0.95 |
Institutional Class | 0.79 |
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$517,000 | $0.0700 | 80.86% |
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 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
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 Allspring 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. |
Kate McKinley (Born 1977) | Chief Legal Officer and Chief Compliance Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors, Inc. beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021. Previously served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Wells Fargo Adjustable Rate Government Fund |
Wells Fargo Asset Allocation Fund |
Wells Fargo Conservative Income Fund |
Wells Fargo Diversified Capital Builder Fund |
Wells Fargo Diversified Income Builder Fund |
Wells Fargo Emerging Markets Equity Fund |
Wells Fargo Emerging Markets Equity Income Fund |
Wells Fargo Global Small Cap Fund |
Wells Fargo Government Securities Fund |
Wells Fargo High Yield Bond Fund |
Wells Fargo Income Plus Fund |
Wells Fargo Index Asset Allocation Fund |
Wells Fargo International Bond Fund |
Wells Fargo International Equity Fund |
Wells Fargo Precious Metals Fund |
Wells Fargo Short Duration Government Bond Fund |
Wells Fargo Short-Term Bond Plus Fund |
Wells Fargo Short-Term High Yield Bond Fund |
Wells Fargo Ultra Short-Term Income Fund |
Wells Fargo Utility and Telecommunications Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g239192imgbdb813501.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA316/SAR316 09-21
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g208490img1e56274e1.jpg)
Specialized Technology Fund
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Financial statements | |
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Board considerations | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g208490imge10916f12.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 U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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/0001193125-21-343639/g208490imgb69588253.jpg)
President
Wells Fargo Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allianz Global Investors U.S., LLC |
Portfolio managers | Huachen Chen, CFA®‡, Walter C. Price, Jr., CFA®‡, Michael A. Seidenberg |
Average annual total returns (%) as of September 30, 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 (WFSTX) | 9-18-2000 | 19.71 | 26.57 | 21.24 | 27.02 | 28.08 | 21.97 | 1.36 | 1.36 | ||
Class C (WFTCX) | 9-18-2000 | 25.01 | 27.15 | 21.07 | 26.01 | 27.15 | 21.07 | 2.11 | 2.11 | ||
Administrator Class (WFTDX) | 7-30-2010 | – | – | – | 27.13 | 28.19 | 22.12 | 1.28 | 1.28 | ||
Institutional Class (WFTIX)3 | 10-31-2016 | – | – | – | 27.39 | 28.48 | 22.26 | 1.03 | 1.03 | ||
S&P North American Technology Sector Index4 | – | – | – | – | 31.57 | 27.85 | 23.38 | – | – | ||
S&P 500 Index5 | – | – | – | – | 30.00 | 16.90 | 16.63 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through July 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.35% for Class A, 2.10% for Class C, 1.28% for Administrator Class, and 1.03% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had been included, returns for the Institutional Class shares would be higher. |
4 | The S&P North American Technology Sector Index is a modified market-capitalization-weighted index of select technology stocks. You cannot invest directly in an index. |
5 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of September 30, 20211 | |
Alphabet Incorporated Class C | 5.94 |
HubSpot Incorporated | 4.64 |
Apple Incorporated | 4.31 |
Amazon.com Incorporated | 4.17 |
MongoDB Incorporated | 4.08 |
Microsoft Corporation | 3.84 |
Asana Incorporated Class A | 3.72 |
Facebook Incorporated Class A | 3.25 |
Zscaler Incorporated | 2.95 |
Paycom Software Incorporated | 2.94 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of September 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g208490imgecf7de874.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. |
Beginning account value 4-1-2021 | Ending account value 9-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,094.34 | $ 6.98 | 1.33% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.40 | $ 6.73 | 1.33% |
Class C | ||||
Actual | $1,000.00 | $1,090.19 | $10.95 | 2.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.59 | $10.56 | 2.09% |
Administrator Class | ||||
Actual | $1,000.00 | $1,094.62 | $ 6.62 | 1.26% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.75 | $ 6.38 | 1.26% |
Institutional Class | ||||
Actual | $1,000.00 | $1,095.93 | $ 5.31 | 1.01% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.00 | $ 5.11 | 1.01% |
Shares | Value | ||||
Common stocks: 93.96% | |||||
Communication services: 13.27% | |||||
Entertainment: 0.08% | |||||
Take-Two Interactive Software Incorporated † | 3,570 | $ 550,030 | |||
Interactive media & services: 13.19% | |||||
Alphabet Incorporated Class A † | 1,955 | 5,226,732 | |||
Alphabet Incorporated Class C † | 16,010 | 42,671,610 | |||
Facebook Incorporated Class A † | 68,720 | 23,322,881 | |||
Snap Incorporated Class A † | 107,995 | 7,977,591 | |||
Zillow Group Incorporated Class A † | 7,245 | 641,762 | |||
ZoomInfo Technologies Incorporated † | 243,580 | 14,904,660 | |||
94,745,236 | |||||
Consumer discretionary: 6.49% | |||||
Auto components: 0.57% | |||||
Aptiv plc † | 27,575 | 4,107,848 | |||
Automobiles: 0.11% | |||||
