WealthBuilder SM Funds
|
|
- Gervais Marsh
- 5 years ago
- Views:
Transcription
1 Semi-Annual Report November 30, 2017 WealthBuilder SM Funds Wells Fargo WealthBuilder Conservative Allocation Fund Wells Fargo WealthBuilder Equity Fund Wells Fargo WealthBuilder Growth Allocation Fund Wells Fargo WealthBuilder Growth Balanced Fund Wells Fargo WealthBuilder Moderate Balanced Fund
2
3 Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery Letter to shareholders... 2 Performance highlights Wells Fargo WealthBuilder Conservative Allocation Fund... 4 Wells Fargo WealthBuilder Equity Fund... 8 Wells Fargo WealthBuilder Growth Allocation Fund Wells Fargo WealthBuilder Growth Balanced Fund Wells Fargo WealthBuilder Moderate Balanced Fund Fund expenses Portfolios of investments Wells Fargo WealthBuilder Conservative Allocation Fund Wells Fargo WealthBuilder Equity Fund Wells Fargo WealthBuilder Growth Allocation Fund Wells Fargo WealthBuilder Growth Balanced Fund Wells Fargo WealthBuilder Moderate Balanced Fund Financial statements Statements of assets and liabilities Statements of operations Statements of changes in net assets Financial highlights Notes to financial statements Other information List of abbreviations The views expressed and any forward-looking statements are as of November 30, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any timeinresponseto changing circumstances in the market. Wells Fargo Funds Management, LLC and the Funds disclaim any obligation to publicly update or revise any views expressed or forward-looking statements. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
4 2 Wells Fargo WealthBuilder Funds Letter to shareholders (unaudited) Dear Shareholder: We are pleased to offer you this semi-annual report for the Wells Fargo WealthBuilder Funds for the six-month period that ended November 30, In a predominantly improving economic environment, global stocks delivered strong results; bond markets had smaller but positive results as well. U.S. and international stocks returned 10.89% and 9.38%, respectively, for the six-month period, as measured by the S&P 500 Index 1 and the MSCI ACWI ex USA Index (Net), 2 respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index 3 returned 0.68% and the Bloomberg Barclays Municipal Bond Index 4 returned 0.40%. Andrew Owen President Wells Fargo Funds In a predominantly improving economic environment, global stocks delivered strong results; bond markets had smaller but positive results as well. Global growth strengthened in June and through the third quarter of 2017, and investment markets generally advanced. From June through September, most stock markets worldwide moved higher and were at or near all-time highs as September ended. Moderate acceleration in global economic growth was supported by improving corporate earnings, low inflation pressure, and still-low interest rates. Corporate earnings reports were favorable overall as companies continued to benefit from healthy operating leverage. Global commodity prices climbed; oil prices rebounded, partly due to a better balance between supply and demand. While North Korea s missile launches and nuclear testing raised serious concerns around the world, the heightened geopolitical risk had relatively minimal impact on stock returns. In the U.S., economic data released in the third quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate, and consumers displayed more willingness to spend. Meanwhile, after raising the target interest rate by a quarter percentage point in June to a range of 1.00 to 1.25% the Federal Reserve (Fed) chose to maintain that target throughout the third quarter, noting that inflation had remained below the Fed s 2.00% objective. Reflecting continued confidence in the U.S. economy, the Fed also stated the possibility of one more 0.25% increase in the federal funds rate by the end of 2017 and announced plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets in October. Outside the U.S., stocks in the Asia Pacific region benefited from solid earnings reports and investors willingness to take on risk despite the rising tensions between North Korea and the U.S. In Europe, markets were supported by better-than-expected economic growth, which has led to narrowing of the gap between Europe s growth rate and that of the U.S. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar. Also, commodity prices were on an upward trajectory, which benefited many companies that rely on natural resources for exports The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock s weight in the index proportionate to its market value. You cannot invest directly in an index. The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
5 Letter to shareholders (unaudited) Wells Fargo WealthBuilder Funds 3 Positive economic and market news generally continued into October and November. October proved to be a strong month for U.S. stocks. The S&P 500 Index delivered 11 record closes amid rising consumer confidence and signs the economy was continuing to gain momentum, including news in late October that economic output was estimated to have grown at a 3.0% annual rate in the third quarter. At its October meeting, the Fed, in a unanimous vote, left short-term interest rates unchanged but signaled it could make another rate increase before the end of 2017 if the economy remains on track. The Fed also began the process of unwinding its quantitative easing program. Outside the U.S., international stocks generally delivered positive results in October as global economic growth continued to strengthen. Economic data released in November indicated that the U.S. economy was continuing its steady expansion, even though inflation remained low. The U.S. Bureau of Economic Analysis raised its estimate of third-quarter economic growth to 3.3% during November, consumers increased their spending, and U.S. companies continued to deliver solid earnings gains. As November ended, major U.S. stock indexes climbed to record levels, propelled by investors rising confidence that the U.S. Senate would pass its version of a tax-overhaul bill. The optimism led many investors to sell U.S. Treasury bonds in order to purchase stocks, which pushed government bond yields higher. Outside the U.S., stock markets generally delivered favorable monthly results, and economies continued to improve. Within the eurozone, for example, accelerating growth and falling unemployment helped boost the eurozone economic indicator to its highest level in 17 years in November. Don t let short-term uncertainty derail long-term investment goals. Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities. Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. Sincerely, Andrew Owen President Wells Fargo Funds For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at We are available 24 hours a day, 7 days a week.
