UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Catherine Kennedy
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: July 31
Registrant is making a filing for 10 of its series:
Wells Fargo Disciplined U.S. Core Fund, Wells Fargo Endeavor Select Fund, Wells Fargo Growth Fund, Wells Fargo Classic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Low Volatility U.S. Equity Fund, Wells Fargo Omega Growth Fund and Wells Fargo Premier Large Company Growth Fund.
Date of reporting period: July 31, 2021
ITEM 1. | REPORT TO STOCKHOLDERS |
Disciplined U.S. Core Fund
2 | |
6 | |
10 | |
11 | |
Financial statements | |
18 | |
19 | |
20 | |
21 | |
27 | |
34 | |
35 | |
Board considerations | |
39 | |
43 | |
49 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Justin P. Carr, CFA®‡, Robert M. Wicentowski, CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EVSAX) | 2-28-1990 | 28.88 | 14.03 | 13.83 | 36.73 | 15.39 | 14.51 | 0.86 | 0.86 | ||
Class C (EVSTX) | 6-30-1999 | 34.80 | 14.54 | 13.66 | 35.80 | 14.54 | 13.66 | 1.61 | 1.61 | ||
Class R (EVSHX)3 | 9-30-2015 | – | – | – | 36.38 | 15.10 | 14.22 | 1.11 | 1.11 | ||
Class R6 (EVSRX)4 | 9-30-2015 | – | – | – | 37.35 | 15.87 | 15.00 | 0.43 | 0.43 | ||
Administrator Class (EVSYX) | 2-21-1995 | – | – | – | 36.93 | 15.52 | 14.66 | 0.78 | 0.74 | ||
Institutional Class (EVSIX) | 7-30-2010 | – | – | – | 37.26 | 15.80 | 14.96 | 0.53 | 0.48 | ||
S&P 500 Index5 | – | – | – | – | 36.45 | 17.35 | 15.35 | – | – |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.87% for Class A, 1.62% for Class C, 1.12% for Class R, 0.43% for Class R6, 0.74% for Administrator Class, and 0.48% 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 Administrator 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 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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund (Class A, excluding sales charges) outperformed its benchmark, the S&P 500 Index, for the 12-month period that ended July 31, 2021. |
■ | Stock selection was the main performance contributor to the Fund, adding value in 7 of the 11 sectors. The Fund benefited from positive stock selection in the information technology (IT), materials, consumer discretionary, and financials sectors. |
■ | Negative stock selection effects detracted from relative performance within the health care, real estate, and industrials sectors. Sector weighting decisions detracted modestly from performance. Variation in sector weights versus the index were relatively small, as is typical for the strategy. |
Ten largest holdings (%) as of July 31, 20211 | |
Apple Incorporated | 6.32 |
Microsoft Corporation | 6.21 |
Amazon.com Incorporated | 3.76 |
Alphabet Incorporated Class C | 2.56 |
Facebook Incorporated Class A | 2.36 |
Alphabet Incorporated Class A | 2.34 |
Johnson & Johnson | 1.55 |
JPMorgan Chase & Company | 1.52 |
Visa Incorporated Class A | 1.43 |
Tesla Motors Incorporated | 1.37 |
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 July 31, 20211 |
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. |
* | This security was no longer held at the end of the reporting period. |
Beginning account value 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,195.28 | $4.63 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.58 | $4.26 | 0.85% |
Class C | ||||
Actual | $1,000.00 | $1,190.39 | $8.69 | 1.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.86 | $8.00 | 1.60% |
Class R | ||||
Actual | $1,000.00 | $1,193.35 | $5.98 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.34 | $5.51 | 1.10% |
Class R6 | ||||
Actual | $1,000.00 | $1,197.55 | $2.29 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.71 | $2.11 | 0.42% |
Administrator Class | ||||
Actual | $1,000.00 | $1,196.04 | $4.03 | 0.74% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.12 | $3.71 | 0.74% |
Institutional Class | ||||
Actual | $1,000.00 | $1,197.52 | $2.62 | 0.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.41 | $2.41 | 0.48% |
Shares | Value | ||||
Common stocks: 98.07% | |||||
Communication services: 10.73% | |||||
Diversified telecommunication services: 1.01% | |||||
AT&T Incorporated | 171,114 | $ 4,799,748 | |||
Verizon Communications Incorporated | 114,867 | 6,407,281 | |||
11,207,029 | |||||
Entertainment: 1.81% | |||||
Activision Blizzard Incorporated | 48,914 | 4,090,189 | |||
Netflix Incorporated † | 12,808 | 6,629,037 | |||
The Walt Disney Company † | 53,045 | 9,336,981 | |||
20,056,207 | |||||
Interactive media & services: 7.26% | |||||
Alphabet Incorporated Class A † | 9,636 | 25,964,491 | |||
Alphabet Incorporated Class C † | 10,490 | 28,369,366 | |||
Facebook Incorporated Class A † | 73,287 | 26,112,158 | |||
80,446,015 | |||||
Media: 0.53% | |||||
Comcast Corporation Class A | 100,827 | 5,931,652 | |||
Wireless telecommunication services: 0.12% | |||||
T-Mobile US Incorporated † | 9,052 | 1,303,669 | |||
Consumer discretionary: 11.21% | |||||
Automobiles: 1.97% | |||||
General Motors Company † | 117,609 | 6,684,896 | |||
Tesla Motors Incorporated † | 22,100 | 15,187,120 | |||
21,872,016 | |||||
Hotels, restaurants & leisure: 1.29% | |||||
Chipotle Mexican Grill Incorporated † | 1,006 | 1,874,621 | |||
McDonald's Corporation | 26,977 | 6,547,588 | |||
Royal Caribbean Cruises Limited † | 19,358 | 1,488,049 | |||
Starbucks Corporation | 36,009 | 4,372,573 | |||
14,282,831 | |||||
Household durables: 0.78% | |||||
D.R. Horton Incorporated | 66,144 | 6,312,122 | |||
PulteGroup Incorporated | 42,654 | 2,340,425 | |||
8,652,547 | |||||
Internet & direct marketing retail: 3.76% | |||||
Amazon.com Incorporated † | 12,518 | 41,654,772 | |||
Leisure products: 0.35% | |||||
Polaris Industries Incorporated | 12,612 | 1,653,055 | |||
The Brunswick Corporation | 21,058 | 2,198,455 | |||
3,851,510 | |||||
Multiline retail: 0.68% | |||||
Target Corporation | 29,036 | 7,579,848 |
Shares | Value | ||||
Specialty retail: 1.78% | |||||
AutoZone Incorporated † | 1,054 | $ 1,711,243 | |||
Best Buy Company Incorporated | 28,078 | 3,154,563 | |||
Lowe's Companies Incorporated | 32,695 | 6,300,000 | |||
The Home Depot Incorporated | 26,068 | 8,555,257 | |||
19,721,063 | |||||
Textiles, apparel & luxury goods: 0.60% | |||||
Nike Incorporated Class B | 39,523 | 6,620,498 | |||
Consumer staples: 5.36% | |||||
Beverages: 0.59% | |||||
Monster Beverage Corporation † | 22,287 | 2,102,110 | |||
PepsiCo Incorporated | 11,945 | 1,874,768 | |||
The Coca-Cola Company | 45,499 | 2,594,808 | |||
6,571,686 | |||||
Food & staples retailing: 1.51% | |||||
Costco Wholesale Corporation | 11,343 | 4,874,314 | |||
Walmart Incorporated | 82,814 | 11,805,136 | |||
16,679,450 | |||||
Food products: 1.00% | |||||
Darling Ingredients Incorporated † | 29,334 | 2,026,099 | |||
Kellogg Company | 17,091 | 1,082,886 | |||
Pilgrim's Pride Corporation † | 66,973 | 1,483,452 | |||
Tyson Foods Incorporated Class A | 90,581 | 6,472,918 | |||
11,065,355 | |||||
Household products: 1.25% | |||||
The Procter & Gamble Company | 97,144 | 13,816,791 | |||
Personal products: 0.37% | |||||
The Estee Lauder Companies Incorporated Class A | 12,365 | 4,127,808 | |||
Tobacco: 0.64% | |||||
Altria Group Incorporated | 53,680 | 2,578,787 | |||
Philip Morris International Incorporated | 45,510 | 4,555,096 | |||
7,133,883 | |||||
Energy: 2.30% | |||||
Oil, gas & consumable fuels: 2.30% | |||||
Chevron Corporation | 84,608 | 8,613,940 | |||
ConocoPhillips | 41,638 | 2,334,226 | |||
Diamondback Energy Incorporated | 53,760 | 4,146,509 | |||
EOG Resources Incorporated | 45,373 | 3,305,877 | |||
Exxon Mobil Corporation | 123,742 | 7,123,827 | |||
25,524,379 | |||||
Financials: 11.11% | |||||
Banks: 3.95% | |||||
Bank of America Corporation | 221,770 | 8,507,097 | |||
Citigroup Incorporated | 70,695 | 4,780,396 | |||
Huntington Bancshares Incorporated | 332,131 | 4,676,404 |
Shares | Value | ||||
Banks (continued) | |||||
JPMorgan Chase & Company | 111,171 | $ 16,873,534 | |||
Signature Bank | 11,277 | 2,559,541 | |||
US Bancorp | 115,205 | 6,398,486 | |||
43,795,458 | |||||
Capital markets: 2.69% | |||||
Ameriprise Financial Incorporated | 10,605 | 2,731,424 | |||
Bank of New York Mellon Corporation | 64,954 | 3,334,089 | |||
BlackRock Incorporated | 4,526 | 3,924,811 | |||
Morgan Stanley | 68,342 | 6,559,465 | |||
Northern Trust Corporation | 43,912 | 4,955,469 | |||
The Goldman Sachs Group Incorporated | 22,003 | 8,248,485 | |||
29,753,743 | |||||
Consumer finance: 0.57% | |||||
Capital One Financial Corporation | 20,682 | 3,344,279 | |||
Synchrony Financial | 62,693 | 2,947,825 | |||
6,292,104 | |||||
Diversified financial services: 1.65% | |||||
Berkshire Hathaway Incorporated Class B † | 53,428 | 14,868,478 | |||
Equitable Holdings Incorporated | 112,149 | 3,462,040 | |||
18,330,518 | |||||
Insurance: 2.25% | |||||
Arch Capital Group Limited † | 117,082 | 4,566,198 | |||
Everest Reinsurance Group Limited | 16,741 | 4,232,627 | |||
Fidelity National Financial Incorporated | 105,988 | 4,728,125 | |||
MetLife Incorporated | 137,744 | 7,947,829 | |||
The Hartford Financial Services Group Incorporated | 54,143 | 3,444,578 | |||
24,919,357 | |||||
Health care: 13.48% | |||||
Biotechnology: 1.74% | |||||
AbbVie Incorporated | 83,356 | 9,694,303 | |||
Amgen Incorporated | 16,773 | 4,051,350 | |||
Vertex Pharmaceuticals Incorporated † | 27,544 | 5,552,320 | |||
19,297,973 | |||||
Health care equipment & supplies: 3.21% | |||||
Abbott Laboratories | 51,374 | 6,215,215 | |||
Baxter International Incorporated | 33,890 | 2,621,392 | |||
Danaher Corporation | 39,509 | 11,753,532 | |||
Edwards Lifesciences Corporation † | 41,360 | 4,643,487 | |||
Medtronic plc | 70,558 | 9,264,971 | |||
Zimmer Biomet Holdings Incorporated | 6,808 | 1,112,563 | |||
35,611,160 | |||||
Health care providers & services: 3.70% | |||||
AmerisourceBergen Corporation | 35,063 | 4,283,647 | |||
Anthem Incorporated | 19,759 | 7,587,654 | |||
Cigna Corporation | 14,698 | 3,373,044 | |||
CVS Health Corporation | 44,007 | 3,624,417 | |||
Encompass Health Corporation | 47,447 | 3,949,963 |
Shares | Value | ||||
Health care providers & services (continued) | |||||
McKesson Corporation | 33,826 | $ 6,894,754 | |||
UnitedHealth Group Incorporated | 27,303 | 11,254,843 | |||
40,968,322 | |||||
Health care technology: 0.29% | |||||
Veeva Systems Incorporated Class A † | 9,488 | 3,156,752 | |||
Life sciences tools & services: 0.63% | |||||
Thermo Fisher Scientific Incorporated | 12,936 | 6,985,569 | |||
Pharmaceuticals: 3.91% | |||||
Bristol-Myers Squibb Company | 117,338 | 7,963,730 | |||
Eli Lilly & Company | 17,572 | 4,278,782 | |||
Johnson & Johnson | 99,900 | 17,202,780 | |||
Merck & Company Incorporated | 75,009 | 5,765,942 | |||
Pfizer Incorporated | 188,840 | 8,084,240 | |||
43,295,474 | |||||
Industrials: 8.43% | |||||
Aerospace & defense: 0.53% | |||||
Lockheed Martin Corporation | 13,398 | 4,979,635 | |||
The Boeing Company † | 3,938 | 891,878 | |||
5,871,513 | |||||
Air freight & logistics: 1.41% | |||||
Expeditors International of Washington Incorporated | 27,642 | 3,545,087 | |||
FedEx Corporation | 22,988 | 6,435,491 | |||
United Parcel Service Incorporated Class B | 29,206 | 5,588,860 | |||
15,569,438 | |||||
Airlines: 0.28% | |||||
Delta Air Lines Incorporated † | 76,506 | 3,052,589 | |||
Building products: 1.04% | |||||
Carrier Global Corporation | 100,661 | 5,561,520 | |||
Masco Corporation | 99,352 | 5,932,308 | |||
11,493,828 | |||||
Commercial services & supplies: 0.45% | |||||
Waste Management Incorporated | 34,008 | 5,042,026 | |||
Construction & engineering: 0.61% | |||||
Quanta Services Incorporated | 74,143 | 6,739,599 | |||
Electrical equipment: 1.44% | |||||
AMETEK Incorporated | 22,536 | 3,133,631 | |||
Eaton Corporation plc | 28,931 | 4,572,545 | |||
Generac Holdings Incorporated † | 9,699 | 4,067,373 | |||
Regal-Beloit Corporation | 28,392 | 4,180,154 | |||
15,953,703 |
Shares | Value | ||||
Industrial conglomerates: 0.43% | |||||
General Electric Company | 157,649 | $ 2,041,555 | |||
Honeywell International Incorporated | 11,543 | 2,698,638 | |||
4,740,193 | |||||
Machinery: 2.10% | |||||
AGCO Corporation | 38,149 | 5,039,864 | |||
Cummins Incorporated | 20,735 | 4,812,594 | |||
Deere & Company | 4,625 | 1,672,354 | |||
Oshkosh Corporation | 35,052 | 4,190,467 | |||
Parker-Hannifin Corporation | 11,888 | 3,709,413 | |||
Snap-on Incorporated | 17,769 | 3,873,287 | |||
23,297,979 | |||||
Trading companies & distributors: 0.14% | |||||
W.W. Grainger Incorporated | 3,613 | 1,606,268 | |||
Information technology: 28.16% | |||||
Communications equipment: 1.06% | |||||
Cisco Systems Incorporated | 212,101 | 11,744,032 | |||
Electronic equipment, instruments & components: 0.64% | |||||
Keysight Technologies Incorporated † | 22,874 | 3,763,917 | |||
Zebra Technologies Corporation Class A † | 6,006 | 3,318,195 | |||
7,082,112 | |||||
IT services: 3.95% | |||||
Accenture plc Class A | 20,789 | 6,604,250 | |||
Cognizant Technology Solutions Corporation Class A | 10,228 | 752,065 | |||
International Business Machines Corporation | 17,946 | 2,529,668 | |||
MasterCard Incorporated Class A | 19,530 | 7,537,408 | |||
PayPal Holdings Incorporated † | 37,974 | 10,462,976 | |||
Visa Incorporated Class A | 64,331 | 15,850,515 | |||
43,736,882 | |||||
Semiconductors & semiconductor equipment: 5.98% | |||||
Applied Materials Incorporated | 67,161 | 9,397,839 | |||
Broadcom Incorporated | 20,815 | 10,103,601 | |||
Enphase Energy Incorporated † | 4,425 | 838,980 | |||
Intel Corporation | 116,731 | 6,270,789 | |||
Lam Research Corporation | 10,477 | 6,678,145 | |||
Micron Technology Incorporated † | 47,622 | 3,694,515 | |||
NVIDIA Corporation | 75,196 | 14,662,468 | |||
Qorvo Incorporated † | 28,498 | 5,402,936 | |||
Qualcomm Incorporated | 61,751 | 9,250,300 | |||
66,299,573 | |||||
Software: 10.04% | |||||
Adobe Incorporated † | 15,652 | 9,729,753 | |||
Cadence Design Systems Incorporated † | 14,802 | 2,185,515 | |||
Fortinet Incorporated † | 16,091 | 4,380,614 | |||
Intuit Incorporated | 15,805 | 8,376,176 | |||
Microsoft Corporation | 241,520 | 68,811,463 | |||
Oracle Corporation | 100,776 | 8,781,621 |
Shares | Value | ||||
Software (continued) | |||||
Salesforce.com Incorporated † | 27,919 | $ 6,754,444 | |||
ServiceNow Incorporated † | 3,708 | 2,179,896 | |||
111,199,482 | |||||
Technology hardware, storage & peripherals: 6.49% | |||||
Apple Incorporated | 479,810 | 69,985,087 | |||
HP Incorporated | 67,524 | 1,949,418 | |||
71,934,505 | |||||
Materials: 2.59% | |||||
Chemicals: 0.67% | |||||
Eastman Chemical Company | 29,622 | 3,338,992 | |||
LyondellBasell Industries NV Class A | 40,961 | 4,068,656 | |||
7,407,648 | |||||
Containers & packaging: 0.70% | |||||
Avery Dennison Corporation | 8,546 | 1,800,471 | |||
Berry Global Group Incorporated † | 68,722 | 4,418,137 | |||
Sealed Air Corporation | 18,394 | 1,043,860 | |||
WestRock Company | 10,861 | 534,470 | |||
7,796,938 | |||||
Metals & mining: 1.22% | |||||
Freeport-McMoRan Incorporated | 24,992 | 952,195 | |||
Newmont Corporation | 53,292 | 3,347,803 | |||
Nucor Corporation | 46,236 | 4,809,469 | |||
Reliance Steel & Aluminum Company | 27,786 | 4,366,570 | |||
13,476,037 | |||||
Real estate: 2.88% | |||||
Equity REITs: 2.88% | |||||
Alexandria Real Estate Equities Incorporated | 31,313 | 6,304,559 | |||
American Tower Corporation | 24,660 | 6,973,848 | |||
Equinix Incorporated | 3,016 | 2,474,357 | |||
Essex Property Trust Incorporated | 4,975 | 1,632,298 | |||
Gaming and Leisure Properties Incorporated | 22,439 | 1,062,262 | |||
Prologis Incorporated | 51,000 | 6,530,040 | |||
Public Storage Incorporated | 10,031 | 3,134,487 | |||
SBA Communications Corporation | 11,211 | 3,822,839 | |||
31,934,690 | |||||
Utilities: 1.82% | |||||
Electric utilities: 0.77% | |||||
NextEra Energy Incorporated | 32,894 | 2,562,443 | |||
NRG Energy Incorporated | 80,011 | 3,299,654 | |||
The Southern Company | 41,930 | 2,678,069 | |||
8,540,166 | |||||
Independent power & renewable electricity producers: 0.44% | |||||
AES Corporation | 206,164 | 4,886,087 |
Shares | Value | ||||
Multi-utilities: 0.61% | |||||
Dominion Energy Incorporated | 20,214 | $ 1,513,422 | |||
Sempra Energy | 39,969 | 5,221,950 | |||
6,735,372 | |||||
Total Common stocks (Cost $541,956,169) | 1,086,646,099 |
Yield | |||||
Short-term investments: 1.76% | |||||
Investment companies: 1.76% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 19,482,368 | 19,482,368 | ||
Total Short-term investments (Cost $19,482,368) | 19,482,368 | ||||
Total investments in securities (Cost $561,438,537) | 99.83% | 1,106,128,467 | |||
Other assets and liabilities, net | 0.17 | 1,914,846 | |||
Total net assets | 100.00% | $1,108,043,313 |
† | Non-income-earning security |
♠ | 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 | ||||||||||
Securities Lending Cash Investments LLC | $ 0 | $ 18,169,363 | $ (18,169,363) | $0 | $0 | $ 0 | 0 | $ 973# | ||
Wells Fargo Government Money Market Fund Select Class | 15,915,451 | 226,039,020 | (222,472,103) | 0 | 0 | 19,482,368 | 19,482,368 | 6,075 | ||
$0 | $0 | $19,482,368 | $7,048 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 85 | 9-17-2021 | $18,586,643 | $18,655,146 | $68,503 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $541,956,169) | $ 1,086,646,099 |
Investments in affiliated securites, at value (cost $19,482,368) | 19,482,368 |
Cash at broker segregated for futures contracts | 1,916,504 |
Receivable for dividends | 936,571 |
Receivable for Fund shares sold | 135,233 |
Receivable for securities lending income, net | 316 |
Prepaid expenses and other assets | 175,222 |
Total assets | 1,109,292,313 |
Liabilities | |
Payable for Fund shares redeemed | 516,909 |
Management fee payable | 330,118 |
Administration fees payable | 134,595 |
Shareholder servicing fees payable | 131,682 |
Payable for daily variation margin on open futures contracts | 94,773 |
Distribution fees payable | 16,824 |
Accrued expenses and other liabilities | 24,099 |
Total liabilities | 1,249,000 |
Total net assets | $1,108,043,313 |
Net assets consist of | |
Paid-in capital | $ 480,675,763 |
Total distributable earnings | 627,367,550 |
Total net assets | $1,108,043,313 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 521,701,732 |
Shares outstanding – Class A1 | 22,908,268 |
Net asset value per share – Class A | $22.77 |
Maximum offering price per share – Class A2 | $24.16 |
Net assets – Class C | $ 27,121,011 |
Shares outstanding – Class C1 | 1,302,506 |
Net asset value per share – Class C | $20.82 |
Net assets – Class R | $ 4,100,841 |
Shares outstanding – Class R1 | 178,572 |
Net asset value per share – Class R | $22.96 |
Net assets – Class R6 | $ 340,631,017 |
Shares outstanding – Class R61 | 14,517,676 |
Net asset value per share – Class R6 | $23.46 |
Net assets – Administrator Class | $ 51,271,263 |
Shares outstanding – Administrator Class1 | 2,177,121 |
Net asset value per share – Administrator Class | $23.55 |
Net assets – Institutional Class | $ 163,217,449 |
Shares outstanding – Institutional Class1 | 7,030,175 |
Net asset value per share – Institutional Class | $23.22 |
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 | $ 16,030,116 |
Income from affiliated securities | 10,199 |
Interest | 127 |
Total investment income | 16,040,442 |
Expenses | |
Management fee | 3,477,342 |
Administration fees | |
Class A | 987,033 |
Class C | 57,227 |
Class R | 8,014 |
Class R6 | 87,378 |
Administrator Class | 64,483 |
Institutional Class | 199,701 |
Shareholder servicing fees | |
Class A | 1,175,039 |
Class C | 68,047 |
Class R | 9,541 |
Administrator Class | 123,534 |
Distribution fees | |
Class C | 203,958 |
Class R | 9,487 |
Custody and accounting fees | 62,821 |
Professional fees | 58,130 |
Registration fees | 104,786 |
Shareholder report expenses | 77,346 |
Trustees’ fees and expenses | 19,316 |
Other fees and expenses | 129,339 |
Total expenses | 6,922,522 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (17,938) |
Class R6 | (1,482) |
Administrator Class | (18,527) |
Institutional Class | (68,771) |
Net expenses | 6,815,804 |
Net investment income | 9,224,638 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 75,134,807 |
Futures contracts | 6,851,290 |
Net realized gains on investments | 81,986,097 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 221,089,583 |
Futures contracts | (384,421) |
Net change in unrealized gains (losses) on investments | 220,705,162 |
Net realized and unrealized gains (losses) on investments | 302,691,259 |
Net increase in net assets resulting from operations | $311,915,897 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 9,224,638 | $ 14,329,632 | ||
Net realized gains on investments | 81,986,097 | 71,533,398 | ||
Net change in unrealized gains (losses) on investments | 220,705,162 | (1,368,802) | ||
Net increase in net assets resulting from operations | 311,915,897 | 84,494,228 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (40,144,770) | (18,684,889) | ||
Class C | (2,202,870) | (1,266,022) | ||
Class R | (330,477) | (125,676) | ||
Class R6 | (25,321,636) | (13,828,583) | ||
Administrator Class | (4,226,866) | (2,526,202) | ||
Institutional Class | (13,403,739) | (9,162,742) | ||
Total distributions to shareholders | (85,630,358) | (45,594,114) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,622,096 | 32,886,449 | 1,168,491 | 19,900,273 |
Class C | 39,264 | 713,151 | 95,422 | 1,502,772 |
Class R | 17,104 | 349,021 | 46,128 | 784,721 |
Class R6 | 3,552,924 | 75,931,420 | 2,828,938 | 48,881,704 |
Administrator Class | 136,923 | 2,833,092 | 204,842 | 3,475,476 |
Institutional Class | 1,077,100 | 22,113,375 | 1,095,326 | 19,014,160 |
134,826,508 | 93,559,106 | |||
Reinvestment of distributions | ||||
Class A | 1,978,592 | 37,660,984 | 983,735 | 17,558,389 |
Class C | 123,928 | 2,147,585 | 71,599 | 1,167,986 |
Class R | 17,031 | 327,043 | 6,899 | 124,243 |
Class R6 | 1,222,488 | 23,967,764 | 704,180 | 12,911,375 |
Administrator Class | 190,727 | 3,751,963 | 122,596 | 2,255,074 |
Institutional Class | 620,802 | 12,045,656 | 466,052 | 8,456,868 |
79,900,995 | 42,473,935 | |||
Payment for shares redeemed | ||||
Class A | (3,799,753) | (76,614,099) | (4,165,810) | (70,522,271) |
Class C | (605,272) | (11,024,914) | (864,975) | (13,589,760) |
Class R | (46,393) | (946,015) | (41,436) | (711,640) |
Class R6 | (3,781,193) | (78,637,749) | (9,188,798) | (160,807,048) |
Administrator Class | (847,387) | (17,290,465) | (934,084) | (15,485,846) |
Institutional Class | (2,582,056) | (52,693,521) | (9,902,961) | (170,810,159) |
(237,206,763) | (431,926,724) | |||
Net decrease in net assets resulting from capital share transactions | (22,479,260) | (295,893,683) | ||
Total increase (decrease) in net assets | 203,806,279 | (256,993,569) | ||
Net assets | ||||
Beginning of period | 904,237,034 | 1,161,230,603 | ||
End of period | $1,108,043,313 | $ 904,237,034 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.22 | $17.29 | $17.70 | $16.30 | $14.50 |
Net investment income | 0.14 | 0.23 | 0.25 | 0.24 | 0.22 |
Net realized and unrealized gains (losses) on investments | 6.18 | 1.47 | 0.38 | 1.90 | 1.94 |
Total from investment operations | 6.32 | 1.70 | 0.63 | 2.14 | 2.16 |
Distributions to shareholders from | |||||
Net investment income | (0.33) | (0.33) | (0.19) | (0.15) | (0.15) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.77) | (0.77) | (1.04) | (0.74) | (0.36) |
Net asset value, end of period | $22.77 | $18.22 | $17.29 | $17.70 | $16.30 |
Total return1 | 36.73% | 9.97% | 4.31% | 13.28% | 15.12% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.85% | 0.86% | 0.84% | 0.83% | 0.85% |
Net expenses | 0.85% | 0.85% | 0.84% | 0.83% | 0.85% |
Net investment income | 0.76% | 1.25% | 1.40% | 1.33% | 1.45% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $521,702 | $421,005 | $434,367 | $480,602 | $467,491 |
1 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.70 | $15.85 | $16.28 | $15.04 | $13.45 |
Net investment income | 0.02 | 0.11 | 0.12 | 0.09 | 0.10 |
Net realized and unrealized gains (losses) on investments | 5.64 | 1.32 | 0.35 | 1.76 | 1.79 |
Total from investment operations | 5.66 | 1.43 | 0.47 | 1.85 | 1.89 |
Distributions to shareholders from | |||||
Net investment income | (0.10) | (0.14) | (0.05) | (0.02) | (0.09) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.54) | (0.58) | (0.90) | (0.61) | (0.30) |
Net asset value, end of period | $20.82 | $16.70 | $15.85 | $16.28 | $15.04 |
Total return1 | 35.80% | 9.09% | 3.59% | 12.41% | 14.27% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.60% | 1.60% | 1.59% | 1.58% | 1.60% |
Net expenses | 1.60% | 1.60% | 1.59% | 1.58% | 1.60% |
Net investment income | 0.02% | 0.51% | 0.66% | 0.58% | 0.69% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $27,121 | $29,141 | $38,708 | $52,647 | $54,054 |
1 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class R | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.38 | $17.44 | $17.88 | $16.51 | $14.77 |
Net investment income | 0.07 | 0.18 | 0.19 1 | 0.18 1 | 0.17 1 |
Net realized and unrealized gains (losses) on investments | 6.25 | 1.49 | 0.41 | 1.94 | 1.99 |
Total from investment operations | 6.32 | 1.67 | 0.60 | 2.12 | 2.16 |
Distributions to shareholders from | |||||
Net investment income | (0.30) | (0.29) | (0.19) | (0.16) | (0.21) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.74) | (0.73) | (1.04) | (0.75) | (0.42) |
Net asset value, end of period | $22.96 | $18.38 | $17.44 | $17.88 | $16.51 |
Total return2 | 36.38% | 9.68% | 4.07% | 12.97% | 14.86% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.10% | 1.10% | 1.09% | 1.08% | 1.10% |
Net expenses | 1.10% | 1.10% | 1.09% | 1.08% | 1.10% |
Net investment income | 0.51% | 0.97% | 1.15% | 1.04% | 1.10% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $4,101 | $3,507 | $3,126 | $3,298 | $2,001 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.72 | $17.76 | $18.17 | $16.71 | $14.86 |
Net investment income | 0.24 | 0.31 | 0.32 | 0.30 1 | 0.28 1 |
Net realized and unrealized gains (losses) on investments | 6.36 | 1.51 | 0.40 | 1.97 | 1.99 |
Total from investment operations | 6.60 | 1.82 | 0.72 | 2.27 | 2.27 |
Distributions to shareholders from | |||||
Net investment income | (0.42) | (0.42) | (0.28) | (0.22) | (0.21) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.86) | (0.86) | (1.13) | (0.81) | (0.42) |
Net asset value, end of period | $23.46 | $18.72 | $17.76 | $18.17 | $16.71 |
Total return2 | 37.35% | 10.39% | 4.77% | 13.78% | 15.56% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.42% | 0.43% | 0.41% | 0.40% | 0.42% |
Net expenses | 0.42% | 0.42% | 0.41% | 0.40% | 0.42% |
Net investment income | 1.18% | 1.70% | 1.84% | 1.71% | 1.77% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $340,631 | $253,223 | $340,606 | $445,678 | $41,770 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.78 | $17.80 | $18.17 | $16.71 | $14.85 |
Net investment income | 0.19 1 | 0.24 1 | 0.26 1 | 0.25 1 | 0.25 1 |
Net realized and unrealized gains (losses) on investments | 6.37 | 1.53 | 0.41 | 1.97 | 1.98 |
Total from investment operations | 6.56 | 1.77 | 0.67 | 2.22 | 2.23 |
Distributions to shareholders from | |||||
Net investment income | (0.35) | (0.35) | (0.19) | (0.17) | (0.16) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.79) | (0.79) | (1.04) | (0.76) | (0.37) |
Net asset value, end of period | $23.55 | $18.78 | $17.80 | $18.17 | $16.71 |
Total return | 36.93% | 10.08% | 4.43% | 13.40% | 15.24% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.77% | 0.77% | 0.76% | 0.75% | 0.77% |
Net expenses | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Net investment income | 0.89% | 1.37% | 1.50% | 1.42% | 1.60% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $51,271 | $50,655 | $58,808 | $94,058 | $94,294 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.54 | $17.57 | $17.98 | $16.55 | $14.72 |
Net investment income | 0.23 1 | 0.29 1 | 0.30 1 | 0.28 | 0.27 1 |
Net realized and unrealized gains (losses) on investments | 6.29 | 1.51 | 0.40 | 1.95 | 1.98 |
Total from investment operations | 6.52 | 1.80 | 0.70 | 2.23 | 2.25 |
Distributions to shareholders from | |||||
Net investment income | (0.40) | (0.39) | (0.26) | (0.21) | (0.21) |
Net realized gains | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.84) | (0.83) | (1.11) | (0.80) | (0.42) |
Net asset value, end of period | $23.22 | $18.54 | $17.57 | $17.98 | $16.55 |
Total return | 37.26% | 10.39% | 4.69% | 13.65% | 15.51% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.52% | 0.52% | 0.51% | 0.50% | 0.52% |