Tesla Motors Incorporated † | 1,015 | 787,112 | |||
Hotels, restaurants & leisure: 1.64% | |||||
Booking Holdings Incorporated † | 4,210 | 9,993,993 | |||
Expedia Group Incorporated † | 10,660 | 1,747,174 | |||
11,741,167 | |||||
Internet & direct marketing retail: 4.17% | |||||
Amazon.com Incorporated † | 9,115 | 29,943,139 | |||
Health care: 0.18% | |||||
Health care technology: 0.18% | |||||
Veeva Systems Incorporated Class A † | 4,555 | 1,312,614 | |||
Industrials: 0.80% | |||||
Electrical equipment: 0.01% | |||||
Bloom Energy Corporation Class A † | 3,825 | 71,604 | |||
Road & rail: 0.79% | |||||
Lyft Incorporated Class A † | 105,585 | 5,658,300 | |||
Information technology: 73.22% | |||||
Communications equipment: 1.16% | |||||
Arista Networks Incorporated † | 2,225 | 764,599 | |||
Cisco Systems Incorporated | 120,125 | 6,538,404 | |||
F5 Networks Incorporated † | 5,375 | 1,068,443 | |||
8,371,446 | |||||
Electronic equipment, instruments & components: 2.45% | |||||
Cognex Corporation | 9,425 | 756,074 | |||
Flex Limited † | 68,045 | 1,203,036 | |||
IPG Photonics Corporation † | 12,990 | 2,057,616 | |||
Samsung SDI Company Limited | 22,729 | 13,562,846 | |||
17,579,572 |
Shares | Value | ||||
IT services: 15.32% | |||||
Adyen NV 144A† | 810 | $ 2,264,243 | |||
Cloudflare Incorporated Class A † | 14,835 | 1,671,163 | |||
DXC Technology Company † | 171,870 | 5,776,551 | |||
EPAM Systems Incorporated † | 6,355 | 3,625,400 | |||
Fiserv Incorporated † | 22,195 | 2,408,158 | |||
Infosys Limited ADR | 74,290 | 1,652,953 | |||
MongoDB Incorporated † | 62,070 | 29,266,625 | |||
Okta Incorporated † | 18,195 | 4,318,401 | |||
PayPal Holdings Incorporated † | 65,040 | 16,924,058 | |||
Shopify Incorporated Class A † | 4,540 | 6,155,241 | |||
Snowflake Incorporated Class A † | 6,653 | 2,012,067 | |||
Square Incorporated Class A † | 62,840 | 15,071,546 | |||
Toast Incorporated Class A † | 2,038 | 101,798 | |||
Twilio Incorporated Class A † | 58,695 | 18,726,640 | |||
109,974,844 | |||||
Semiconductors & semiconductor equipment: 17.08% | |||||
Advanced Micro Devices Incorporated † | 37,325 | 3,840,743 | |||
Applied Materials Incorporated | 80,535 | 10,367,271 | |||
ASML Holding NV | 2,905 | 2,164,545 | |||
Infineon Technologies AG | 151,350 | 6,189,938 | |||
KLA Corporation | 7,505 | 2,510,498 | |||
Lam Research Corporation | 13,565 | 7,720,520 | |||
Marvell Technology Incorporated | 97,160 | 5,859,720 | |||
Micron Technology Incorporated | 159,505 | 11,321,665 | |||
NVIDIA Corporation | 66,480 | 13,771,997 | |||
NXP Semiconductors NV | 39,985 | 7,831,862 | |||
ON Semiconductor Corporation † | 280,220 | 12,825,669 | |||
Qorvo Incorporated † | 21,670 | 3,623,007 | |||
SK Hynix Incorporated | 51,107 | 4,375,082 | |||
Skyworks Solutions Incorporated | 10,020 | 1,651,096 | |||
STMicroelectronics NV | 145,430 | 6,349,722 | |||
Taiwan Semiconductor Manufacturing Company Limited ADR | 123,265 | 13,762,537 | |||
Teradyne Incorporated | 23,180 | 2,530,561 | |||
Tokyo Electron Limited | 13,400 | 5,919,832 | |||
122,616,265 | |||||
Software: 30.82% | |||||
Adobe Incorporated † | 8,655 | 4,982,857 | |||
Altair Engineering Incorporated Class A † | 12,215 | 842,102 | |||
Alteryx Incorporated Class A † | 27,050 | 1,977,355 | |||
Asana Incorporated Class A † | 257,255 | 26,713,358 | |||
Atlassian Corporation plc Class A † | 16,875 | 6,605,213 | |||
Box Incorporated Class A † | 53,470 | 1,265,635 | |||
Crowdstrike Holdings Incorporated Class A † | 80,095 | 19,685,748 | |||
Datadog Incorporated Class A † | 18,755 | 2,651,019 | |||
DocuSign Incorporated † | 13,820 | 3,557,683 | |||
Fortinet Incorporated † | 10,915 | 3,187,617 | |||
HubSpot Incorporated † | 49,244 | 33,293,375 | |||
Intuit Incorporated | 18,505 | 9,983,633 | |||
KnowBe4 Incorporated †« | 45,025 | 988,749 | |||
Mandiant Incorporated † | 38,395 | 683,431 | |||
Microsoft Corporation | 97,890 | 27,597,148 | |||
Monday.com Limited †« | 4,640 | 1,513,568 | |||
Palo Alto Networks Incorporated † | 18,255 | 8,744,145 | |||
Paycom Software Incorporated † | 42,615 | 21,126,386 |
Shares | Value | ||||
Software (continued) | |||||
Salesforce.com Incorporated † | 45,370 | $ 12,305,251 | |||
Smartsheet Incorporated Class A † | 10,865 | 747,729 | |||
The Trade Desk Incorporated † | 105,385 | 7,408,566 | |||
Varonis Systems Incorporated † | 59,630 | 3,628,486 | |||
Workday Incorporated Class A † | 2,360 | 589,740 | |||
Zscaler Incorporated † | 80,865 | 21,204,420 | |||
221,283,214 | |||||
Technology hardware, storage & peripherals: 6.39% | |||||
Apple Incorporated | 218,730 | 30,950,295 | |||
Samsung Electronics Company Limited | 102,962 | 6,383,088 | |||
Seagate Technology Holdings plc | 64,535 | 5,325,428 | |||
Western Digital Corporation † | 57,065 | 3,220,749 | |||
45,879,560 | |||||
Total Common stocks (Cost $402,981,087) | 674,621,951 |
Yield | |||||
Short-term investments: 6.24% | |||||
Investment companies: 6.24% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.02% | 892,750 | 892,750 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 43,915,900 | 43,915,900 | ||
Total Short-term investments (Cost $44,808,650) | 44,808,650 | ||||
Total investments in securities (Cost $447,789,737) | 100.20% | 719,430,601 | |||
Other assets and liabilities, net | (0.20) | (1,451,081) | |||
Total net assets | 100.00% | $717,979,520 |
† | Non-income earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Securities Lending Cash Investments LLC | $ 0 | $ 27,294,709 | $(26,401,959) | $0 | $0 | $ 892,750 | 892,750 | $ 206# | ||