6 4 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Conservative Allocation Fund Investment objective The Fund seeks current income with a secondary emphasis on capital appreciation. Manager Wells Fargo Funds Management, LLC Subadviser Wells Capital Management Incorporated Portfolio managers Kandarp R. Acharya, CFA, FRM Petros Bocray, CFA, FRM Christian L. Chan, CFA Average annual total returns (%) as of November 30, Including sales charge Excluding sales charge Expense ratios 2 (%) Inception date 1 year 5 year 10 year 1 year 5 year 10 year Gross Net 3 Class A (WCAFX) Class C (WCCFX)* WealthBuilder Conservative Allocation Blended Index Bloomberg Barclays U.S. Aggregate Bond Index MSCI ACWI ex USA Index (Net) Russell 3000 Index * Effective at the close of business on February 10, 2017, the Fund s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund s website, wellsfargofunds.com. Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index. For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund s prospectus for additional information on these and other risks. Please see footnotes on page 6.
7 Performance highlights (unaudited) Wells Fargo WealthBuilder Funds 5 Wells Fargo WealthBuilder Conservative Allocation Fund (continued) Ten largest holdings (%) as of November 30, Wells Fargo Core Bond Portfolio Vanguard Intermediate-Term Corporate Bond ETF Wells Fargo Bloomberg Barclays US Aggregate ex-corporate Portfolio Vanguard Short-Term Bond ETF 8.93 Wells Fargo Factor Enhanced Large Cap Portfolio 4.53 Wells Fargo Real Return Portfolio 4.49 ishares S&P 500 Index ETF 4.17 Federated Institutional High Yield Bond Fund Class R Oppenheimer International Bond Fund Class I 3.76 Wells Fargo Factor Enhanced International Portfolio 2.70 Neutral target allocation Stocks (20%) Alternative Investments (5%) Bonds (75%) Current target allocation as of November 30, Alternative Investments (5%) Stocks (20%) Effective Cash (8%) Bonds (67%) Please see footnotes on page 6.
8 6 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Conservative Allocation Fund (continued) The inception date of Class A was February 10, 2017, and Class C was September 30, Historical performance for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher. Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar. Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.54% of acquired fund fees and expenses. Net expenses from master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A and 1.50% for Class C. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectus. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Conservative Allocation Blended Index is comprised of the following indexes: Bloomberg Barclays U.S. Aggregate Bond Index (80%), Russell 3000 Index (14%), and the MSCI ACWI ex USA Index (Net) (6%). You cannot invest directly in an index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalizationweighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Current target allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified.
9 This page is intentionally left blank.
10 8 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Equity Fund Investment objective The Fund seeks long-term capital appreciation with no emphasis on income. Manager Wells Fargo Funds Management, LLC Subadviser Wells Capital Management Incorporated Portfolio managers Kandarp R. Acharya, CFA, FRM Petros Bocray, CFA, FRM Christian L. Chan, CFA Average annual total returns (%) as of November 30, Including sales charge Excluding sales charge Expense ratios 2 (%) Inception date 1 year 5 year 10 year 1 year 5 year 10 year Gross Net 3 Class A (WEAFX) Class C (WEACX)* WealthBuilder Equity Blended Index MSCI ACWI ex USA Index (Net) Russell 3000 Index * Effective at the close of business on February 10, 2017, the Fund s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund s website, wellsfargofunds.com. Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index. For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk and smaller-company investment risk. Consult the Fund s prospectus for additional information on these and other risks. Please see footnotes on page 10.
11 Performance highlights (unaudited) Wells Fargo WealthBuilder Funds 9 Wells Fargo WealthBuilder Equity Fund (continued) Ten largest holdings (%) as of November 30, Wells Fargo Factor Enhanced Large Cap Portfolio ishares S&P 500 Index ETF Neutral target allocation Small Company (10%) Wells Fargo Factor Enhanced International Portfolio Wells Fargo Disciplined U.S. Core Fund Class R International (30%) Wells Fargo Factor Enhanced Emerging Markets Portfolio 5.40 Dodge & Cox International Stock Fund 4.91 Wells Fargo Factor Enhanced Small Cap Portfolio 4.53 Wells Fargo Endeavor Select Fund Institutional Class 4.48 Large Company (60%) Wells Fargo Large Cap Growth Fund Class R Wells Fargo Emerging Growth Portfolio 3.48 Current target allocation as of November 30, Small Company (10%) International (30%) Large Company (60%) Please see footnotes on page 10.
12 10 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Equity Fund (continued) The inception date of Class A was February 10, 2017, and Class C was October 1, Historical performance for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher. Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar. Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.77% of acquired fund fees and expenses. Net expenses from master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A and 1.50% for Class C. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectus. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Equity Blended Index is comprised of the following: 70% in the Russell 3000 Index and 30% in the MSCI ACWI ex USA Index (Net). You cannot invest directly in an index. The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalizationweighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Amounts are calculated based on the long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.
13 This page is intentionally left blank.
14 12 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Growth Allocation Fund Investment objective The Fund seeks capital appreciation with a secondary emphasis on current income. Manager Wells Fargo Funds Management, LLC Subadviser Wells Capital Management Incorporated Portfolio managers Kandarp R. Acharya, CFA, FRM Petros Bocray, CFA, FRM Christian L. Chan, CFA Average annual total returns (%) as of November 30, Including sales charge Excluding sales charge Expense ratios 2 (%) Inception date 1 year 5 year 10 year 1 year 5 year 10 year Gross Net 3 Class A (WGAFX) Class C (WGCFX)* WealthBuilder Growth Allocation Blended Index Bloomberg Barclays U.S. Aggregate Bond Index MSCI ACWI ex USA Index (Net) Russell 3000 Index * Effective at the close of business on February 10, 2017, the Fund s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund s website, wellsfargofunds.com. Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index. For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund s prospectus for additional information on these and other risks. Please see footnotes on page 14.