Net expenses | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Net investment income | 1.14% | 1.67% | 1.77% | 1.67% | 1.76% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $163,217 | $146,707 | $285,616 | $411,988 | $353,573 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $541,216,564 |
Gross unrealized losses | (2,711,221) |
Net unrealized gains | $538,505,343 |
■ | 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 | $ 118,944,572 | $0 | $0 | $ 118,944,572 |
Consumer discretionary | 124,235,085 | 0 | 0 | 124,235,085 |
Consumer staples | 59,394,973 | 0 | 0 | 59,394,973 |
Energy | 25,524,379 | 0 | 0 | 25,524,379 |
Financials | 123,091,180 | 0 | 0 | 123,091,180 |
Health care | 149,315,250 | 0 | 0 | 149,315,250 |
Industrials | 93,367,136 | 0 | 0 | 93,367,136 |
Information technology | 311,996,586 | 0 | 0 | 311,996,586 |
Materials | 28,680,623 | 0 | 0 | 28,680,623 |
Real estate | 31,934,690 | 0 | 0 | 31,934,690 |
Utilities | 20,161,625 | 0 | 0 | 20,161,625 |
Short-term investments | ||||
Investment companies | 19,482,368 | 0 | 0 | 19,482,368 |
1,106,128,467 | 0 | 0 | 1,106,128,467 | |
Futures contracts | 68,503 | 0 | 0 | 68,503 |
Total assets | $1,106,196,970 | $0 | $0 | $1,106,196,970 |
Average daily net assets | Management fee |
First $1 billion | 0.350% |
Next $4 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
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 | 0.87% |
Class C | 1.62 |
Class R | 1.12 |
Class R6 | 0.43 |
Administrator Class | 0.74 |
Institutional Class | 0.48 |
Year ended July 31 | ||
2021 | 2020 | |
Ordinary income | $18,005,630 | $20,794,580 |
Long-term capital gain | 67,624,728 | 24,799,534 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$15,544,143 | $73,354,184 | $538,505,343 |
Wells Fargo Funds Trust:
Shares voted “For” | 23,946,895 |
Shares voted “Against” | 862,299 |
Shares voted “Abstain” | 1,131,313 |
Shares voted “For” | 23,938,831 |
Shares voted “Against” | 860,799 |
Shares voted “Abstain” | 1,140,877 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A203/AR203 07-21
2 | |
6 | |
10 | |
11 | |
Financial statements | |
14 | |
15 | |
16 | |
17 | |
22 | |
29 | |
30 | |
Board considerations | |
34 | |
37 | |
43 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Michael T. Smith, CFA®‡, Christopher J. Warner, CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (STAEX) | 12-29-2000 | 24.05 | 22.46 | 16.28 | 31.66 | 23.93 | 16.98 | 1.26 | 1.03 | ||
Class C (WECCX) | 12-29-2000 | 29.71 | 22.98 | 16.10 | 30.71 | 22.98 | 16.10 | 2.01 | 1.78 | ||
Class R6 (WECRX)3 | 9-20-2019 | – | – | – | 32.36 | 24.46 | 17.48 | 0.83 | 0.60 | ||
Administrator Class (WECDX) | 4-8-2005 | – | – | – | 32.15 | 24.18 | 17.25 | 1.18 | 0.94 | ||
Institutional Class (WFCIX) | 4-8-2005 | – | – | – | 32.11 | 24.39 | 17.45 | 0.93 | 0.70 | ||
Russell 1000® Growth Index4 | – | – | – | – | 36.68 | 23.32 | 18.37 | – | – |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.03% for Class A, 1.78% for Class C, 0.60% for Class R6, 0.94% for Administrator Class, and 0.70% 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 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 1000® Growth Index, for the 12-month period that ended July 31, 2021. |
■ | Stock selection within the communications services sector detracted from performance. |
■ | Non-ownership of large positions within the benchmark detracted from relative performance. |
■ | Select holdings within the consumer discretionary sector were key contributors to performance. |
Ten largest holdings (%) as of July 31, 20211 | |
Microsoft Corporation | 9.89 |
Amazon.com Incorporated | 8.43 |
Alphabet Incorporated Class A | 6.66 |
Visa Incorporated Class A | 4.63 |
PayPal Holdings Incorporated | 3.75 |
ServiceNow Incorporated | 3.31 |
The Home Depot Incorporated | 3.14 |
The Sherwin-Williams Company | 2.75 |
DexCom Incorporated | 2.74 |
Atlassian Corporation plc Class A | 2.69 |
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 July 31, 20211 |
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 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,160.36 | $5.46 | 1.02% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.74 | $5.11 | 1.02% |
Class C | ||||
Actual | $1,000.00 | $1,156.63 | $9.52 | 1.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.97 | $8.90 | 1.78% |
Class R6 | ||||
Actual | $1,000.00 | $1,163.35 | $3.22 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.82 | $3.01 | 0.60% |
Administrator Class | ||||
Actual | $1,000.00 | $1,161.78 | $5.04 | 0.94% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.13 | $4.71 | 0.94% |
Institutional Class | ||||
Actual | $1,000.00 | $1,162.93 | $3.75 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.32 | $3.51 | 0.70% |
Shares | Value | ||||
Common stocks: 99.60% | |||||
Communication services: 12.85% | |||||
Entertainment: 3.49% | |||||
Netflix Incorporated † | 12,300 | $ 6,366,111 | |||
Spotify Technology † | 18,500 | 4,230,395 | |||
10,596,506 | |||||
Interactive media & services: 9.36% | |||||
Alphabet Incorporated Class A † | 7,507 | 20,227,837 | |||
Alphabet Incorporated Class C † | 905 | 2,447,500 | |||
Match Group Incorporated † | 36,086 | 5,747,417 | |||
28,422,754 | |||||
Consumer discretionary: 19.92% | |||||
Auto components: 1.89% | |||||
Aptiv plc † | 34,350 | 5,731,298 | |||
Automobiles: 1.29% | |||||
Ferrari NV | 18,000 | 3,929,220 | |||
Hotels, restaurants & leisure: 2.64% | |||||
Chipotle Mexican Grill Incorporated † | 4,300 | 8,012,792 | |||
Internet & direct marketing retail: 10.96% | |||||
Amazon.com Incorporated † | 7,688 | 25,582,512 | |||
MercadoLibre Incorporated † | 4,900 | 7,686,630 | |||
33,269,142 | |||||
Specialty retail: 3.14% | |||||
The Home Depot Incorporated | 29,016 | 9,522,761 | |||
Financials: 5.97% | |||||
Capital markets: 5.97% | |||||
Intercontinental Exchange Incorporated | 57,490 | 6,889,027 | |||
MarketAxess Holdings Incorporated | 11,000 | 5,226,870 | |||
S&P Global Incorporated | 14,041 | 6,019,658 | |||
18,135,555 | |||||
Health care: 11.90% | |||||
Health care equipment & supplies: 9.31% | |||||
Alcon Incorporated « | 79,550 | 5,791,240 | |||
DexCom Incorporated † | 16,150 | 8,325,487 | |||
Edwards Lifesciences Corporation † | 55,050 | 6,180,464 | |||
Intuitive Surgical Incorporated † | 8,050 | 7,981,253 | |||
28,278,444 | |||||
Health care providers & services: 2.59% | |||||
UnitedHealth Group Incorporated | 19,047 | 7,851,554 | |||
Industrials: 6.90% | |||||
Air freight & logistics: 2.23% | |||||
United Parcel Service Incorporated Class B | 35,400 | 6,774,144 |
Shares | Value | ||||
Commercial services & supplies: 2.42% | |||||
Waste Connections Incorporated | 57,940 | $ 7,340,419 | |||
Road & rail: 2.25% | |||||
Union Pacific Corporation | 31,300 | 6,847,188 | |||
Information technology: 37.60% | |||||
Communications equipment: 1.71% | |||||
Motorola Solutions Incorporated | 23,200 | 5,194,944 | |||
IT services: 14.60% | |||||
Fiserv Incorporated † | 61,494 | 7,078,574 | |||
MongoDB Incorporated † | 19,100 | 6,855,372 | |||
PayPal Holdings Incorporated † | 41,300 | 11,379,389 | |||
Shopify Incorporated Class A † | 3,300 | 4,949,769 | |||
Visa Incorporated Class A | 57,028 | 14,051,129 | |||
44,314,233 | |||||
Software: 21.29% | |||||
Atlassian Corporation plc Class A † | 25,100 | 8,160,512 | |||
Autodesk Incorporated † | 19,800 | 6,358,374 | |||
Cadence Design Systems Incorporated † | 45,500 | 6,718,075 | |||
Microsoft Corporation | 105,334 | 30,010,710 | |||
ServiceNow Incorporated † | 17,080 | 10,041,161 | |||
Unity Software Incorporated † | 31,216 | 3,343,858 | |||
64,632,690 | |||||
Materials: 4.46% | |||||
Chemicals: 4.46% | |||||
Air Products & Chemicals Incorporated | 17,900 | 5,209,435 | |||
The Sherwin-Williams Company | 28,650 | 8,338,010 | |||
13,547,445 | |||||
Total Common stocks (Cost $117,470,006) | 302,401,089 |
Yield | |||||
Short-term investments: 0.43% | |||||
Investment companies: 0.43% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.02% | 320,350 | 320,350 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 971,857 | 971,857 | ||
Total Short-term investments (Cost $1,292,207) | 1,292,207 | ||||
Total investments in securities (Cost $118,762,213) | 100.03% | 303,693,296 | |||
Other assets and liabilities, net | (0.03) | (92,182) | |||
Total net assets | 100.00% | $303,601,114 |
† | 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. |
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 | $39,311,300 | $(38,990,950) | $0 | $0 | $ 320,350 | 320,350 | $ 1,708# | ||
Wells Fargo Government Money Market Fund Select Class | 12,402,416 | 46,967,519 | (58,398,078) | 0 | 0 | 971,857 | 971,857 | 972 | ||
$0 | $0 | $1,292,207 | $2,680 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $262,080 of securities loaned), at value (cost $117,470,006) | $ 302,401,089 |
Investments in affiliated securites, at value (cost $1,292,207) | 1,292,207 |
Receivable for investments sold | 647,496 |
Receivable for dividends | 39,628 |
Receivable for Fund shares sold | 13,414 |
Receivable for securities lending income, net | 262 |
Prepaid expenses and other assets | 125,887 |
Total assets | 304,519,983 |
Liabilities | |
Payable for Fund shares redeemed | 378,221 |
Payable upon receipt of securities loaned | 320,350 |
Management fee payable | 129,859 |
Administration fees payable | 40,391 |
Distribution fee payable | 3,854 |
Trustees’ fees and expenses payable | 1,261 |
Accrued expenses and other liabilities | 44,933 |
Total liabilities | 918,869 |
Total net assets | $303,601,114 |
Net assets consist of | |
Paid-in capital | $ 87,824,457 |
Total distributable earnings | 215,776,657 |
Total net assets | $303,601,114 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 141,656,920 |
Shares outstanding – Class A1 | 12,155,966 |
Net asset value per share – Class A | $11.65 |
Maximum offering price per share – Class A2 | $12.36 |
Net assets – Class C | $ 5,876,441 |
Shares outstanding – Class C1 | 1,019,908 |
Net asset value per share – Class C | $5.76 |
Net assets – Class R6 | $ 45,969,968 |
Shares outstanding – Class R61 | 3,277,282 |
Net asset value per share – Class R6 | $14.03 |
Net assets – Administrator Class | $ 10,933,946 |
Shares outstanding – Administrator Class1 | 836,725 |
Net asset value per share – Administrator Class | $13.07 |
Net assets – Institutional Class | $ 99,163,839 |
Shares outstanding – Institutional Class1 | 7,086,846 |
Net asset value per share – Institutional Class | $13.99 |
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 $14,990) | $ 1,441,962 |
Income from affiliated securities | 10,774 |
Total investment income | 1,452,736 |
Expenses | |
Management fee | 1,978,557 |
Administration fees | |
Class A | 273,936 |
Class C | 12,804 |
Class R6 | 13,126 |
Administrator Class | 13,289 |
Institutional Class | 119,773 |
Shareholder servicing fees | |
Class A | 326,114 |
Class C | 15,243 |
Administrator Class | 25,528 |
Distribution fee | |
Class C | 45,730 |
Custody and accounting fees | 16,445 |
Professional fees | 48,230 |
Registration fees | 86,056 |
Shareholder report expenses | 54,489 |
Trustees’ fees and expenses | 19,316 |
Other fees and expenses | 18,422 |
Total expenses | 3,067,058 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (610,450) |
Class A | (21,221) |
Administrator Class | (967) |
Net expenses | 2,434,420 |
Net investment loss | (981,684) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 38,305,108 |
Net change in unrealized gains (losses) on investments | 41,309,796 |
Net realized and unrealized gains (losses) on investments | 79,614,904 |
Net increase in net assets resulting from operations | $78,633,220 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (981,684) | $ (247,318) | ||
Net realized gains on investments | 38,305,108 | 18,984,175 | ||
Net change in unrealized gains (losses) on investments | 41,309,796 | 39,967,714 | ||
Net increase in net assets resulting from operations | 78,633,220 | 58,704,571 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (10,518,393) | (9,193,804) | ||
Class C | (883,514) | (639,884) | ||
Class R6 | (2,734,798) | (3,817,296) 1 | ||
Administrator Class | (764,611) | (594,711) | ||
Institutional Class | (6,195,904) | (5,072,891) | ||
Total distributions to shareholders | (21,097,220) | (19,318,586) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 910,566 | 9,439,265 | 2,464,894 | 20,299,260 |
Class C | 129,367 | 683,576 | 659,230 | 2,859,235 |
Class R6 | 569,519 | 6,909,745 | 6,365,048 1 | 60,326,316 1 |
Administrator Class | 153,640 | 1,732,301 | 256,326 | 2,382,284 |
Institutional Class | 1,122,261 | 13,663,932 | 4,348,587 | 41,589,495 |
32,428,819 | 127,456,590 | |||
Reinvestment of distributions | ||||
Class A | 1,050,716 | 10,276,004 | 1,136,944 | 8,970,487 |
Class C | 181,793 | 883,514 | 145,449 | 621,069 |
Class R6 | 232,545 | 2,730,078 | 410,012 1 | 3,813,107 1 |
Administrator Class | 69,407 | 760,704 | 67,574 | 590,592 |
Institutional Class | 527,036 | 6,176,862 | 543,524 | 5,054,778 |
20,827,162 | 19,050,033 | |||
Payment for shares redeemed | ||||
Class A | (2,729,863) | (28,108,562) | (2,755,225) | (22,584,078) |
Class C | (575,614) | (3,110,801) | (362,899) | (1,634,876) |
Class R6 | (1,784,268) | (21,244,087) | (2,770,957) 1 | (26,106,890) 1 |
Administrator Class | (228,663) | (2,633,373) | (304,554) | (2,668,949) |
Institutional Class | (2,171,020) | (26,836,883) | (9,604,487) | (91,582,332) |
(81,933,706) | (144,577,125) | |||
Net asset value of shares issued in acquisition | ||||
Class A | 0 | 0 | 9,924,795 | 82,228,406 |
Class C | 0 | 0 | 406,964 | 1,963,250 |
Class R6 | 0 | 0 | 255,383 1 | 2,459,686 1 |
Administrator Class | 0 | 0 | 539,878 | 4,913,234 |
Institutional Class | 0 | 0 | 1,198,969 | 11,547,626 |
0 | 103,112,202 | |||
Net increase (decrease) in net assets resulting from capital share transactions | (28,677,725) | 105,041,700 | ||
Total increase in net assets | 28,858,275 | 144,427,685 | ||
Net assets | ||||
Beginning of period | 274,742,839 | 130,315,154 | ||
End of period | $303,601,114 | $ 274,742,839 |
1 | For the period from September 20, 2019 (commencement of class operations) to July 31, 2020 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $9.62 | $8.33 | $9.43 | $9.09 | $8.96 |
Net investment loss | (0.05) 1 | (0.03) 1 | (0.03) 1 | (0.04) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | 2.93 | 2.08 | 0.97 | 2.23 | 1.49 |
Total from investment operations | 2.88 | 2.05 | 0.94 | 2.19 | 1.46 |
Distributions to shareholders from | |||||
Net realized gains | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) |
Net asset value, end of period | $11.65 | $9.62 | $8.33 | $9.43 | $9.09 |
Total return | 31.66% | 26.57% | 15.37% | 27.35% | 19.39% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.25% | 1.26% | 1.30% | 1.25% | 1.22% |
Net expenses | 1.01% | 1.02% | 1.20% | 1.20% | 1.20% |
Net investment loss | (0.50)% | (0.30)% | (0.35)% | (0.49)% | (0.33)% |
Supplemental data | |||||
Portfolio turnover rate | 21% | 16% | 20% | 36% | 59% |
Net assets, end of period (000s omitted) | $141,657 | $124,271 | $17,940 | $16,301 | $12,953 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $5.18 | $4.86 | $6.46 | $6.80 | $7.09 |
Net investment loss | (0.07) 1 | (0.05) 1 | (0.06) 1 | (0.08) 1 | (0.07) 1 |
Net realized and unrealized gains (losses) on investments | 1.50 | 1.13 | 0.50 | 1.59 | 1.11 |
Total from investment operations | 1.43 | 1.08 | 0.44 | 1.51 | 1.04 |
Distributions to shareholders from | |||||
Net realized gains | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) |
Net asset value, end of period | $5.76 | $5.18 | $4.86 | $6.46 | $6.80 |
Total return | 30.71% | 25.48% | 14.51% | 26.43% | 18.46% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.00% | 2.01% | 2.05% | 2.00% | 1.97% |
Net expenses | 1.78% | 1.79% | 1.95% | 1.95% | 1.95% |
Net investment loss | (1.26)% | (1.06)% | (1.12)% | (1.22)% | (1.08)% |
Supplemental data | |||||
Portfolio turnover rate | 21% | 16% | 20% | 36% | 59% |
Net assets, end of period (000s omitted) | $5,876 | $6,651 | $2,116 | $3,792 | $3,676 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | ||
Class R6 | 2021 | 2020 1 |
Net asset value, beginning of period | $11.37 | $9.63 |
Net investment income (loss) | (0.01) 2 | 0.01 |
Net realized and unrealized gains (losses) on investments | 3.52 | 2.49 |
Total from investment operations | 3.51 | 2.50 |
Distributions to shareholders from | ||
Net realized gains | (0.85) | (0.76) |
Net asset value, end of period | $14.03 | $11.37 |
Total return3 | 32.36% | 27.68% |
Ratios to average net assets (annualized) | ||
Gross expenses | 0.82% | 0.82% |
Net expenses | 0.60% | 0.60% |
Net investment income (loss) | (0.09)% | 0.11% |
Supplemental data | ||
Portfolio turnover rate | 21% | 16% |
Net assets, end of period (000s omitted) | $45,970 | $48,435 |
1 | For the period from September 20, 2019 (commencement of class operations) to July 31, 2020 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.66 | $9.15 | $10.12 | $9.62 | $9.38 |
Net investment loss | (0.05) 1 | (0.02) 1 | (0.01) 1 | (0.03) 1 | (0.01) 1 |
Net realized and unrealized gains (losses) on investments | 3.31 | 2.29 | 1.08 | 2.38 | 1.58 |
Total from investment operations | 3.26 | 2.27 | 1.07 | 2.35 | 1.57 |
Distributions to shareholders from | |||||
Net realized gains | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) |
Net asset value, end of period | $13.07 | $10.66 | $9.15 | $10.12 | $9.62 |
Total return | 32.15% | 26.59% | 15.63% | 27.55% | 19.71% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.17% | 1.18% | 1.21% | 1.16% | 1.14% |
Net expenses | 0.94% | 0.94% | 1.00% | 1.00% | 1.00% |
Net investment loss | (0.43)% | (0.21)% | (0.16)% | (0.28)% | (0.12)% |
Supplemental data | |||||
Portfolio turnover rate | 21% | 16% | 20% | 36% | 59% |
Net assets, end of period (000s omitted) | $10,934 | $8,979 | $2,590 | $3,068 | $3,695 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.36 | $9.68 | $10.57 | $9.95 | $9.65 |
Net investment income (loss) | (0.02) 1 | 0.01 1 | 0.00 1,2 | (0.01) 1 | 0.00 1,2 |
Net realized and unrealized gains (losses) on investments | 3.50 | 2.43 | 1.15 | 2.49 | 1.64 |
Total from investment operations | 3.48 | 2.44 | 1.15 | 2.48 | 1.64 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.01) | (0.01) |
Net realized gains | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) |
Total distributions to shareholders | (0.85) | (0.76) | (2.04) | (1.86) | (1.34) |
Net asset value, end of period | $13.99 | $11.36 | $9.68 | $10.57 | $9.95 |
Total return | 32.11% | 26.91% | 15.76% | 28.01% | 19.87% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.92% | 0.93% | 0.97% | 0.92% | 0.89% |
Net expenses | 0.70% | 0.72% | 0.80% | 0.80% | 0.80% |
Net investment income (loss) | (0.19)% | 0.07% | 0.05% | (0.08)% | 0.05% |
Supplemental data | |||||
Portfolio turnover rate | 21% | 16% | 20% | 36% | 59% |
Net assets, end of period (000s omitted) | $99,164 | $86,407 | $107,670 | $131,655 | $144,199 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Gross unrealized gains | $186,752,950 |
Gross unrealized losses | (2,239,250) |
Net unrealized gains | $184,513,700 |
■ | 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 | $ 39,019,260 | $0 | $0 | $ 39,019,260 |
Consumer discretionary | 60,465,213 | 0 | 0 | 60,465,213 |
Financials | 18,135,555 | 0 | 0 | 18,135,555 |
Health care | 36,129,998 | 0 | 0 | 36,129,998 |
Industrials | 20,961,751 | 0 | 0 | 20,961,751 |
Information technology | 114,141,867 | 0 | 0 | 114,141,867 |
Materials | 13,547,445 | 0 | 0 | 13,547,445 |
Short-term investments | ||||
Investment companies | 1,292,207 | 0 | 0 | 1,292,207 |
Total assets | $303,693,296 | $0 | $0 | $303,693,296 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
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 | 1.03% |
Class C | 1.78 |
Class R6 | 0.60 |
Administrator Class | 0.94 |
Institutional Class | 0.70 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BNP Paribas | $262,080 | $(262,080) | $0 |
Net investment loss | $ (273,003) |
Net realized and unrealized gains on investments | 62,562,425 |
Net increase in net assets resulting from operations | $62,289,422 |
Year ended July 31 | ||
2021 | 2020 | |
Ordinary income | $ 3,675,513 | $ 750,080 |
Long-term capital gain | 17,421,707 | 18,568,506 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$1,869,637 | $29,393,320 | $184,513,700 |
Wells Fargo Funds Trust:
Shares voted “For” | 11,413,812 | |
Shares voted “Against” | 414,275 | |
Shares voted “Abstain” | 458,906 |
Shares voted “For” | 11,415,688 | |
Shares voted “Against” | 397,644 | |
Shares voted “Abstain” | 473,661 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A205/AR205 07-21
2 | |
6 | |
10 | |
11 | |
Financial statements | |
15 | |
16 | |
17 | |
18 | |
23 | |
30 | |
31 | |
Board considerations | |
35 | |
38 | |
44 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Robert Gruendyke, CFA®‡, Thomas C. Ognar, CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (SGRAX) | 2-24-2000 | 27.82 | 22.25 | 16.27 | 35.61 | 23.70 | 16.96 | 1.17 | 1.16 | ||
Class C (WGFCX) | 12-26-2002 | 35.64 | 23.14 | 16.26 | 36.64 | 23.14 | 16.26 | 1.92 | 1.91 | ||
Class R6 (SGRHX)3 | 9-30-2015 | – | – | – | 36.19 | 24.26 | 17.48 | 0.74 | 0.70 | ||
Administrator Class (SGRKX) | 8-30-2002 | – | – | – | 35.82 | 23.94 | 17.20 | 1.09 | 0.96 | ||
Institutional Class (SGRNX) | 2-24-2000 | – | – | – | 36.10 | 24.20 | 17.44 | 0.84 | 0.75 | ||
Russell 3000® Growth Index4 | – | – | – | – | 36.83 | 22.83 | 18.02 | – | – |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.16% for Class A, 1.91% for Class C, 0.70% for Class R6, 0.96% for Administrator Class, and 0.75% 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 3000® Growth Index measures the performance of those Russell 3000 ® Index 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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 3000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 3000® Growth Index, for the 12-month period that ended July 31, 2021. |
■ | The Fund’s performance was inhibited by stocks within the information technology (IT), consumer discretionary, and financials sectors. |
■ | Holdings within communication services and health care aided the Fund’s performance for the period. |
Ten largest holdings (%) as of July 31, 20211 | |
Amazon.com Incorporated | 8.26 |
Microsoft Corporation | 6.43 |
Alphabet Incorporated Class A | 6.19 |
Apple Incorporated | 3.40 |
Facebook Incorporated Class A | 3.16 |
MasterCard Incorporated Class A | 2.84 |
Natera Incorporated | 2.71 |
MarketAxess Holdings Incorporated | 2.60 |
Monolithic Power Systems Incorporated | 2.33 |
Dynatrace Incorporated | 2.26 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | This security was no longer held at the end of the reporting period. |
Sector allocation as of July 31, 20211 |
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 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,118.33 | $5.99 | 1.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.14 | $5.71 | 1.14% |
Class C | ||||
Actual | $1,000.00 | $1,114.08 | $9.96 | 1.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.37 | $9.49 | 1.90% |
Class R6 | ||||
Actual | $1,000.00 | $1,120.62 | $3.68 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.32 | $3.51 | 0.70% |
Administrator Class | ||||
Actual | $1,000.00 | $1,118.97 | $5.04 | 0.96% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.03 | $4.81 | 0.96% |
Institutional Class | ||||
Actual | $1,000.00 | $1,120.34 | $3.94 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.08 | $3.76 | 0.75% |
Shares | Value | ||||
Common stocks: 99.52% | |||||
Communication services: 13.92% | |||||
Entertainment: 1.36% | |||||
Roku Incorporated † | 198,635 | $ 85,077,357 | |||
Interactive media & services: 12.38% | |||||
Alphabet Incorporated Class A † | 143,730 | 387,284,797 | |||
Alphabet Incorporated Class C † | 13,045 | 35,279,159 | |||
Bumble Incorporated Class A †« | 449,001 | 22,845,171 | |||
Facebook Incorporated Class A † | 554,375 | 197,523,813 | |||
Pinterest Incorporated Class A † | 1,108,161 | 65,270,683 | |||
Snap Incorporated Class A † | 482,900 | 35,937,418 | |||
ZoomInfo Technologies Incorporated † | 568,882 | 30,577,408 | |||
774,718,449 | |||||
Media: 0.18% | |||||
Magnite Incorporated † | 368,800 | 11,174,640 | |||
Consumer discretionary: 16.43% | |||||
Diversified consumer services: 1.81% | |||||
Chegg Incorporated † | 1,175,327 | 104,169,232 | |||
Mister Car Wash Incorporated † | 442,202 | 9,215,490 | |||
113,384,722 | |||||
Hotels, restaurants & leisure: 1.07% | |||||
Airbnb Incorporated Class A † | 89,700 | 12,917,697 | |||
Chipotle Mexican Grill Incorporated † | 20,180 | 37,604,219 | |||
Papa John's International Incorporated | 142,800 | 16,296,336 | |||
66,818,252 | |||||
Internet & direct marketing retail: 9.26% | |||||
Amazon.com Incorporated † | 155,185 | 516,392,054 | |||
CarParts.com Incorporated † | 967,825 | 17,043,398 | |||
Etsy Incorporated † | 110,230 | 20,228,307 | |||
Fiverr International Limited † | 103,385 | 25,733,560 | |||
579,397,319 | |||||
Specialty retail: 4.29% | |||||
Five Below Incorporated † | 274,854 | 53,437,115 | |||
Floor & Decor Holdings Incorporated Class A † | 218,600 | 26,671,386 | |||
Leslie's Incorporated † | 2,234,573 | 54,411,853 | |||
Lithia Motors Incorporated Class A | 130,665 | 49,289,451 | |||
Petco Health & Wellness Company †« | 4,086,080 | 84,295,825 | |||
268,105,630 | |||||
Consumer staples: 0.45% | |||||
Personal products: 0.45% | |||||
The Estee Lauder Companies Incorporated Class A | 83,630 | 27,918,203 | |||
Financials: 4.39% | |||||
Capital markets: 4.39% | |||||
Assetmark Financial Holdings † | 418,994 | 10,935,743 |
Shares | Value | ||||
Capital markets (continued) | |||||
MarketAxess Holdings Incorporated | 342,731 | $ 162,855,489 | |||
Tradeweb Markets Incorporated Class A | 1,163,661 | 100,924,319 | |||
274,715,551 | |||||
Health care: 13.37% | |||||
Biotechnology: 5.23% | |||||
Acceleron Pharma Incorporated † | 61,575 | 7,700,570 | |||
Biohaven Pharmaceutical Holding Company † | 955,740 | 120,432,797 | |||
Horizon Therapeutics plc † | 201,265 | 20,130,525 | |||
Natera Incorporated † | 1,479,628 | 169,446,999 | |||
Seagen Incorporated † | 62,370 | 9,566,934 | |||
327,277,825 | |||||
Health care equipment & supplies: 4.32% | |||||
Boston Scientific Corporation † | 1,119,646 | 51,055,858 | |||
DexCom Incorporated † | 23,480 | 12,104,175 | |||
Edwards Lifesciences Corporation † | 807,540 | 90,662,516 | |||
Insulet Corporation † | 196,180 | 54,869,584 | |||
Novocure Limited † | 139,900 | 21,545,999 | |||
Outset Medical Incorporated † | 979,360 | 40,114,586 | |||
270,352,718 | |||||
Health care technology: 1.09% | |||||
Veeva Systems Incorporated Class A † | 204,185 | 67,934,391 | |||
Life sciences tools & services: 2.10% | |||||
Bio-Techne Corporation | 52,695 | 25,411,637 | |||
Repligen Corporation † | 432,265 | 106,207,511 | |||
131,619,148 | |||||
Pharmaceuticals: 0.63% | |||||
Zoetis Incorporated | 194,300 | 39,384,610 | |||
Industrials: 6.94% | |||||
Building products: 0.75% | |||||
The AZEK Company Incorporated † | 1,295,731 | 47,125,736 | |||
Commercial services & supplies: 2.55% | |||||
ACV Auctions Incorporated Class A † | 1,043,172 | 24,159,864 | |||
Casella Waste Systems Incorporated Class A † | 452,229 | 31,104,311 | |||
Copart Incorporated † | 708,795 | 104,192,865 | |||
159,457,040 | |||||
Electrical equipment: 1.65% | |||||
Generac Holdings Incorporated † | 146,138 | 61,284,432 | |||
Plug Power Incorporated † | 305,195 | 8,325,720 | |||
Shoals Technologies Group Class A † | 1,151,445 | 33,495,535 | |||
103,105,687 | |||||
Internet & direct marketing retail: 0.23% | |||||
Xometry Incorporated Class A † | 180,618 | 14,299,527 | |||
Professional services: 0.02% | |||||
Legalzoom.com Incorporated † | 34,600 | 1,272,588 |
Shares | Value | ||||
Road & rail: 1.74% | |||||
CSX Corporation | 692,023 | $ 22,366,183 | |||
Norfolk Southern Corporation | 284,975 | 73,475,104 | |||
Union Pacific Corporation | 61,260 | 13,401,238 | |||
109,242,525 | |||||
Information technology: 42.41% | |||||
IT services: 13.07% | |||||
Fidelity National Information Services Incorporated | 277,700 | 41,391,185 | |||
Global Payments Incorporated | 549,380 | 106,255,586 | |||
Marqeta Incorporated †« | 159,500 | 4,279,385 | |||
MasterCard Incorporated Class A | 460,030 | 177,543,978 | |||
MongoDB Incorporated † | 309,290 | 111,010,367 | |||
PayPal Holdings Incorporated † | 503,115 | 138,623,276 | |||
Shopify Incorporated Class A † | 2,290 | 3,434,840 | |||
Snowflake Incorporated Class A † | 85,875 | 22,818,705 | |||
Twilio Incorporated Class A † | 267,379 | 99,890,121 | |||
Visa Incorporated Class A | 455,910 | 112,331,665 | |||
817,579,108 | |||||