Wells Fargo Government Money Market Fund Select Class | 32,924,749 | 108,524,601 | (97,533,450) | 0 | 0 | 43,915,900 | 43,915,900 | 4,874 | ||
$0 | $0 | $44,808,650 | $5,080 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $874,101 of securities loaned), at value (cost $402,981,087) | $ 674,621,951 |
Investments in affiliated securites, at value (cost $44,808,650) | 44,808,650 |
Receivable for dividends | 225,431 |
Receivable for Fund shares sold | 222,335 |
Receivable for securities lending income, net | 3,505 |
Prepaid expenses and other assets | 41,627 |
Total assets | 719,923,499 |
Liabilities | |
Payable upon receipt of securities loaned | 889,776 |
Management fee payable | 525,714 |
Payable for Fund shares redeemed | 176,483 |
Shareholder servicing fees payable | 136,876 |
Administration fees payable | 123,771 |
Distribution fee payable | 8,196 |
Accrued expenses and other liabilities | 83,163 |
Total liabilities | 1,943,979 |
Total net assets | $717,979,520 |
Net assets consist of | |
Paid-in capital | $ 258,844,667 |
Total distributable earnings | 459,134,853 |
Total net assets | $717,979,520 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 610,632,760 |
Shares outstanding – Class A1 | 30,078,559 |
Net asset value per share – Class A | $20.30 |
Maximum offering price per share – Class A2 | $21.54 |
Net assets – Class C | $ 12,556,285 |
Shares outstanding – Class C1 | 911,211 |
Net asset value per share – Class C | $13.78 |
Net assets – Administrator Class | $ 10,863,230 |
Shares outstanding – Administrator Class1 | 518,845 |
Net asset value per share – Administrator Class | $20.94 |
Net assets – Institutional Class | $ 83,927,245 |
Shares outstanding – Institutional Class1 | 3,949,106 |
Net asset value per share – Institutional Class | $21.25 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $58,210) | $ 927,917 |
Income from affiliated securities | 18,586 |
Total investment income | 946,503 |
Expenses | |
Management fee | 3,060,023 |
Administration fees | |
Class A | 642,315 |
Class C | 13,294 |
Administrator Class | 6,875 |
Institutional Class | 56,968 |
Shareholder servicing fees | |
Class A | 764,660 |
Class C | 15,826 |
Administrator Class | 13,221 |
Distribution fee | |
Class C | 47,478 |
Custody and accounting fees | 28,899 |
Professional fees | 25,493 |
Registration fees | 34,439 |
Shareholder report expenses | 26,846 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 7,272 |
Total expenses | 4,753,271 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (44,634) |
Administrator Class | (23) |
Net expenses | 4,708,614 |
Net investment loss | (3,762,111) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 31,209,683 |
Net change in unrealized gains (losses) on investments | 36,298,900 |
Net realized and unrealized gains (losses) on investments | 67,508,583 |
Net increase in net assets resulting from operations | $63,746,472 |
Six months ended September 30, 2021 (unaudited) | Year ended March 31, 2021 | |||
Operations | ||||
Net investment loss | $ (3,762,111) | $ (5,883,706) | ||
Net realized gains on investments | 31,209,683 | 190,286,867 | ||
Net change in unrealized gains (losses) on investments | 36,298,900 | 131,087,249 | ||
Net increase in net assets resulting from operations | 63,746,472 | 315,490,410 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (78,405,462) | ||
Class C | 0 | (2,280,902) | ||
Administrator Class | 0 | (1,513,807) | ||
Institutional Class | 0 | (10,489,201) | ||
Total distributions to shareholders | 0 | (92,689,372) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 404,782 | 8,100,184 | 2,163,000 | 37,972,273 |
Class C | 42,749 | 587,554 | 302,791 | 3,665,611 |
Administrator Class | 52,181 | 1,087,912 | 223,472 | 3,909,027 |
Institutional Class | 339,937 | 7,147,707 | 1,553,730 | 28,178,733 |
16,923,357 | 73,725,644 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 4,189,570 | 75,118,993 |
Class C | 0 | 0 | 186,253 | 2,279,734 |
Administrator Class | 0 | 0 | 80,808 | 1,493,323 |
Institutional Class | 0 | 0 | 553,428 | 10,360,173 |
0 | 89,252,223 | |||
Payment for shares redeemed | ||||
Class A | (1,339,979) | (26,641,983) | (3,902,978) | (70,093,344) |
Class C | (82,124) | (1,104,823) | (451,677) | (5,823,540) |
Administrator Class | (37,059) | (773,029) | (758,411) | (11,851,802) |
Institutional Class | (808,241) | (16,909,611) | (1,566,683) | (28,632,320) |
(45,429,446) | (116,401,006) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (28,506,089) | 46,576,861 | ||
Total increase in net assets | 35,240,383 | 269,377,899 | ||
Net assets | ||||
Beginning of period | 682,739,137 | 413,361,238 | ||
End of period | $717,979,520 | $ 682,739,137 |
Year ended March 31 | ||||||
Class A | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.55 | $12.08 | $13.33 | $14.08 | $10.95 | $9.39 |
Net investment loss | (0.11) | (0.16) | (0.11) | (0.11) | (0.10) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | 1.86 | 9.44 | (0.01) | 2.06 | 4.20 | 2.17 |
Total from investment operations | 1.75 | 9.28 | (0.12) | 1.95 | 4.10 | 2.14 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (2.81) | (1.13) | (2.70) | (0.97) | (0.58) |
Net asset value, end of period | $20.30 | $18.55 | $12.08 | $13.33 | $14.08 | $10.95 |
Total return2 | 9.43% | 77.67% | (1.31)% | 16.80% | 38.41% | 23.55% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.34% | 1.35% | 1.39% | 1.40% | 1.41% | 1.44% |