15 Performance highlights (unaudited) Wells Fargo WealthBuilder Funds 13 Wells Fargo WealthBuilder Growth Allocation Fund (continued) Ten largest holdings (%) as of November 30, Wells Fargo Factor Enhanced Large Cap Portfolio ishares S&P 500 Index ETF Wells Fargo Factor Enhanced International Portfolio Wells Fargo Disciplined U.S. Core Fund Class R Wells Fargo Core Bond Portfolio 4.64 Wells Fargo Factor Enhanced Emerging Markets Portfolio 4.28 Dodge & Cox International Stock Fund 3.88 Wells Fargo Factor Enhanced Small Cap Portfolio 3.67 Wells Fargo Endeavor Select Fund Institutional Class 3.58 Wells Fargo Large Cap Growth Fund Class R Neutral target allocation Stocks (80%) Alternative Investments (10%) Bonds (10%) Current target allocation as of November 30, Alternative Investments (5%) Bonds (8%) Effective Cash (7%) Stocks (80%) Please see footnotes on page 14.
16 14 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Growth Allocation Fund (continued) The inception date of Class A was February 10, 2017, and Class C was September 30, Historical performance for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher. Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar. Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.75% of acquired fund fees and expenses. Net expenses from master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A and 1.50% for Class C. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectus. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Allocation Blended Index is comprised of the following indexes: Russell 3000 Index (56%), MSCI ACWI ex USA Index (Net) (24%), and the Bloomberg Barclays U.S. Aggregate Bond Index (20%). You cannot invest directly in an index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalizationweighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified. Current target allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified.
17 This page is intentionally left blank.
18 16 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Growth Balanced Fund Investment objective The Fund seeks a combination of capital appreciation and current income. Manager Wells Fargo Funds Management, LLC Subadviser Wells Capital Management Incorporated Portfolio managers Kandarp R. Acharya, CFA, FRM Petros Bocray, CFA, FRM Christian L. Chan, CFA Average annual total returns (%) as of November 30, Including sales charge Excluding sales charge Expense ratios 2 (%) Inception date 1 year 5 year 10 year 1 year 5 year 10 year Gross Net 3 Class A (WGBAX) Class C (WGBFX)* WealthBuilder Growth Balanced Blended Index Bloomberg Barclays U.S. Aggregate Bond Index MSCI ACWI ex USA Index (Net) Russell 3000 Index * Effective at the close of business on February 10, 2017, the Fund s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund s website, wellsfargofunds.com. Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index. For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund s prospectus for additional information on these and other risks. Please see footnotes on page 18.
19 Performance highlights (unaudited) Wells Fargo WealthBuilder Funds 17 Wells Fargo WealthBuilder Growth Balanced Fund (continued) Ten largest holdings (%) as of November 30, Neutral target allocation Wells Fargo Factor Enhanced Large Cap Portfolio ishares S&P 500 Index ETF Alternative Investments (10%) Wells Fargo Core Bond Portfolio Wells Fargo Factor Enhanced International Portfolio 8.06 Vanguard Intermediate-Term Corporate Bond ETF 5.21 Wells Fargo Bloomberg Barclays US Aggregate ex-corporate Portfolio 5.20 Wells Fargo Disciplined U.S. Core Fund Class R Vanguard Short-Term Bond ETF 4.15 Wells Fargo Factor Enhanced Emerging Markets Portfolio 3.25 Dodge & Cox International Stock Fund 2.96 Stocks (60%) Bonds (30%) Current target allocation as of November 30, Alternative Investments (5%) Stocks (60%) Bonds (27%) Effective Cash (8%) Please see footnotes on page 18.
20 18 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Growth Balanced Fund (continued) The inception date of Class A was February 10, 2017, and Class C was October 1, Historical performance for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher. Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar. Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.69% of acquired fund fees and expenses. Net expenses from master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees. The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A and 1.50% for Class C. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectus. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Balanced Blended Index is comprised of the following indexes: Russell 3000 Index (42%), Bloomberg Barclays U.S. Aggregate Bond Index (40%), and the MSCI ACWI ex USA Index (Net) (18%). You cannot invest directly in an index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalizationweighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified. Current target allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified.
21 This page is intentionally left blank.
22 20 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Moderate Balanced Fund Investment objective The Fund seeks a combination of current income and capital appreciation. Manager Wells Fargo Funds Management, LLC Subadviser Wells Capital Management Incorporated Portfolio managers Kandarp R. Acharya, CFA, FRM Petros Bocray, CFA, FRM Christian L. Chan, CFA Average annual total returns (%) as of November 30, Including sales charge Excluding sales charge Expense ratios 2 (%) Inception date 1 year 5 year 10 year 1 year 5 year 10 year Gross Net 3 Class A (WMBGX) Class C (WMBFX)* WealthBuilder Moderate Balanced Blended Index Bloomberg Barclays U.S. Aggregate Bond Index MSCI ACWI ex USA Index (Net) Russell 3000 Index * Effective at the close of business on February 10, 2017, the Fund s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C. Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund s website, wellsfargofunds.com. Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index. For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage-and asset-backed securities risk, and smaller-company investment risk. Consult the Fund s prospectus for additional information on these and other risks. Please see footnotes on page 22.
23 Performance highlights (unaudited) Wells Fargo WealthBuilder Funds 21 Wells Fargo WealthBuilder Moderate Balanced Fund (continued) Ten largest holdings (%) as of November 30, Neutral target allocation Wells Fargo Core Bond Portfolio Wells Fargo Factor Enhanced Large Cap Portfolio 9.10 Alternative Investments (10%) ishares S&P 500 Index ETF 8.34 Vanguard Intermediate-Term Corporate Bond ETF 8.20 Wells Fargo Bloomberg Barclays US Aggregate ex-corporate Portfolio 8.20 Vanguard Short-Term Bond ETF 6.55 Wells Fargo Factor Enhanced International Portfolio 5.38 Wells Fargo Real Return Portfolio 3.28 Wells Fargo Disciplined U.S. Core Fund Class R Federated Institutional High Yield Bond Fund Class R Stocks (40%) Bonds (50%) Current target allocation as of November 30, Alternative Investments (5%) Stocks (40%) Bonds (47%) Effective Cash (8%) Please see footnotes on page 22.