Semiconductors & semiconductor equipment: 5.95% | |||||
Allegro MicroSystems Incorporated † | 1,735,247 | 47,563,120 | |||
Microchip Technology Incorporated | 818,020 | 117,075,022 | |||
Monolithic Power Systems Incorporated | 324,595 | 145,827,550 | |||
NVIDIA Corporation | 130,540 | 25,453,995 | |||
Texas Instruments Incorporated | 192,075 | 36,613,337 | |||
372,533,024 | |||||
Software: 19.99% | |||||
Alkami Technology Incorporated † | 163,437 | 5,113,944 | |||
Avalara Incorporated † | 158,605 | 26,513,998 | |||
Blend Labs Incorporated Class A †« | 358,520 | 6,474,871 | |||
Cloudflare Incorporated Class A † | 438,987 | 52,077,028 | |||
Dynatrace Incorporated † | 2,214,077 | 141,413,098 | |||
Envestnet Incorporated † | 143,940 | 10,828,606 | |||
Everbridge Incorporated † | 610,410 | 86,202,100 | |||
HubSpot Incorporated † | 141,220 | 84,169,944 | |||
Jamf Holding Corporation † | 1,047,459 | 34,367,130 | |||
Microsoft Corporation | 1,412,755 | 402,508,027 | |||
Olo Incorporated Class A † | 41,907 | 1,469,678 | |||
ON24 Incorporated †« | 513,801 | 18,764,013 | |||
Procore Technologies Incorporated †« | 38,132 | 3,938,273 | |||
Q2 Holdings Incorporated † | 735,693 | 76,004,444 | |||
Rapid7 Incorporated † | 779,910 | 88,714,763 | |||
RingCentral Incorporated Class A † | 214,410 | 57,305,361 | |||
ServiceNow Incorporated † | 80,870 | 47,542,664 | |||
The Trade Desk Incorporated † | 106,050 | 8,686,556 | |||
Unity Software Incorporated † | 366,654 | 39,275,976 | |||
Zendesk Incorporated † | 452,400 | 59,051,772 | |||
1,250,422,246 | |||||
Technology hardware, storage & peripherals: 3.40% | |||||
Apple Incorporated | 1,456,335 | 212,421,023 |
Shares | Value | ||||
Materials: 1.61% | |||||
Chemicals: 1.61% | |||||
Linde plc | 327,950 | $ 100,808,551 | |||
Total Common stocks (Cost $2,403,222,474) | 6,226,145,870 |
Yield | |||||
Short-term investments: 1.11% | |||||
Investment companies: 1.11% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.02% | 46,765,061 | 46,765,061 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 22,495,141 | 22,495,141 | ||
Total Short-term investments (Cost $69,260,202) | 69,260,202 | ||||
Total investments in securities (Cost $2,472,482,676) | 100.63% | 6,295,406,072 | |||
Other assets and liabilities, net | (0.63) | (39,324,565) | |||
Total net assets | 100.00% | $6,256,081,507 |
† | 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. |
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 | $ 500 | $698,801,745 | $(652,037,184) | $0 | $0 | $ 46,765,061 | 46,765,061 | $ 36,025# | ||
Wells Fargo Government Money Market Fund Select Class | 4,136,432 | 731,874,665 | (713,515,956) | 0 | 0 | 22,495,141 | 22,495,141 | 5,618 | ||
$0 | $0 | $69,260,202 | $41,643 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $45,438,237 of securities loaned), at value (cost $2,403,222,474) | $ 6,226,145,870 |
Investments in affiliated securites, at value (cost $69,260,202) | 69,260,202 |
Receivable for investments sold | 22,189,470 |
Receivable for Fund shares sold | 2,029,679 |
Receivable for dividends | 448,738 |
Receivable for securities lending income, net | 16,345 |
Prepaid expenses and other assets | 6,937 |
Total assets | 6,320,097,241 |
Liabilities | |
Payable upon receipt of securities loaned | 46,764,561 |
Payable for investments purchased | 9,596,674 |
Management fee payable | 3,542,637 |
Payable for Fund shares redeemed | 2,091,574 |
Administration fees payable | 882,211 |
Distribution fee payable | 26,748 |
Trustees’ fees and expenses payable | 2,010 |
Accrued expenses and other liabilities | 1,109,319 |
Total liabilities | 64,015,734 |
Total net assets | $6,256,081,507 |
Net assets consist of | |
Paid-in capital | $ 1,713,598,175 |
Total distributable earnings | 4,542,483,332 |
Total net assets | $6,256,081,507 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 3,088,763,205 |
Shares outstanding – Class A1 | 65,500,736 |
Net asset value per share – Class A | $47.16 |
Maximum offering price per share – Class A2 | $50.04 |
Net assets – Class C | $ 41,093,578 |
Shares outstanding – Class C1 | 1,348,860 |
Net asset value per share – Class C | $30.47 |
Net assets – Class R6 | $ 519,293,310 |
Shares outstanding – Class R61 | 7,928,083 |
Net asset value per share – Class R6 | $65.50 |
Net assets – Administrator Class | $ 647,618,213 |
Shares outstanding – Administrator Class1 | 11,213,393 |
Net asset value per share – Administrator Class | $57.75 |
Net assets – Institutional Class | $ 1,959,313,201 |
Shares outstanding – Institutional Class1 | 30,062,926 |
Net asset value per share – Institutional Class | $65.17 |
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 $40,938) | $ 15,983,688 |
Securities lending income from affiliates, net | 1,494,661 |
Income from affiliated securities | 5,618 |
Total investment income | 17,483,967 |
Expenses | |
Management fee | 39,344,062 |
Administration fees | |
Class A | 5,913,891 |
Class C | 128,298 |
Class R6 | 133,799 |
Administrator Class | 793,820 |
Institutional Class | 2,320,685 |
Shareholder servicing fees | |
Class A | 7,040,347 |
Class C | 152,638 |
Administrator Class | 1,525,465 |
Distribution fee | |
Class C | 457,189 |
Custody and accounting fees | 128,597 |
Professional fees | 49,151 |
Registration fees | 116,531 |
Shareholder report expenses | 118,203 |
Trustees’ fees and expenses | 19,316 |
Other fees and expenses | 93,660 |
Total expenses | 58,335,652 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (545,254) |
Class C | (796) |
Class R6 | (123,729) |
Administrator Class | (713,148) |
Institutional Class | (1,375,806) |
Net expenses | 55,576,919 |
Net investment loss | (38,092,952) |
Payment from affiliate | 2,016,641 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 1,014,295,332 |
Net change in unrealized gains (losses) on investments | 757,318,098 |
Net realized and unrealized gains (losses) on investments | 1,771,613,430 |
Net increase in net assets resulting from operations | $1,735,537,119 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (38,092,952) | $ (19,740,954) | ||
Payment from affiliate | 2,016,641 | 0 | ||
Net realized gains on investments | 1,014,295,332 | 491,576,159 | ||
Net change in unrealized gains (losses) on investments | 757,318,098 | 638,779,053 | ||
Net increase in net assets resulting from operations | 1,735,537,119 | 1,110,614,258 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (358,619,034) | (247,668,290) | ||
Class C | (7,818,137) | (20,979,782) | ||
Class R6 | (42,602,746) | (31,160,181) | ||
Administrator Class | (66,234,491) | (55,248,543) | ||
Institutional Class | (166,987,346) | (133,918,973) | ||
Total distributions to shareholders | (642,261,754) | (488,975,769) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 4,159,750 | 181,613,411 | 3,604,965 | 123,362,300 |
Class C | 248,087 | 7,153,866 | 559,222 | 12,911,460 |
Class R6 | 2,633,504 | 157,076,681 | 1,488,420 | 65,868,480 |
Administrator Class | 1,768,270 | 92,055,009 | 2,511,135 | 99,163,143 |
Institutional Class | 5,133,176 | 306,552,959 | 6,059,936 | 267,887,037 |
744,451,926 | 569,192,420 | |||
Reinvestment of distributions | ||||
Class A | 8,547,067 | 345,130,553 | 7,496,110 | 239,800,544 |
Class C | 276,129 | 7,240,102 | 799,568 | 17,614,481 |
Class R6 | 712,832 | 39,868,693 | 688,571 | 29,298,699 |
Administrator Class | 1,326,828 | 65,545,322 | 1,435,464 | 54,762,934 |
Institutional Class | 2,893,642 | 161,089,029 | 3,048,613 | 129,230,698 |
618,873,699 | 470,707,356 | |||
Payment for shares redeemed | ||||
Class A | (8,500,042) | (369,809,329) | (9,330,225) | (310,801,661) |
Class C | (3,352,942) | (102,896,097) | (3,213,997) | (78,810,374) |
Class R6 | (2,784,658) | (162,067,725) | (2,167,510) | (94,595,348) |
Administrator Class | (3,627,405) | (192,491,936) | (5,715,194) | (225,497,878) |
Institutional Class | (8,323,049) | (489,126,072) | (11,657,374) | (511,473,406) |
(1,316,391,159) | (1,221,178,667) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 46,934,466 | (181,278,891) | ||
Total increase in net assets | 1,140,209,831 | 440,359,598 | ||
Net assets | ||||
Beginning of period | 5,115,871,676 | 4,675,512,078 | ||
End of period | $ 6,256,081,507 | $ 5,115,871,676 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $39.86 | $35.56 | $38.67 | $40.38 | $42.28 |
Net investment loss | (0.32) | (0.19) | (0.13) | (0.12) | (0.19) 1 |
Payment from affiliate | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 13.52 | 8.77 | 3.73 | 9.49 | 5.61 |
Total from investment operations | 13.20 | 8.58 | 3.60 | 9.37 | 5.42 |
Distributions to shareholders from | |||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $47.16 | $39.86 | $35.56 | $38.67 | $40.38 |
Total return3 | 35.61% 4 | 27.08% | 13.55% | 27.66% | 15.95% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.16% | 1.17% | 1.18% | 1.18% | 1.17% |
Net expenses | 1.14% | 1.14% | 1.16% | 1.16% | 1.16% |
Net investment loss | (0.83)% | (0.59)% | (0.45)% | (0.45)% | (0.49)% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $3,088,763 | $2,443,132 | $2,116,542 | $2,142,855 | $1,950,551 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
4 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.01% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $27.32 | $25.87 | $30.33 | $34.05 | $37.07 |
Net investment loss | (0.45) 1 | (0.32) 1 | (0.31) 1 | (0.33) | (0.41) 1 |
Payment from affiliate | 1.32 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 8.18 | 6.05 | 2.56 | 7.69 | 4.71 |
Total from investment operations | 9.05 | 5.73 | 2.25 | 7.36 | 4.30 |
Distributions to shareholders from | |||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $30.47 | $27.32 | $25.87 | $30.33 | $34.05 |
Total return2 | 36.64% 3 | 26.11% | 12.68% | 26.73% | 15.05% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.91% | 1.92% | 1.93% | 1.93% | 1.92% |
Net expenses | 1.91% | 1.91% | 1.91% | 1.91% | 1.91% |
Net investment loss | (1.57)% | (1.35)% | (1.19)% | (1.19)% | (1.23)% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $41,094 | $114,123 | $156,056 | $185,346 | $205,607 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 5.92% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $53.17 | $45.84 | $47.53 | $47.13 | $47.90 |
Net investment income (loss) | (0.23) | (0.07) | 0.00 1,2 | (0.01) 1 | (0.02) 1 |
Net realized and unrealized gains (losses) on investments | 18.46 | 11.68 | 5.02 | 11.49 | 6.57 |
Total from investment operations | 18.23 | 11.61 | 5.02 | 11.48 | 6.55 |
Distributions to shareholders from | |||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $65.50 | $53.17 | $45.84 | $47.53 | $47.13 |
Total return | 36.19% | 27.65% | 14.06% | 28.26% | 16.49% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.73% | 0.74% | 0.75% | 0.75% | 0.74% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income (loss) | (0.40)% | (0.15)% | 0.00% | (0.02)% | (0.05)% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $519,293 | $391,705 | $337,260 | $242,838 | $49,454 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $47.60 | $41.58 | $43.89 | $44.40 | $45.66 |
Net investment loss | (0.29) | (0.16) 1 | (0.10) 1 | (0.11) 1 | (0.11) 1 |
Net realized and unrealized gains (losses) on investments | 16.34 | 10.46 | 4.50 | 10.68 | 6.17 |
Total from investment operations | 16.05 | 10.30 | 4.40 | 10.57 | 6.06 |
Distributions to shareholders from | |||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $57.75 | $47.60 | $41.58 | $43.89 | $44.40 |
Total return | 35.82% | 27.31% | 13.78% | 27.90% | 16.20% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.08% | 1.09% | 1.10% | 1.10% | 1.09% |
Net expenses | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Net investment loss | (0.65)% | (0.40)% | (0.25)% | (0.24)% | (0.27)% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $647,618 | $559,109 | $561,900 | $564,391 | $637,987 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $52.96 | $45.70 | $47.43 | $47.07 | $47.87 |
Net investment loss | (0.26) 1 | (0.09) 1 | (0.01) 1 | (0.02) 1 | (0.04) 1 |
Net realized and unrealized gains (losses) on investments | 18.37 | 11.63 | 4.99 | 11.46 | 6.56 |
Total from investment operations | 18.11 | 11.54 | 4.98 | 11.44 | 6.52 |
Distributions to shareholders from | |||||
Net realized gains | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $65.17 | $52.96 | $45.70 | $47.43 | $47.07 |
Total return | 36.10% | 27.58% | 14.00% | 28.21% | 16.44% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.83% | 0.84% | 0.85% | 0.85% | 0.84% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment loss | (0.44)% | (0.20)% | (0.03)% | (0.03)% | (0.08)% |
Supplemental data | |||||
Portfolio turnover rate | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $1,959,313 | $1,607,803 | $1,503,753 | $1,614,575 | $1,655,724 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $3,842,683,804 |
Gross unrealized losses | (25,482,381) |
Net unrealized gains | $3,817,201,423 |
■ | 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 | $ 870,970,446 | $0 | $0 | $ 870,970,446 |
Consumer discretionary | 1,027,705,923 | 0 | 0 | 1,027,705,923 |
Consumer staples | 27,918,203 | 0 | 0 | 27,918,203 |
Financials | 274,715,551 | 0 | 0 | 274,715,551 |
Health care | 836,568,692 | 0 | 0 | 836,568,692 |
Industrials | 434,503,103 | 0 | 0 | 434,503,103 |
Information technology | 2,652,955,401 | 0 | 0 | 2,652,955,401 |
Materials | 100,808,551 | 0 | 0 | 100,808,551 |
Short-term investments | ||||
Investment companies | 69,260,202 | 0 | 0 | 69,260,202 |
Total assets | $6,295,406,072 | $0 | $0 | $6,295,406,072 |
Average daily net assets | Management fee |
First $500 million | 0.800% |
Next $500 million | 0.750 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $3 billion | 0.640 |
Next $2 billion | 0.615 |
Next $2 billion | 0.605 |
Next $4 billion | 0.580 |
Over $16 billion | 0.555 |
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 | 1.16% |
Class C | 1.91 |
Class R6 | 0.70 |
Administrator Class | 0.96 |
Institutional Class | 0.75 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 1,906,251 | $ (1,906,251) | $0 |
BNP Paribas Securities Corporation | 6,529,261 | (6,529,261) | 0 |
Citigroup Global Markets Incorporation | 14,536,169 | (14,536,169) | 0 |
Credit Suisse Securities (USA) LLC | 2,719,836 | (2,719,836) | 0 |
Morgan Stanley & Company LLC | 19,746,720 | (19,746,720) | 0 |
Year ended July 31 | ||
2021 | 2020 | |
Ordinary income | $ 3,696,975 | $ 0 |
Long-term capital gain | 638,564,779 | 488,975,769 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$69,959,765 | $655,322,144 | $3,817,201,423 |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A206/AR206 07-21
2 | |
6 | |
10 | |
11 | |
Financial statements | |
14 | |
15 | |
16 | |
17 | |
23 | |
30 | |
31 | |
Board considerations | |
35 | |
39 | |
45 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | James M. Tringas, CFA ®‡†, Bryant VanCronkhite, CFA ®‡†, CPA, Shane Zweck, CFA ®‡† |
Average annual total returns (%) as of July 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EIVAX) | 8-1-2006 | 25.81 | 10.88 | 10.56 | 33.49 | 12.20 | 11.22 | 1.19 | 1.11 | ||
Class C (EIVCX) | 8-1-2006 | 31.76 | 11.39 | 10.40 | 32.76 | 11.39 | 10.40 | 1.94 | 1.86 | ||
Class R (EIVTX)3 | 3-1-2013 | – | – | – | 33.51 | 11.96 | 10.97 | 1.44 | 1.36 | ||
Class R6 (EIVFX)4 | 11-30-2012 | – | – | – | 34.05 | 12.87 | 11.74 | 0.76 | 0.65 | ||
Administrator Class (EIVDX) | 7-30-2010 | – | – | – | 33.75 | 12.38 | 11.41 | 1.11 | 0.95 | ||
Institutional Class (EIVIX) | 8-1-2006 | – | – | – | 34.01 | 12.65 | 11.67 | 0.86 | 0.70 | ||
Russell 1000® Value Index5 | – | – | – | – | 39.32 | 11.41 | 12.08 | – | – |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.11% for Class A, 1.86% for Class C, 1.36% for Class R, 0.65% for Class R6, 0.95% for Administrator Class, and 0.70% 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 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
† | Mr. Tringas, Mr. VanCronkhite and Mr. Zweck became portfolio managers of the Fund on January 27, 2021. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 1000® Value Index, for the 12-month period that ended July 31, 2021. |
■ | Stock selection in the consumer discretionary and industrials sectors detracted from the Fund’s relative performance. |
■ | Stock selection in the information technology (IT) and communication services sectors contributed to relative performance. |
Ten largest holdings (%) as of July 31, 20211 | |
Alphabet Incorporated Class C | 4.88 |
Microsoft Corporation | 4.57 |
Bank of America Corporation | 3.88 |
The Goldman Sachs Group Incorporated | 3.57 |
D.R. Horton Incorporated | 3.39 |
NextEra Energy Incorporated | 3.36 |
Honeywell International Incorporated | 3.34 |
Salesforce.com Incorporated | 3.21 |
Visa Incorporated Class A | 3.20 |
Fiserv Incorporated | 3.03 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | This security was no longer held at the end of the reporting period. |
Sector allocation as of July 31, 20211 |
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 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,192.68 | $ 5.98 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.34 | $ 5.51 | 1.10% |
Class C | ||||
Actual | $1,000.00 | $1,188.11 | $10.09 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.57 | $ 9.30 | 1.86% |
Class R | ||||
Actual | $1,000.00 | $1,190.70 | $ 7.39 | 1.36% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.05 | $ 6.80 | 1.36% |
Class R6 | ||||
Actual | $1,000.00 | $1,194.65 | $ 3.54 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.57 | $ 3.26 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,192.92 | $ 5.06 | 0.93% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.18 | $ 4.66 | 0.93% |
Institutional Class | ||||
Actual | $1,000.00 | $1,195.57 | $ 3.81 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.32 | $ 3.51 | 0.70% |
Shares | Value | ||||
Common stocks: 98.55% | |||||
Communication services: 7.45% | |||||
Interactive media & services: 4.88% | |||||
Alphabet Incorporated Class C † | 15,786 | $ 42,691,974 | |||
Media: 2.57% | |||||
Comcast Corporation Class A | 381,319 | 22,432,997 | |||
Consumer discretionary: 10.40% | |||||
Automobiles: 2.11% | |||||
General Motors Company † | 324,164 | 18,425,482 | |||
Hotels, restaurants & leisure: 2.37% | |||||
Expedia Group Incorporated † | 128,879 | 20,732,765 | |||
Household durables: 3.39% | |||||
D.R. Horton Incorporated | 310,725 | 29,652,487 | |||
Multiline retail: 2.53% | |||||
Dollar Tree Incorporated † | 221,555 | 22,108,973 | |||
Consumer staples: 7.02% | |||||
Beverages: 3.01% | |||||
PepsiCo Incorporated | 59,672 | 9,365,520 | |||
The Coca-Cola Company | 297,400 | 16,960,722 | |||
26,326,242 | |||||
Food & staples retailing: 1.02% | |||||
Walmart Incorporated | 62,249 | 8,873,595 | |||
Food products: 2.99% | |||||
Mondelez International Incorporated Class A | 413,256 | 26,142,575 | |||
Energy: 5.10% | |||||
Oil, gas & consumable fuels: 5.10% | |||||
Chevron Corporation | 142,783 | 14,536,737 | |||
ConocoPhillips | 289,703 | 16,240,750 | |||
EOG Resources Incorporated | 189,309 | 13,793,054 | |||
44,570,541 | |||||
Financials: 18.80% | |||||
Banks: 7.82% | |||||
Bank of America Corporation | 885,641 | 33,973,189 | |||
JPMorgan Chase & Company | 170,095 | 25,817,019 | |||
Truist Financial Corporation | 158,341 | 8,618,501 | |||
68,408,709 | |||||
Capital markets: 6.36% | |||||
Intercontinental Exchange Incorporated | 203,946 | 24,438,849 | |||
The Goldman Sachs Group Incorporated | 83,256 | 31,211,009 | |||
55,649,858 |
Shares | Value | ||||
Insurance: 4.62% | |||||
American International Group Incorporated | 455,380 | $ 21,562,243 | |||
The Allstate Corporation | 144,696 | 18,817,715 | |||
40,379,958 | |||||
Health care: 12.07% | |||||
Health care equipment & supplies: 6.94% | |||||
Abbott Laboratories | 98,421 | 11,906,969 | |||
Medtronic plc | 170,593 | 22,400,567 | |||
Stryker Corporation | 68,240 | 18,488,946 | |||
Teleflex Incorporated | 19,761 | 7,853,614 | |||
60,650,096 | |||||
Health care providers & services: 2.92% | |||||
Cigna Corporation | 111,377 | 25,559,908 | |||
Pharmaceuticals: 2.21% | |||||
Merck & Company Incorporated | 251,416 | 19,326,348 | |||
Industrials: 14.38% | |||||
Aerospace & defense: 3.71% | |||||
General Dynamics Corporation | 47,237 | 9,259,869 | |||
Raytheon Technologies Corporation | 266,309 | 23,155,568 | |||
32,415,437 | |||||
Commercial services & supplies: 2.21% | |||||
Waste Management Incorporated | 130,158 | 19,297,225 | |||
Industrial conglomerates: 3.34% | |||||
Honeywell International Incorporated | 125,144 | 29,257,416 | |||
Machinery: 3.93% | |||||
Caterpillar Incorporated | 72,395 | 14,967,666 | |||
Stanley Black & Decker Incorporated | 98,634 | 19,435,830 | |||
34,403,496 | |||||
Trading companies & distributors: 1.19% | |||||
AerCap Holdings NV † | 196,134 | 10,395,102 | |||
Information technology: 18.07% | |||||
IT services: 6.23% | |||||
Fiserv Incorporated † | 230,015 | 26,477,027 | |||
Visa Incorporated Class A | 113,435 | 27,949,250 | |||
54,426,277 | |||||
Semiconductors & semiconductor equipment: 2.53% | |||||
NXP Semiconductors NV | 107,353 | 22,156,586 | |||
Software: 9.31% | |||||
Microsoft Corporation | 140,315 | 39,977,147 | |||
PTC Incorporated † | 98,793 | 13,381,512 | |||
Salesforce.com Incorporated † | 116,088 | 28,085,170 | |||
81,443,829 |
Shares | Value | ||||
Utilities: 5.26% | |||||
Electric utilities: 3.36% | |||||
NextEra Energy Incorporated | 376,808 | $ 29,353,343 | |||
Multi-utilities: 1.90% | |||||
WEC Energy Group Incorporated | 176,999 | 16,662,686 | |||
Total Common stocks (Cost $621,895,570) | 861,743,905 |
Yield | |||||
Short-term investments: 1.31% | |||||
Investment companies: 1.31% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 11,505,493 | 11,505,493 | ||
Total Short-term investments (Cost $11,505,493) | 11,505,493 | ||||
Total investments in securities (Cost $633,401,063) | 99.86% | 873,249,398 | |||
Other assets and liabilities, net | 0.14 | 1,205,725 | |||
Total net assets | 100.00% | $874,455,123 |
† | Non-income-earning security |
♠ | 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. |
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 | $ 29,888,005 | $ (29,888,005) | $0 | $0 | $ 0 | 0 | $ 1,815# | ||
Wells Fargo Government Money Market Fund Select Class | 19,155,681 | 222,783,231 | (230,433,419) | 0 | 0 | 11,505,493 | 11,505,493 | 6,152 | ||
$0 | $0 | $11,505,493 | $7,967 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $621,895,570) | $ 861,743,905 |
Investments in affiliated securites, at value (cost $11,505,493) | 11,505,493 |
Receivable for investments sold | 2,622,408 |
Receivable for dividends | 602,889 |
Receivable for Fund shares sold | 21,143 |
Prepaid expenses and other assets | 5,283 |
Total assets | 876,501,121 |
Liabilities | |
Payable for investments purchased | 1,071,744 |
Management fee payable | 437,790 |
Shareholder servicing fees payable | 169,230 |
Administration fees payable | 118,719 |
Payable for Fund shares redeemed | 117,472 |
Trustees’ fees and expenses payable | 2,839 |
Distribution fees payable | 1,549 |
Accrued expenses and other liabilities | 126,655 |
Total liabilities | 2,045,998 |
Total net assets | $874,455,123 |
Net assets consist of | |
Paid-in capital | $ 500,089,465 |
Total distributable earnings | 374,365,658 |
Total net assets | $874,455,123 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 294,248,126 |
Shares outstanding – Class A1 | 19,646,912 |
Net asset value per share – Class A | $14.98 |
Maximum offering price per share – Class A2 | $15.89 |
Net assets – Class C | $ 2,355,655 |
Shares outstanding – Class C1 | 161,476 |
Net asset value per share – Class C | $14.59 |
Net assets – Class R | $ 113,894 |
Shares outstanding – Class R1 | 7,537 |
Net asset value per share – Class R | $15.11 |
Net assets – Class R6 | $ 15,313,419 |
Shares outstanding – Class R61 | 1,039,505 |
Net asset value per share – Class R6 | $14.73 |
Net assets – Administrator Class | $ 499,628,196 |
Shares outstanding – Administrator Class1 | 31,552,670 |
Net asset value per share – Administrator Class | $15.83 |
Net assets – Institutional Class | $ 62,795,833 |
Shares outstanding – Institutional Class1 | 4,159,845 |
Net asset value per share – Institutional Class | $15.10 |
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 $34,078) | $ 15,288,361 |
Income from affiliated securities | 12,232 |
Total investment income | 15,300,593 |
Expenses | |
Management fee | 5,644,710 |
Administration fees | |
Class A | 568,059 |
Class C | 6,266 |
Class R | 198 |
Class R6 | 4,291 |
Administrator Class | 589,485 |
Institutional Class | 99,385 |
Shareholder servicing fees | |
Class A | 650,001 |
Class C | 7,453 |
Class R | 236 |
Administrator Class | 1,131,222 |
Distribution fees | |
Class C | 22,279 |
Class R | 213 |
Custody and accounting fees | 36,614 |
Professional fees | 47,057 |
Registration fees | 96,989 |
Shareholder report expenses | 52,919 |
Trustees’ fees and expenses | 19,317 |
Interest expense | 646 |
Other fees and expenses | 47,630 |
Total expenses | 9,024,970 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (646,170) |
Class A | (13,572) |
Class C | (4) |
Class R6 | (3,806) |
Administrator Class | (481,628) |
Institutional Class | (59,752) |
Net expenses | 7,820,038 |
Net investment income | 7,480,555 |
Payment from affiliate | 91,336 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 141,881,141 |
Net change in unrealized gains (losses) on investments | 87,092,988 |
Net realized and unrealized gains (losses) on investments | 228,974,129 |
Net increase in net assets resulting from operations | $236,546,020 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 7,480,555 | $ 10,772,949 | ||
Payment from affiliate | 91,336 | 0 | ||
Net realized gains (losses) on investments | 141,881,141 | (3,781,048) | ||
Net change in unrealized gains (losses) on investments | 87,092,988 | (43,117,237) | ||
Net increase (decrease) in net assets resulting from operations | 236,546,020 | (36,125,336) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,978,223) | (28,687,356) | ||
Class C | 0 | (597,397) | ||
Class R | (777) | (9,076) | ||
Class R6 | (209,259) | (458,181) | ||
Administrator Class | (5,693,424) | (45,185,976) | ||
Institutional Class | (1,346,136) | (10,686,553) | ||
Total distributions to shareholders | (10,227,819) | (85,624,539) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 440,636 | 5,715,815 | 374,915 | 4,569,597 |
Class C | 20,672 | 266,040 | 58,656 | 692,729 |
Class R | 942 | 12,698 | 705 | 8,409 |
Class R6 | 345,499 | 4,430,363 | 774,821 | 8,508,694 |
Administrator Class | 174,108 | 2,515,174 | 365,622 | 4,856,780 |
Institutional Class | 518,647 | 6,693,911 | 1,902,355 | 21,368,302 |
19,634,001 | 40,004,511 | |||
Reinvestment of distributions | ||||
Class A | 224,806 | 2,850,540 | 2,187,382 | 27,522,364 |
Class C | 0 | 0 | 46,079 | 559,402 |
Class R | 49 | 634 | 588 | 7,444 |
Class R6 | 9,761 | 121,435 | 36,211 | 448,674 |
Administrator Class | 399,009 | 5,342,733 | 3,206,695 | 42,691,455 |
Institutional Class | 105,062 | 1,339,551 | 812,821 | 10,324,119 |
9,654,893 | 81,553,458 | |||
Payment for shares redeemed | ||||
Class A | (2,696,686) | (34,836,613) | (3,055,060) | (36,802,224) |
Class C | (259,632) | (3,123,585) | (282,178) | (3,247,977) |
Class R | (73) | (909) | (1,307) | (13,014) |
Class R6 | (351,081) | (4,814,715) | (103,056) | (1,219,499) |
Administrator Class | (2,587,756) | (35,964,411) | (3,608,759) | (45,625,921) |
Institutional Class | (3,857,032) | (51,528,718) | (3,405,957) | (37,492,113) |
(130,268,951) | (124,400,748) | |||
Net decrease in net assets resulting from capital share transactions | (100,980,057) | (2,842,779) | ||
Total increase (decrease) in net assets | 125,338,144 | (124,592,654) | ||
Net assets | ||||
Beginning of period | 749,116,979 | 873,709,633 | ||
End of period | $ 874,455,123 | $ 749,116,979 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.35 | $13.13 | $13.05 | $12.61 | $12.01 |
Net investment income | 0.11 | 0.14 | 0.10 | 0.11 | 0.12 1 |
Payment from affiliate | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 3.66 | (0.58) | 0.94 | 1.39 | 1.43 |
Total from investment operations | 3.77 | (0.44) | 1.04 | 1.50 | 1.55 |
Distributions to shareholders from | |||||
Net investment income | (0.14) | (0.10) | (0.12) | (0.06) | (0.14) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (0.14) | (1.34) | (0.96) | (1.06) | (0.95) |
Net asset value, end of period | $14.98 | $11.35 | $13.13 | $13.05 | $12.61 |
Total return3 | 33.49% 4 | (4.25)% | 9.03% | 12.43% | 13.50% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.18% | 1.18% | 1.18% | 1.18% | 1.17% |