Net expenses | 1.33% | 1.34% | 1.37% | 1.39% | 1.41% | 1.44% |
Net investment loss | (1.07)% | (0.98)% | (0.80)% | (0.77)% | (0.75)% | (0.28)% |
Supplemental data | ||||||
Portfolio turnover rate | 36% | 146% | 149% | 107% | 109% | 131% |
Net assets, end of period (000s omitted) | $610,633 | $575,422 | $344,949 | $401,990 | $353,552 | $266,329 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Class C | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.64 | $8.80 | $10.09 | $11.38 | $9.06 | $7.92 |
Net investment loss | (0.12) 1 | (0.17) | (0.16) 1 | (0.17) 1 | (0.16) | (0.09) 1 |
Net realized and unrealized gains (losses) on investments | 1.26 | 6.82 | (0.00) 2 | 1.58 | 3.45 | 1.81 |
Total from investment operations | 1.14 | 6.65 | (0.16) | 1.41 | 3.29 | 1.72 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (2.81) | (1.13) | (2.70) | (0.97) | (0.58) |
Net asset value, end of period | $13.78 | $12.64 | $8.80 | $10.09 | $11.38 | $9.06 |
Total return3 | 9.02% | 76.67% | (2.15)% | 16.01% | 37.45% | 22.59% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.09% | 2.10% | 2.14% | 2.15% | 2.16% | 2.19% |
Net expenses | 2.09% | 2.10% | 2.13% | 2.14% | 2.16% | 2.19% |
Net investment loss | (1.83)% | (1.75)% | (1.57)% | (1.52)% | (1.49)% | (1.03)% |
Supplemental data | ||||||
Portfolio turnover rate | 36% | 146% | 149% | 107% | 109% | 131% |
Net assets, end of period (000s omitted) | $12,556 | $12,017 | $8,035 | $11,615 | $15,932 | $12,827 |
1 | Calculated based upon average shares outstanding |
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. |
Year ended March 31 | ||||||
Administrator Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $19.13 | $12.40 | $13.65 | $14.34 | $11.12 | $9.52 |
Net investment loss | (0.10) 1 | (0.16) | (0.10) 1 | (0.09) 1 | (0.09) 1 | (0.02) |
Net realized and unrealized gains (losses) on investments | 1.91 | 9.70 | (0.02) | 2.10 | 4.28 | 2.20 |
Total from investment operations | 1.81 | 9.54 | (0.12) | 2.01 | 4.19 | 2.18 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (2.81) | (1.13) | (2.70) | (0.97) | (0.58) |
Net asset value, end of period | $20.94 | $19.13 | $12.40 | $13.65 | $14.34 | $11.12 |
Total return2 | 9.46% | 77.92% | (1.28)% | 17.02% | 38.55% | 23.65% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.26% | 1.27% | 1.31% | 1.32% | 1.33% | 1.36% |
Net expenses | 1.26% | 1.27% | 1.28% | 1.29% | 1.32% | 1.33% |
Net investment loss | (1.00)% | (0.91)% | (0.71)% | (0.65)% | (0.66)% | (0.17)% |
Supplemental data | ||||||
Portfolio turnover rate | 36% | 146% | 149% | 107% | 109% | 131% |
Net assets, end of period (000s omitted) | $10,863 | $9,636 | $11,873 | $22,480 | $19,140 | $39,833 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Institutional Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $19.39 | $12.51 | $13.73 | $14.37 | $11.12 | $10.42 |
Net investment income (loss) | (0.07) | (0.12) | (0.07) | (0.07) | (0.05) | 0.01 2 |
Net realized and unrealized gains (losses) on investments | 1.93 | 9.81 | (0.02) | 2.13 | 4.27 | 1.27 |
Total from investment operations | 1.86 | 9.69 | (0.09) | 2.06 | 4.22 | 1.28 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (2.81) | (1.13) | (2.70) | (0.97) | (0.58) |
Net asset value, end of period | $21.25 | $19.39 | $12.51 | $13.73 | $14.37 | $11.12 |
Total return3 | 9.59% | 78.30% | (1.05)% | 17.25% | 38.91% | 12.97% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.01% | 1.02% | 1.06% | 1.07% | 1.08% | 1.11% |
Net expenses | 1.01% | 1.02% | 1.03% | 1.04% | 1.07% | 1.08% |
Net investment income (loss) | (0.75)% | (0.66)% | (0.47)% | (0.42)% | (0.40)% | 0.17% |
Supplemental data | ||||||
Portfolio turnover rate | 36% | 146% | 149% | 107% | 109% | 131% |
Net assets, end of period (000s omitted) | $83,927 | $85,664 | $48,504 | $51,223 | $27,509 | $19,869 |
1 | For the period from October 31, 2016 (commencement of class operations) to March 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $268,216,003 |
Gross unrealized losses | (17,902,508) |
Net unrealized gains | $250,313,495 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 95,295,266 | $ 0 | $0 | $ 95,295,266 |
Consumer discretionary | 46,579,266 | 0 | 0 | 46,579,266 |
Health care | 1,312,614 | 0 | 0 | 1,312,614 |
Industrials | 5,729,904 | 0 | 0 | 5,729,904 |
Information technology | 480,660,150 | 45,044,751 | 0 | 525,704,901 |
Short-term investments | ||||
Investment companies | 44,808,650 | 0 | 0 | 44,808,650 |
Total assets | $674,385,850 | $45,044,751 | $0 | $719,430,601 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.840 |
Next $1 billion | 0.815 |
Next $2 billion | 0.790 |
Next $1 billion | 0.765 |
Next $5 billion | 0.755 |
Over $10 billion | 0.745 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.35% |
Class C | 2.10 |
Administrator Class | 1.28 |
Institutional Class | 1.03 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Morgan Stanley & Co. LLC | $656,400 | $(656,400) | $0 |
SG Americas Securities LLC | 217,701 | (217,701) | 0 |
Shares voted “For” | 15,664,863 |
Shares voted “Against” | 1,345,072 |
Shares voted “Abstain” | 1,511,364 |
Shares voted “For” | 15,402,206 |
Shares voted “Against” | 1,513,886 |
Shares voted “Abstain” | 1,605,207 |
Shares voted “For” | 14,364,369 |
Shares voted “Against” | 2,557,875 |
Shares voted “Abstain” | 1,599,055 |
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 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