24 22 Wells Fargo WealthBuilder Funds Performance highlights (unaudited) Wells Fargo WealthBuilder Moderate Balanced Fund (continued) The inception date of Class A was February 10, 2017, and Class C was September 30, Historical performance for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher. Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar. Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.61% of acquired fund fees and expenses. Net expenses from master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. The manager has contractually committed through September 30, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A and 1.50% for Class C. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund s returns would have been lower. The expense ratio paid by an investor is the net expense ratio or the Fund s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectus. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Moderate Balanced Blended Index is comprised of the following indexes: Bloomberg Barclays U.S. Aggregate Bond Index (60%), Russell 3000 Index (28%), and the MSCI ACWI ex USA Index (Net) (12%). You cannot invest directly in an index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalizationweighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by the total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified. Current target allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified.
Semi-Annual Report. November 30, Allocation Funds. Wells Fargo Growth Balanced Fund Wells Fargo Moderate Balanced Fund
Semi-Annual Report November 30, 2017 Allocation Funds Wells Fargo Growth Balanced Fund Wells Fargo Moderate Balanced Fund Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and
More informationWells Fargo Absolute Return Fund
Semi-Annual Report October 31, 2017 Wells Fargo Absolute Return Fund Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationWealthBuilder SM Funds
Prospectus October 1, 2017 WealthBuilder SM Funds Wells Fargo Fund Class A Class C Wells Fargo WealthBuilder Conservative Allocation Fund WCAFX WCCFX Wells Fargo WealthBuilder Equity Fund WEAFX WEACX Wells
More informationWells Fargo Target Date CITs E3
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:
More informationUpcoming changes to the Wells Fargo Asset Allocation Fund
March 2, 2018 Upcoming changes to the Wells Fargo Wells Fargo Asset Management (WFAM) has announced upcoming changes to the Wells Fargo Asset Allocation Fund, which are detailed below. The changes were
More informationWells Fargo Short Duration Government Bond Fund
Semi-Annual Report February 28, 2018 Wells Fargo Short Duration Government Bond Fund Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
More informationWells Fargo Absolute Return Fund
Annual Report April 30, 2018 Wells Fargo Absolute Return Fund Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
More informationWells Fargo Precious Metals Fund
Semi-Annual Report September 30, 2017 Wells Fargo Precious Metals Fund Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
More informationFund Class 2. Wells Fargo VT Discovery Fund - Wells Fargo VT Index Asset Allocation Fund - Wells Fargo VT International Equity Fund -
Prospectus May 1, 2018 Variable Trust Fund Class 2 Wells Fargo VT Discovery Fund - Wells Fargo VT Index Asset Allocation Fund - Wells Fargo VT International Equity Fund - Wells Fargo VT Omega Growth Fund
More informationWells Fargo Target 2020 Fund
Summary Prospectus July 14, 2017 Wells Fargo Target 2020 Fund Class/Ticker: Class A - STTRX; Class C - WFLAX Link to Prospectus Link to SAI Before you invest, you may want to review the Fund's prospectus,
More informationWells Fargo Target Today Fund (formerly Wells Fargo Dow Jones Target Today Fund)
Prospectus July 14, 2017 Target Date Funds Wells Fargo Fund Wells Fargo Target Today Fund (formerly Wells Fargo Dow Jones Target Today Fund) Wells Fargo Target 2010 Fund (formerly Wells Fargo Dow Jones
More informationFranklin Fund Allocator Series
Annual Report May 31, 2017 Franklin Fund Allocator Series Franklin NextStep Conservative Fund Franklin NextStep Moderate Fund Franklin NextStep Growth Fund Sign up for electronic delivery at franklintempleton.com/edelivery
More informationWells Fargo Target 2060 Fund
Summary Prospectus July 1, 2018 Wells Fargo Target 2060 Fund Class/Ticker: Class A - WFAFX; Class C - WFCFX Link to Prospectus Link to SAI Before you invest, you may want to review the Fund's prospectus,
More informationWells Fargo Diversified Income Builder Fund
All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: EKSYX Portfolio manager: Margie D. Patel; Kandarp Acharya, CFA, FRM Subadvisor: Wells Capital Management Inc.
More informationFranklin Fund Allocator Series
Annual Report and Shareholder Letter December 31, 2017 Franklin Fund Allocator Series Franklin Conservative Franklin Moderate Franklin Growth Sign up for electronic delivery at franklintempleton.com/edelivery
More informationAIG 2017 SEMI-ANNUAL REPORT. SunAmerica Specialty Series High Watermark Fund High Watermark Fund
2017 SEMI-ANNUAL REPORT SunAmerica Specialty Series High Watermark Fund 2020 High Watermark Fund AIG Commodity Strategy Fund ESG Dividend Fund Focused Alpha Large-Cap Fund Focused Multi-Cap Growth Fund