Net expenses | 1.09% | 1.10% | 1.10% | 1.10% | 1.10% |
Net investment income | 0.77% | 1.20% | 0.81% | 0.83% | 0.95% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $294,248 | $245,977 | $291,111 | $289,683 | $293,599 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
4 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had less than 0.005% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.99 | $12.75 | $12.69 | $12.31 | $11.74 |
Net investment income | 0.01 1 | 0.05 1 | 0.00 1,2 | 0.01 1 | 0.02 1 |
Payment from affiliate | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 3.54 | (0.57) | 0.92 | 1.37 | 1.40 |
Total from investment operations | 3.60 | (0.52) | 0.92 | 1.38 | 1.42 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.02) | 0.00 | (0.04) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | 0.00 | (1.24) | (0.86) | (1.00) | (0.85) |
Net asset value, end of period | $14.59 | $10.99 | $12.75 | $12.69 | $12.31 |
Total return3 | 32.76% 4 | (4.99)% | 8.16% | 11.65% | 12.58% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.93% | 1.94% | 1.94% | 1.93% | 1.93% |
Net expenses | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% |
Net investment income | 0.05% | 0.44% | 0.03% | 0.08% | 0.20% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $2,356 | $4,401 | $7,370 | $19,874 | $21,727 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
4 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.50% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | |||||
Class R | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.42 | $13.22 | $13.15 | $12.70 | $12.09 |
Net investment income | 0.07 | 0.11 | 0.06 | 0.05 | 0.08 1 |
Payment from affiliate | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 3.71 | (0.59) | 0.95 | 1.44 | 1.45 |
Total from investment operations | 3.81 | (0.48) | 1.01 | 1.49 | 1.53 |
Distributions to shareholders from | |||||
Net investment income | (0.12) | (0.08) | (0.10) | (0.04) | (0.11) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (0.12) | (1.32) | (0.94) | (1.04) | (0.92) |
Net asset value, end of period | $15.11 | $11.42 | $13.22 | $13.15 | $12.70 |
Total return | 33.51% 2 | (4.56)% | 8.70% | 12.21% | 13.22% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.41% | 1.41% | 1.43% | 1.44% | 1.44% |
Net expenses | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
Net investment income | 0.49% | 0.95% | 0.55% | 0.56% | 0.69% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $114 | $76 | $88 | $74 | $48 |
1 | Calculated based upon average shares outstanding |
2 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.23% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.16 | $12.93 | $12.92 | $12.49 | $11.90 |
Net investment income | 0.16 | 0.19 1 | 0.16 1 | 0.16 | 0.17 1 |
Net realized and unrealized gains (losses) on investments | 3.60 | (0.57) | 1.00 | 1.39 | 1.42 |
Total from investment operations | 3.76 | (0.38) | 1.16 | 1.55 | 1.59 |
Distributions to shareholders from | |||||
Net investment income | (0.19) | (0.15) | (0.31) | (0.12) | (0.19) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (0.19) | (1.39) | (1.15) | (1.12) | (1.00) |
Net asset value, end of period | $14.73 | $11.16 | $12.93 | $12.92 | $12.49 |
Total return | 34.05% | (3.87)% | 10.38% | 12.96% | 14.03% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.76% | 0.76% | 0.76% | 0.75% | 0.75% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.22% | 1.67% | 1.27% | 1.29% | 1.40% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $15,313 | $11,552 | $4,231 | $2,578 | $2,397 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.99 | $13.81 | $13.68 | $13.17 | $12.51 |
Net investment income | 0.13 | 0.17 | 0.12 | 0.13 | 0.14 1 |
Payment from affiliate | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 3.88 | (0.62) | 1.00 | 1.47 | 1.49 |
Total from investment operations | 4.01 | (0.45) | 1.12 | 1.60 | 1.63 |
Distributions to shareholders from | |||||
Net investment income | (0.17) | (0.13) | (0.15) | (0.09) | (0.16) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (0.17) | (1.37) | (0.99) | (1.09) | (0.97) |
Net asset value, end of period | $15.83 | $11.99 | $13.81 | $13.68 | $13.17 |
Total return | 33.75% 3 | (4.15)% | 9.21% | 12.63% | 13.66% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.11% | 1.11% | 1.11% | 1.10% | 1.10% |
Net expenses | 0.92% | 0.93% | 0.95% | 0.95% | 0.95% |
Net investment income | 0.94% | 1.37% | 0.96% | 0.98% | 1.10% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $499,628 | $402,567 | $464,041 | $469,464 | $459,650 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.03% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.44 | $13.22 | $13.14 | $12.68 | $12.08 |
Net investment income | 0.16 1 | 0.19 1 | 0.15 1 | 0.22 | 0.17 1 |
Net realized and unrealized gains (losses) on investments | 3.70 | (0.58) | 0.94 | 1.35 | 1.43 |
Total from investment operations | 3.86 | (0.39) | 1.09 | 1.57 | 1.60 |
Distributions to shareholders from | |||||
Net investment income | (0.20) | (0.15) | (0.17) | (0.11) | (0.19) |
Net realized gains | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (0.20) | (1.39) | (1.01) | (1.11) | (1.00) |
Net asset value, end of period | $15.10 | $11.44 | $13.22 | $13.14 | $12.68 |
Total return | 34.01% | (3.86)% | 9.44% | 12.96% | 13.88% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.86% | 0.86% | 0.86% | 0.85% | 0.85% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 1.22% | 1.59% | 1.22% | 1.24% | 1.36% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $62,796 | $84,544 | $106,869 | $137,263 | $162,480 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $247,329,671 |
Gross unrealized losses | (7,897,071) |
Net unrealized gains | $239,432,600 |
■ | 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 | $ 65,124,971 | $0 | $0 | $ 65,124,971 |
Consumer discretionary | 90,919,707 | 0 | 0 | 90,919,707 |
Consumer staples | 61,342,412 | 0 | 0 | 61,342,412 |
Energy | 44,570,541 | 0 | 0 | 44,570,541 |
Financials | 164,438,525 | 0 | 0 | 164,438,525 |
Health care | 105,536,352 | 0 | 0 | 105,536,352 |
Industrials | 125,768,676 | 0 | 0 | 125,768,676 |
Information technology | 158,026,692 | 0 | 0 | 158,026,692 |
Utilities | 46,016,029 | 0 | 0 | 46,016,029 |
Short-term investments | ||||
Investment companies | 11,505,493 | 0 | 0 | 11,505,493 |
Total assets | $873,249,398 | $0 | $0 | $873,249,398 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
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 | 1.11% |
Class C | 1.86 |
Class R | 1.36 |
Class R6 | 0.65 |
Administrator Class | 0.95 |
Institutional Class | 0.70 |
Year ended July 31 | ||
2021 | 2020 | |
Ordinary income | $10,227,819 | $ 9,299,522 |
Long-term capital gain | 0 | 76,325,017 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$16,094,467 | $118,929,860 | $239,432,600 |
Wells Fargo Funds Trust:
Shares voted “For” | 24,373,633 | |
Shares voted “Against” | 1,848,577 | |
Shares voted “Abstain” | 3,037,287 |
Shares voted “For” | 24,248,673 | |
Shares voted “Against” | 1,904,177 | |
Shares voted “Abstain” | 3,106,647 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A207/AR207 07-21
2 | |
6 | |
10 | |
11 | |
Financial statements | |
15 | |
16 | |
17 | |
18 | |
24 | |
31 | |
32 | |
Board considerations | |
36 | |
40 | |
46 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | John R. Campbell, CFA®‡, Vince Fioramonti, CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EGOAX) | 12-17-2007 | 29.96 | 13.79 | 13.09 | 37.90 | 15.14 | 13.76 | 1.22 | 1.08 | ||
Class C (EGOCX) | 12-17-2007 | 35.87 | 14.26 | 12.91 | 36.87 | 14.26 | 12.91 | 1.97 | 1.83 | ||
Class R (EGOHX)3 | 9-30-2015 | – | – | – | 37.56 | 14.85 | 13.47 | 1.47 | 1.33 | ||
Class R6 (EGORX)4 | 9-30-2015 | – | – | – | 38.47 | 16.31 | 14.61 | 0.79 | 0.65 | ||
Administrator Class (WFLLX) | 7-16-2010 | – | – | – | 38.04 | 15.25 | 13.95 | 1.14 | 0.97 | ||
Institutional Class (EGOIX) | 12-17-2007 | – | – | – | 38.42 | 15.61 | 14.27 | 0.89 | 0.67 | ||
S&P 500 Index5 | – | – | – | – | 36.45 | 17.35 | 15.35 | – | – |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 1.33% for Class R, 0.65% for Class R6, 0.97% for Administrator Class, and 0.67% 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 Administrator 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 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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the S&P 500 Index, for the 12-month period that ended July 31, 2021. |
■ | Stock selection was the main performance contributor to the Fund, adding value in 6 of the 11 sectors. The Fund benefited the most from positive stock selection in the financials, consumer discretionary, and communication services sectors. Sector weighting decisions contributed modestly to performance, led by underweights to more defensive sectors like utilities and consumer staples. |
■ | Negative stock selection effects detracted from relative performance within the industrials, materials, and real estate sectors. |
Ten largest holdings (%) as of July 31, 20211 | |
Apple Incorporated | 5.59 |
Microsoft Corporation | 5.25 |
Alphabet Incorporated Class C | 3.90 |
Amazon.com Incorporated | 2.64 |
Target Corporation | 2.45 |
Oracle Corporation | 2.38 |
Applied Materials Incorporated | 2.27 |
JPMorgan Chase & Company | 2.21 |
Fortinet Incorporated | 2.20 |
Zebra Technologies Corporation Class A | 2.15 |
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 July 31, 20211 |
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 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,200.90 | $5.78 | 1.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.54 | $5.31 | 1.06% |
Class C | ||||
Actual | $1,000.00 | $1,196.49 | $9.97 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.72 | $9.15 | 1.83% |
Class R | ||||
Actual | $1,000.00 | $1,199.37 | $7.25 | 1.33% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.20 | $6.66 | 1.33% |
Class R6 | ||||
Actual | $1,000.00 | $1,203.69 | $3.55 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.57 | $3.26 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,201.25 | $5.29 | 0.97% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.98 | $4.86 | 0.97% |
Institutional Class | ||||
Actual | $1,000.00 | $1,203.43 | $3.66 | 0.67% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.47 | $3.36 | 0.67% |
Shares | Value | ||||
Common stocks: 99.27% | |||||
Communication services: 6.66% | |||||
Entertainment: 1.51% | |||||
Activision Blizzard Incorporated | 96,665 | $ 8,083,127 | |||
Interactive media & services: 3.90% | |||||
Alphabet Incorporated Class C † | 7,731 | 20,907,870 | |||
Media: 1.25% | |||||
Discovery Incorporated Class A †« | 231,628 | 6,719,528 | |||
Consumer discretionary: 15.56% | |||||
Auto components: 1.45% | |||||
Lear Corporation | 44,361 | 7,762,288 | |||
Household durables: 3.41% | |||||
PulteGroup Incorporated | 178,591 | 9,799,288 | |||
Whirlpool Corporation | 38,451 | 8,518,435 | |||
18,317,723 | |||||
Internet & direct marketing retail: 2.64% | |||||
Amazon.com Incorporated † | 4,251 | 14,145,585 | |||
Leisure products: 1.68% | |||||
The Brunswick Corporation | 86,261 | 9,005,648 | |||
Multiline retail: 2.45% | |||||
Target Corporation | 50,371 | 13,149,350 | |||
Specialty retail: 3.93% | |||||
O'Reilly Automotive Incorporated † | 19,035 | 11,494,094 | |||
The Home Depot Incorporated | 29,193 | 9,580,851 | |||
21,074,945 | |||||
Consumer staples: 1.98% | |||||
Food & staples retailing: 1.98% | |||||
Costco Wholesale Corporation | 24,760 | 10,639,867 | |||
Energy: 2.37% | |||||
Oil, gas & consumable fuels: 2.37% | |||||
Chevron Corporation | 64,892 | 6,606,654 | |||
ConocoPhillips | 109,225 | 6,123,154 | |||
12,729,808 | |||||
Financials: 11.61% | |||||
Banks: 3.85% | |||||
Citizens Financial Group Incorporated | 209,088 | 8,815,150 | |||
JPMorgan Chase & Company | 77,925 | 11,827,457 | |||
20,642,607 | |||||
Capital markets: 6.00% | |||||
BlackRock Incorporated | 12,577 | 10,906,397 |
Shares | Value | ||||
Capital markets (continued) | |||||
Evercore Partners Incorporated Class A | 79,143 | $ 10,462,705 | |||
The Goldman Sachs Group Incorporated | 28,837 | 10,810,415 | |||
32,179,517 | |||||
Insurance: 1.76% | |||||
The Allstate Corporation | 72,448 | 9,421,862 | |||
Health care: 16.41% | |||||
Biotechnology: 4.45% | |||||
AbbVie Incorporated | 60,240 | 7,005,912 | |||
Regeneron Pharmaceuticals Incorporated † | 13,512 | 7,764,130 | |||
United Therapeutics Corporation † | 49,994 | 9,095,408 | |||
23,865,450 | |||||
Health care equipment & supplies: 3.58% | |||||
Danaher Corporation | 38,478 | 11,446,820 | |||
Hologic Incorporated † | 102,865 | 7,718,990 | |||
19,165,810 | |||||
Health care providers & services: 3.43% | |||||
Anthem Incorporated | 24,545 | 9,425,525 | |||
CVS Health Corporation | 108,929 | 8,971,392 | |||
18,396,917 | |||||
Pharmaceuticals: 4.95% | |||||
Bristol-Myers Squibb Company | 113,206 | 7,683,291 | |||
Johnson & Johnson | 45,855 | 7,896,231 | |||
Pfizer Incorporated | 256,322 | 10,973,145 | |||
26,552,667 | |||||
Industrials: 8.95% | |||||
Building products: 1.69% | |||||
Masco Corporation | 151,854 | 9,067,202 | |||
Construction & engineering: 1.92% | |||||
EMCOR Group Incorporated | 84,423 | 10,283,566 | |||
Machinery: 3.51% | |||||
Cummins Incorporated | 37,762 | 8,764,560 | |||
The Timken Company | 126,405 | 10,049,198 | |||
18,813,758 | |||||
Road & rail: 1.83% | |||||
J.B. Hunt Transport Services Incorporated | 58,467 | 9,848,766 | |||
Information technology: 30.45% | |||||
Electronic equipment, instruments & components: 3.87% | |||||
CDW Corporation of Delaware | 50,331 | 9,228,189 | |||
Zebra Technologies Corporation Class A † | 20,862 | 11,525,838 | |||
20,754,027 |
Shares | Value | ||||
IT services: 3.25% | |||||
Cognizant Technology Solutions Corporation Class A | 107,054 | $ 7,871,681 | |||
MasterCard Incorporated Class A | 24,735 | 9,546,226 | |||
17,417,907 | |||||
Semiconductors & semiconductor equipment: 5.85% | |||||
Applied Materials Incorporated | 86,790 | 12,144,525 | |||
Intel Corporation | 147,099 | 7,902,158 | |||
Qorvo Incorporated † | 59,694 | 11,317,385 | |||
31,364,068 | |||||
Software: 11.89% | |||||
Adobe Incorporated † | 17,754 | 11,036,419 | |||
Fortinet Incorporated † | 43,336 | 11,797,793 | |||
Microsoft Corporation | 98,850 | 28,163,354 | |||
Oracle Corporation | 146,120 | 12,732,897 | |||
63,730,463 | |||||
Technology hardware, storage & peripherals: 5.59% | |||||
Apple Incorporated | 205,657 | 29,997,130 | |||
Materials: 3.42% | |||||
Metals & mining: 3.42% | |||||
Newmont Corporation | 123,818 | 7,778,247 | |||
Reliance Steel & Aluminum Company | 67,169 | 10,555,608 | |||
18,333,855 | |||||
Real estate: 1.86% | |||||
Equity REITs: 1.86% | |||||
Weyerhaeuser Company | 294,927 | 9,947,888 | |||
Total Common stocks (Cost $336,793,756) | 532,319,199 |
Yield | |||||
Short-term investments: 2.02% | |||||
Investment companies: 2.02% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.02% | 6,811,260 | 6,811,260 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 4,053,285 | 4,053,285 | ||
Total Short-term investments (Cost $10,864,545) | 10,864,545 | ||||
Total investments in securities (Cost $347,658,301) | 101.29% | 543,183,744 | |||
Other assets and liabilities, net | (1.29) | (6,932,687) | |||
Total net assets | 100.00% | $536,251,057 |
† | 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: | |
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 | $ 0 | $108,447,275 | $(101,636,015) | $0 | $0 | $ 6,811,260 | 6,811,260 | $ 3,824# | ||
Wells Fargo Government Money Market Fund Select Class | 4,601,813 | 103,317,151 | (103,865,679) | 0 | 0 | 4,053,285 | 4,053,285 | 1,329 | ||
$0 | $0 | $10,864,545 | $5,153 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $6,382,200 of securities loaned), at value (cost $336,793,756) | $ 532,319,199 |
Investments in affiliated securites, at value (cost $10,864,545) | 10,864,545 |
Receivable for dividends | 518,761 |
Receivable for Fund shares sold | 235,909 |
Prepaid expenses and other assets | 19,067 |
Total assets | 543,957,481 |
Liabilities | |
Payable upon receipt of securities loaned | 6,807,981 |
Payable for Fund shares redeemed | 380,791 |
Management fee payable | 260,651 |
Administration fees payable | 88,015 |
Distribution fees payable | 18,875 |
Trustees’ fees and expenses payable | 872 |
Accrued expenses and other liabilities | 149,239 |
Total liabilities | 7,706,424 |
Total net assets | $536,251,057 |
Net assets consist of | |
Paid-in capital | $ 287,246,882 |
Total distributable earnings | 249,004,175 |
Total net assets | $536,251,057 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 366,731,183 |
Shares outstanding – Class A1 | 19,540,303 |
Net asset value per share – Class A | $18.77 |
Maximum offering price per share – Class A2 | $19.92 |
Net assets – Class C | $ 28,335,365 |
Shares outstanding – Class C1 | 1,540,751 |
Net asset value per share – Class C | $18.39 |
Net assets – Class R | $ 558,703 |
Shares outstanding – Class R1 | 29,573 |
Net asset value per share – Class R | $18.89 |
Net assets – Class R6 | $ 5,927,508 |
Shares outstanding – Class R61 | 313,493 |
Net asset value per share – Class R6 | $18.91 |
Net assets – Administrator Class | $ 2,531,443 |
Shares outstanding – Administrator Class1 | 132,108 |
Net asset value per share – Administrator Class | $19.16 |
Net assets – Institutional Class | $ 132,166,855 |
Shares outstanding – Institutional Class1 | 6,983,077 |
Net asset value per share – Institutional Class | $18.93 |
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 | $ 7,814,252 |
Income from affiliated securities | 19,584 |
Total investment income | 7,833,836 |
Expenses | |
Management fee | 3,527,627 |
Administration fees | |
Class A | 697,841 |
Class C | 64,066 |
Class R | 1,345 |
Class R6 | 1,910 |
Administrator Class | 2,975 |
Institutional Class | 171,942 |
Shareholder servicing fees | |
Class A | 830,763 |
Class C | 76,218 |
Class R | 1,584 |
Administrator Class | 5,665 |
Distribution fees | |
Class C | 228,431 |
Class R | 1,536 |
Custody and accounting fees | 36,966 |
Professional fees | 50,948 |
Registration fees | 97,583 |
Shareholder report expenses | 114,742 |
Trustees’ fees and expenses | 19,316 |
Other fees and expenses | 33,335 |
Total expenses | 5,964,793 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (751,141) |
Class A | (76,996) |
Administrator Class | (655) |
Institutional Class | (106,101) |
Net expenses | 5,029,900 |
Net investment income | 2,803,936 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 68,784,754 |
Net change in unrealized gains (losses) on investments | 90,218,551 |
Net realized and unrealized gains (losses) on investments | 159,003,305 |
Net increase in net assets resulting from operations | $161,807,241 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 2,803,936 | $ 7,206,846 | ||
Net realized gains on investments | 68,784,754 | 104,757,110 | ||
Net change in unrealized gains (losses) on investments | 90,218,551 | (92,410,548) | ||
Net increase in net assets resulting from operations | 161,807,241 | 19,553,408 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (43,568,141) | (61,566,588) | ||
Class C | (4,062,417) | (7,938,179) | ||
Class R | (69,596) | (385,920) | ||
Class R6 | (942,745) | (1,869,850) | ||
Administrator Class | (283,218) | (2,568,605) | ||
Institutional Class | (18,363,526) | (59,147,753) | ||
Total distributions to shareholders | (67,289,643) | (133,476,895) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,347,272 | 23,128,393 | 1,500,692 | 25,056,011 |
Class C | 57,119 | 930,310 | 198,258 | 3,124,973 |
Class R | 5,379 | 89,355 | 42,012 | 683,541 |
Class R6 | 22,468 | 376,280 | 46,727 | 745,853 |
Administrator Class | 16,251 | 286,289 | 20,852 | 357,788 |
Institutional Class | 946,066 | 15,869,566 | 2,471,565 | 41,971,331 |
40,680,193 | 71,939,497 | |||
Reinvestment of distributions | ||||
Class A | 2,687,262 | 41,377,941 | 3,568,341 | 58,962,830 |
Class C | 259,190 | 3,893,123 | 419,517 | 6,752,912 |
Class R | 4,276 | 65,764 | 23,014 | 379,887 |
Class R6 | 18,442 | 286,328 | 25,087 | 417,888 |
Administrator Class | 17,840 | 279,907 | 151,848 | 2,548,476 |
Institutional Class | 1,082,589 | 16,825,725 | 3,285,183 | 54,781,650 |
62,728,788 | 123,843,643 | |||
Payment for shares redeemed | ||||
Class A | (3,617,358) | (60,975,760) | (4,307,171) | (71,082,640) |
Class C | (942,897) | (15,386,123) | (1,065,243) | (16,770,044) |
Class R | (38,061) | (626,185) | (117,013) | (1,764,327) |
Class R6 | (143,020) | (2,452,243) | (364,215) | (6,430,922) |
Administrator Class | (42,338) | (720,832) | (912,779) | (13,878,044) |
Institutional Class | (4,234,725) | (70,438,804) | (28,685,504) | (504,129,832) |
(150,599,947) | (614,055,809) | |||
Net decrease in net assets resulting from capital share transactions | (47,190,966) | (418,272,669) | ||
Total increase (decrease) in net assets | 47,326,632 | (532,196,156) | ||
Net assets | ||||
Beginning of period | 488,924,425 | 1,021,120,581 | ||
End of period | $ 536,251,057 | $ 488,924,425 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.71 | $18.57 | $20.82 | $18.01 | $15.13 |
Net investment income | 0.08 1 | 0.14 | 0.25 | 0.15 | 0.15 |
Net realized and unrealized gains (losses) on investments | 5.33 | 0.51 | (0.29) | 3.01 | 2.85 |
Total from investment operations | 5.41 | 0.65 | (0.04) | 3.16 | 3.00 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.29) | (0.16) | (0.13) | (0.12) |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.35) | (3.51) | (2.21) | (0.35) | (0.12) |
Net asset value, end of period | $18.77 | $15.71 | $18.57 | $20.82 | $18.01 |
Total return2 | 37.90% | 2.86% | 1.10% | 17.66% | 19.94% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.23% | 1.23% | 1.19% | 1.18% | 1.19% |
Net expenses | 1.06% | 1.06% | 1.08% | 1.10% | 1.14% |
Net investment income | 0.49% | 0.97% | 1.42% | 0.73% | 0.82% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $366,731 | $300,373 | $341,045 | $360,937 | $329,974 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.41 | $18.22 | $20.44 | $17.70 | $14.87 |
Net investment income (loss) | (0.04) 1 | 0.03 | 0.13 | (0.00) 2 | 0.00 3 |
Net realized and unrealized gains (losses) on investments | 5.23 | 0.47 | (0.30) | 2.96 | 2.83 |
Total from investment operations | 5.19 | 0.50 | (0.17) | 2.96 | 2.83 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.09) | 0.00 | 0.00 | 0.00 |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.21) | (3.31) | (2.05) | (0.22) | 0.00 |
Net asset value, end of period | $18.39 | $15.41 | $18.22 | $20.44 | $17.70 |
Total return4 | 36.87% | 2.01% | 0.34% | 16.78% | 19.03% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.98% | 1.97% | 1.94% | 1.93% | 1.94% |
Net expenses | 1.83% | 1.83% | 1.83% | 1.85% | 1.89% |
Net investment income (loss) | (0.25)% | 0.21% | 0.67% | (0.02)% | 0.07% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $28,335 | $33,405 | $47,649 | $61,529 | $60,697 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Amount is less than $0.005. |
4 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class R | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.70 | $18.57 | $20.81 | $18.04 | $15.17 |
Net investment income | 0.04 1 | 0.11 1 | 0.21 | 0.12 | 0.13 |
Net realized and unrealized gains (losses) on investments | 5.35 | 0.49 | (0.29) | 2.99 | 2.84 |
Total from investment operations | 5.39 | 0.60 | (0.08) | 3.11 | 2.97 |
Distributions to shareholders from | |||||
Net investment income | (0.00) 2 | (0.25) | (0.11) | (0.12) | (0.10) |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.20) | (3.47) | (2.16) | (0.34) | (0.10) |
Net asset value, end of period | $18.89 | $15.70 | $18.57 | $20.81 | $18.04 |
Total return | 37.56% | 2.56% | 0.87% | 17.37% | 19.64% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.47% | 1.47% | 1.44% | 1.43% | 1.44% |
Net expenses | 1.33% | 1.33% | 1.33% | 1.34% | 1.39% |
Net investment income | 0.27% | 0.69% | 1.18% | 0.48% | 0.51% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $559 | $910 | $2,043 | $2,042 | $1,369 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended July 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.81 | $18.68 | $20.92 | $18.09 | $15.24 |
Net investment income | 0.16 | 0.24 1 | 0.34 | 0.22 1 | 0.25 1 |
Net realized and unrealized gains (losses) on investments | 5.36 | 0.48 | (0.30) | 3.04 | 3.33 |
Total from investment operations | 5.52 | 0.72 | 0.04 | 3.26 | 3.58 |
Distributions to shareholders from | |||||
Net investment income | (0.22) | (0.37) | (0.23) | (0.21) | (0.73) |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.42) | (3.59) | (2.28) | (0.43) | (0.73) |
Net asset value, end of period | $18.91 | $15.81 | $18.68 | $20.92 | $18.09 |
Total return | 38.47% | 3.23% | 1.60% | 18.16% | 24.01% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.80% | 0.79% | 0.75% | 0.75% | 0.76% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.68% |
Net investment income | 0.92% | 1.40% | 1.83% | 1.08% | 1.62% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $5,928 | $6,570 | $13,223 | $15,225 | $122 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.96 | $18.82 | $21.05 | $18.21 | $15.18 |
Net investment income | 0.10 1 | 0.18 1 | 0.29 1 | 0.17 1 | 0.16 1 |
Net realized and unrealized gains (losses) on investments | 5.43 | 0.49 | (0.30) | 3.05 | 2.87 |
Total from investment operations | 5.53 | 0.67 | (0.01) | 3.22 | 3.03 |
Distributions to shareholders from | |||||
Net investment income | (0.13) | (0.31) | (0.17) | (0.16) | (0.00) 2 |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.33) | (3.53) | (2.22) | (0.38) | (0.00) 2 |
Net asset value, end of period | $19.16 | $15.96 | $18.82 | $21.05 | $18.21 |
Total return | 38.04% | 2.90% | 1.26% | 17.81% | 19.99% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.15% | 1.13% | 1.10% | 1.10% | 1.10% |
Net expenses | 0.97% | 0.97% | 0.97% | 0.98% | 1.00% |
Net investment income | 0.58% | 1.04% | 1.52% | 0.86% | 1.00% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $2,531 | $2,241 | $16,566 | $25,444 | $32,091 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.83 | $18.70 | $20.95 | $18.12 | $15.23 |
Net investment income | 0.19 | 0.24 1 | 0.34 | 0.23 | 0.18 |
Net realized and unrealized gains (losses) on investments | 5.33 | 0.48 | (0.30) | 3.03 | 2.91 |
Total from investment operations | 5.52 | 0.72 | 0.04 | 3.26 | 3.09 |
Distributions to shareholders from | |||||
Net investment income | (0.22) | (0.37) | (0.24) | (0.21) | (0.20) |
Net realized gains | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.42) | (3.59) | (2.29) | (0.43) | (0.20) |
Net asset value, end of period | $18.93 | $15.83 | $18.70 | $20.95 | $18.12 |
Total return | 38.42% | 3.22% | 1.56% | 18.16% | 20.43% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.90% | 0.89% | 0.86% | 0.85% | 0.86% |
Net expenses | 0.67% | 0.67% | 0.67% | 0.68% | 0.70% |
Net investment income | 0.90% | 1.40% | 1.82% | 1.15% | 1.23% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $132,167 | $145,425 | $600,595 | $690,855 | $621,864 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $198,031,024 |
Gross unrealized losses | (2,856,784) |
Net unrealized gains | $195,174,240 |
Paid-in capital | Total distributable earnings |
$7,736,411 | $(7,736,411) |
■ | 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 | $ 35,710,525 | $0 | $0 | $ 35,710,525 |
Consumer discretionary | 83,455,539 | 0 | 0 | 83,455,539 |
Consumer staples | 10,639,867 | 0 | 0 | 10,639,867 |
Energy | 12,729,808 | 0 | 0 | 12,729,808 |
Financials | 62,243,986 | 0 | 0 | 62,243,986 |
Health care | 87,980,844 | 0 | 0 | 87,980,844 |
Industrials | 48,013,292 | 0 | 0 | 48,013,292 |
Information technology | 163,263,595 | 0 | 0 | 163,263,595 |
Materials | 18,333,855 | 0 | 0 | 18,333,855 |
Real estate | 9,947,888 | 0 | 0 | 9,947,888 |
Short-term investments | ||||
Investment companies | 10,864,545 | 0 | 0 | 10,864,545 |
Total assets | $543,183,744 | $0 | $0 | $543,183,744 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
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 | 1.08% |
Class C | 1.83 |
Class R | 1.33 |
Class R6 | 0.65 |
Administrator Class | 0.97 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BNP Paribas Securities Corporation | $5,114,463 | $(5,114,463) | $0 |
Citigroup Global Markets Incorporated | 1,267,737 | (1,267,737) | 0 |
Year ended July 31 | ||
2021 | 2020 | |
Ordinary income | $ 5,089,812 | $ 13,476,743 |
Long-term capital gain | 62,199,831 | 120,000,152 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$1,715,100 | $52,114,887 | $195,174,240 |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A208/AR208 07-21