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 Allspring 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. |
Kate McKinley (Born 1977) | Chief Legal Officer and Chief Compliance Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors, Inc. beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021. Previously served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Wells Fargo Absolute Return Fund |
Wells Fargo Core Plus Bond Fund |
Wells Fargo Growth Balanced Fund |
Wells Fargo Moderate Balanced Fund |
Wells Fargo Specialized Technology Fund |
Wells Fargo Spectrum Aggressive Growth Fund |
Wells Fargo Spectrum Conservative Growth Fund |
Wells Fargo Spectrum Growth Fund |
Wells Fargo Spectrum Income Allocation Fund |
Wells Fargo Spectrum Moderate Growth Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA317/SAR317 09-21
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Telecommunications Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
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President
Wells Fargo Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kent Newcomb, CFA®‡, Jack Spudich, CFA®‡ |
Average annual total returns (%) as of September 30, 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 (EVUAX) | 1-4-1994 | 3.81 | 8.85 | 10.10 | 10.15 | 10.15 | 10.75 | 1.18 | 1.06 | ||
Class C (EVUCX) | 9-2-1994 | 8.30 | 9.31 | 9.92 | 9.30 | 9.31 | 9.92 | 1.93 | 1.81 | ||
Administrator Class (EVUDX) | 7-30-2010 | – | – | – | 10.27 | 10.33 | 10.95 | 1.10 | 0.93 | ||
Institutional Class (EVUYX) | 2-28-1994 | – | – | – | 10.50 | 10.52 | 11.12 | 0.85 | 0.73 | ||
S&P 500 Utilities Sector Index3 | – | – | – | – | 11.01 | 9.11 | 10.59 | – | – | ||
S&P 500 Index4 | – | – | – | – | 30.00 | 16.90 | 16.63 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through July 31, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.05% for Class A, 1.80% for Class C, 0.92% for Administrator Class, and 0.72% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P 500 Utilities Sector Index is a market-value-weighted index that measures the performance of all stocks within the utilities sector of the S&P 500 Index. You cannot invest directly in an index. |
4 | 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of September 30, 20211 | |
NextEra Energy Incorporated | 12.70 |
Visa Incorporated Class A | 6.33 |
Comcast Corporation Class A | 5.72 |
Dominion Energy Incorporated | 5.10 |
The Southern Company | 5.02 |
Duke Energy Corporation | 4.81 |
Exelon Corporation | 4.44 |
American Electric Power Company Incorporated | 4.39 |
Sempra Energy | 3.79 |
Xcel Energy Incorporated | 3.39 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of September 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g225075img1368cee54.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. |
Beginning account value 4-1-2021 | Ending account value 9-30-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,011.51 | $5.24 | 1.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.85 | $5.27 | 1.04% |
Class C | ||||
Actual | $1,000.00 | $1,007.66 | $9.06 | 1.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.04 | $9.10 | 1.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,012.26 | $4.64 | 0.92% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.46 | $4.66 | 0.92% |
Institutional Class | ||||
Actual | $1,000.00 | $1,013.18 | $3.63 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.46 | $3.65 | 0.72% |
Shares | Value | ||||
Common stocks: 98.80% | |||||
Communication services: 8.61% | |||||
Diversified telecommunication services: 2.89% | |||||
Verizon Communications Incorporated | 235,998 | $ 12,746,252 | |||
Media: 5.72% | |||||
Comcast Corporation Class A | 450,200 | 25,179,686 | |||
Consumer discretionary: 0.70% | |||||
Specialty retail: 0.70% | |||||
The Home Depot Incorporated | 9,418 | 3,091,553 | |||
Consumer staples: 0.52% | |||||
Food & staples retailing: 0.52% | |||||
Walmart Incorporated | 16,335 | 2,276,772 | |||
Energy: 0.96% | |||||
Oil, gas & consumable fuels: 0.96% | |||||
DTE Midstream LLC | 36,611 | 1,692,893 | |||
Phillips 66 | 35,880 | 2,512,676 | |||
4,205,569 | |||||
Financials: 0.76% | |||||
Banks: 0.76% | |||||
JPMorgan Chase & Company | 20,461 | 3,349,261 | |||
Health care: 1.16% | |||||
Biotechnology: 0.46% | |||||
Amgen Incorporated | 9,458 | 2,011,244 | |||
Health care providers & services: 0.70% | |||||
UnitedHealth Group Incorporated | 7,915 | 3,092,707 | |||
Information technology: 12.09% | |||||
Communications equipment: 2.95% | |||||
Cisco Systems Incorporated | 238,967 | 13,006,974 | |||
IT services: 9.14% | |||||
MasterCard Incorporated Class A | 35,630 | 12,387,838 | |||
Visa Incorporated Class A | 125,000 | 27,843,750 | |||
40,231,588 | |||||
Real estate: 2.02% | |||||
Equity REITs: 2.02% | |||||
American Tower Corporation | 33,479 | 8,885,661 | |||
Utilities: 71.98% | |||||
Electric utilities: 44.23% | |||||
Alliant Energy Corporation | 182,865 | 10,236,782 | |||
American Electric Power Company Incorporated | 238,088 | 19,327,984 | |||
Duke Energy Corporation | 217,240 | 21,200,452 | |||
Entergy Corporation | 77,022 | 7,649,055 |
Shares | Value | ||||
Electric utilities (continued) | |||||
Evergy Incorporated | 98,279 | $ 6,112,954 | |||
Eversource Energy | 126,952 | 10,379,596 | |||
Exelon Corporation | 404,591 | 19,557,929 | |||
FirstEnergy Corporation | 205,868 | 7,333,018 | |||
NextEra Energy Incorporated | 711,832 | 55,893,049 | |||