More informationDynamic Target Date Funds
Prospectus October 1, 2017 Dynamic Target Date Funds Wells Fargo Fund Class A Class C Wells Fargo Dynamic Target Today Fund WDYAX WDYCX Wells Fargo Dynamic Target 2015 Fund WDTAX WDTCX Wells Fargo Dynamic
More informationFund Class A Class C. Wells Fargo Diversified Capital Builder Fund EKBAX EKBCX. Wells Fargo Diversified Income Builder Fund EKSAX EKSCX
Prospectus February 1, 2018 Multi-Asset Funds Fund Class A Class C Wells Fargo Diversified Capital Builder Fund EKBAX EKBCX Wells Fargo Diversified Income Builder Fund EKSAX EKSCX Wells Fargo Index Asset
More informationWells Fargo Dynamic Target Date Funds
DLay Quarterly report Q3 2017 All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp R. Acharya, CFA, FRM; Christian L. Chan, CFA; and
More informationSIERRA CORE RETIREMENT FUND SIERRA STRATEGIC INCOME FUND. Annual Report September 30,
SIERRA CORE RETIREMENT FUND SIERRA STRATEGIC INCOME FUND Annual Report 1-866-738-4363 www.sierramutualfunds.com Distributed by Northern Lights Distributors, LLC Member FINRA Letter to Shareholders, September
More informationWells Fargo Omega Growth Fund
Semi-Annual Report January 31, 2018 Wells Fargo Omega Growth Fund Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
More informationKP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX
The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement
More informationSemiannual Report 7/31/2017. Oppenheimer Portfolio Series Active Allocation Fund
Semiannual Report 7/31/2017 Oppenheimer Portfolio Series Active Allocation Fund Table of Contents Fund Performance Discussion 3 Top Holdings and Allocations 6 Fund Expenses 9 Statement of Investments 11
More informationKP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX
The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement
More informationWells Fargo Precious Metals Fund
Annual Report March 31, 2018 Wells Fargo Precious Metals Fund Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
More informationWells Fargo Diversified Income Builder Fund
Summary Prospectus February 1, 2018 Wells Fargo Diversified Income Builder Fund Class/Ticker: Class A - EKSAX; Class C - EKSCX Link to Prospectus Link to SAI Before you invest, you may want to review the
More informationPersonal Strategy Income Fund
SUMMARY PROSPECTUS PRSIX PPIPX Investor Class I Class October 1, 2017 T. Rowe Price Personal Strategy Income Fund A fund seeking primarily income through a diversified portfolio of stocks, bonds, and other
More informationFranklin Fund Allocator Series
Annual Report May 31, 2017 Fund Allocator Series Payout 2017 Fund Payout 2018 Fund Payout 2019 Fund Payout 2020 Fund Payout 2021 Fund Templeton Investments Gain From Our Perspective At Templeton Investments,
More informationSemiannual Report December 31, 2017
PIMCO ETF Trust Semiannual Report December 31, 2017 Index Exchange-Traded Funds PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
More informationBCF SOLUTIONS 401(K) PLAN ERISA 404 Retirement Plan and Investment Information
BCF SOLUTIONS 401(K) PLAN ERISA 404 Retirement Plan and Investment Information 10/18/2016 Contract/Plan ID Number 4-57827 This document uses these defined words and phrases: Plan means BCF SOLUTIONS 401(K)
More informationManning & Napier Fund, Inc. Target 2060 Series Class K
Target 2060 Series Class K Fund Facts Ticker CUSIP MTKKX 56382R779 Inception Date 09/21/2015 Fund Manager Team Approach Investment Minimum* $2,000 Before Fee Waiver 10.50% After Fee Waiver** 1.13% *May
More informationCOPELAND RISK MANAGED DIVIDEND GROWTH FUND
COPELAND RISK MANAGED DIVIDEND GROWTH FUND COPELAND INTERNATIONAL RISK MANAGED DIVIDEND GROWTH FUND PROSPECTUS March 30, 2018 Copeland Risk Managed Dividend Growth Fund Class A Shares: CDGRX Class C shares:
More informationGlobal Atlantic BlackRock Disciplined Value Portfolio
INVESTMENT ADVISORS Global Atlantic BlackRock Disciplined Value Portfolio Class I, II and III Shares Summary Prospectus April 27, 2018 Before you invest, you may want to review the Portfolio s prospectus,
More informationWells Fargo Short-Term High Yield Bond Fund
All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: STYIX Portfolio manager: Thomas Price, CFA; Kevin Maas, CFA; Michael Schueller, CFA Subadvisor: Wells Capital
More informationPACE Select Advisors Trust. Annual Report July 31, 2017
PACE Select Advisors Trust Annual Report July 31, 2017 Table of contents Page Introduction 3 Portfolio Advisor s and Subadvisors commentaries and Portfolios of investments PACE Government Money Market
More informationEnhancements and name change for the Wells Fargo Dow Jones Target Date Funds
Wells Fargo Funds June 2, 2017 Note: This product alert was first issued on April 21, 2017. On June 2, 2017, a new question was added to the end of the alert to provide information about the transition
More informationHigh Watermark Fund. SunAmerica 2015 SEMI-ANNUAL REPORT. SunAmerica Specialty Series High Watermark Fund
2015 SEMI-ANNUAL REPORT SunAmerica Specialty Series High Watermark Fund SunAmerica 2020 High Watermark Fund Alternative Strategies Fund Global Trends Fund Focused Alpha Growth Fund Focused Alpha Large-Cap
More informationFranklin Fund Allocator Series