Large Cap Growth Fund
2 | |
6 | |
10 | |
11 | |
Financial statements | |
14 | |
15 | |
16 | |
17 | |
24 | |
31 | |
32 | |
Board considerations | |
36 | |
40 | |
46 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Robert Gruendyke, CFA®‡, Thomas C. Ognar, CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (STAFX) | 7-30-2010 | 19.94 | 19.25 | 14.89 | 27.25 | 20.67 | 15.57 | 1.18 | 1.07 | ||
Class C (STOFX) | 7-30-2010 | 25.28 | 19.76 | 14.71 | 26.28 | 19.76 | 14.71 | 1.93 | 1.82 | ||
Class R (STMFX)3 | 6-15-2012 | – | – | – | 26.97 | 20.37 | 15.29 | 1.43 | 1.32 | ||
Class R4 (SLGRX)4 | 11-30-2012 | – | – | – | 27.56 | 20.95 | 15.90 | 0.90 | 0.80 | ||
Class R6 (STFFX)5 | 11-30-2012 | – | – | – | 27.76 | 21.17 | 16.07 | 0.75 | 0.65 | ||
Administrator Class (STDFX) | 7-30-2010 | – | – | – | 27.38 | 20.81 | 15.72 | 1.10 | 0.95 | ||
Institutional Class (STNFX) | 7-30-2010 | – | – | – | 27.61 | 21.05 | 15.98 | 0.85 | 0.75 | ||
Russell 1000® Growth Index6 | – | – | – | – | 36.68 | 23.32 | 18.37 | – | – |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.07% for Class A, 1.82% for Class C, 1.32% for Class R, 0.80% for Class R4, 0.65% for Class R6, 0.95% for Administrator Class, and 0.75% 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 former Investor Class shares, adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R4 shares. |
5 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
6 | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 1000® Growth Index, for the 12-month period that ended July 31, 2021. |
■ | The Fund’s performance was inhibited by stocks within the information technology (IT), consumer discretionary, and financials sectors. |
■ | Select holdings within the industrials sector and an underweight to consumer staples aided the Fund’s performance for the period. |
Ten largest holdings (%) as of July 31, 20211 | |
Microsoft Corporation | 10.06 |
Amazon.com Incorporated | 9.04 |
Alphabet Incorporated Class A | 5.28 |
Apple Incorporated | 5.11 |
MasterCard Incorporated Class A | 4.05 |
Facebook Incorporated Class A | 3.78 |
PayPal Holdings Incorporated | 3.51 |
MarketAxess Holdings Incorporated | 2.88 |
Visa Incorporated Class A | 2.83 |
NVIDIA Corporation | 2.72 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | This security was no longer held at the end of the reporting period. |
Sector allocation as of July 31, 20211 |
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 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,159.68 | $5.62 | 1.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.59 | $5.26 | 1.05% |
Class C | ||||
Actual | $1,000.00 | $1,155.27 | $9.73 | 1.82% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.77 | $9.10 | 1.82% |
Class R | ||||
Actual | $1,000.00 | $1,158.56 | $6.90 | 1.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.40 | $6.46 | 1.29% |
Class R4 | ||||
Actual | $1,000.00 | $1,161.15 | $4.29 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.83 | $4.01 | 0.80% |
Class R6 | ||||
Actual | $1,000.00 | $1,162.18 | $3.48 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.57 | $3.26 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,160.26 | $5.09 | 0.95% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.08 | $4.76 | 0.95% |
Institutional Class | ||||
Actual | $1,000.00 | $1,161.48 | $4.02 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.08 | $3.76 | 0.75% |
Shares | Value | ||||
Common stocks: 99.29% | |||||
Communication services: 12.38% | |||||
Entertainment: 0.28% | |||||
Activision Blizzard Incorporated | 41,685 | $ 3,485,700 | |||
Interactive media & services: 12.10% | |||||
Alphabet Incorporated Class A † | 24,290 | 65,450,134 | |||
Alphabet Incorporated Class C † | 6,980 | 18,876,852 | |||
Facebook Incorporated Class A † | 131,335 | 46,794,661 | |||
Snap Incorporated Class A † | 252,900 | 18,820,818 | |||
149,942,465 | |||||
Consumer discretionary: 16.25% | |||||
Hotels, restaurants & leisure: 3.11% | |||||
Airbnb Incorporated Class A † | 102,300 | 14,732,223 | |||
Chipotle Mexican Grill Incorporated † | 12,785 | 23,824,080 | |||
38,556,303 | |||||
Internet & direct marketing retail: 9.04% | |||||
Amazon.com Incorporated † | 33,650 | 111,973,404 | |||
Specialty retail: 2.42% | |||||
The Home Depot Incorporated | 29,660 | 9,734,115 | |||
The TJX Companies Incorporated | 293,990 | 20,229,452 | |||
29,963,567 | |||||
Textiles, apparel & luxury goods: 1.68% | |||||
lululemon athletica Incorporated † | 21,000 | 8,403,570 | |||
Nike Incorporated Class B | 74,510 | 12,481,170 | |||
20,884,740 | |||||
Consumer staples: 0.49% | |||||
Personal products: 0.49% | |||||
The Estee Lauder Companies Incorporated Class A | 17,995 | 6,007,271 | |||
Financials: 4.18% | |||||
Capital markets: 4.18% | |||||
MarketAxess Holdings Incorporated | 75,005 | 35,640,126 | |||
MSCI Incorporated | 13,080 | 7,795,157 | |||
Tradeweb Markets Incorporated Class A | 96,630 | 8,380,720 | |||
51,816,003 | |||||
Health care: 9.56% | |||||
Biotechnology: 0.45% | |||||
Alnylam Pharmaceuticals Incorporated † | 9,375 | 1,677,563 | |||
Horizon Therapeutics plc † | 38,570 | 3,857,771 | |||
5,535,334 | |||||
Health care equipment & supplies: 5.70% | |||||
Abbott Laboratories | 100,715 | 12,184,499 | |||
Boston Scientific Corporation † | 233,329 | 10,639,802 | |||
Edwards Lifesciences Corporation † | 229,500 | 25,765,965 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
Insulet Corporation † | 20,005 | $ 5,595,198 | |||
Intuitive Surgical Incorporated † | 2,190 | 2,171,297 | |||
Stryker Corporation | 52,830 | 14,313,760 | |||
70,670,521 | |||||
Health care technology: 0.63% | |||||
Veeva Systems Incorporated Class A † | 23,405 | 7,787,078 | |||
Life sciences tools & services: 1.02% | |||||
Agilent Technologies Incorporated | 82,015 | 12,567,158 | |||
Pharmaceuticals: 1.76% | |||||
Zoetis Incorporated | 107,600 | 21,810,520 | |||
Industrials: 7.67% | |||||
Air freight & logistics: 3.38% | |||||
FedEx Corporation | 71,510 | 20,019,225 | |||
United Parcel Service Incorporated Class B | 114,350 | 21,882,016 | |||
41,901,241 | |||||
Commercial services & supplies: 1.35% | |||||
Copart Incorporated † | 114,035 | 16,763,145 | |||
Electrical equipment: 0.67% | |||||
Generac Holdings Incorporated † | 19,710 | 8,265,586 | |||
Road & rail: 2.27% | |||||
Norfolk Southern Corporation | 78,835 | 20,326,028 | |||
Union Pacific Corporation | 35,525 | 7,771,449 | |||
28,097,477 | |||||
Information technology: 46.11% | |||||
IT services: 18.69% | |||||
Fidelity National Information Services Incorporated | 143,978 | 21,459,921 | |||
Global Payments Incorporated | 103,830 | 20,081,760 | |||
MasterCard Incorporated Class A | 129,920 | 50,141,325 | |||
MongoDB Incorporated † | 26,875 | 9,645,975 | |||
PayPal Holdings Incorporated † | 157,700 | 43,451,081 | |||
Shopify Incorporated Class A † | 2,880 | 4,319,798 | |||
Snowflake Incorporated Class A † | 36,220 | 9,624,378 | |||
Square Incorporated Class A † | 90,810 | 22,453,681 | |||
Twilio Incorporated Class A † | 41,230 | 15,403,116 | |||
Visa Incorporated Class A | 142,415 | 35,089,632 | |||
231,670,667 | |||||
Semiconductors & semiconductor equipment: 5.96% | |||||
Microchip Technology Incorporated | 168,065 | 24,053,463 | |||
NVIDIA Corporation | 172,780 | 33,690,372 | |||
Texas Instruments Incorporated | 84,395 | 16,087,375 | |||
73,831,210 | |||||
Software: 16.35% | |||||
Adobe Incorporated † | 7,715 | 4,795,875 | |||
Dynatrace Incorporated † | 238,455 | 15,230,121 | |||
Microsoft Corporation | 437,620 | 124,682,314 |
Shares | Value | ||||
Software (continued) | |||||
RingCentral Incorporated Class A † | 34,780 | $ 9,295,651 | |||
ServiceNow Incorporated † | 47,665 | 28,021,777 | |||
Unity Software Incorporated † | 71,115 | 7,617,839 | |||
Workday Incorporated Class A † | 22,405 | 5,251,732 | |||
Zoom Video Communications Incorporated † | 20,255 | 7,658,416 | |||
202,553,725 | |||||
Technology hardware, storage & peripherals: 5.11% | |||||
Apple Incorporated | 433,885 | 63,286,466 | |||
Materials: 2.65% | |||||
Chemicals: 2.65% | |||||
Linde plc | 106,765 | 32,818,493 | |||
Total Common stocks (Cost $479,355,211) | 1,230,188,074 |
Yield | |||||
Short-term investments: 0.76% | |||||
Investment companies: 0.76% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 9,488,900 | 9,488,900 | ||
Total Short-term investments (Cost $9,488,900) | 9,488,900 | ||||
Total investments in securities (Cost $488,844,111) | 100.05% | 1,239,676,974 | |||
Other assets and liabilities, net | (0.05) | (641,117) | |||
Total net assets | 100.00% | $1,239,035,857 |
† | Non-income-earning security |
♠ | 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. |
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 | $ 59,279,043 | $ (59,279,043) | $0 | $0 | $ 0 | 0 | $ 711# | ||
Wells Fargo Government Money Market Fund Select Class | 2,815,713 | 188,438,932 | (181,765,745) | 0 | 0 | 9,488,900 | 9,488,900 | 1,248 | ||
$0 | $0 | $9,488,900 | $1,959 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $479,355,211) | $ 1,230,188,074 |
Investments in affiliated securites, at value (cost $9,488,900) | 9,488,900 |
Receivable for Fund shares sold | 449,287 |
Receivable for dividends | 216,163 |
Prepaid expenses and other assets | 19,370 |
Total assets | 1,240,361,794 |
Liabilities | |
Management fee payable | 634,137 |
Payable for Fund shares redeemed | 259,296 |
Shareholder servicing fees payable | 171,194 |
Administration fees payable | 156,749 |
Distribution fees payable | 4,696 |
Trustees’ fees and expenses payable | 511 |
Accrued expenses and other liabilities | 99,354 |
Total liabilities | 1,325,937 |
Total net assets | $1,239,035,857 |
Net assets consist of | |
Paid-in capital | $ 382,787,671 |
Total distributable earnings | 856,248,186 |
Total net assets | $1,239,035,857 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 688,523,101 |
Shares outstanding – Class A1 | 12,506,343 |
Net asset value per share – Class A | $55.05 |
Maximum offering price per share – Class A2 | $58.41 |
Net assets – Class C | $ 6,351,350 |
Shares outstanding – Class C1 | 136,160 |
Net asset value per share – Class C | $46.65 |
Net assets – Class R | $ 2,929,199 |
Shares outstanding – Class R1 | 55,682 |
Net asset value per share – Class R | $52.61 |
Net assets – Class R4 | $ 20,299 |
Shares outstanding – Class R41 | 353 |
Net asset value per share – Class R4 | $57.50 |
Net assets – Class R6 | $ 377,469,690 |
Shares outstanding – Class R61 | 6,479,554 |
Net asset value per share – Class R6 | $58.26 |
Net assets – Administrator Class | $ 85,825,032 |
Shares outstanding – Administrator Class1 | 1,527,628 |
Net asset value per share – Administrator Class | $56.18 |
Net assets – Institutional Class | $ 77,917,186 |
Shares outstanding – Institutional Class1 | 1,347,242 |
Net asset value per share – Institutional Class | $57.83 |
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 $10,134) | $ 5,919,413 |
Income from affiliated securities | 15,501 |
Total investment income | 5,934,914 |
Expenses | |
Management fee | 7,824,702 |
Administration fees | |
Class A | 1,328,161 |
Class C | 16,303 |
Class R | 6,528 |
Class R4 | 15 |
Class R6 | 103,983 |
Administrator Class | 105,085 |
Institutional Class | 98,114 |
Shareholder servicing fees | |
Class A | 1,581,144 |
Class C | 19,391 |
Class R | 6,393 |
Class R4 | 17 |
Administrator Class | 202,086 |
Distribution fees | |
Class C | 58,141 |
Class R | 6,310 |
Custody and accounting fees | 48,561 |
Professional fees | 48,601 |
Registration fees | 109,969 |
Shareholder report expenses | 68,225 |
Trustees’ fees and expenses | 19,316 |
Other fees and expenses | 34,990 |
Total expenses | 11,686,035 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (800,175) |
Class A | (356,747) |
Class C | (2,332) |
Class R6 | (74,220) |
Administrator Class | (57,811) |
Institutional Class | (16,060) |
Net expenses | 10,378,690 |
Net investment loss | (4,443,776) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 165,932,271 |
Net change in unrealized gains (losses) on investments | 117,641,204 |
Net realized and unrealized gains (losses) on investments | 283,573,475 |
Net increase in net assets resulting from operations | $279,129,699 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (4,443,776) | $ (921,213) | ||
Net realized gains on investments | 165,932,271 | 102,201,550 | ||
Net change in unrealized gains (losses) on investments | 117,641,204 | 109,642,689 | ||
Net increase in net assets resulting from operations | 279,129,699 | 210,923,026 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (79,883,893) | (48,085,264) | ||
Class C | (1,111,827) | (1,095,349) | ||
Class R | (455,637) | (417,971) | ||
Class R4 | (2,447) | (85,773) | ||
Class R6 | (42,121,261) | (29,201,378) | ||
Administrator Class | (10,082,395) | (6,247,883) | ||
Institutional Class | (9,083,723) | (6,697,849) | ||
Total distributions to shareholders | (142,741,183) | (91,831,467) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 358,636 | 18,235,977 | 380,850 | 16,129,700 |
Class C | 16,087 | 710,212 | 51,726 | 1,741,347 |
Class R | 10,934 | 514,288 | 32,914 | 1,386,119 |
Class R4 | 0 | 0 | 10,868 | 467,147 |
Class R6 | 884,011 | 47,267,504 | 1,409,952 | 60,242,135 |
Administrator Class | 81,854 | 4,241,660 | 222,967 | 9,665,543 |
Institutional Class | 180,795 | 9,671,424 | 196,605 | 8,571,145 |
80,641,065 | 98,203,136 | |||
Reinvestment of distributions | ||||
Class A | 1,646,799 | 77,613,521 | 1,127,986 | 46,360,245 |
Class C | 27,637 | 1,109,089 | 25,717 | 927,347 |
Class R | 7,808 | 352,223 | 4,263 | 169,064 |
Class R4 | 0 | 0 | 1,974 | 84,285 |
Class R6 | 795,939 | 39,597,989 | 647,777 | 27,895,354 |
Administrator Class | 209,572 | 10,074,123 | 149,395 | 6,242,050 |
Institutional Class | 175,339 | 8,665,260 | 140,193 | 6,001,246 |
137,412,205 | 87,679,591 | |||
Payment for shares redeemed | ||||
Class A | (1,342,908) | (68,136,715) | (1,628,537) | (68,860,332) |
Class C | (136,498) | (6,097,440) | (140,447) | (5,259,663) |
Class R | (32,548) | (1,538,698) | (72,655) | (2,962,212) |
Class R4 | 0 | 0 | (32,078) | (1,411,121) |
Class R6 | (1,505,795) | (80,465,331) | (2,851,205) | (123,114,591) |
Administrator Class | (335,762) | (17,408,048) | (296,951) | (12,894,932) |
Institutional Class | (415,498) | (22,387,229) | (679,804) | (30,194,632) |
(196,033,461) | (244,697,483) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 22,019,809 | (58,814,756) | ||
Total increase in net assets | 158,408,325 | 60,276,803 | ||
Net assets | ||||
Beginning of period | 1,080,627,532 | 1,020,350,729 | ||
End of period | $1,239,035,857 | $1,080,627,532 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $49.63 | $44.23 | $52.01 | $50.10 | $46.05 |
Net investment loss | (0.25) | (0.11) | (0.03) 1 | (0.08) | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | 12.60 | 9.66 | 3.47 | 12.56 | 6.39 |
Total from investment operations | 12.35 | 9.55 | 3.44 | 12.48 | 6.36 |
Distributions to shareholders from | |||||
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Net asset value, end of period | $55.05 | $49.63 | $44.23 | $52.01 | $50.10 |
Total return2 | 27.25% | 23.51% | 11.00% | 27.98% | 14.60% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.17% | 1.18% | 1.18% | 1.17% | 1.17% |
Net expenses | 1.05% | 1.05% | 1.07% | 1.07% | 1.07% |
Net investment loss | (0.53)% | (0.24)% | (0.07)% | (0.16)% | (0.06)% |
Supplemental data | |||||
Portfolio turnover rate | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $688,523 | $587,771 | $529,110 | $534,694 | $516,410 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $43.32 | $39.41 | $47.97 | $47.25 | $43.88 |
Net investment loss | (0.56) 1 | (0.38) 1 | (0.32) 1 | (0.31) | (0.35) 1 |
Net realized and unrealized gains (losses) on investments | 10.82 | 8.44 | 2.98 | 11.60 | 6.03 |
Total from investment operations | 10.26 | 8.06 | 2.66 | 11.29 | 5.68 |
Distributions to shareholders from | |||||
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Net asset value, end of period | $46.65 | $43.32 | $39.41 | $47.97 | $47.25 |
Total return2 | 26.28% | 22.57% | 10.17% | 27.03% | 13.74% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.92% | 1.93% | 1.93% | 1.92% | 1.91% |
Net expenses | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% |
Net investment loss | (1.29)% | (1.00)% | (0.80)% | (0.90)% | (0.81)% |
Supplemental data | |||||
Portfolio turnover rate | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $6,351 | $9,918 | $11,504 | $15,586 | $14,640 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class R | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $47.81 | $42.86 | $50.89 | $49.34 | $45.50 |
Net investment loss | (0.37) 1 | (0.20) 1 | (0.13) 1 | (0.20) 1 | (0.14) 1 |
Net realized and unrealized gains (losses) on investments | 12.10 | 9.30 | 3.32 | 12.32 | 6.29 |
Total from investment operations | 11.73 | 9.10 | 3.19 | 12.12 | 6.15 |
Distributions to shareholders from | |||||
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Net asset value, end of period | $52.61 | $47.81 | $42.86 | $50.89 | $49.34 |
Total return | 26.97% | 23.16% | 10.74% | 27.65% | 14.30% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.33% | 1.41% | 1.42% | 1.42% | 1.41% |
Net expenses | 1.29% | 1.32% | 1.32% | 1.32% | 1.32% |
Net investment loss | (0.77)% | (0.49)% | (0.29)% | (0.40)% | (0.31)% |
Supplemental data | |||||
Portfolio turnover rate | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $2,929 | $3,322 | $4,499 | $5,661 | $6,387 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Class R4 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $51.43 | $45.72 | $53.23 | $50.94 | $46.69 |
Net investment income (loss) | (0.15) | 0.02 1 | 0.11 1 | 0.05 1 | 0.11 1 |
Net realized and unrealized gains (losses) on investments | 13.15 | 9.91 | 3.60 | 12.81 | 6.50 |
Total from investment operations | 13.00 | 9.93 | 3.71 | 12.86 | 6.61 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.07) | 0.00 | 0.00 | (0.05) |
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Total distributions to shareholders | (6.93) | (4.22) | (11.22) | (10.57) | (2.36) |
Net asset value, end of period | $57.50 | $51.43 | $45.72 | $53.23 | $50.94 |
Total return | 27.56% | 23.59% | 11.32% | 28.31% | 14.96% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.86% | 0.90% | 0.90% | 0.90% | 0.88% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income (loss) | (0.28)% | 0.05% | 0.24% | 0.10% | 0.25% |
Supplemental data | |||||
Portfolio turnover rate | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $20 | $18 | $896 | $2,089 | $337 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $51.95 | $46.06 | $53.49 | $51.12 | $46.82 |
Net investment income (loss) | (0.08) | 0.08 1 | 0.16 1 | 0.14 | 0.17 |
Net realized and unrealized gains (losses) on investments | 13.32 | 10.09 | 3.65 | 12.85 | 6.52 |
Total from investment operations | 13.24 | 10.17 | 3.81 | 12.99 | 6.69 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.13) | (0.02) | (0.05) | (0.08) |
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Total distributions to shareholders | (6.93) | (4.28) | (11.24) | (10.62) | (2.39) |
Net asset value, end of period | $58.26 | $51.95 | $46.06 | $53.49 | $51.12 |
Total return | 27.76% | 24.03% | 11.46% | 28.51% | 15.09% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.74% | 0.75% | 0.75% | 0.75% | 0.74% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income (loss) | (0.13)% | 0.17% | 0.35% | 0.27% | 0.36% |
Supplemental data | |||||
Portfolio turnover rate | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $377,470 | $327,584 | $326,990 | $327,943 | $307,048 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.47 | $44.87 | $52.54 | $50.46 | $46.32 |
Net investment income (loss) | (0.23) | (0.07) | 0.02 | (0.01) | 0.05 |
Net realized and unrealized gains (losses) on investments | 12.87 | 9.83 | 3.53 | 12.66 | 6.41 |
Total from investment operations | 12.64 | 9.76 | 3.55 | 12.65 | 6.46 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.01) | 0.00 | 0.00 | (0.01) |
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Total distributions to shareholders | (6.93) | (4.16) | (11.22) | (10.57) | (2.32) |
Net asset value, end of period | $56.18 | $50.47 | $44.87 | $52.54 | $50.46 |
Total return | 27.38% | 23.63% | 11.14% | 28.14% | 14.75% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.09% | 1.10% | 1.10% | 1.09% | 1.08% |
Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Net investment income (loss) | (0.43)% | (0.14)% | 0.05% | (0.03)% | 0.06% |
Supplemental data | |||||
Portfolio turnover rate | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $85,825 | $79,334 | $67,158 | $79,154 | $80,937 |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $51.67 | $45.84 | $53.31 | $51.00 | $46.74 |
Net investment income (loss) | (0.12) 1 | 0.03 1 | 0.12 1 | 0.10 1 | 0.12 1 |
Net realized and unrealized gains (losses) on investments | 13.21 | 10.04 | 3.63 | 12.80 | 6.51 |
Total from investment operations | 13.09 | 10.07 | 3.75 | 12.90 | 6.63 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.09) | 0.00 | (0.02) | (0.06) |
Net realized gains | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Total distributions to shareholders | (6.93) | (4.24) | (11.22) | (10.59) | (2.37) |
Net asset value, end of period | $57.83 | $51.67 | $45.84 | $53.31 | $51.00 |
Total return | 27.61% | 23.89% | 11.37% | 28.37% | 14.98% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.84% | 0.85% | 0.85% | 0.84% | 0.83% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income (loss) | (0.23)% | 0.07% | 0.26% | 0.18% | 0.27% |
Supplemental data | |||||
Portfolio turnover rate | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $77,917 | $72,681 | $80,194 | $95,809 | $169,836 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $750,628,668 |
Gross unrealized losses | (1,363,891) |
Net unrealized gains | $749,264,777 |
■ | 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 | $ 153,428,165 | $0 | $0 | $ 153,428,165 |
Consumer discretionary | 201,378,014 | 0 | 0 | 201,378,014 |
Consumer staples | 6,007,271 | 0 | 0 | 6,007,271 |
Financials | 51,816,003 | 0 | 0 | 51,816,003 |
Health care | 118,370,611 | 0 | 0 | 118,370,611 |
Industrials | 95,027,449 | 0 | 0 | 95,027,449 |
Information technology | 571,342,068 | 0 | 0 | 571,342,068 |
Materials | 32,818,493 | 0 | 0 | 32,818,493 |
Short-term investments | ||||
Investment companies | 9,488,900 | 0 | 0 | 9,488,900 |
Total assets | $1,239,676,974 | $0 | $0 | $1,239,676,974 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.07% |
Class C | 1.82 |
Class R | 1.32 |
Class R4 | 0.80 |
Class R6 | 0.65 |
Administrator Class | 0.95 |
Institutional Class | 0.75 |
Year ended July 31 | ||
2021 | 2020 | |
Ordinary income | $ 3,631,113 | $ 1,091,392 |
Long-term capital gain | 139,110,070 | 90,740,075 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$2,671,408 | $104,330,996 | $749,264,777 |
Wells Fargo Funds Trust:
Shares voted “For” | 9,721,628 |
Shares voted “Against” | 1,132,871 |
Shares voted “Abstain” | 791,369 |
Shares voted “For” | 9,690,998 |
Shares voted “Against” | 1,173,205 |
Shares voted “Abstain” | 781,665 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A209/AR209 07-21
Large Company Value Fund
2 | |
6 | |
10 | |
11 | |
Financial statements | |
16 | |
17 | |
18 | |
19 | |
24 | |
30 | |
31 | |
Board considerations | |
35 | |
38 | |
44 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Dennis Bein, CFA®‡, Ryan Brown, CFA®‡, Harindra de Silva, Ph.D., CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WLCAX) | 3-31-2008 | 36.12 | 10.97 | 10.34 | 44.41 | 12.29 | 10.99 | 0.99 | 0.83 | ||
Class C (WFLVX) | 3-31-2008 | 42.33 | 11.44 | 10.16 | 43.33 | 11.44 | 10.16 | 1.74 | 1.58 | ||
Class R6 (WTLVX)3 | 4-7-2017 | – | – | – | 44.94 | 12.76 | 11.48 | 0.56 | 0.40 | ||
Administrator Class (WWIDX) | 12-31-2001 | – | – | – | 44.36 | 12.37 | 11.16 | 0.91 | 0.75 | ||
Institutional Class (WLCIX) | 3-31-2008 | – | – | – | 44.84 | 12.67 | 11.43 | 0.66 | 0.50 | ||
Russell 1000® Value Index4 | – | – | – | – | 39.32 | 11.41 | 12.08 | – | – |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.83% for Class A, 1.58% for Class C, 0.40% for Class R6, 0.75% for Administrator Class, and 0.50% 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 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the Russell 1000® Value Index, for the 12-month period that ended July 31, 2021. |
■ | The Fund’s outperformance was primarily due to its small-size tilt. The smallest-cap securities within the index outperformed their mega-cap peers by approximately 33%. |
■ | Over the past year, the primary detractor was due to factor tilts, driven by our proprietary alpha engine and stock-specific risk controls. Sector exposure also detracted from performance. |
Ten largest holdings (%) as of July 31, 20211 | |
Berkshire Hathaway Incorporated Class B | 4.51 |
UnitedHealth Group Incorporated | 3.73 |
Comcast Corporation Class A | 3.35 |
Pfizer Incorporated | 3.33 |
Verizon Communications Incorporated | 3.08 |
Exxon Mobil Corporation | 3.07 |
Medtronic plc | 2.90 |
BlackRock Incorporated | 2.53 |
Bank of New York Mellon Corporation | 2.27 |
Carrier Global Corporation | 2.24 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
Sector allocation as of July 31, 20211 |
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 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,210.00 | $4.49 | 0.82% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.73 | $4.11 | 0.82% |
Class C | ||||
Actual | $1,000.00 | $1,205.15 | $8.64 | 1.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.96 | $7.90 | 1.58% |
Class R6 | ||||
Actual | $1,000.00 | $1,212.71 | $2.19 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,209.56 | $4.11 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.08 | $3.76 | 0.75% |
Institutional Class | ||||
Actual | $1,000.00 | $1,211.89 | $2.74 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.32 | $2.51 | 0.50% |
Shares | Value | ||||
Common stocks: 98.48% | |||||
Communication services: 9.48% | |||||
Diversified telecommunication services: 3.41% | |||||
AT&T Incorporated | 29,934 | $ 839,649 | |||
Verizon Communications Incorporated | 139,590 | 7,786,330 | |||
8,625,979 | |||||
Entertainment: 2.41% | |||||
Activision Blizzard Incorporated | 36,299 | 3,035,322 | |||
Electronic Arts Incorporated | 21,292 | 3,065,196 | |||
6,100,518 | |||||
Interactive media & services: 0.31% | |||||
Alphabet Incorporated Class C † | 292 | 789,691 | |||
Media: 3.35% | |||||
Comcast Corporation Class A | 144,220 | 8,484,463 | |||
Consumer discretionary: 6.47% | |||||
Auto components: 1.54% | |||||
Aptiv plc † | 23,414 | 3,906,626 | |||
Automobiles: 1.95% | |||||
Ford Motor Company † | 353,361 | 4,929,386 | |||
Hotels, restaurants & leisure: 0.12% | |||||
Texas Roadhouse Incorporated | 3,230 | 297,709 | |||
Multiline retail: 2.56% | |||||
Macy's Incorporated † | 57,103 | 970,751 | |||
Target Corporation | 21,166 | 5,525,384 | |||
6,496,135 | |||||
Specialty retail: 0.30% | |||||
Signet Jewelers Limited | 11,885 | 764,681 | |||
Consumer staples: 7.84% | |||||
Food & staples retailing: 1.92% | |||||
Costco Wholesale Corporation | 10,673 | 4,586,402 | |||
Walmart Incorporated | 1,979 | 282,106 | |||
4,868,508 | |||||
Food products: 1.82% | |||||
Sanderson Farms Incorporated | 24,696 | 4,614,201 | |||
Household products: 3.73% | |||||
Colgate-Palmolive Company | 65,948 | 5,242,866 | |||
The Procter & Gamble Company | 29,503 | 4,196,212 | |||
9,439,078 | |||||
Personal products: 0.37% | |||||
Medifast Incorporated | 3,269 | 933,332 |
Shares | Value | ||||
Energy: 4.51% | |||||
Oil, gas & consumable fuels: 4.51% | |||||
Antero Resources Corporation † | 98,243 | $ 1,336,105 | |||
Exxon Mobil Corporation | 134,910 | 7,766,769 | |||
Marathon Petroleum Corporation | 41,789 | 2,307,589 | |||
11,410,463 | |||||
Financials: 20.54% | |||||
Banks: 5.97% | |||||
Bank of America Corporation | 114,533 | 4,393,486 | |||
CIT Group Incorporated | 27,007 | 1,302,818 | |||
First Bancorp of Puerto Rico | 31,638 | 383,769 | |||
Huntington Bancshares Incorporated | 12,669 | 178,380 | |||
JPMorgan Chase & Company | 6,708 | 1,018,140 | |||
KeyCorp | 80,930 | 1,591,084 | |||
Truist Financial Corporation | 87,651 | 4,770,844 | |||
Umpqua Holdings Corporation | 6,041 | 113,994 | |||
US Bancorp | 24,625 | 1,367,673 | |||
15,120,188 | |||||
Capital markets: 6.77% | |||||
Bank of New York Mellon Corporation | 111,823 | 5,739,866 | |||
BlackRock Incorporated | 7,395 | 6,412,722 | |||
Cboe Global Markets Incorporated | 42,074 | 4,984,507 | |||
17,137,095 | |||||
Consumer finance: 0.47% | |||||