The Southern Company | 356,660 | 22,102,220 | |||
Xcel Energy Incorporated | 238,866 | 14,929,125 | |||
194,722,164 | |||||
Gas utilities: 2.79% | |||||
Atmos Energy Corporation | 97,312 | 8,582,918 | |||
ONE Gas Incorporated | 58,135 | 3,684,015 | |||
12,266,933 | |||||
Multi-utilities: 22.38% | |||||
Ameren Corporation | 133,679 | 10,827,999 | |||
CenterPoint Energy Incorporated | 210,396 | 5,175,742 | |||
CMS Energy Corporation | 208,002 | 12,423,959 | |||
Dominion Energy Incorporated | 307,461 | 22,450,802 | |||
DTE Energy Company | 73,223 | 8,179,741 | |||
Public Service Enterprise Group Incorporated | 158,388 | 9,645,829 | |||
Sempra Energy | 131,761 | 16,667,767 | |||
WEC Energy Group Incorporated | 149,041 | 13,145,416 | |||
98,517,255 | |||||
Water utilities: 2.58% | |||||
American Water Works Company Incorporated | 67,273 | 11,371,828 | |||
Total Common stocks (Cost $273,087,843) | 434,955,447 |
Yield | |||||
Short-term investments: 1.90% | |||||
Investment companies: 1.90% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 8,372,012 | 8,372,012 | ||
Total Short-term investments (Cost $8,372,012) | 8,372,012 | ||||
Total investments in securities (Cost $281,459,855) | 100.70% | 443,327,459 | |||
Other assets and liabilities, net | (0.70) | (3,090,971) | |||
Total net assets | 100.00% | $440,236,488 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Wells Fargo Government Money Market Fund Select Class | $5,837,687 | $15,628,363 | $(13,094,038) | $0 | $0 | $8,372,012 | 8,372,012 | $1,008 |
Assets | |
Investments in unaffiliated securities, at value (cost $273,087,843) | $ 434,955,447 |
Investments in affiliated securites, at value (cost $8,372,012) | 8,372,012 |
Receivable for investments sold | 2,193,162 |
Receivable for Fund shares sold | 1,185,088 |
Receivable for dividends | 380,635 |
Prepaid expenses and other assets | 38,992 |
Total assets | 447,125,336 |
Liabilities | |
Payable for investments purchased | 6,194,939 |
Payable for Fund shares redeemed | 223,414 |
Management fee payable | 203,850 |
Administration fees payable | 74,549 |
Distribution fee payable | 3,305 |
Accrued expenses and other liabilities | 188,791 |
Total liabilities | 6,888,848 |
Total net assets | $440,236,488 |
Net assets consist of | |
Paid-in capital | $ 230,006,530 |
Total distributable earnings | 210,229,958 |
Total net assets | $440,236,488 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 359,755,014 |
Shares outstanding – Class A1 | 16,697,203 |
Net asset value per share – Class A | $21.55 |
Maximum offering price per share – Class A2 | $22.86 |
Net assets – Class C | $ 5,089,579 |
Shares outstanding – Class C1 | 235,026 |
Net asset value per share – Class C | $21.66 |
Net assets – Administrator Class | $ 6,118,454 |
Shares outstanding – Administrator Class1 | 283,499 |
Net asset value per share – Administrator Class | $21.58 |
Net assets – Institutional Class | $ 69,273,441 |
Shares outstanding – Institutional Class1 | 3,217,040 |
Net asset value per share – Institutional Class | $21.53 |
1 | The Fund has an unlimited number of authorized shares |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends | $ 6,039,897 |
Income from affiliated securities | 1,008 |
Total investment income | 6,040,905 |
Expenses | |
Management fee | 1,485,445 |
Administration fees | |
Class A | 395,891 |
Class C | 5,881 |
Administrator Class | 3,059 |
Institutional Class | 45,314 |
Shareholder servicing fees | |
Class A | 471,299 |
Class C | 6,977 |
Administrator Class | 5,883 |
Distribution fee | |
Class C | 20,817 |
Custody and accounting fees | 10,070 |
Professional fees | 28,720 |
Registration fees | 32,830 |
Shareholder report expenses | 29,024 |
Trustees’ fees and expenses | 9,661 |
Other fees and expenses | 9,657 |
Total expenses | 2,560,528 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (217,904) |
Class A | (56,154) |
Administrator Class | (1,399) |
Institutional Class | (3,203) |
Net expenses | 2,281,868 |
Net investment income | 3,759,037 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (290,996) |
Net change in unrealized gains (losses) on investments | 1,775,085 |
Net realized and unrealized gains (losses) on investments | 1,484,089 |
Net increase in net assets resulting from operations | $5,243,126 |
Six months ended September 30, 2021 (unaudited) | Year ended March 31, 2021 | |||
Operations | ||||
Net investment income | $ 3,759,037 | $ 6,854,079 | ||
Net realized gains (losses) on investments | (290,996) | 48,447,575 | ||
Net change in unrealized gains (losses) on investments | 1,775,085 | 24,852,185 | ||
Net increase in net assets resulting from operations | 5,243,126 | 80,153,839 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,832,710) | (45,244,979) | ||
Class C | (18,075) | (911,494) | ||
Administrator Class | (41,503) | (364,999) | ||
Institutional Class | (643,097) | (8,269,341) | ||
Total distributions to shareholders | (3,535,385) | (54,790,813) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 587,011 | 13,127,048 | 1,290,321 | 28,237,989 |
Class C | 17,516 | 392,880 | 49,123 | 1,078,714 |
Administrator Class | 168,179 | 3,744,085 | 57,401 | 1,245,633 |
Institutional Class | 569,909 | 12,675,912 | 2,239,542 | 48,698,035 |
29,939,925 | 79,260,371 | |||
Reinvestment of distributions | ||||
Class A | 122,750 | 2,676,311 | 2,051,387 | 42,893,752 |
Class C | 814 | 17,849 | 43,020 | 901,317 |
Administrator Class | 1,883 | 41,231 | 17,204 | 360,586 |