Annual Report and Shareholder Letter December 31, 2017 Franklin Fund Allocator Series Franklin Corefolio Franklin Founding Funds Sign up for electronic delivery at franklintempleton.com/edelivery Franklin
More informationNVIT Investor Destinations Funds
NVIT Investor Destinations Funds Nationwide VIT Quarterly Asset class: Allocation Share class Class II Strategy Overview The NVIT Investor Destinations Funds (NVIT ID Funds) consist of seven risk-based
More informationWells Fargo High Yield Bond Fund
All information is as of 9-30-17 unless otherwise indicated. General fund information Ticker: EKHIX Portfolio manager: Margaret D. Patel Subadvisor: Wells Capital Management Inc. Category: High-yield bond
More informationAURA Retirement Plans Investment Options Guide Descriptions as of March 10, 2017
AURA Retirement Plans Investment Options Guide Descriptions as of March 10, 2017 Refer to this Investment Options Guide for fund descriptions of the new investment options that will be available in your
More informationAnnual Report 1/31/2017. Oppenheimer Portfolio Series Active Allocation Fund
Annual Report 1/31/2017 Oppenheimer Portfolio Series Active Allocation Fund Table of Contents Fund Performance Discussion 3 Top Holdings and Allocations 7 Fund Expenses 10 Statement of Investments 12 Statement
More informationFidelity Variable Insurance Products: Freedom Funds Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050
Fidelity Variable Insurance Products: Freedom Funds Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 December 31, 2017 Contents Performance 4 Management s Discussion of Fund Performance
More informationHorizon Active Income Fund Advisor Class: AIHAX Institutional Class: AIRIX Investor Class: AIMNX
SUMMARY PROSPECTUS March 31, 2018 Horizon Active Income Fund Advisor : AIHAX Institutional : AIRIX Investor : AIMNX Before you invest, you may want to review the Fund s Prospectus, which contains more
More informationSierra Strategic Income Fund
Sierra Strategic Income Fund A Shares C Shares I Shares R Shares Y Shares SSIZX SSICX SSIIX SSIRX SSIYX Summary Prospectus January 30, 2017 Before you invest, you may want to review the Fund s prospectus,
More informationGood Harbor Tactical Core US Fund Class A Shares: GHUAX Class C Shares: GHUCX Class I Shares: GHUIX
Good Harbor Tactical Core US Fund Class A Shares: GHUAX Class C Shares: GHUCX Class I Shares: GHUIX Good Harbor Tactical Select Fund Class A Shares: GHSAX Class C Shares: GHSCX Class I Shares: GHSIX Semi-Annual
More informationTRANSAMERICA FUNDS ANNUAL REPORT
TRANSAMERICA FUNDS ANNUAL REPORT OCTOBER 31, 2017 ASSET ALLOCATION FUNDS TRANSAMERICA ASSET ALLOCATION CONSERVATIVE PORTFOLIO TRANSAMERICA ASSET ALLOCATION MODERATE GROWTH PORTFOLIO TRANSAMERICA ASSET
More informationPROSPECTUS. April 30, ALPS Variable Investment Trust
PROSPECTUS April 30, 2018 ALPS Variable Investment Trust Morningstar Conservative ETF Asset Allocation Portfolio Class I (N/A) and Class II (CETFX) Morningstar Income and Growth ETF Asset Allocation Portfolio
More informationPORTFOLIO OPTIMIZATION FUNDS
PORTFOLIO OPTIMIZATION FUNDS DIVERSIFIED ASSET ALLOCATION SOLUTIONS UPDATED AS OF 3/31/18 MFC0639-0318 PORTFOLIO OPTIMIZATION FUNDS With thousands of mutual funds on the market today, creating a portfolio
More informationO SHARES ETF INVESTMENTS
O SHARES ETF INVESTMENTS Annual Report Before investing you should carefully consider a Fund s investment objectives, risks, charges and expenses. This and other information is available in the Fund s
More informationFUND SUMMARY: NAVIGATOR TACTICAL FIXED INCOME FUND. 1 FUND SUMMARY: NAVIGATOR DURATION NEUTRAL BOND FUND.
TABLE OF CONTENTS FUND SUMMARY: NAVIGATOR TACTICAL FIXED INCOME FUND... 1 FUND SUMMARY: NAVIGATOR DURATION NEUTRAL BOND FUND... 6 FUND SUMMARY: NAVIGATOR EQUITY HEDGED FUND... 10 FUND SUMMARY: NAVIGATOR
More informationWells Fargo Core Bond Fund
Summary Prospectus October 1, 2017 Wells Fargo Core Bond Fund Class/Ticker: Class A - MBFAX; Class C - MBFCX Link to Prospectus Link to SAI Before you invest, you may want to review the Fund's prospectus,
More informationJPMorgan SmartRetirement Funds
Semi-Annual Report JPMorgan SmartRetirement Funds December 31, 2016 (Unaudited) JPMorgan SmartRetirement Income Fund JPMorgan SmartRetirement 2015 Fund JPMorgan SmartRetirement 2020 Fund JPMorgan SmartRetirement
More informationHorizon Active Asset Allocation Fund Advisor Class: HASAX Institutional Class: HASIX Investor Class: AAANX
SUMMARY PROSPECTUS March 31, 2018 Horizon Active Asset Allocation Fund Advisor : HASAX Institutional : HASIX Investor : AAANX Before you invest, you may want to review the Fund s Prospectus, which contains
More informationANNUAL REPORT TARGET RETIREMENT INCOME FUND TARGET RETIREMENT 2020 FUND TARGET RETIREMENT 2030 FUND TARGET RETIREMENT 2040 FUND
ANNUAL REPORT USAA TARGET RETIREMENT FUNDS DECEMBER 31, 2017 TARGET RETIREMENT INCOME FUND TARGET RETIREMENT 2020 FUND TARGET RETIREMENT 2030 FUND TARGET RETIREMENT 2040 FUND TARGET RETIREMENT 2050 FUND
More informationInvestment Option Summary
Investment Option Summary As of 12/31/2017 Contract/Plan ID Number: 5-21917 This document provides important information to help you compare the investment options available to you under the retirement