Capital One Financial Corporation | 7,315 | 1,182,836 | |||
Diversified financial services: 4.51% | |||||
Berkshire Hathaway Incorporated Class B † | 41,055 | 11,425,196 | |||
Insurance: 2.82% | |||||
Marsh & McLennan Companies Incorporated | 4,905 | 722,114 | |||
MetLife Incorporated | 76,889 | 4,436,495 | |||
The Allstate Corporation | 15,315 | 1,991,716 | |||
7,150,325 | |||||
Health care: 18.54% | |||||
Biotechnology: 3.65% | |||||
AbbVie Incorporated | 15,694 | 1,825,212 | |||
Alkermes plc † | 13,956 | 361,042 | |||
Gilead Sciences Incorporated | 70,957 | 4,845,654 | |||
Horizon Therapeutics plc † | 1,532 | 153,231 | |||
Sage Therapeutics Incorporated † | 600 | 26,238 | |||
Seagen Incorporated † | 13,148 | 2,016,772 | |||
9,228,149 | |||||
Health care equipment & supplies: 3.40% | |||||
Abbott Laboratories | 10,488 | 1,268,838 | |||
Medtronic plc | 55,975 | 7,350,077 | |||
8,618,915 |
Shares | Value | ||||
Health care providers & services: 6.50% | |||||
Apollo Medical Holdings Incorporated † | 34,459 | $ 3,045,142 | |||
Cigna Corporation | 10,012 | 2,297,654 | |||
Option Care Health Incorporated † | 80,390 | 1,665,681 | |||
UnitedHealth Group Incorporated | 22,938 | 9,455,502 | |||
16,463,979 | |||||
Pharmaceuticals: 4.99% | |||||
Johnson & Johnson | 9,474 | 1,631,423 | |||
Merck & Company Incorporated | 30,907 | 2,375,821 | |||
Organon & Company † | 7,164 | 207,828 | |||
Pfizer Incorporated | 196,837 | 8,426,592 | |||
12,641,664 | |||||
Industrials: 12.27% | |||||
Aerospace & defense: 0.53% | |||||
General Dynamics Corporation | 173 | 33,913 | |||
Raytheon Technologies Corporation | 15,179 | 1,319,814 | |||
1,353,727 | |||||
Air freight & logistics: 1.46% | |||||
C.H. Robinson Worldwide Incorporated | 41,471 | 3,697,969 | |||
Building products: 3.12% | |||||
Carrier Global Corporation | 102,345 | 5,654,561 | |||
Johnson Controls International plc | 31,274 | 2,233,589 | |||
7,888,150 | |||||
Electrical equipment: 0.71% | |||||
Atkore International Incorporated † | 23,896 | 1,794,829 | |||
Machinery: 3.11% | |||||
Caterpillar Incorporated | 24,498 | 5,064,962 | |||
Mueller Industries Incorporated | 64,883 | 2,815,922 | |||
7,880,884 | |||||
Paper & forest products: 0.13% | |||||
Boise Cascade Company | 6,344 | 324,496 | |||
Professional services: 3.16% | |||||
IHS Markit Limited | 45,472 | 5,312,948 | |||
Korn Ferry International | 21,686 | 1,490,696 | |||
Manpower Incorporated | 10,032 | 1,189,595 | |||
7,993,239 | |||||
Road & rail: 0.05% | |||||
Uber Technologies Incorporated † | 2,868 | 124,643 | |||
Information technology: 8.12% | |||||
Communications equipment: 0.70% | |||||
Cisco Systems Incorporated | 32,123 | 1,778,651 |
Shares | Value | ||||
Electronic equipment, instruments & components: 2.58% | |||||
Amphenol Corporation Class A | 38,106 | $ 2,762,304 | |||
Vishay Intertechnology Incorporated | 169,858 | 3,758,958 | |||
6,521,262 | |||||
IT services: 2.99% | |||||
Cognizant Technology Solutions Corporation Class A | 48,286 | 3,550,470 | |||
DXC Technology Company † | 14,914 | 596,262 | |||
Fidelity National Information Services Incorporated | 4,977 | 741,822 | |||
International Business Machines Corporation | 1,450 | 204,392 | |||
Twilio Incorporated Class A † | 6,607 | 2,468,309 | |||
7,561,255 | |||||
Semiconductors & semiconductor equipment: 0.92% | |||||
Marvell Technology Incorporated | 38,489 | 2,328,969 | |||
Software: 0.93% | |||||
Microsoft Corporation | 8,283 | 2,359,910 | |||
Materials: 4.11% | |||||
Chemicals: 2.11% | |||||
The Sherwin-Williams Company | 18,356 | 5,342,147 | |||
Metals & mining: 2.00% | |||||
Freeport-McMoRan Incorporated | 132,731 | 5,057,051 | |||
Real estate: 3.21% | |||||
Equity REITs: 3.21% | |||||
Gaming and Leisure Properties Incorporated | 16,989 | 804,259 | |||
Invitation Homes Incorporated | 12,452 | 506,547 | |||
Iron Mountain Incorporated | 109,056 | 4,772,291 | |||
PotlatchDeltic Corporation | 39,150 | 2,033,451 | |||
8,116,548 | |||||
Utilities: 3.39% | |||||
Electric utilities: 0.94% | |||||
Duke Energy Corporation | 16,179 | 1,700,575 | |||
The Southern Company | 10,448 | 667,314 | |||
2,367,889 | |||||
Gas utilities: 1.20% | |||||
Atmos Energy Corporation | 30,908 | 3,047,220 | |||
Independent power & renewable electricity producers: 1.25% | |||||
AES Corporation | 129,159 | 3,061,068 | |||
Vistra Energy Corporation | 6,047 | 115,800 | |||
3,176,868 | |||||
Total Common stocks (Cost $237,195,048) | 249,344,824 |
Yield | Shares | Value | |||
Short-term investments: 1.26% | |||||
Investment companies: 1.26% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 3,185,550 | $ 3,185,550 | ||
Total Short-term investments (Cost $3,185,550) | 3,185,550 | ||||
Total investments in securities (Cost $240,380,598) | 99.74% | 252,530,374 | |||
Other assets and liabilities, net | 0.26 | 662,150 | |||
Total net assets | 100.00% | $253,192,524 |
† | Non-income-earning security |
♠ | 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 | ||||||||||
Securities Lending Cash Investments LLC | $ 0 | $15,316,735 | $(15,316,735) | $0 | $0 | $ 0 | 0 | $ 470# | ||
Wells Fargo Government Money Market Fund Select Class | 2,774,458 | 43,350,531 | (42,939,439) | 0 | 0 | 3,185,550 | 3,185,550 | 1,224 | ||
$0 | $0 | $3,185,550 | $1,694 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 16 | 9-17-2021 | $3,383,161 | $3,511,600 | $128,439 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $237,195,048) | $ 249,344,824 |
Investments in affiliated securites, at value (cost $3,185,550) | 3,185,550 |
Cash at broker segregated for futures contracts | 425,000 |
Receivable for dividends | 428,792 |
Receivable for Fund shares sold | 4,991 |
Prepaid expenses and other assets | 72,791 |
Total assets | 253,461,948 |
Liabilities | |
Management fee payable | 68,249 |
Payable for Fund shares redeemed | 56,846 |
Shareholder servicing fees payable | 54,182 |
Administration fees payable | 44,868 |
Payable for daily variation margin on open futures contracts | 17,831 |
Trustees’ fees and expenses payable | 1,249 |
Distribution fee payable | 654 |
Accrued expenses and other liabilities | 25,545 |
Total liabilities | 269,424 |
Total net assets | $253,192,524 |
Net assets consist of | |
Paid-in capital | $ 173,696,297 |
Total distributable earnings | 79,496,227 |
Total net assets | $253,192,524 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 231,929,786 |
Shares outstanding – Class A1 | 13,447,361 |
Net asset value per share – Class A | $17.25 |
Maximum offering price per share – Class A2 | $18.30 |
Net assets – Class C | $ 907,047 |
Shares outstanding – Class C1 | 50,836 |
Net asset value per share – Class C | $17.84 |
Net assets – Class R6 | $ 224,364 |
Shares outstanding – Class R61 | 12,950 |
Net asset value per share – Class R6 | $17.33 |
Net assets – Administrator Class | $ 16,080,158 |
Shares outstanding – Administrator Class1 | 922,982 |
Net asset value per share – Administrator Class | $17.42 |
Net assets – Institutional Class | $ 4,051,169 |
Shares outstanding – Institutional Class1 | 233,519 |
Net asset value per share – Institutional Class | $17.35 |
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 $1,297) | $ 4,585,623 |
Income from affiliated securities | 2,405 |
Total investment income | 4,588,028 |
Expenses | |
Management fee | 896,497 |
Administration fees | |
Class A | 432,531 |
Class C | 1,251 |
Class R6 | 57 |
Administrator Class | 18,438 |
Institutional Class | 4,143 |
Shareholder servicing fees | |
Class A | 514,918 |
Class C | 1,489 |
Administrator Class | 35,405 |
Distribution fee | |
Class C | 4,398 |
Custody and accounting fees | 16,889 |
Professional fees | 45,146 |
Registration fees | 74,757 |
Shareholder report expenses | 50,781 |
Trustees’ fees and expenses | 19,316 |
Other fees and expenses | 26,735 |
Total expenses | 2,142,751 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (291,211) |
Class A | (41,584) |
Class C | (4) |
Administrator Class | (937) |
Net expenses | 1,809,015 |
Net investment income | 2,779,013 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 80,734,453 |
Futures contracts | 1,126,187 |
Net realized gains on investments | 81,860,640 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (4,555,729) |
Futures contracts | 56,242 |
Net change in unrealized gains (losses) on investments | (4,499,487) |
Net realized and unrealized gains (losses) on investments | 77,361,153 |
Net increase in net assets resulting from operations | $80,140,166 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 2,779,013 | $ 3,248,406 | ||
Net realized gains (losses) on investments | 81,860,640 | (6,615,449) | ||
Net change in unrealized gains (losses) on investments | (4,499,487) | (1,641,747) | ||
Net increase (decrease) in net assets resulting from operations | 80,140,166 | (5,008,790) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (6,068,389) | (4,138,739) | ||
Class C | (12,539) | (8,415) | ||
Class R6 | (6,338) | (1,720) | ||
Administrator Class | (421,669) | (307,818) | ||
Institutional Class | (104,689) | (76,019) | ||
Total distributions to shareholders | (6,613,624) | (4,532,711) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 460,068 | 7,325,335 | 393,071 | 4,710,162 |
Class C | 23,673 | 403,396 | 1,205 | 16,645 |
Class R6 | 459 | 6,850 | 10,550 | 145,462 |
Administrator Class | 19,696 | 307,479 | 14,119 | 176,541 |
Institutional Class | 96,498 | 1,453,459 | 71,355 | 926,976 |
9,496,519 | 5,975,786 | |||
Reinvestment of distributions | ||||
Class A | 402,269 | 5,917,427 | 331,283 | 4,035,013 |
Class C | 811 | 12,539 | 579 | 7,318 |
Class R6 | 375 | 5,555 | 106 | 1,111 |
Administrator Class | 27,675 | 411,280 | 24,225 | 299,549 |
Institutional Class | 6,928 | 103,445 | 6,020 | 74,841 |
6,450,246 | 4,417,832 | |||
Payment for shares redeemed | ||||
Class A | (1,546,833) | (22,989,566) | (1,762,779) | (22,001,832) |
Class C | (11,412) | (165,108) | (36,432) | (470,955) |
Class R6 | (60) | (931) | (29) | (332) |
Administrator Class | (74,300) | (1,090,860) | (149,524) | (1,951,878) |
Institutional Class | (42,825) | (649,187) | (130,502) | (1,675,849) |
(24,895,652) | (26,100,846) | |||
Net decrease in net assets resulting from capital share transactions | (8,948,887) | (15,707,228) | ||
Total increase (decrease) in net assets | 64,577,655 | (25,248,729) | ||
Net assets | ||||
Beginning of period | 188,614,869 | 213,863,598 | ||
End of period | $253,192,524 | $188,614,869 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.31 | $12.92 | $14.46 | $16.54 | $14.58 |
Net investment income | 0.19 | 0.20 | 0.24 | 0.19 | 0.14 |
Net realized and unrealized gains (losses) on investments | 5.20 | (0.53) | (0.15) | 1.29 | 1.93 |
Total from investment operations | 5.39 | (0.33) | 0.09 | 1.48 | 2.07 |
Distributions to shareholders from | |||||
Net investment income | (0.19) | (0.21) | (0.25) | (0.18) | (0.11) |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (0.45) | (0.28) | (1.63) | (3.56) | (0.11) |
Net asset value, end of period | $17.25 | $12.31 | $12.92 | $14.46 | $16.54 |
Total return1 | 44.41% | (2.49)% | 1.44% | 9.39% | 14.24% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.96% | 0.99% | 0.97% | 0.94% | 1.09% |
Net expenses | 0.81% | 0.82% | 0.83% | 0.83% | 0.96% |
Net investment income | 1.23% | 1.63% | 1.84% | 1.28% | 0.91% |
Supplemental data | |||||
Portfolio turnover rate | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $231,930 | $174,028 | $196,075 | $214,247 | $221,207 |
1 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.75 | $13.34 | $14.81 | $16.86 | $14.90 |
Net investment income | 0.07 1 | 0.12 1 | 0.16 1 | 0.08 | 0.03 1 |
Net realized and unrealized gains (losses) on investments | 5.40 | (0.56) | (0.15) | 1.30 | 1.96 |
Total from investment operations | 5.47 | (0.44) | 0.01 | 1.38 | 1.99 |
Distributions to shareholders from | |||||
Net investment income | (0.12) | (0.08) | (0.10) | (0.05) | (0.03) |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (0.38) | (0.15) | (1.48) | (3.43) | (0.03) |
Net asset value, end of period | $17.84 | $12.75 | $13.34 | $14.81 | $16.86 |
Total return2 | 43.33% | (3.27)% | 0.76% | 8.49% | 13.40% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.70% | 1.74% | 1.71% | 1.69% | 1.84% |
Net expenses | 1.58% | 1.58% | 1.58% | 1.58% | 1.72% |
Net investment income | 0.47% | 0.92% | 1.15% | 0.55% | 0.16% |
Supplemental data | |||||
Portfolio turnover rate | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $907 | $482 | $966 | $2,926 | $3,356 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.37 | $13.04 | $14.59 | $16.66 | $16.14 |
Net investment income | 0.25 | 0.30 | 0.30 | 0.26 | 0.03 2 |
Net realized and unrealized gains (losses) on investments | 5.22 | (0.57) | (0.14) | 1.30 | 0.49 |
Total from investment operations | 5.47 | (0.27) | 0.16 | 1.56 | 0.52 |
Distributions to shareholders from | |||||
Net investment income | (0.25) | (0.33) | (0.33) | (0.25) | 0.00 |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (0.51) | (0.40) | (1.71) | (3.63) | 0.00 |
Net asset value, end of period | $17.33 | $12.37 | $13.04 | $14.59 | $16.66 |
Total return3 | 44.94% | (2.09)% | 1.92% | 9.88% | 3.22% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.53% | 0.58% | 0.55% | 0.51% | 0.49% |
Net expenses | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 1.65% | 1.69% | 2.26% | 1.73% | 0.52% |
Supplemental data | |||||
Portfolio turnover rate | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $224 | $151 | $20 | $23 | $26 |
1 | For the period from April 7, 2017 (commencement of class operations) to July 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.44 | $13.06 | $14.59 | $16.66 | $14.68 |
Net investment income | 0.20 | 0.22 | 0.26 | 0.20 | 0.16 1 |
Net realized and unrealized gains (losses) on investments | 5.24 | (0.54) | (0.14) | 1.30 | 1.94 |
Total from investment operations | 5.44 | (0.32) | 0.12 | 1.50 | 2.10 |
Distributions to shareholders from | |||||
Net investment income | (0.20) | (0.23) | (0.27) | (0.19) | (0.12) |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (0.46) | (0.30) | (1.65) | (3.57) | (0.12) |
Net asset value, end of period | $17.42 | $12.44 | $13.06 | $14.59 | $16.66 |
Total return | 44.36% | (2.41)% | 1.61% | 9.44% | 14.35% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.88% | 0.91% | 0.89% | 0.86% | 1.01% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.87% |
Net investment income | 1.30% | 1.71% | 1.93% | 1.37% | 1.01% |
Supplemental data | |||||
Portfolio turnover rate | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $16,080 | $11,813 | $13,854 | $16,744 | $18,296 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.38 | $13.04 | $14.58 | $16.65 | $14.66 |
Net investment income | 0.22 | 0.26 | 0.29 1 | 0.24 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | 5.25 | (0.55) | (0.14) | 1.30 | 1.94 |
Total from investment operations | 5.47 | (0.29) | 0.15 | 1.54 | 2.13 |
Distributions to shareholders from | |||||
Net investment income | (0.24) | (0.30) | (0.31) | (0.23) | (0.14) |
Net realized gains | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (0.50) | (0.37) | (1.69) | (3.61) | (0.14) |
Net asset value, end of period | $17.35 | $12.38 | $13.04 | $14.58 | $16.65 |
Total return | 44.84% | (2.20)% | 1.86% | 9.77% | 14.61% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.63% | 0.66% | 0.63% | 0.62% | 0.74% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% | 0.61% |
Net investment income | 1.56% | 1.96% | 2.14% | 1.60% | 1.21% |
Supplemental data | |||||
Portfolio turnover rate | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $4,051 | $2,142 | $2,948 | $17,606 | $16,321 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $15,433,880 |
Gross unrealized losses | (4,315,088) |
Net unrealized gains | $11,118,792 |
■ | 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 | $ 24,000,651 | $0 | $0 | $ 24,000,651 |
Consumer discretionary | 16,394,537 | 0 | 0 | 16,394,537 |
Consumer staples | 19,855,119 | 0 | 0 | 19,855,119 |
Energy | 11,410,463 | 0 | 0 | 11,410,463 |
Financials | 52,015,640 | 0 | 0 | 52,015,640 |
Health care | 46,952,707 | 0 | 0 | 46,952,707 |
Industrials | 31,057,937 | 0 | 0 | 31,057,937 |
Information technology | 20,550,047 | 0 | 0 | 20,550,047 |
Materials | 10,399,198 | 0 | 0 | 10,399,198 |
Real estate | 8,116,548 | 0 | 0 | 8,116,548 |
Utilities | 8,591,977 | 0 | 0 | 8,591,977 |
Short-term investments | ||||
Investment companies | 3,185,550 | 0 | 0 | 3,185,550 |
252,530,374 | 0 | 0 | 252,530,374 | |
Futures contracts | 128,439 | 0 | 0 | 128,439 |
Total assets | $252,658,813 | $0 | $0 | $252,658,813 |
Average daily net assets | Management fee |
First $1 billion | 0.400% |
Next $4 billion | 0.375 |
Next $5 billion | 0.340 |
Over $10 billion | 0.330 |
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 | 0.83% |
Class C | 1.58 |
Class R6 | 0.40 |
Administrator Class | 0.75 |
Institutional Class | 0.50 |
Year ended July 31 | ||
2021 | 2020 | |
Ordinary income | $2,835,252 | $3,440,629 |
Long-term capital gain | 3,778,372 | 1,092,082 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$57,167,329 | $11,218,715 | $11,118,792 |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
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 ompetitive 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A210/AR210 07-21
Low Volatility U.S. Equity Fund
2 | |
6 | |
10 | |
11 | |
Financial statements | |
16 | |
17 | |
18 | |
19 | |
24 | |
30 | |
31 | |
Board considerations | |
35 | |
38 | |
43 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Dennis Bein, CFA®‡, Ryan Brown, CFA®‡, Harindra de Silva, Ph.D., CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1(%) | |||||||
Inception date | 1 year | Since inception | 1 year | Since inception | Gross | Net 2 | |||
Class A (WLVLX) | 10-31-2016 | 10.44 | 9.63 | 17.16 | 11.00 | 1.33 | 0.73 | ||
Class C (WLVKX) | 10-31-2016 | 15.43 | 10.19 | 16.43 | 10.19 | 2.08 | 1.48 | ||
Class R6 (WLVJX) | 10-31-2016 | - | - | 17.71 | 11.47 | 0.90 | 0.30 | ||
Administrator Class (WLVDX) | 10-31-2016 | - | - | 17.30 | 11.08 | 1.25 | 0.65 | ||
Institutional Class (WLVOX) | 10-31-2016 | - | - | 17.58 | 11.36 | 1.00 | 0.40 | ||
Russell 1000® Index3 | – | - | - | 37.97 | 19.05* | - | - |
* | Based on the inception date of the oldest Fund class. |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.73% for Class A, 1.48% for Class C, 0.30% for Class R6, 0.65% for Administrator Class, and 0.40% 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 Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares since inception with the Russell 1000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 1000® Index, for the 12-month period that ended July 31, 2021. |
■ | Primary detractors from Fund performance during the reporting period included our focus on lower-risk/lower-beta stocks, which underperformed both high-risk stocks and the index during the period. Beta is a measure of a stock’s volatility relative to general market movements. Lower-beta stocks tend to deliver lower variation in returns compared with the overall market. The alpha signal also detracted from performance for the period. |
■ | The Fund’s smaller-size tilt versus the index, which has a mega-cap bias, significantly added to results for the period, as smaller-cap securities within the Russell 1000® Index outperformed their mega-cap peers by nearly 27%. From a sector perspective, the portfolio’s large overweight position in consumer staples detracted from performance. |
Ten largest holdings (%) as of July 31, 20211 | |
The Hershey Company | 2.56 |
Berkshire Hathaway Incorporated Class B | 2.36 |
AbbVie Incorporated | 2.31 |
General Dynamics Corporation | 2.24 |
The Coca-Cola Company | 2.22 |
Northrop Grumman Corporation | 2.15 |
3M Company | 2.14 |
Public Storage Incorporated | 2.11 |
Pfizer Incorporated | 2.08 |
Lockheed Martin Corporation | 2.04 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of July 31, 20211 |
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 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,123.79 | $3.79 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.22 | $3.61 | 0.72% |
Class C | ||||
Actual | $1,000.00 | $1,119.74 | $7.78 | 1.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.46 | $7.40 | 1.48% |
Class R6 | ||||
Actual | $1,000.00 | $1,126.31 | $1.58 | 0.30% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.31 | $1.51 | 0.30% |
Administrator Class | ||||
Actual | $1,000.00 | $1,123.89 | $3.42 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.57 | $3.26 | 0.65% |
Institutional Class | ||||
Actual | $1,000.00 | $1,126.10 | $2.11 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.01 | 0.40% |
Shares | Value | ||||
Common stocks: 98.65% | |||||
Communication services: 7.93% | |||||
Diversified telecommunication services: 1.12% | |||||
Verizon Communications Incorporated | 3,808 | $ 212,410 | |||
Entertainment: 2.97% | |||||
Activision Blizzard Incorporated | 1,456 | 121,751 | |||
Electronic Arts Incorporated | 1,040 | 149,718 | |||
Lions Gate Entertainment Class A † | 2,520 | 37,876 | |||
Lions Gate Entertainment Class B † | 2,173 | 29,031 | |||
World Wrestling Entertainment Incorporated Class A | 3,942 | 194,656 | |||
Zynga Incorporated Class A † | 3,078 | 31,088 | |||
564,120 | |||||
Interactive media & services: 1.75% | |||||
Alphabet Incorporated Class A † | 61 | 164,366 | |||
Alphabet Incorporated Class C † | 62 | 167,674 | |||
332,040 | |||||
Media: 1.97% | |||||
John Wiley & Sons Incorporated Class A | 1,089 | 64,011 | |||
Omnicom Group Incorporated | 3,396 | 247,297 | |||
The New York Times Company Class A | 1,411 | 61,774 | |||
373,082 | |||||
Wireless telecommunication services: 0.12% | |||||
United States Cellular Corporation † | 623 | 22,652 | |||
Consumer discretionary: 9.06% | |||||
Auto components: 1.69% | |||||
BorgWarner Incorporated | 3,688 | 180,638 | |||
Gentex Corporation | 4,120 | 140,204 | |||
320,842 | |||||
Diversified consumer services: 3.04% | |||||
Frontdoor Incorporated † | 528 | 25,840 | |||
Graham Holdings Company Class B | 35 | 23,263 | |||
Grand Canyon Education Incorporated † | 2,458 | 227,045 | |||
H&R Block Incorporated | 4,092 | 100,459 | |||
Service Corporation International | 1,502 | 93,860 | |||
Terminix Global Holdings Incorporated † | 2,010 | 105,525 | |||
575,992 | |||||
Hotels, restaurants & leisure: 0.74% | |||||
Yum China Holdings Incorporated | 2,270 | 141,171 | |||
Household durables: 0.89% | |||||
Garmin Limited | 1,075 | 168,990 | |||
Internet & direct marketing retail: 0.90% | |||||
Amazon.com Incorporated † | 51 | 169,707 | |||
Textiles, apparel & luxury goods: 1.80% | |||||
Nike Incorporated Class B | 2,035 | 340,883 |
Shares | Value | ||||
Consumer staples: 22.13% | |||||
Beverages: 2.22% | |||||
The Coca-Cola Company | 7,390 | $ 421,454 | |||
Food & staples retailing: 3.76% | |||||
Casey's General Stores Incorporated | 288 | 56,940 | |||
Costco Wholesale Corporation | 628 | 269,864 | |||
The Kroger Company | 3,626 | 147,578 | |||
Walmart Incorporated | 1,678 | 239,199 | |||
713,581 | |||||
Food products: 11.34% | |||||
Bunge Limited | 1,207 | 93,699 | |||
Campbell Soup Company | 3,274 | 143,139 | |||
ConAgra Foods Incorporated | 1,093 | 36,605 | |||
Flowers Foods Incorporated | 10,251 | 241,514 | |||
General Mills Incorporated | 3,706 | 218,135 | |||
Hain Celestial Group Incorporated † | 169 | 6,745 | |||
Hormel Foods Corporation | 4,440 | 205,927 | |||
Kellogg Company | 3,915 | 248,054 | |||
Mondelez International Incorporated Class A | 1,951 | 123,420 | |||
The Hershey Company | 2,715 | 485,659 | |||
The J.M. Smucker Company | 1,795 | 235,342 | |||
Tyson Foods Incorporated Class A | 1,564 | 111,763 | |||
2,150,002 | |||||
Household products: 4.81% | |||||
Colgate-Palmolive Company | 4,320 | 343,440 | |||
Kimberly-Clark Corporation | 2,202 | 298,855 | |||
The Procter & Gamble Company | 1,893 | 269,241 | |||
911,536 | |||||
Financials: 6.68% | |||||
Capital markets: 2.35% | |||||
Cboe Global Markets Incorporated | 1,935 | 229,239 | |||
Morningstar Incorporated | 785 | 198,315 | |||
Tradeweb Markets Incorporated Class A | 206 | 17,866 | |||
445,420 | |||||
Diversified financial services: 2.36% | |||||
Berkshire Hathaway Incorporated Class B † | 1,606 | 446,934 | |||
Insurance: 1.97% | |||||
Assurant Incorporated | 689 | 108,731 | |||
Marsh & McLennan Companies Incorporated | 921 | 135,590 | |||
Mercury General Corporation | 2,142 | 130,298 | |||
374,619 | |||||
Health care: 19.51% | |||||
Biotechnology: 4.19% | |||||
AbbVie Incorporated | 3,762 | 437,521 |
Shares | Value | ||||
Biotechnology (continued) | |||||
Biogen Incorporated † | 242 | $ 79,069 | |||
Gilead Sciences Incorporated | 4,077 | 278,418 | |||
795,008 | |||||
Health care equipment & supplies: 2.27% | |||||
Baxter International Incorporated | 3,010 | 232,824 | |||
West Pharmaceutical Services Incorporated | 478 | 196,807 | |||
429,631 | |||||
Health care providers & services: 3.53% | |||||
Chemed Corporation | 352 | 167,559 | |||
CVS Health Corporation | 3,928 | 323,510 | |||
Henry Schein Incorporated † | 1,210 | 96,982 | |||
Premier Incorporated Class A | 2,270 | 80,903 | |||
668,954 | |||||
Health care technology: 1.97% | |||||
Cerner Corporation | 4,646 | 373,492 | |||
Pharmaceuticals: 7.55% | |||||
Bristol-Myers Squibb Company | 5,017 | 340,504 | |||
Johnson & Johnson | 1,913 | 329,419 | |||
Merck & Company Incorporated | 4,623 | 355,370 | |||
Organon & Company † | 462 | 13,403 | |||
Pfizer Incorporated | 9,198 | 393,766 | |||
1,432,462 | |||||
Industrials: 16.97% | |||||
Aerospace & defense: 7.09% | |||||
BWX Technologies Incorporated | 696 | 39,971 | |||
General Dynamics Corporation | 2,164 | 424,209 | |||
Huntington Ingalls Industries Incorporated | 419 | 85,949 | |||
Lockheed Martin Corporation | 1,041 | 386,908 | |||
Northrop Grumman Corporation | 1,120 | 406,582 | |||
1,343,619 | |||||
Air freight & logistics: 3.30% | |||||
C.H. Robinson Worldwide Incorporated | 2,765 | 246,555 | |||
Expeditors International of Washington Incorporated | 2,957 | 379,235 | |||
625,790 | |||||
Commercial services & supplies: 0.96% | |||||
Rollins Incorporated | 4,745 | 181,876 | |||
Industrial conglomerates: 2.14% | |||||
3M Company | 2,053 | 406,371 | |||
Machinery: 2.58% | |||||
Otis Worldwide Corporation | 1,657 | 148,384 | |||
The Toro Company | 2,991 | 340,196 | |||
488,580 |
Shares | Value | ||||
Professional services: 0.61% | |||||
Booz Allen Hamilton Holding Corporation | 1,178 | $ 101,084 | |||
FTI Consulting Incorporated † | 98 | 14,279 | |||
115,363 | |||||
Road & rail: 0.29% | |||||
J.B. Hunt Transport Services Incorporated | 328 | 55,252 | |||
Information technology: 10.00% | |||||
Communications equipment: 2.32% | |||||
Cisco Systems Incorporated | 6,506 | 360,237 | |||
F5 Networks Incorporated † | 279 | 57,616 | |||
Juniper Networks Incorporated | 764 | 21,499 | |||
439,352 | |||||
Electronic equipment, instruments & components: 0.74% | |||||
Amphenol Corporation Class A | 1,950 | 141,356 | |||
IT services: 2.69% | |||||
Amdocs Limited | 2,010 | 154,991 | |||
Jack Henry & Associates Incorporated | 1,165 | 202,815 | |||
The Western Union Company | 6,538 | 151,747 | |||
509,553 | |||||
Software: 4.25% | |||||
Autodesk Incorporated † | 227 | 72,897 | |||
CDK Global Incorporated | 946 | 45,399 | |||
DocuSign Incorporated † | 330 | 98,353 | |||
Dropbox Incorporated Class A † | 4,159 | 130,967 | |||
Microsoft Corporation | 976 | 278,072 | |||
NortonLifeLock Incorporated | 7,296 | 181,087 | |||
806,775 | |||||
Materials: 3.31% | |||||
Chemicals: 1.96% | |||||
NewMarket Corporation | 21 | 6,634 | |||
The Sherwin-Williams Company | 1,253 | 364,661 | |||
371,295 | |||||
Containers & packaging: 1.35% | |||||
AptarGroup Incorporated | 1,986 | 256,035 | |||
Real estate: 2.35% | |||||
Equity REITs: 2.35% | |||||
Extra Space Storage Incorporated | 260 | 45,276 | |||
Public Storage Incorporated | 1,280 | 399,974 | |||
445,250 | |||||
Utilities: 0.71% | |||||
Electric utilities: 0.59% | |||||
Hawaiian Electric Industries Incorporated | 2,567 | 111,254 |
Shares | Value | ||||
Gas utilities: 0.12% | |||||
UGI Corporation | 509 | $ 23,409 | |||
Total Common stocks (Cost $16,650,644) | 18,706,112 |
Yield | |||||
Short-term investments: 1.53% | |||||
Investment companies: 1.53% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 289,729 | 289,729 | ||
Total Short-term investments (Cost $289,729) | 289,729 | ||||
Total investments in securities (Cost $16,940,373) | 100.18% | 18,995,841 | |||
Other assets and liabilities, net | (0.18) | (34,028) | |||
Total net assets | 100.00% | $18,961,813 |
† | Non-income-earning security |
♠ | 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 | ||||||||||