Institutional Class | 29,341 | 639,405 | 391,341 | 8,188,340 |
3,374,796 | 52,343,995 | |||
Payment for shares redeemed | ||||
Class A | (947,598) | (21,156,051) | (2,217,981) | (47,844,571) |
Class C | (79,080) | (1,756,902) | (303,611) | (6,751,214) |
Administrator Class | (28,571) | (635,734) | (53,680) | (1,165,354) |
Institutional Class | (441,803) | (9,854,224) | (1,845,506) | (40,399,867) |
(33,402,911) | (96,161,006) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (88,190) | 35,443,360 | ||
Total increase in net assets | 1,619,551 | 60,806,386 | ||
Net assets | ||||
Beginning of period | 438,616,937 | 377,810,551 | ||
End of period | $440,236,488 | $438,616,937 |
Year ended March 31 | ||||||
Class A | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $21.47 | $20.19 | $24.03 | $20.46 | $20.01 | $18.70 |
Net investment income | 0.18 | 0.34 | 0.34 | 0.32 | 0.34 | 0.35 |
Net realized and unrealized gains (losses) on investments | 0.07 | 3.82 | 0.02 | 3.65 | 0.47 | 1.30 |
Total from investment operations | 0.25 | 4.16 | 0.36 | 3.97 | 0.81 | 1.65 |
Distributions to shareholders from | ||||||
Net investment income | (0.17) | (0.35) | (0.34) | (0.34) | (0.36) | (0.34) |
Net realized gains | 0.00 | (2.53) | (3.86) | (0.06) | 0.00 | 0.00 |
Total distributions to shareholders | (0.17) | (2.88) | (4.20) | (0.40) | (0.36) | (0.34) |
Net asset value, end of period | $21.55 | $21.47 | $20.19 | $24.03 | $20.46 | $20.01 |
Total return1 | 1.15% | 21.23% | 0.04% | 19.59% | 4.00% | 8.87% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.16% | 1.17% | 1.17% | 1.19% | 1.17% | 1.18% |
Net expenses | 1.04% | 1.04% | 1.09% | 1.14% | 1.14% | 1.14% |
Net investment income | 1.60% | 1.58% | 1.42% | 1.47% | 1.60% | 1.79% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 20% | 49% | 10% | 7% | 22% |
Net assets, end of period (000s omitted) | $359,755 | $363,540 | $319,200 | $337,848 | $287,047 | $308,152 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Class C | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $21.57 | $20.25 | $24.06 | $20.47 | $20.01 | $18.70 |
Net investment income | 0.09 1 | 0.17 1 | 0.16 1 | 0.16 1 | 0.13 | 0.16 |
Net realized and unrealized gains (losses) on investments | 0.08 | 3.85 | 0.01 | 3.63 | 0.52 | 1.34 |
Total from investment operations | 0.17 | 4.02 | 0.17 | 3.79 | 0.65 | 1.50 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.17) | (0.12) | (0.14) | (0.19) | (0.19) |
Net realized gains | 0.00 | (2.53) | (3.86) | (0.06) | 0.00 | 0.00 |
Total distributions to shareholders | (0.08) | (2.70) | (3.98) | (0.20) | (0.19) | (0.19) |
Net asset value, end of period | $21.66 | $21.57 | $20.25 | $24.06 | $20.47 | $20.01 |
Total return2 | 0.77% | 20.34% | (0.73)% | 18.65% | 3.24% | 8.04% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.90% | 1.91% | 1.92% | 1.94% | 1.92% | 1.93% |
Net expenses | 1.80% | 1.80% | 1.86% | 1.89% | 1.89% | 1.89% |
Net investment income | 0.83% | 0.80% | 0.63% | 0.74% | 0.85% | 1.02% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 20% | 49% | 10% | 7% | 22% |
Net assets, end of period (000s omitted) | $5,090 | $6,379 | $10,274 | $19,618 | $41,729 | $51,123 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Administrator Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $21.51 | $20.22 | $24.05 | $20.48 | $20.03 | $18.72 |
Net investment income | 0.21 | 0.37 | 0.36 | 0.36 | 0.37 | 0.38 |
Net realized and unrealized gains (losses) on investments | 0.05 | 3.83 | 0.04 | 3.65 | 0.48 | 1.30 |
Total from investment operations | 0.26 | 4.20 | 0.40 | 4.01 | 0.85 | 1.68 |
Distributions to shareholders from | ||||||
Net investment income | (0.19) | (0.38) | (0.37) | (0.38) | (0.40) | (0.37) |
Net realized gains | 0.00 | (2.53) | (3.86) | (0.06) | 0.00 | 0.00 |
Total distributions to shareholders | (0.19) | (2.91) | (4.23) | (0.44) | (0.40) | (0.37) |
Net asset value, end of period | $21.58 | $21.51 | $20.22 | $24.05 | $20.48 | $20.03 |
Total return1 | 1.18% | 21.39% | 0.20% | 19.80% | 4.21% | 9.04% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.08% | 1.09% | 1.09% | 1.11% | 1.09% | 1.10% |
Net expenses | 0.92% | 0.92% | 0.94% | 0.95% | 0.95% | 0.95% |
Net investment income | 1.73% | 1.70% | 1.49% | 1.66% | 1.80% | 1.93% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 20% | 49% | 10% | 7% | 22% |
Net assets, end of period (000s omitted) | $6,118 | $3,054 | $2,449 | $5,296 | $4,702 | $5,168 |
1 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | ||||||
Institutional Class | Six months ended September 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $21.46 | $20.18 | $24.01 | $20.45 | $20.00 | $18.69 |
Net investment income | 0.22 | 0.43 | 0.44 | 0.41 | 0.41 | 0.42 |
Net realized and unrealized gains (losses) on investments | 0.05 | 3.80 | 0.01 | 3.62 | 0.47 | 1.30 |
Total from investment operations | 0.27 | 4.23 | 0.45 | 4.03 | 0.88 | 1.72 |
Distributions to shareholders from | ||||||
Net investment income | (0.20) | (0.42) | (0.42) | (0.41) | (0.43) | (0.41) |
Net realized gains | 0.00 | (2.53) | (3.86) | (0.06) | 0.00 | 0.00 |
Total distributions to shareholders | (0.20) | (2.95) | (4.28) | (0.47) | (0.43) | (0.41) |
Net asset value, end of period | $21.53 | $21.46 | $20.18 | $24.01 | $20.45 | $20.00 |
Total return1 | 1.27% | 21.62% | 0.42% | 20.03% | 4.38% | 9.26% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.83% | 0.84% | 0.84% | 0.86% | 0.84% | 0.85% |