More informationHigh Watermark Fund. SunAmerica 2016 ANNUAL REPORT. SunAmerica Specialty Series High Watermark Fund
2016 ANNUAL REPORT SunAmerica Specialty Series High Watermark Fund SunAmerica 2020 High Watermark Fund Commodity Strategy Fund Global Trends Fund Focused Alpha Growth Fund Focused Alpha Large-Cap Fund
More informationWILSHIRE MUTUAL FUNDS
WILSHIRE MUTUAL FUNDS SEMI-ANNUAL REPORT (Unaudited) LARGE COMPANY GROWTH PORTFOLIO LARGE COMPANY VALUE PORTFOLIO SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO WILSHIRE 5000 INDEX SM FUND
More informationJ.P. Morgan Income Funds
Annual Report J.P. Morgan Income Funds February 28, 2017 JPMorgan Core Bond Fund JPMorgan Core Plus Bond Fund JPMorgan Government Bond Fund JPMorgan High Yield Fund JPMorgan Inflation Managed Bond Fund
More informationThe E-Valuator Funds* PROSPECTUS. January 31, The E-Valuator Very Conservative RMS Fund. R4 Class Shares (EVFGX)
The E-Valuator Funds* PROSPECTUS January 31, 2018 The E-Valuator Very Conservative RMS Fund R4 Class Shares (EVVCX) The E-Valuator Conservative RMS Fund R4 Class Shares (EVFCX) The E-Valuator Tactically
More informationJ.P. Morgan Municipal Bond Funds
Semi-Annual Report J.P. Morgan Municipal Bond Funds August 31, 2017 (Unaudited) JPMorgan Municipal Income Fund JPMorgan Ohio Municipal Bond Fund JPMorgan Short-Intermediate Municipal Bond Fund JPMorgan
More informationETF Allocation Portfolio ETF Diversified Income Portfolio
ETF Allocation Portfolio 2017-3 ETF Diversified Income Portfolio 2017-3 The unit investment trusts named above (the Portfolios ), included in Invesco Unit Trusts, Series 1799, each invest in a portfolio
More informationHORIZON FUNDS. Supplement dated April 16, 2018 to the Prospectus and Statement of Additional Information dated March 31, 2018
HORIZON FUNDS Horizon Active Asset Allocation Fund Horizon Active Risk Assist Fund Horizon Active Income Fund Horizon Active Dividend Fund Horizon Defined Risk Fund (the Funds ) Supplement dated April
More informationSaving for the Future MONDELĒZ GLOBAL LLC TIP PLAN. Investment Options Guide
Saving for the Future MONDELĒZ GLOBAL LLC TIP PLAN Investment Options Guide Effective August 31, 2016 TARGET DATE FUNDS The Target Date Funds are designed as an all-in-one approach for participants looking
More informationANCHOR SERIES TRUST SA BLACKROCK MULTI-ASSET INCOME PORTFOLIO
SUMMARY PROSPECTUS MAY 1, 2017 ANCHOR SERIES TRUST SA BLACKROCK MULTI-ASSET INCOME PORTFOLIO (CLASS 1 AND 3 SHARES) s Statutory Prospectus and Statement of Additional Information dated May 1, 2017, and
More informationSmall to Mid Cap Stock Funds
Prospectus August 1, 2017 Small to Mid Cap Stock Funds Fund Wells Fargo Intrinsic Small Cap Value Fund Wells Fargo Small Cap Core Fund Wells Fargo Small Cap Opportunities Fund Wells Fargo Small Cap Value
More informationAB VARIABLE PRODUCTS SERIES FUND, INC. -AB Balanced Wealth Strategy Portfolio (the Portfolio )
AB VARIABLE PRODUCTS SERIES FUND, INC. -AB Balanced Wealth Strategy Portfolio (the Portfolio ) Supplement dated February 8, 2018 to the Prospectuses and Summary Prospectuses dated May 1, 2017 for AB Variable
More informationGlobal Investment Strategy Report
Global Investment Strategy Global Investment Strategy Report June 5, 2017 Tracie McMillion, CFA Head of Global Asset Allocation Strategy Weekly market insights from the Global Investment Strategy team»
More informationPACE Select Advisors Trust. Semiannual Report January 31, 2018
PACE Select Advisors Trust Semiannual Report January 31, 2018 Table of contents Page Introduction 3 Management Process 5 Portfolio Advisor s and Subadvisors commentaries and Portfolios of investments PACE
More informationAdministrator Class. Wells Fargo C&B Large Cap Value Fund. Wells Fargo Diversified Equity Fund. Wells Fargo Emerging Growth Fund
Prospectus October 1, 2017 Equity Gateway Funds Fund Wells Fargo C&B Large Cap Value Fund Wells Fargo Diversified Equity Fund Wells Fargo Emerging Growth Fund Wells Fargo Index Fund Wells Fargo International
More informationGovernment Money Market Funds
Prospectus June 1, 2018 Government Money Market Funds Wells Fargo Fund Sweep Class Wells Fargo Government Money Market Fund - Wells Fargo Treasury Plus Money Market Fund - Wells Fargo 100% Treasury Money
More informationGovernment Money Market Funds
Prospectus June 1, 2018 Government Money Market Funds Wells Fargo Fund Wells Fargo Government Money Market Fund Wells Fargo Treasury Plus Money Market Fund Wells Fargo 100% Treasury Money Market Fund Class
More informationERISA 404 retirement plan and investment information
BCF SOLUTIONS 401(K) PLAN Contract/Plan ID Number: 4-57827 ERISA 404 retirement plan and investment information 07/17/2017 This document uses these defined words and phrases: Plan means BCF SOLUTIONS 401(K)
More informationShort exposure to US equities, used as a risk hedge. Exposure to commodities
Portfolio performance The Fund is designed to serve as a Third Pillar strategy, aiming to provide a diversified return stream versus traditional stock/bond-centric approaches. In seeking a long-term real
More informationBlackRock Advantage Global Fund, Inc. BlackRock Advantage U.S. Total Market Fund, Inc. BlackRock Asian Dragon Fund, Inc.