Securities Lending Cash Investments LLC | $ 0 | $ 604,500 | $ (604,500) | $0 | $0 | $ 0 | 0 | $ 19# | ||
Wells Fargo Government Money Market Fund Select Class | 1,214,586 | 6,797,324 | (7,722,181) | 0 | 0 | 289,729 | 289,729 | 396 | ||
$0 | $0 | $289,729 | $415 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $16,650,644) | $ 18,706,112 |
Investments in affiliated securites, at value (cost $289,729) | 289,729 |
Receivable for dividends | 26,874 |
Receivable for Fund shares sold | 89 |
Prepaid expenses and other assets | 979 |
Total assets | 19,023,783 |
Liabilities | |
Management fee payable | 33,752 |
Professional fees payable | 10,831 |
Shareholder report expenses payable | 6,220 |
Administration fees payable | 2,278 |
Trustees’ fees and expenses payable | 2,013 |
Distribution fee payable | 192 |
Accrued expenses and other liabilities | 6,684 |
Total liabilities | 61,970 |
Total net assets | $18,961,813 |
Net assets consist of | |
Paid-in capital | $ 12,920,637 |
Total distributable earnings | 6,041,176 |
Total net assets | $18,961,813 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 2,889,493 |
Shares outstanding – Class A1 | 206,726 |
Net asset value per share – Class A | $13.98 |
Maximum offering price per share – Class A2 | $14.83 |
Net assets – Class C | $ 404,349 |
Shares outstanding – Class C1 | 29,217 |
Net asset value per share – Class C | $13.84 |
Net assets – Class R6 | $ 1,406,491 |
Shares outstanding – Class R61 | 100,480 |
Net asset value per share – Class R6 | $14.00 |
Net assets – Administrator Class | $ 246,050 |
Shares outstanding – Administrator Class1 | 17,618 |
Net asset value per share – Administrator Class | $13.97 |
Net assets – Institutional Class | $ 14,015,430 |
Shares outstanding – Institutional Class1 | 999,917 |
Net asset value per share – Institutional Class | $14.02 |
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 | $ 909,403 |
Income from affiliated securities | 445 |
Total investment income | 909,848 |
Expenses | |
Management fee | 201,591 |
Administration fees | |
Class A | 5,224 |
Class C | 865 |
Class R6 | 388 |
Administrator Class | 275 |
Institutional Class | 59,792 |
Shareholder servicing fees | |
Class A | 6,219 |
Class C | 1,008 |
Administrator Class | 528 |
Distribution fee | |
Class C | 2,367 |
Custody and accounting fees | 8,995 |
Professional fees | 47,279 |
Registration fees | 67,527 |
Shareholder report expenses | 20,871 |
Trustees’ fees and expenses | 19,316 |
Other fees and expenses | 7,940 |
Total expenses | 450,185 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (236,359) |
Class A | (748) |
Class C | (3) |
Administrator Class | (21) |
Net expenses | 213,054 |
Net investment income | 696,794 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 13,794,441 |
Net change in unrealized gains (losses) on investments | (5,472,915) |
Net realized and unrealized gains (losses) on investments | 8,321,526 |
Net increase in net assets resulting from operations | $ 9,018,320 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment income | $ 696,794 | $ 791,944 | ||
Net realized gains (losses) on investments | 13,794,441 | (993,101) | ||
Net change in unrealized gains (losses) on investments | (5,472,915) | 2,023,097 | ||
Net increase in net assets resulting from operations | 9,018,320 | 1,821,940 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (13,576) | (74,979) | ||
Class C | (114) | (14,949) | ||
Class R6 | (12,328) | (59,692) | ||
Administrator Class | (1,313) | (5,557) | ||
Institutional Class | (481,314) | (2,494,914) | ||
Total distributions to shareholders | (508,645) | (2,650,091) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 131,593 | 1,667,755 | 42,642 | 495,950 |
Class C | 7,236 | 89,669 | 11,609 | 138,302 |
Administrator Class | 7,531 | 90,826 | 0 | 0 |
Institutional Class | 163,120 | 2,061,233 | 1,647,036 | 20,200,973 |
3,909,483 | 20,835,225 | |||
Reinvestment of distributions | ||||
Class A | 1,023 | 12,867 | 5,757 | 69,533 |
Class C | 6 | 81 | 857 | 10,265 |
Administrator Class | 45 | 563 | 0 | 0 |
Institutional Class | 6,296 | 79,285 | 39,816 | 481,655 |
92,796 | 561,453 | |||
Payment for shares redeemed | ||||
Class A | (66,528) | (866,303) | (35,036) | (396,795) |
Class C | (9,776) | (125,511) | (6,078) | (66,025) |
Institutional Class | (3,570,072) | (48,894,076) | (303,612) | (3,484,213) |
(49,885,890) | (3,947,033) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (45,883,611) | 17,449,645 | ||
Total increase (decrease) in net assets | (37,373,936) | 16,621,494 | ||
Net assets | ||||
Beginning of period | 56,335,749 | 39,714,255 | ||
End of period | $ 18,961,813 | $56,335,749 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.00 | $12.09 | $11.56 | $11.21 | $10.00 |
Net investment income | 0.13 | 0.14 | 0.19 | 0.16 | 0.13 |
Net realized and unrealized gains (losses) on investments | 1.92 | 0.31 | 1.17 | 0.54 | 1.12 |
Total from investment operations | 2.05 | 0.45 | 1.36 | 0.70 | 1.25 |
Distributions to shareholders from | |||||
Net investment income | (0.07) | (0.19) | (0.18) | (0.17) | (0.04) |
Net realized gains | (0.00) 2 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.07) | (0.54) | (0.83) | (0.35) | (0.04) |
Net asset value, end of period | $13.98 | $12.00 | $12.09 | $11.56 | $11.21 |
Total return3 | 17.16% | 3.76% | 12.87% | 6.32% | 12.53% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.21% | 1.34% | 1.50% | 1.55% | 1.61% |
Net expenses | 0.71% | 0.71% | 0.76% | 0.83% | 0.82% |
Net investment income | 1.15% | 1.29% | 1.83% | 1.53% | 1.78% |
Supplemental data | |||||
Portfolio turnover rate | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $2,889 | $1,687 | $1,539 | $1,312 | $1,096 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.89 | $12.01 | $11.49 | $11.16 | $10.00 |
Net investment income | 0.05 | 0.05 | 0.11 | 0.08 | 0.08 |
Net realized and unrealized gains (losses) on investments | 1.90 | 0.30 | 1.17 | 0.52 | 1.11 |
Total from investment operations | 1.95 | 0.35 | 1.28 | 0.60 | 1.19 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.12) | (0.11) | (0.09) | (0.03) |
Net realized gains | (0.00) 2 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.00) 2 | (0.47) | (0.76) | (0.27) | (0.03) |
Net asset value, end of period | $13.84 | $11.89 | $12.01 | $11.49 | $11.16 |
Total return3 | 16.43% | 2.89% | 12.15% | 5.45% | 11.91% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.78% | 1.93% | 2.18% | 2.31% | 2.40% |
Net expenses | 1.47% | 1.48% | 1.51% | 1.58% | 1.58% |
Net investment income | 0.37% | 0.52% | 1.10% | 0.76% | 1.01% |
Supplemental data | |||||
Portfolio turnover rate | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $404 | $377 | $305 | $187 | $112 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.01 | $12.11 | $11.58 | $11.24 | $10.00 |
Net investment income | 0.20 | 0.20 | 0.26 | 0.22 | 0.18 |
Net realized and unrealized gains (losses) on investments | 1.91 | 0.30 | 1.15 | 0.52 | 1.11 |
Total from investment operations | 2.11 | 0.50 | 1.41 | 0.74 | 1.29 |
Distributions to shareholders from | |||||
Net investment income | (0.12) | (0.25) | (0.23) | (0.22) | (0.05) |
Net realized gains | (0.00) 2 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.12) | (0.60) | (0.88) | (0.40) | (0.05) |
Net asset value, end of period | $14.00 | $12.01 | $12.11 | $11.58 | $11.24 |
Total return3 | 17.71% | 4.10% | 13.39% | 6.70% | 12.94% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.78% | 0.91% | 1.07% | 1.12% | 1.22% |
Net expenses | 0.30% | 0.30% | 0.33% | 0.40% | 0.40% |
Net investment income | 1.53% | 1.71% | 2.27% | 1.96% | 2.19% |
Supplemental data | |||||
Portfolio turnover rate | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $1,406 | $1,207 | $1,217 | $1,164 | $1,129 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.98 | $12.08 | $11.55 | $11.21 | $10.00 |
Net investment income | 0.16 2 | 0.16 | 0.22 | 0.18 | 0.15 |
Net realized and unrealized gains (losses) on investments | 1.90 | 0.30 | 1.15 | 0.53 | 1.10 |
Total from investment operations | 2.06 | 0.46 | 1.37 | 0.71 | 1.25 |
Distributions to shareholders from | |||||
Net investment income | (0.07) | (0.21) | (0.19) | (0.19) | (0.04) |
Net realized gains | (0.00) 3 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.07) | (0.56) | (0.84) | (0.37) | (0.04) |
Net asset value, end of period | $13.97 | $11.98 | $12.08 | $11.55 | $11.21 |
Total return4 | 17.30% | 3.77% | 13.00% | 6.36% | 12.57% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.13% | 1.26% | 1.42% | 1.47% | 1.57% |
Net expenses | 0.65% | 0.65% | 0.68% | 0.75% | 0.75% |
Net investment income | 1.23% | 1.36% | 1.92% | 1.61% | 1.87% |
Supplemental data | |||||
Portfolio turnover rate | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $246 | $120 | $121 | $116 | $113 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $12.03 | $12.11 | $11.58 | $11.23 | $10.00 |
Net investment income | 0.18 2 | 0.19 2 | 0.25 | 0.20 | 0.16 |
Net realized and unrealized gains (losses) on investments | 1.92 | 0.29 | 1.15 | 0.54 | 1.12 |
Total from investment operations | 2.10 | 0.48 | 1.40 | 0.74 | 1.28 |
Distributions to shareholders from | |||||
Net investment income | (0.11) | (0.21) | (0.22) | (0.21) | (0.05) |
Net realized gains | (0.00) 3 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (0.11) | (0.56) | (0.87) | (0.39) | (0.05) |
Net asset value, end of period | $14.02 | $12.03 | $12.11 | $11.58 | $11.23 |
Total return4 | 17.58% | 4.01% | 13.28% | 6.64% | 12.82% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.87% | 1.00% | 1.17% | 1.22% | 1.31% |
Net expenses | 0.40% | 0.40% | 0.43% | 0.50% | 0.50% |
Net investment income | 1.40% | 1.59% | 2.17% | 1.87% | 2.09% |
Supplemental data | |||||
Portfolio turnover rate | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $14,015 | $52,944 | $36,533 | $35,593 | $33,169 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $2,257,932 |
Gross unrealized losses | (217,304) |
Net unrealized gains | $2,040,628 |
Paid-in capital | Total distributable earnings |
$7,866,267 | $(7,866,267) |
■ | 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 | $ 1,504,304 | $0 | $0 | $ 1,504,304 |
Consumer discretionary | 1,717,585 | 0 | 0 | 1,717,585 |
Consumer staples | 4,196,573 | 0 | 0 | 4,196,573 |
Financials | 1,266,973 | 0 | 0 | 1,266,973 |
Health care | 3,699,547 | 0 | 0 | 3,699,547 |
Industrials | 3,216,851 | 0 | 0 | 3,216,851 |
Information technology | 1,897,036 | 0 | 0 | 1,897,036 |
Materials | 627,330 | 0 | 0 | 627,330 |
Real estate | 445,250 | 0 | 0 | 445,250 |
Utilities | 134,663 | 0 | 0 | 134,663 |
Short-term investments | ||||
Investment companies | 289,729 | 0 | 0 | 289,729 |
Total assets | $18,995,841 | $0 | $0 | $18,995,841 |
Average daily net assets | Management fee |
First $1 billion | 0.400% |
Next $4 billion | 0.375 |
Next $5 billion | 0.340 |
Over $10 billion | 0.330 |
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 | 0.73% |
Class C | 1.48 |
Class R6 | 0.30 |
Administrator Class | 0.65 |
Institutional Class | 0.40 |
Year ended July 31 | ||
2021 | 2020 | |
Ordinary income | $493,313 | $1,028,365 |
Long-term capital gain | 15,332 | 1,621,726 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$2,333,518 | $1,667,030 | $2,040,628 |
Date | Value of securities issued | Cash | Realized gains | % of the Fund |
5-17-2021 | $44,108,854 | $1,294,730 | $6,903,557 | 70.62% |
Wells Fargo Funds Trust:
Shares voted “For” | 748,301 | |
Shares voted “Against” | 6,111 | |
Shares voted ”Abstain” | 28,401 |
Shares voted “For” | 749,165 | |
Shares voted “Against” | 5,247 | |
Shares voted “Abstain” | 28,401 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo Alternative Risk Premia Fund |
Wells Fargo Global Investment Grade Credit Fund |
Wells Fargo Low Volatility U.S. Equity Fund |
Wells Fargo Municipal Sustainability Fund |
Wells Fargo Special International Small Cap 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A270/AR270 07-21
2 | |
6 | |
10 | |
11 | |
Financial statements | |
14 | |
15 | |
16 | |
17 | |
22 | |
28 | |
29 | |
Board considerations | |
33 | |
36 | |
42 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Michael T. Smith, CFA®‡, Christopher J. Warner, CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKOAX) | 4-29-1968 | 28.48 | 22.41 | 16.12 | 36.32 | 23.87 | 16.81 | 1.28 | 1.28 | ||
Class C (EKOCX) | 8-2-1993 | 34.74 | 23.02 | 15.98 | 35.74 | 23.02 | 15.98 | 2.03 | 2.03 | ||
Class R (EKORX) | 10-10-2003 | – | – | – | 36.01 | 23.57 | 16.52 | 1.53 | 1.53 | ||
Administrator Class (EOMYX) | 1-13-1997 | – | – | – | 36.55 | 24.09 | 17.06 | 1.20 | 1.10 | ||
Institutional Class (EKONX) | 7-30-2010 | – | – | – | 36.87 | 24.40 | 17.35 | 0.95 | 0.85 | ||
Russell 3000® Growth Index3 | – | – | – | – | 36.83 | 22.83 | 18.02 | – | – |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.30% for Class A, 2.05% for Class C, 1.55% for Class R, 1.10% for Administrator Class, and 0.85% 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 Russell 3000® Growth Index measures the performance of those Russell 3000 ® Index 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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 3000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund (Class A) underperformed its benchmark, the Russell 3000® Growth Index, for the 12-month period that ended July 31, 2021. |
■ | Select holdings within the communication services and financials sectors detracted from performance. |
■ | Non-ownership of large positions within the benchmark detracted from relative performance. |
■ | Stock selection in the health care and information technology (IT) sectors were key contributors to performance. |
Ten largest holdings (%) as of July 31, 20211 | |
Microsoft Corporation | 9.86 |
Amazon.com Incorporated | 7.56 |
Alphabet Incorporated Class A | 5.40 |
Visa Incorporated Class A | 3.51 |
PayPal Holdings Incorporated | 3.03 |
Align Technology Incorporated | 2.38 |
ServiceNow Incorporated | 2.27 |
Chipotle Mexican Grill Incorporated | 2.27 |
The Home Depot Incorporated | 2.27 |
UnitedHealth Group Incorporated | 2.09 |
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 July 31, 20211 |
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 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,154.95 | $ 6.68 | 1.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.60 | $ 6.26 | 1.25% |
Class C | ||||
Actual | $1,000.00 | $1,150.84 | $10.67 | 2.00% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.88 | $ 9.99 | 2.00% |
Class R | ||||
Actual | $1,000.00 | $1,153.74 | $ 7.85 | 1.47% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.50 | $ 7.35 | 1.47% |
Administrator Class | ||||
Actual | $1,000.00 | $1,155.90 | $ 5.83 | 1.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.39 | $ 5.46 | 1.09% |
Institutional Class | ||||
Actual | $1,000.00 | $1,157.27 | $ 4.55 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.58 | $ 4.26 | 0.85% |
Shares | Value | ||||
Common stocks: 99.80% | |||||
Communication services: 13.46% | |||||
Entertainment: 4.87% | |||||
Electronic Arts Incorporated | 83,100 | $ 11,963,076 | |||
Netflix Incorporated † | 36,800 | 19,046,576 | |||
Roku Incorporated † | 29,900 | 12,806,469 | |||
Spotify Technology † | 62,200 | 14,223,274 | |||
58,039,395 | |||||
Interactive media & services: 8.59% | |||||
Alphabet Incorporated Class A † | 23,900 | 64,399,267 | |||
Alphabet Incorporated Class C † | 2,185 | 5,909,158 | |||
IAC/InterActiveCorp | 58,915 | 8,088,440 | |||
Match Group Incorporated † | 104,932 | 16,712,520 | |||
Pinterest Incorporated Class A † | 123,700 | 7,285,930 | |||
102,395,315 | |||||
Consumer discretionary: 16.58% | |||||
Auto components: 1.52% | |||||
Aptiv plc † | 108,400 | 18,086,540 | |||
Automobiles: 0.89% | |||||
Ferrari NV | 48,800 | 10,652,552 | |||
Hotels, restaurants & leisure: 2.27% | |||||
Chipotle Mexican Grill Incorporated † | 14,500 | 27,019,880 | |||
Internet & direct marketing retail: 9.63% | |||||
Amazon.com Incorporated † | 27,100 | 90,177,689 | |||
MercadoLibre Incorporated † | 15,700 | 24,628,590 | |||
114,806,279 | |||||
Specialty retail: 2.27% | |||||
The Home Depot Incorporated | 82,313 | 27,014,303 | |||
Financials: 2.72% | |||||
Capital markets: 2.72% | |||||
Intercontinental Exchange Incorporated | 137,030 | 16,420,305 | |||
MarketAxess Holdings Incorporated | 33,663 | 15,995,648 | |||
32,415,953 | |||||
Health care: 16.71% | |||||
Biotechnology: 0.80% | |||||
Natera Incorporated † | 83,500 | 9,562,420 | |||
Health care equipment & supplies: 10.42% | |||||
ABIOMED Incorporated † | 33,000 | 10,795,622 | |||
Alcon Incorporated | 196,864 | 14,331,699 | |||
Align Technology Incorporated † | 40,734 | 28,342,717 | |||
DexCom Incorporated † | 47,100 | 24,280,521 | |||
Edwards Lifesciences Corporation † | 119,700 | 13,438,719 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
Inari Medical Incorporated † | 90,300 | $ 8,108,037 | |||
Intuitive Surgical Incorporated † | 25,100 | 24,885,646 | |||
124,182,961 | |||||
Health care providers & services: 3.35% | |||||
Chemed Corporation | 31,400 | 14,947,028 | |||
UnitedHealth Group Incorporated | 60,469 | 24,926,531 | |||
39,873,559 | |||||
Health care technology: 2.14% | |||||
Doximity Incorporated Class A † | 104,887 | 6,492,505 | |||
Veeva Systems Incorporated Class A † | 57,291 | 19,061,289 | |||
25,553,794 | |||||
Industrials: 7.82% | |||||
Aerospace & defense: 1.34% | |||||
Teledyne Technologies Incorporated † | 35,400 | 16,028,058 | |||
Air freight & logistics: 1.74% | |||||
United Parcel Service Incorporated Class B | 108,300 | 20,724,288 | |||
Commercial services & supplies: 1.64% | |||||
Waste Connections Incorporated | 154,198 | 19,535,345 | |||
Professional services: 1.62% | |||||
Equifax Incorporated | 73,900 | 19,258,340 | |||
Road & rail: 1.48% | |||||
Union Pacific Corporation | 80,857 | 17,688,277 | |||
Information technology: 40.85% | |||||
Communications equipment: 1.44% | |||||
Motorola Solutions Incorporated | 76,900 | 17,219,448 | |||
Electronic equipment, instruments & components: 1.53% | |||||
Zebra Technologies Corporation Class A † | 33,000 | 18,231,840 | |||
IT services: 19.22% | |||||
Black Knight Incorporated † | 225,973 | 18,712,824 | |||
EPAM Systems Incorporated † | 37,863 | 21,195,707 | |||
Euronet Worldwide Incorporated † | 111,391 | 15,908,863 | |||
Fiserv Incorporated † | 149,840 | 17,248,082 | |||
MongoDB Incorporated † | 47,900 | 17,192,268 | |||
PayPal Holdings Incorporated † | 131,138 | 36,132,453 | |||
Shopify Incorporated Class A † | 13,300 | 19,949,069 | |||
Snowflake Incorporated Class A † | 33,800 | 8,981,336 | |||
Square Incorporated Class A † | 87,867 | 21,725,994 | |||
StoneCo Limited Class A † | 173,285 | 10,196,089 | |||
Visa Incorporated Class A | 169,804 | 41,838,008 | |||
229,080,693 | |||||
Software: 18.66% | |||||
Atlassian Corporation plc Class A † | 57,200 | 18,596,864 | |||
Autodesk Incorporated † | 56,500 | 18,143,845 | |||
Cadence Design Systems Incorporated † | 127,900 | 18,884,435 |
Shares | Value | ||||
Software (continued) | |||||
Microsoft Corporation | 412,699 | $ 117,582,072 | |||
ServiceNow Incorporated † | 46,000 | 27,042,940 | |||
Unity Software Incorporated † | 84,331 | 9,033,537 | |||
Zoom Video Communications Incorporated † | 34,663 | 13,106,080 | |||
222,389,773 | |||||
Materials: 1.66% | |||||
Chemicals: 1.66% | |||||
The Sherwin-Williams Company | 68,162 | 19,837,187 | |||
Total Common stocks (Cost $488,935,416) | 1,189,596,200 |
Yield | |||||
Short-term investments: 0.29% | |||||
Investment companies: 0.29% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 3,533,406 | 3,533,406 | ||
Total Short-term investments (Cost $3,533,406) | 3,533,406 | ||||
Total investments in securities (Cost $492,468,822) | 100.09% | 1,193,129,606 | |||
Other assets and liabilities, net | (0.09) | (1,112,604) | |||
Total net assets | 100.00% | $1,192,017,002 |
† | Non-income-earning security |
♠ | 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. |
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 | $106,106,323 | $(106,106,323) | $0 | $0 | $ 0 | 0 | $ 5,559# | ||
Wells Fargo Government Money Market Fund Select Class | 6,153,039 | 163,938,661 | (166,558,294) | 0 | 0 | 3,533,406 | 3,533,406 | 2,185 | ||
$0 | $0 | $3,533,406 | $7,744 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $488,935,416) | $ 1,189,596,200 |
Investments in affiliated securites, at value (cost $3,533,406) | 3,533,406 |
Receivable for investments sold | 521,660 |
Receivable for Fund shares sold | 199,153 |
Receivable for dividends | 22,962 |
Receivable for securities lending income, net | 1,319 |
Prepaid expenses and other assets | 32,806 |
Total assets | 1,193,907,506 |
Liabilities | |
Management fee payable | 778,909 |
Payable for Fund shares redeemed | 613,440 |
Shareholder servicing fees payable | 232,585 |
Administration fees payable | 205,995 |
Distribution fees payable | 11,261 |
Trustees’ fees and expenses payable | 673 |
Accrued expenses and other liabilities | 47,641 |
Total liabilities | 1,890,504 |
Total net assets | $1,192,017,002 |
Net assets consist of | |
Paid-in capital | $ 398,143,998 |
Total distributable earnings | 793,873,004 |
Total net assets | $1,192,017,002 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,017,512,201 |
Shares outstanding – Class A1 | 12,210,377 |
Net asset value per share – Class A | $83.33 |
Maximum offering price per share – Class A2 | $88.41 |
Net assets – Class C | $ 15,900,479 |
Shares outstanding – Class C1 | 319,160 |
Net asset value per share – Class C | $49.82 |
Net assets – Class R | $ 5,248,512 |
Shares outstanding – Class R1 | 67,969 |
Net asset value per share – Class R | $77.22 |
Net assets – Administrator Class | $ 37,162,788 |
Shares outstanding – Administrator Class1 | 400,327 |
Net asset value per share – Administrator Class | $92.83 |
Net assets – Institutional Class | $ 116,193,022 |
Shares outstanding – Institutional Class1 | 1,198,963 |
Net asset value per share – Institutional Class | $96.91 |
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 $35,795) | $ 3,808,387 |
Income from affiliated securities | 37,417 |
Total investment income | 3,845,804 |
Expenses | |
Management fee | 8,207,356 |
Administration fees | |
Class A | 1,901,171 |
Class C | 37,547 |
Class R | 10,313 |
Administrator Class | 44,257 |
Institutional Class | 135,146 |
Shareholder servicing fees | |
Class A | 2,263,299 |
Class C | 44,689 |
Class R | 11,780 |
Administrator Class | 84,147 |
Distribution fees | |
Class C | 133,524 |
Class R | 11,684 |
Custody and accounting fees | 35,162 |
Professional fees | 54,545 |
Registration fees | 79,563 |
Shareholder report expenses | 103,682 |
Trustees’ fees and expenses | 19,316 |
Other fees and expenses | 27,954 |
Total expenses | 13,205,135 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (36,522) |
Class C | (28) |
Administrator Class | (30,529) |
Institutional Class | (82,937) |
Net expenses | 13,055,119 |
Net investment loss | (9,209,315) |
Payment from affiliate | 77,039 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 125,000,255 |
Net change in unrealized gains (losses) on investments | 214,581,974 |
Net realized and unrealized gains (losses) on investments | 339,582,229 |
Net increase in net assets resulting from operations | $330,449,953 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (9,209,315) | $ (5,432,640) | ||
Payment from affiliate | 77,039 | 0 | ||
Net realized gains on investments | 125,000,255 | 59,456,747 | ||
Net change in unrealized gains (losses) on investments | 214,581,974 | 134,698,602 | ||
Net increase in net assets resulting from operations | 330,449,953 | 188,722,709 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (52,646,623) | (38,639,530) | ||
Class C | (1,658,736) | (1,862,430) | ||
Class R | (283,298) | (304,034) | ||
Administrator Class | (1,791,540) | (1,255,690) | ||
Institutional Class | (5,339,881) | (3,766,464) | ||
Total distributions to shareholders | (61,720,078) | (45,828,148) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 350,374 | 25,590,993 | 272,882 | 14,921,263 |
Class C | 14,718 | 664,929 | 51,013 | 1,731,016 |
Class R | 11,943 | 814,900 | 25,891 | 1,308,361 |
Administrator Class | 48,988 | 3,916,369 | 9,639 | 598,496 |
Institutional Class | 195,561 | 16,423,930 | 231,605 | 13,472,238 |
47,411,121 | 32,031,374 | |||
Reinvestment of distributions | ||||
Class A | 720,490 | 50,390,977 | 697,108 | 37,030,375 |
Class C | 39,414 | 1,656,177 | 53,921 | 1,795,565 |
Class R | 4,084 | 265,103 | 4,691 | 232,868 |
Administrator Class | 20,456 | 1,592,066 | 19,576 | 1,148,300 |
Institutional Class | 65,296 | 5,297,486 | 61,188 | 3,723,927 |
59,201,809 | 43,931,035 | |||
Payment for shares redeemed | ||||
Class A | (1,180,768) | (86,101,997) | (1,593,178) | (85,882,986) |
Class C | (279,810) | (12,508,398) | (289,079) | (10,068,981) |
Class R | (24,737) | (1,723,435) | (71,554) | (3,669,955) |
Administrator Class | (69,000) | (5,807,302) | (60,813) | (3,572,488) |
Institutional Class | (280,092) | (23,718,471) | (278,139) | (17,354,985) |
(129,859,603) | (120,549,395) | |||
Net decrease in net assets resulting from capital share transactions | (23,246,673) | (44,586,986) | ||
Total increase in net assets | 245,483,202 | 98,307,575 | ||
Net assets | ||||
Beginning of period | 946,533,800 | 848,226,225 | ||
End of period | $1,192,017,002 | $ 946,533,800 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $64.95 | $55.19 | $54.77 | $49.43 | $42.73 |
Net investment loss | (0.65) | (0.38) 1 | (0.33) 1 | (0.32) 1 | (0.22) 1 |
Payment from affiliate | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 23.40 | 13.24 | 6.56 | 12.57 | 8.07 |
Total from investment operations | 22.75 | 12.86 | 6.23 | 12.25 | 7.85 |
Distributions to shareholders from | |||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $83.33 | $64.95 | $55.19 | $54.77 | $49.43 |
Total return3 | 36.32% 4 | 24.55% | 13.89% | 26.86% | 18.88% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.26% | 1.28% | 1.28% | 1.28% | 1.28% |
Net expenses | 1.26% | 1.28% | 1.28% | 1.28% | 1.28% |
Net investment loss | (0.90)% | (0.68)% | (0.64)% | (0.63)% | (0.50)% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $1,017,512 | $800,199 | $714,411 | $662,751 | $581,967 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
4 | During the year ended July 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $40.52 | $35.83 | $38.02 | $36.47 | $32.07 |
Net investment loss | (0.72) 1 | (0.50) 1 | (0.48) 1 | (0.50) 1 | (0.41) 1 |
Payment from affiliate | 0.23 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 14.16 | 8.29 | 4.10 | 8.96 | 5.96 |
Total from investment operations | 13.67 | 7.79 | 3.62 | 8.46 | 5.55 |
Distributions to shareholders from | |||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $49.82 | $40.52 | $35.83 | $38.02 | $36.47 |
Total return2 | 35.74% 3 | 23.61% | 13.04% | 25.88% | 18.00% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.01% | 2.03% | 2.03% | 2.03% | 2.03% |
Net expenses | 2.01% | 2.03% | 2.03% | 2.03% | 2.03% |
Net investment loss | (1.63)% | (1.42)% | (1.40)% | (1.38)% | (1.24)% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $15,900 | $22,077 | $26,122 | $62,074 | $62,543 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.62% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | |||||
Class R | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $60.60 | $51.82 | $51.92 | $47.30 | $41.04 |
Net investment loss | (0.76) 1 | (0.47) 1 | (0.43) 1 | (0.43) 1 | (0.30) 1 |
Net realized and unrealized gains (losses) on investments | 21.75 | 12.35 | 6.14 | 11.96 | 7.71 |
Total from investment operations | 20.99 | 11.88 | 5.71 | 11.53 | 7.41 |
Distributions to shareholders from | |||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $77.22 | $60.60 | $51.82 | $51.92 | $47.30 |
Total return | 36.01% | 24.24% | 13.63% | 26.53% | 18.58% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.49% | 1.52% | 1.53% | 1.53% | 1.53% |
Net expenses | 1.49% | 1.52% | 1.53% | 1.53% | 1.53% |
Net investment loss | (1.12)% | (0.91)% | (0.88)% | (0.88)% | (0.72)% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $5,249 | $4,647 | $6,097 | $7,494 | $6,298 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $71.80 | $60.58 | $59.39 | $52.99 | $45.65 |
Net investment loss | (0.62) | (0.30) 1 | (0.25) 1 | (0.25) 1 | (0.12) 1 |
Net realized and unrealized gains (losses) on investments | 26.02 | 14.62 | 7.25 | 13.56 | 8.61 |
Total from investment operations | 25.40 | 14.32 | 7.00 | 13.31 | 8.49 |
Distributions to shareholders from | |||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $92.83 | $71.80 | $60.58 | $59.39 | $52.99 |