Net expenses | 0.72% | 0.72% | 0.75% | 0.78% | 0.78% | 0.78% |
Net investment income | 1.92% | 1.92% | 1.76% | 1.83% | 1.95% | 2.18% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 20% | 49% | 10% | 7% | 22% |
Net assets, end of period (000s omitted) | $69,273 | $65,644 | $45,888 | $42,427 | $31,548 | $24,575 |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $167,577,744 |
Gross unrealized losses | (5,710,140) |
Net unrealized gains | $161,867,604 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 37,925,938 | $0 | $0 | $ 37,925,938 |
Consumer discretionary | 3,091,553 | 0 | 0 | 3,091,553 |
Consumer staples | 2,276,772 | 0 | 0 | 2,276,772 |
Energy | 4,205,569 | 0 | 0 | 4,205,569 |
Financials | 3,349,261 | 0 | 0 | 3,349,261 |
Health care | 5,103,951 | 0 | 0 | 5,103,951 |
Information technology | 53,238,562 | 0 | 0 | 53,238,562 |
Real estate | 8,885,661 | 0 | 0 | 8,885,661 |
Utilities | 316,878,180 | 0 | 0 | 316,878,180 |
Short-term investments | ||||
Investment companies | 8,372,012 | 0 | 0 | 8,372,012 |
Total assets | $443,327,459 | $0 | $0 | $443,327,459 |
Average daily net assets | Management fee |
First $500 million | 0.650% |
Next $500 million | 0.600 |
Next $1 billion | 0.550 |
Next $2 billion | 0.525 |
Next $1 billion | 0.500 |
Next $5 billion | 0.490 |
Over $10 billion | 0.480 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.05% |
Class C | 1.80 |
Administrator Class | 0.92 |
Institutional Class | 0.72 |
Shares voted “For” | 8,501,420 | |
Shares voted “Against” | 552,962 | |
Shares voted “Abstain” | 877,928 | |
Shares voted "Uninstructed" | 480,000 |
Shares voted “For” | 8,410,029 | |
Shares voted “Against” | 600,566 | |
Shares voted “Abstain” | 921,725 | |
Shares voted "Uninstructed" | 480,000 |
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 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
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 Allspring 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. |
Kate McKinley (Born 1977) | Chief Legal Officer and Chief Compliance Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors, Inc. beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021. Previously served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Wells Fargo Adjustable Rate Government Fund |
Wells Fargo Asset Allocation Fund |
Wells Fargo Conservative Income Fund |
Wells Fargo Diversified Capital Builder Fund |
Wells Fargo Diversified Income Builder Fund |
Wells Fargo Emerging Markets Equity Fund |
Wells Fargo Emerging Markets Equity Income Fund |
Wells Fargo Global Small Cap Fund |
Wells Fargo Government Securities Fund |
Wells Fargo High Yield Bond Fund |
Wells Fargo Income Plus Fund |
Wells Fargo Index Asset Allocation Fund |
Wells Fargo International Bond Fund |
Wells Fargo International Equity Fund |
Wells Fargo Precious Metals Fund |
Wells Fargo Short Duration Government Bond Fund |
Wells Fargo Short-Term Bond Plus Fund |
Wells Fargo Short-Term High Yield Bond Fund |
Wells Fargo Ultra Short-Term Income Fund |
Wells Fargo Utility and Telecommunications Fund |
■ | Information regarding the Transaction: information about the structure, financing sources and material terms and conditions of the Transaction, including the expected impact on the businesses conducted by the Advisers and by Wells Fargo Funds Distributor LLC, as the distributor of Fund shares. |
■ | Information regarding NewCo, GTCR and Reverence Capital: (i) information about NewCo, including information about its expected financial condition and access to capital, and senior leadership team; (ii) the experience of senior management at GTCR and Reverence Capital in acquiring portfolio companies; (iii) the plan to operationalize NewCo, including the transition of necessary infrastructure services through a transition services agreement with Wells Fargo under which Wells Fargo will continue to provide NewCo with certain services for a specified period of time after the closing; and (iv) information regarding regulatory matters, compliance, and risk management functions at NewCo, including resources to be dedicated thereto. |
■ | Impact of the Transaction on WFAM and Service Providers: (i) information regarding any changes to personnel and/or other resources of the Advisers as a result of the Transaction, including assurances regarding comparable and competitive compensation arrangements to attract and retain highly qualified personnel; and (ii) information about the organizational and operating structure with respect to NewCo, the Advisers and the Funds. |
■ | Impact of the Transaction on the Funds and their Shareholders: (i) information regarding anticipated benefits to the Funds as a result of the Transaction; (ii) a commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction; (iii) confirmation that the Advisers intend to continue to manage the Funds in a manner consistent with each Fund’s current investment objectives and principal investments strategies; and (iv) a commitment that neither NewCo nor WFAM will take any steps that would impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction. |
![](https://capedge.com/proxy/N-CSRS/0001193125-21-343639/g225075imgd7861d561.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA318/SAR318 09-21
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: November 23, 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: November 23, 2021 |
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: November 23, 2021 |