BlackRock Advantage Global, Inc. BlackRock Advantage U.S. Total Market, Inc. BlackRock Asian Dragon, Inc. BlackRock Balanced Capital, Inc. BlackRock Basic Value, Inc. BlackRock Bond, Inc. BlackRock Total
More informationWells Fargo Funds 2017 capital gains estimates
Wells Fargo Funds November 3, 2017 Wells Fargo Funds 2017 capital gains estimates On December 12 and December 14, 2017, Wells Fargo Funds will pay year-end capital gains distributions for 2017. Included
More informationInstitutional Money Market Funds
Prospectus June 1, 2017 Institutional Money Market Funds Wells Fargo Fund Wells Fargo Cash Investment Money Market Fund Wells Fargo Heritage Money Market Fund Wells Fargo Municipal Cash Management Money
More informationRIDGEWORTH FUNDS (collectively, the Funds )
RIDGEWORTH FUNDS (collectively, the Funds ) Supplement dated June 1, 2017 to the Summary Prospectuses and Prospectuses dated August 1, 2016 or March 31, 2017 and the Statement of Additional Information
More informationFederated Managed Tail Risk Fund II
Summary Prospectus April 30, 2016 Share Class Primary Federated Managed Tail Risk Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which
More informationWells Fargo Diversified International Fund
Summary Prospectus March 1, 2019 Wells Fargo Diversified International Fund Class/Ticker: Administrator Class - WFIEX Link to Prospectus Link to SAI Before you invest, you may want to review the Fund s
More informationFund Class 1. Wells Fargo VT International Equity Fund - Wells Fargo VT Omega Growth Fund - Wells Fargo VT Opportunity Fund -
Prospectus May 1, 2018 Variable Trust Fund Class 1 Wells Fargo VT International Equity Fund - Wells Fargo VT Omega Growth Fund - Wells Fargo VT Opportunity Fund - Wells Fargo VT Small Cap Growth Fund -
More informationWells Fargo Capital Growth Fund
Annual Report July 31, 2017 Wells Fargo Capital Growth Fund Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
More informationWells Fargo Funds 2018 capital gains estimates
`November 9, 2018 Wells Fargo s 2018 capital gains estimates On December 11 and December 13, 2018, Wells Fargo s will pay year-end capital gains distributions for 2018. Included in the tables on the following
More informationInvestment Perspectives. From the Global Investment Committee
Investment Perspectives From the Global Investment Committee Introduction Domestic equities continued to race ahead during the fourth quarter of 2014 amid spikes in volatility, dramatic declines in oil
More informationCleveland Clinic Investment Pension Plan (IPP) imagine inspire invest. Your guide to getting started. We believe in your future financial wellbeing
Cleveland Clinic Investment Pension Plan (IPP) imagine inspire invest Your guide to getting started. We believe in your future financial wellbeing Invest some of what you earn today for what you plan to
More informationYOUR GUIDE TO GETTING STARTED
University of Colorado Hospital Authority 401(a) Investment Account, 403(b) Matching Account, and the 457(b) Deferred Compensation Plan Invest in your retirement and yourself today, with help from the
More informationGOLDMAN SACHS TRUST. Effective July 28, 2017, the Funds Prospectuses and SAIs are revised as follows:
GOLDMAN SACHS TRUST Supplement dated June 28, 2017 to the current Summary Prospectuses, Statutory Prospectuses ( Prospectuses ) and Statements of Additional Information ( SAIs ) for each applicable Goldman
More informationWells Fargo Small Company Growth Fund
Summary Prospectus October 1, 2018 Wells Fargo Small Company Growth Fund (The Fund is closed to most new investors) Class/Ticker: Class R6 - WSCRX Link to Prospectus Link to SAI Before you invest, you
More informationRetirement 2020 Fund
SUMMARY PROSPECTUS TRRBX PARBX RRTBX Investor Class Advisor Class R Class October 1, 2017 T. Rowe Price Retirement 2020 Fund A fund managed based on a specific retirement year that seeks capital growth
More informationWISCONSIN CAPITAL FUNDS, INC. PLUMB BALANCED FUND (PLBBX) PLUMB EQUITY FUND (PLBEX) (collectively, the Funds )
WISCONSIN CAPITAL FUNDS, INC. PLUMB BALANCED FUND (PLBBX) PLUMB EQUITY FUND (PLBEX) (collectively, the Funds ) Supplement dated December 1, 2017 to the Prospectus and Statement of Additional Information
More informationMUTUAL FUNDS PROSPECTUS CLASS A SHARES
FEBRUARY 28, 2017 MUTUAL FUNDS PROSPECTUS CLASS A SHARES Some mutual fund account types may be restricted from edelivery enrollment. See Thrivent.com for details. Thrivent Aggressive Allocation Fund TAAAX
More informationLarge Cap Stock Funds
Prospectus December 1, 2017 Large Cap Stock Funds Wells Fargo Fund Class A Class C Wells Fargo Capital Growth Fund WFCGX WFCCX Wells Fargo Disciplined U.S. Core Fund EVSAX EVSTX Wells Fargo Endeavor Select
More informationWells Fargo Enterprise Fund
Semi-Annual Report March 31, 2017 Wells Fargo Enterprise Fund Contents Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery
More informationERISA 404 Retirement Plan and Investment Information
TRUEBLUE, INC. 401(K) PLAN ERISA 404 Retirement Plan and Investment Information 08/10/2012 Contract/Plan ID Number 8-03406 This document uses these defined words and phrases: Plan means TRUEBLUE, INC.
More informationEP Emerging Markets Small Companies Fund Class A: EPASX Class I: EPEIX
EP Emerging Markets Small Companies Fund Class A: EPASX Class I: EPEIX Summary Prospectus March 6, 2018, as amended December 4, 2018 Before you invest, you may want to review the Fund s prospectus, which
More informationLarge Cap Stock Funds
Prospectus December 1, 2017 Large Cap Stock Funds Wells Fargo Fund Wells Fargo Capital Growth Fund Wells Fargo Disciplined U.S. Core Fund Wells Fargo Endeavor Select Fund Wells Fargo Growth Fund Wells
More informationTACTICAL ALL ASSET STRATEGY FUND CLASS A shares: CMGQX CLASS I shares: CMGHX
TACTICAL ALL ASSET STRATEGY FUND CLASS A shares: CMGQX CLASS I shares: CMGHX 1-866-CMG-9456 www.cmgmutualfunds.com Summary Prospectus August 28, 2018 Before you invest, you may want to review the Fund
More informationSEMI-ANNUAL REPORT (UNAUDITED)
MARCH 31, 2018 SEMI-ANNUAL REPORT (UNAUDITED) BlackRock Large Cap Series Funds, Inc. BlackRock Advantage Large Cap Core Fund BlackRock Advantage Large Cap Value Fund BlackRock Advantage Large Cap Value
More informationGovernment Money Market Funds
Prospectus June 1, 2017 Government Money Market Funds Wells Fargo Fund Wells Fargo Government Money Market Fund Wells Fargo Treasury Plus Money Market Fund Wells Fargo 100% Treasury Money Market Fund Institutional
More information