Total return | 36.55% | 24.78% | 14.12% | 27.07% | 19.08% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.18% | 1.20% | 1.20% | 1.20% | 1.20% |
Net expenses | 1.09% | 1.09% | 1.10% | 1.10% | 1.10% |
Net investment loss | (0.73)% | (0.49)% | (0.45)% | (0.45)% | (0.25)% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $37,163 | $28,712 | $26,141 | $24,140 | $19,754 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $74.62 | $62.69 | $61.10 | $54.21 | $46.55 |
Net investment loss | (0.40) | (0.16) 1 | (0.12) 1 | (0.11) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | 27.06 | 15.19 | 7.52 | 13.91 | 8.84 |
Total from investment operations | 26.66 | 15.03 | 7.40 | 13.80 | 8.81 |
Distributions to shareholders from | |||||
Net realized gains | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $96.91 | $74.62 | $62.69 | $61.10 | $54.21 |
Total return | 36.87% | 25.09% | 14.39% | 27.39% | 19.40% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.93% | 0.95% | 0.95% | 0.95% | 0.95% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment loss | (0.49)% | (0.25)% | (0.20)% | (0.20)% | (0.06)% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $116,193 | $90,900 | $75,456 | $64,792 | $62,987 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $703,137,121 |
Gross unrealized losses | (3,604,927) |
Net unrealized gains | $699,532,194 |
■ | 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 | $ 160,434,710 | $0 | $0 | $ 160,434,710 |
Consumer discretionary | 197,579,554 | 0 | 0 | 197,579,554 |
Financials | 32,415,953 | 0 | 0 | 32,415,953 |
Health care | 199,172,734 | 0 | 0 | 199,172,734 |
Industrials | 93,234,308 | 0 | 0 | 93,234,308 |
Information technology | 486,921,754 | 0 | 0 | 486,921,754 |
Materials | 19,837,187 | 0 | 0 | 19,837,187 |
Short-term investments | ||||
Investment companies | 3,533,406 | 0 | 0 | 3,533,406 |
Total assets | $1,193,129,606 | $0 | $0 | $1,193,129,606 |
Average daily net assets | Management fee |
First $500 million | 0.800% |
Next $500 million | 0.750 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $3 billion | 0.640 |
Next $2 billion | 0.615 |
Next $2 billion | 0.605 |
Next $4 billion | 0.580 |
Over $16 billion | 0.555 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.30% |
Class C | 2.05 |
Class R | 1.55 |
Administrator Class | 1.10 |
Institutional Class | 0.85 |
Undistributed long-term gain | Unrealized gains | Late-year ordinary losses deferred |
$96,135,116 | $699,532,194 | $(1,776,224) |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A211/AR211 07-21
Company Growth Fund
2 | |
6 | |
10 | |
11 | |
Financial statements | |
15 | |
16 | |
17 | |
18 | |
24 | |
31 | |
32 | |
Board considerations | |
36 | |
39 | |
45 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved. |
President
Wells Fargo Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Wells Fargo Funds Management, LLC |
Subadviser | Wells Capital Management, LLC |
Portfolio managers | Robert Gruendyke, CFA®‡, Thomas C. Ognar, CFA®‡ |
Average annual total returns (%) as of July 31, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKJAX) | 1-20-1998 | 27.18 | 20.95 | 15.70 | 34.93 | 22.40 | 16.39 | 1.14 | 1.11 | ||
Class C (EKJCX) | 1-22-1998 | 32.80 | 21.46 | 15.50 | 33.80 | 21.46 | 15.50 | 1.89 | 1.86 | ||
Class R4 (EKJRX)3 | 11-30-2012 | – | – | – | 35.30 | 22.76 | 16.75 | 0.86 | 0.80 | ||
Class R6 (EKJFX)4 | 11-30-2012 | – | – | – | 35.49 | 22.96 | 16.91 | 0.71 | 0.65 | ||
Administrator Class (WFPDX) | 7-16-2010 | – | – | – | 35.02 | 22.54 | 16.54 | 1.06 | 1.00 | ||
Institutional Class (EKJYX) | 6-30-1999 | – | – | – | 35.43 | 22.89 | 16.86 | 0.81 | 0.70 | ||
Russell 1000® Growth Index5 | – | – | – | – | 36.68 | 23.32 | 18.37 | – | – |
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 November 30, 2021, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.11% for Class A, 1.86% for Class C, 0.80% for Class R4, 0.65% for Class R6, 1.00% for Administrator Class, and 0.70% 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 R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R4 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 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 1000® Growth Index, for the 12-month period that ended July 31, 2021. |
■ | The Fund’s performance was inhibited by stocks within consumer discretionary, health care, and financials. |
■ | Holdings within industrials and communication services aided the Fund’s performance for the period. |
Ten largest holdings (%) as of July 31, 20211 | |
Microsoft Corporation | 8.89 |
Amazon.com Incorporated | 6.86 |
Alphabet Incorporated Class A | 6.41 |
MasterCard Incorporated Class A | 4.48 |
PayPal Holdings Incorporated | 2.87 |
Visa Incorporated Class A | 2.37 |
Facebook Incorporated Class A | 2.01 |
Dynatrace Incorporated | 1.97 |
Linde plc | 1.92 |
Zoetis Incorporated | 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. |
* | This security was no longer held at the end of the reporting period. |
Sector allocation as of July 31, 20211 |
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 2-1-2021 | Ending account value 7-31-2021 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,157.26 | $5.88 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.34 | $5.51 | 1.10% |
Class C | ||||
Actual | $1,000.00 | $1,152.47 | $9.93 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.57 | $9.30 | 1.86% |
Class R4 | ||||
Actual | $1,000.00 | $1,158.78 | $4.28 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.83 | $4.01 | 0.80% |
Class R6 | ||||
Actual | $1,000.00 | $1,159.32 | $3.48 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.57 | $3.26 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,157.71 | $5.35 | 1.00% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.84 | $5.01 | 1.00% |
Institutional Class | ||||
Actual | $1,000.00 | $1,159.18 | $3.75 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.32 | $3.51 | 0.70% |
Shares | Value | ||||
Common stocks: 99.30% | |||||
Communication services: 15.31% | |||||
Entertainment: 1.68% | |||||
Live Nation Entertainment Incorporated † | 289,900 | $ 22,870,211 | |||
Roku Incorporated † | 83,155 | 35,616,118 | |||
58,486,329 | |||||
Interactive media & services: 13.63% | |||||
Alphabet Incorporated Class A † | 82,845 | 223,228,338 | |||
Alphabet Incorporated Class C † | 17,428 | 47,132,632 | |||
Bumble Incorporated Class A †« | 216,541 | 11,017,606 | |||
Facebook Incorporated Class A † | 196,870 | 70,144,781 | |||
Match Group Incorporated † | 191,285 | 30,465,962 | |||
Pinterest Incorporated Class A † | 536,485 | 31,598,967 | |||
Snap Incorporated Class A † | 469,700 | 34,955,074 | |||
ZoomInfo Technologies Incorporated † | 488,053 | 26,232,849 | |||
474,776,209 | |||||
Consumer discretionary: 16.79% | |||||
Diversified consumer services: 1.02% | |||||
Chegg Incorporated † | 330,460 | 29,288,670 | |||
Mister Car Wash Incorporated † | 294,735 | 6,142,277 | |||
35,430,947 | |||||
Hotels, restaurants & leisure: 1.65% | |||||
Airbnb Incorporated Class A † | 155,500 | 22,393,555 | |||
Chipotle Mexican Grill Incorporated † | 18,825 | 35,079,258 | |||
57,472,813 | |||||
Internet & direct marketing retail: 6.86% | |||||
Amazon.com Incorporated † | 71,825 | 239,004,152 | |||
Leisure products: 0.91% | |||||
Peloton Interactive Incorporated Class A † | 72,060 | 8,506,683 | |||
YETI Holdings Incorporated † | 242,300 | 23,340,759 | |||
31,847,442 | |||||
Specialty retail: 3.06% | |||||
Five Below Incorporated † | 121,690 | 23,658,970 | |||
Floor & Decor Holdings Incorporated Class A † | 341,800 | 41,703,018 | |||
Petco Health & Wellness Company †« | 317,208 | 6,544,001 | |||
RH † | 52,155 | 34,635,092 | |||
106,541,081 | |||||
Textiles, apparel & luxury goods: 3.29% | |||||
Deckers Outdoor Corporation † | 121,855 | 50,064,127 | |||
lululemon athletica Incorporated † | 161,455 | 64,609,447 | |||
114,673,574 | |||||
Financials: 5.43% | |||||
Capital markets: 5.43% | |||||
LPL Financial Holdings Incorporated | 263,830 | 37,210,583 | |||
MarketAxess Holdings Incorporated | 135,775 | 64,516,207 |
Shares | Value | ||||
Capital markets (continued) | |||||
MSCI Incorporated | 59,495 | $ 35,456,640 | |||
Tradeweb Markets Incorporated Class A | 601,870 | 52,200,185 | |||
189,383,615 | |||||
Health care: 12.89% | |||||
Biotechnology: 2.33% | |||||
Alnylam Pharmaceuticals Incorporated † | 37,945 | 6,789,878 | |||
Horizon Therapeutics plc † | 396,594 | 39,667,332 | |||
Natera Incorporated † | 303,730 | 34,783,160 | |||
81,240,370 | |||||
Health care equipment & supplies: 4.38% | |||||
Abbott Laboratories | 210,310 | 25,443,302 | |||
Boston Scientific Corporation † | 528,185 | 24,085,236 | |||
Edwards Lifesciences Corporation † | 543,530 | 61,022,113 | |||
Insulet Corporation † | 150,565 | 42,111,525 | |||
152,662,176 | |||||
Health care technology: 1.40% | |||||
Veeva Systems Incorporated Class A † | 145,945 | 48,557,361 | |||
Life sciences tools & services: 2.88% | |||||
Bio-Techne Corporation | 81,160 | 39,138,598 | |||
Repligen Corporation † | 249,105 | 61,205,099 | |||
100,343,697 | |||||
Pharmaceuticals: 1.90% | |||||
Zoetis Incorporated | 327,198 | 66,323,035 | |||
Industrials: 8.26% | |||||
Aerospace & defense: 0.60% | |||||
HEICO Corporation | 153,500 | 20,760,875 | |||
Air freight & logistics: 1.15% | |||||
FedEx Corporation | 142,395 | 39,863,480 | |||
Building products: 1.50% | |||||
Advanced Drainage Systems Incorporated | 204,800 | 25,004,032 | |||
The AZEK Company Incorporated † | 749,510 | 27,259,679 | |||
52,263,711 | |||||
Commercial services & supplies: 0.97% | |||||
Copart Incorporated † | 230,805 | 33,928,335 | |||
Electrical equipment: 1.68% | |||||
Generac Holdings Incorporated † | 139,805 | 58,628,625 | |||
Professional services: 0.62% | |||||
CoStar Group Incorporated † | 243,850 | 21,666,073 | |||
Road & rail: 1.74% | |||||
Norfolk Southern Corporation | 12,615 | 3,252,525 | |||
TFI International Incorporated | 246,820 | 27,648,776 |
Shares | Value | ||||
Road & rail (continued) | |||||
Uber Technologies Incorporated † | 233,985 | $ 10,168,988 | |||
Union Pacific Corporation | 89,070 | 19,484,953 | |||
60,555,242 | |||||
Information technology: 38.70% | |||||
IT services: 14.34% | |||||
Global Payments Incorporated | 238,445 | 46,117,647 | |||
MasterCard Incorporated Class A | 404,455 | 156,095,363 | |||
MongoDB Incorporated † | 93,200 | 33,451,344 | |||
PayPal Holdings Incorporated † | 362,145 | 99,781,812 | |||
Shopify Incorporated Class A † | 18,700 | 28,048,691 | |||
Square Incorporated Class A † | 137,373 | 33,966,848 | |||
Twilio Incorporated Class A † | 51,580 | 19,269,772 | |||
Visa Incorporated Class A | 335,515 | 82,667,541 | |||
499,399,018 | |||||
Semiconductors & semiconductor equipment: 5.53% | |||||
Allegro MicroSystems Incorporated † | 620,764 | 17,015,141 | |||
Microchip Technology Incorporated | 316,570 | 45,307,498 | |||
Monolithic Power Systems Incorporated | 130,820 | 58,772,193 | |||
NXP Semiconductors NV | 261,415 | 53,953,442 | |||
Texas Instruments Incorporated | 92,330 | 17,599,945 | |||
192,648,219 | |||||
Software: 18.67% | |||||
Atlassian Corporation plc Class A † | 119,470 | 38,842,086 | |||
Cloudflare Incorporated Class A † | 468,515 | 55,579,934 | |||
Dynatrace Incorporated † | 1,075,308 | 68,679,922 | |||
HubSpot Incorporated † | 85,332 | 50,859,579 | |||
Microsoft Corporation | 1,087,205 | 309,755,577 | |||
Procore Technologies Incorporated †« | 28,653 | 2,959,282 | |||
RingCentral Incorporated Class A † | 81,060 | 21,664,906 | |||
ServiceNow Incorporated † | 90,665 | 53,301,047 | |||
Unity Software Incorporated † | 72,454 | 7,761,272 | |||
Zendesk Incorporated † | 315,535 | 41,186,784 | |||
650,590,389 | |||||
Technology hardware, storage & peripherals: 0.16% | |||||
Apple Incorporated | 37,925 | 5,531,741 | |||
Materials: 1.92% | |||||
Chemicals: 1.92% | |||||
Linde plc | 218,120 | 67,047,907 | |||
Total Common stocks (Cost $1,553,405,605) | 3,459,626,416 |
Yield | Shares | Value | |||
Short-term investments: 0.86% | |||||
Investment companies: 0.86% | |||||
Securities Lending Cash Investments LLC ♠∩∞ | 0.02% | 19,959,385 | $ 19,959,385 | ||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 10,064,030 | 10,064,030 | ||
Total Short-term investments (Cost $30,023,415) | 30,023,415 | ||||
Total investments in securities (Cost $1,583,429,020) | 100.16% | 3,489,649,831 | |||
Other assets and liabilities, net | (0.16) | (5,663,781) | |||
Total net assets | 100.00% | $3,483,986,050 |
† | 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. |
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 | $479,869,982 | $(459,910,597) | $0 | $0 | $ 19,959,385 | 19,959,385 | $ 18,995# | ||
Wells Fargo Government Money Market Fund Select Class | 2,465,488 | 456,171,945 | (448,573,403) | 0 | 0 | 10,064,030 | 10,064,030 | 1,949 | ||
$0 | $0 | $30,023,415 | $20,944 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $19,491,051 of securities loaned), at value (cost $1,553,405,605) | $ 3,459,626,416 |
Investments in affiliated securites, at value (cost $30,023,415) | 30,023,415 |
Receivable for investments sold | 32,380,242 |
Receivable for Fund shares sold | 2,142,567 |
Receivable for dividends | 443,646 |
Receivable for securities lending income, net | 6,499 |
Prepaid expenses and other assets | 17,600 |
Total assets | 3,524,640,385 |
Liabilities | |
Payable upon receipt of securities loaned | 19,959,385 |
Payable for investments purchased | 15,810,169 |
Payable for Fund shares redeemed | 2,237,414 |
Management fee payable | 1,783,334 |
Administration fees payable | 399,135 |
Distribution fee payable | 38,296 |
Trustees’ fees and expenses payable | 994 |
Accrued expenses and other liabilities | 425,608 |
Total liabilities | 40,654,335 |
Total net assets | $3,483,986,050 |
Net assets consist of | |
Paid-in capital | $ 1,129,833,904 |
Total distributable earnings | 2,354,152,146 |
Total net assets | $3,483,986,050 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,501,804,593 |
Shares outstanding – Class A1 | 77,898,228 |
Net asset value per share – Class A | $19.28 |
Maximum offering price per share – Class A2 | $20.46 |
Net assets – Class C | $ 58,524,162 |
Shares outstanding – Class C1 | 4,552,769 |
Net asset value per share – Class C | $12.85 |
Net assets – Class R4 | $ 1,456,887 |
Shares outstanding – Class R41 | 70,782 |
Net asset value per share – Class R4 | $20.58 |
Net assets – Class R6 | $ 1,179,098,044 |
Shares outstanding – Class R61 | 56,058,171 |
Net asset value per share – Class R6 | $21.03 |
Net assets – Administrator Class | $ 65,665,002 |
Shares outstanding – Administrator Class1 | 3,313,622 |
Net asset value per share – Administrator Class | $19.82 |
Net assets – Institutional Class | $ 677,437,362 |
Shares outstanding – Institutional Class1 | 32,406,568 |
Net asset value per share – Institutional Class | $20.90 |
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 $111,011) | $ 10,314,662 |
Income from affiliated securities | 223,668 |
Total investment income | 10,538,330 |
Expenses | |
Management fee | 20,864,715 |
Administration fees | |
Class A | 2,820,880 |
Class C | 164,289 |
Class R4 | 1,055 |
Class R6 | 318,647 |
Administrator Class | 76,733 |
Institutional Class | 851,148 |
Shareholder servicing fees | |
Class A | 3,358,122 |
Class C | 195,448 |
Class R4 | 1,319 |
Administrator Class | 147,375 |
Distribution fee | |
Class C | 584,600 |
Custody and accounting fees | 106,934 |
Professional fees | 51,841 |
Registration fees | 103,614 |
Shareholder report expenses | 153,597 |
Trustees’ fees and expenses | 19,316 |
Other fees and expenses | 53,820 |
Total expenses | 29,873,453 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (551,848) |
Class A | (134,697) |
Class C | (78) |
Class R4 | (397) |
Class R6 | (319,522) |
Administrator Class | (17,756) |
Institutional Class | (525,223) |
Net expenses | 28,323,932 |
Net investment loss | (17,785,602) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 665,115,135 |
Net change in unrealized gains (losses) on investments | 314,062,592 |
Net realized and unrealized gains (losses) on investments | 979,177,727 |
Net increase in net assets resulting from operations | $961,392,125 |
Year ended July 31, 2021 | Year ended July 31, 2020 | |||
Operations | ||||
Net investment loss | $ (17,785,602) | $ (8,544,770) | ||
Net realized gains on investments | 665,115,135 | 152,795,477 | ||
Net change in unrealized gains (losses) on investments | 314,062,592 | 410,793,163 | ||
Net increase in net assets resulting from operations | 961,392,125 | 555,043,870 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (148,403,252) | (79,445,426) | ||
Class C | (11,942,210) | (13,534,953) | ||
Class R4 | (135,124) | (288,415) | ||
Class R6 | (107,248,773) | (58,912,621) | ||
Administrator Class | (6,166,075) | (3,631,494) | ||
Institutional Class | (67,714,365) | (44,767,006) | ||
Total distributions to shareholders | (341,609,799) | (200,579,915) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 5,587,886 | 98,163,377 | 5,450,625 | 77,021,734 |
Class C | 332,009 | 3,901,258 | 768,733 | 7,336,013 |
Class R4 | 4,273 | 78,471 | 15,508 | 231,846 |
Class R6 | 4,105,502 | 77,478,039 | 5,901,603 | 86,487,057 |
Administrator Class | 307,776 | 5,415,490 | 1,510,542 | 21,788,823 |
Institutional Class | 3,331,839 | 62,149,111 | 5,199,312 | 74,602,092 |
247,185,746 | 267,467,565 | |||
Reinvestment of distributions | ||||
Class A | 8,581,749 | 138,681,054 | 5,635,528 | 74,670,743 |
Class C | 1,066,051 | 11,545,329 | 1,226,541 | 11,578,543 |
Class R4 | 7,716 | 132,869 | 20,543 | 287,184 |
Class R6 | 6,007,269 | 105,607,780 | 4,072,770 | 57,914,790 |
Administrator Class | 359,007 | 5,959,521 | 258,688 | 3,507,809 |
Institutional Class | 3,347,542 | 58,515,035 | 2,794,274 | 39,538,976 |
320,441,588 | 187,498,045 | |||
Payment for shares redeemed | ||||
Class A | (9,543,692) | (165,540,766) | (11,885,781) | (161,114,742) |
Class C | (6,586,841) | (80,435,977) | (6,937,436) | (70,405,278) |
Class R4 | (7,604) | (144,046) | (234,231) | (3,635,661) |
Class R6 | (9,212,101) | (173,698,067) | (9,076,035) | (132,489,008) |
Administrator Class | (653,236) | (11,583,117) | (1,855,137) | (26,245,495) |
Institutional Class | (11,915,556) | (220,199,164) | (13,095,393) | (188,459,918) |
(651,601,137) | (582,350,102) | |||
Net decrease in net assets resulting from capital share transactions | (83,973,803) | (127,384,492) | ||
Total increase in net assets | 535,808,523 | 227,079,463 | ||
Net assets | ||||
Beginning of period | 2,948,177,527 | 2,721,098,064 | ||
End of period | $3,483,986,050 | $2,948,177,527 |
Year ended July 31 | |||||
Class A | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.08 | $14.19 | $15.10 | $15.34 | $14.68 |
Net investment loss | (0.13) 1 | (0.07) | (0.05) | (0.05) | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | 5.36 | 3.07 | 1.50 | 3.56 | 2.12 |
Total from investment operations | 5.23 | 3.00 | 1.45 | 3.51 | 2.09 |
Distributions to shareholders from | |||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $19.28 | $16.08 | $14.19 | $15.10 | $15.34 |
Total return2 | 34.93% | 22.78% | 12.97% | 26.54% | 16.01% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.13% | 1.14% | 1.15% | 1.15% | 1.14% |
Net expenses | 1.10% | 1.10% | 1.11% | 1.11% | 1.11% |
Net investment loss | (0.77)% | (0.52)% | (0.40)% | (0.34)% | (0.20)% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $1,501,805 | $1,178,453 | $1,050,751 | $1,048,632 | $986,791 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class C | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.40 | $10.45 | $11.87 | $12.86 | $12.64 |
Net investment loss | (0.18) 1 | (0.13) 1 | (0.12) 1 | (0.13) 1 | (0.12) 1 |
Net realized and unrealized gains (losses) on investments | 3.66 | 2.19 | 1.06 | 2.89 | 1.77 |
Total from investment operations | 3.48 | 2.06 | 0.94 | 2.76 | 1.65 |
Distributions to shareholders from | |||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $12.85 | $11.40 | $10.45 | $11.87 | $12.86 |
Total return2 | 33.80% | 21.87% | 12.09% | 25.68% | 15.05% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.87% | 1.89% | 1.90% | 1.90% | 1.89% |
Net expenses | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% |
Net investment loss | (1.52)% | (1.27)% | (1.14)% | (1.09)% | (0.95)% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $58,524 | $111,046 | $153,404 | $201,138 | $206,026 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended July 31 | |||||
Class R4 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.00 | $14.89 | $15.69 | $15.75 | $15.00 |
Net investment income (loss) | (0.09) 1 | (0.03) 1 | (0.03) | (0.00) 1,2 | 0.01 1 |
Net realized and unrealized gains (losses) on investments | 5.70 | 3.25 | 1.59 | 3.69 | 2.17 |
Total from investment operations | 5.61 | 3.22 | 1.56 | 3.69 | 2.18 |
Distributions to shareholders from | |||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $20.58 | $17.00 | $14.89 | $15.69 | $15.75 |
Total return | 35.30% | 23.20% | 13.21% | 27.06% | 16.30% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.85% | 0.86% | 0.87% | 0.87% | 0.86% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income (loss) | (0.47)% | (0.20)% | (0.10)% | (0.02)% | 0.09% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $1,457 | $1,129 | $3,940 | $3,727 | $3,559 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
Year ended July 31 | |||||
Class R6 | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.31 | $15.12 | $15.87 | $15.87 | $15.08 |
Net investment income (loss) | (0.06) 1 | (0.01) | (0.00) 1,2 | 0.02 1 | 0.03 1 |
Net realized and unrealized gains (losses) on investments | 5.81 | 3.31 | 1.61 | 3.73 | 2.19 |
Total from investment operations | 5.75 | 3.30 | 1.61 | 3.75 | 2.22 |
Distributions to shareholders from | |||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $21.03 | $17.31 | $15.12 | $15.87 | $15.87 |
Total return | 35.49% | 23.39% | 13.40% | 27.27% | 16.48% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.70% | 0.71% | 0.71% | 0.72% | 0.71% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income (loss) | (0.32)% | (0.07)% | (0.02)% | 0.12% | 0.25% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $1,179,098 | $954,852 | $820,383 | $196,934 | $170,657 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
Year ended July 31 | |||||
Administrator Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.47 | $14.48 | $15.35 | $15.52 | $14.82 |
Net investment loss | (0.12) 1 | (0.06) 1 | (0.04) 1 | (0.03) 1 | (0.01) 1 |
Net realized and unrealized gains (losses) on investments | 5.50 | 3.16 | 1.53 | 3.61 | 2.14 |
Total from investment operations | 5.38 | 3.10 | 1.49 | 3.58 | 2.13 |
Distributions to shareholders from | |||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $19.82 | $16.47 | $14.48 | $15.35 | $15.52 |
Total return | 35.02% | 23.02% | 13.02% | 26.70% | 16.14% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.05% | 1.06% | 1.07% | 1.07% | 1.06% |
Net expenses | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment loss | (0.67)% | (0.42)% | (0.29)% | (0.22)% | (0.06)% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $65,665 | $54,341 | $49,042 | $57,582 | $82,998 |
1 | Calculated based upon average shares outstanding |
Year ended July 31 | |||||
Institutional Class | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.22 | $15.06 | $15.82 | $15.84 | $15.06 |
Net investment income (loss) | (0.07) 1 | (0.02) 1 | 0.00 1,2 | 0.01 1 | 0.02 1 |
Net realized and unrealized gains (losses) on investments | 5.78 | 3.29 | 1.60 | 3.72 | 2.19 |
Total from investment operations | 5.71 | 3.27 | 1.60 | 3.73 | 2.21 |
Distributions to shareholders from | |||||
Net realized gains | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $20.90 | $17.22 | $15.06 | $15.82 | $15.84 |
Total return | 35.43% | 23.28% | 13.38% | 27.17% | 16.44% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.80% | 0.81% | 0.82% | 0.82% | 0.81% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income (loss) | (0.37)% | (0.12)% | 0.02% | 0.07% | 0.19% |
Supplemental data | |||||
Portfolio turnover rate | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $677,437 | $648,357 | $643,578 | $1,043,161 | $949,344 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Gross unrealized gains | $1,915,247,269 |
Gross unrealized losses | (11,812,946) |
Net unrealized gains | $1,903,434,323 |
■ | 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 | ||||
Communication services | $ 533,262,538 | $0 | $0 | $ 533,262,538 |
Consumer discretionary | 584,970,009 | 0 | 0 | 584,970,009 |
Financials | 189,383,615 | 0 | 0 | 189,383,615 |
Health care | 449,126,639 | 0 | 0 | 449,126,639 |
Industrials | 287,666,341 | 0 | 0 | 287,666,341 |
Information technology | 1,348,169,367 | 0 | 0 | 1,348,169,367 |
Materials | 67,047,907 | 0 | 0 | 67,047,907 |
Short-term investments | ||||
Investment companies | 30,023,415 | 0 | 0 | 30,023,415 |
Total assets | $3,489,649,831 | $0 | $0 | $3,489,649,831 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.11% |
Class C | 1.86 |
Class R4 | 0.80 |
Class R6 | 0.65 |
Administrator Class | 1.00 |
Institutional Class | 0.70 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 4,736,648 | $ (4,736,648) | $0 |
BNP Paribas Securities Corporation | 3,193,619 | (3,193,619) | 0 |
Citigroup Global Markets Incorporated | 1,094,768 | (1,094,768) | 0 |
Morgan Stanley & Co. LLC | 10,466,016 | (10,466,016) | 0 |
Year ended July 31 | ||
2021 | 2020 | |
Ordinary income | $ 6,971,938 | $ 0 |
Long-term capital gain | 334,637,861 | 200,579,915 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$23,871,682 | $426,860,079 | $1,903,434,323 |
Wells Fargo Funds Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Mr. Harris is a certified public accountant (inactive status). | CIGNA Corporation |
Judith M. Johnson (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Michelle Rhee (Born 1966) | Chief Legal Officer, since 2019 | Secretary of Wells Fargo Funds Management, LLC and Chief Legal Counsel of Wells Fargo Asset Management since 2018. Deputy General Counsel of Wells Fargo Bank, N.A. since 2020 and Assistant General Counsel of Wells Fargo Bank, N.A. from 2018 to 2020. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018. |
Catherine Kennedy (Born 1969) | Secretary, since 2019 | Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010. |
Michael H. Whitaker (Born 1967) | Chief Compliance Officer, since 2016 | Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016. |
Wells Fargo C&B Mid Cap Value Fund |
Wells Fargo California Limited-Term Tax-Free Fund |
Wells Fargo California Tax-Free Fund |
Wells Fargo Classic Value Fund |
Wells Fargo Common Stock Fund |
Wells Fargo Disciplined Small Cap Fund |
Wells Fargo Disciplined U.S. Core Fund |
Wells Fargo Discovery Fund |
Wells Fargo Diversified Equity Fund |
Wells Fargo Endeavor Select Fund |
Wells Fargo Enterprise Fund |
Wells Fargo Fundamental Small Cap Growth Fund |
Wells Fargo Growth Fund |
Wells Fargo High Yield Municipal Bond Fund |
Wells Fargo Intermediate Tax/AMT-Free Fund |
Wells Fargo Large Cap Core Fund |
Wells Fargo Large Cap Growth Fund |
Wells Fargo Large Company Value Fund |
Wells Fargo Minnesota Tax-Free Fund |
Wells Fargo Municipal Bond Fund |
Wells Fargo Omega Growth Fund |
Wells Fargo Opportunity Fund |
Wells Fargo Pennsylvania Tax-Free Fund |
Wells Fargo Premier Large Company Growth Fund |
Wells Fargo Short-Term Municipal Bond Fund |
Wells Fargo Small Cap Fund |
Wells Fargo Special Mid Cap Value Fund |
Wells Fargo Special Small Cap Value Fund |
Wells Fargo Strategic Municipal Bond Fund |
Wells Fargo Ultra Short-Term Municipal Income Fund |
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. |
P.O. Box 219967
Kansas City, MO 64121-9967
A212/AR212 07-21
ITEM 2. | CODE OF ETHICS |
(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.
Fiscal year ended July 31, 2021 | Fiscal year ended July 31, 2020 | |||||||
Audit fees | $ | 328,780 | $ | 345,850 | ||||
Audit-related fees | — | — | ||||||
Tax fees (1) | 44, 400 | 43,400 | ||||||
All other fees | — | — | ||||||
|
|
|
| |||||
$ | 373,180 | $ | 389,250 | |||||
|
|
|
|
(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management.
Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) Not applicable
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) Code of Ethics.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust | ||
By: | /s/ Andrew Owen
| |
Andrew Owen | ||
President | ||
Date: | September 27, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Wells Fargo Funds Trust | ||
By: | /s/ Andrew Owen
| |
Andrew Owen | ||
President | ||
Date: | September 27, 2021 | |
By: | /s/ Jeremy DePalma
| |
Jeremy DePalma | ||
Treasurer | ||
Date: | September 27, 2021 |