Portfolio of investments—July 31, 2021 (unaudited)
Shares | Value | |||||
Common stocks: 91.80% | ||||||
Brazil: 4.68% | ||||||
Ambev SA (Consumer staples, Beverages) | 826,800 | $ 2,641,569 | ||||
B3 Brasil Bolsa Balcao SA (Financials, Capital markets) | 1,190,300 | 3,485,254 | ||||
Banco BTG Pactual SA (Financials, Diversified financial services) | 615,372 | 3,457,166 | ||||
Cury Construtora e Incorporadora SA (Consumer discretionary, Household durables) | 940,095 | 1,646,170 | ||||
Petrobras Distribuidora SA (Consumer discretionary, Specialty retail) | 472,900 | 2,572,315 | ||||
Vale SA (Materials, Metals & mining) | 209,474 | 4,374,289 | ||||
18,176,763 | ||||||
Cambodia: 0.04% | ||||||
NagaCorp Limited (Consumer discretionary, Hotels, restaurants & leisure) | 192,000 | 141,076 | ||||
Chile: 1.19% | ||||||
Banco Santander Chile SA (Financials, Banks) | 30,670,474 | 1,513,549 | ||||
Sociedad Quimica Minera de Chile (Materials, Chemicals) | 65,120 | 3,093,200 | ||||
4,606,749 | ||||||
China: 22.69% | ||||||
Baidu Incorporated ADR (Communication services, Interactive media & services) † | 35,043 | 5,747,402 | ||||
China Construction Bank Class H (Financials, Banks) | 10,309,000 | 7,190,027 | ||||
China International Capital Corporation Limited Class H (Financials, Capital markets) 144A | 1,397,200 | 3,214,703 | ||||
China Merchants Bank Company Limited Class H (Financials, Banks) | 478,500 | 3,645,175 | ||||
China Resources Land Limited (Real estate, Real estate management & development) | 1,014,000 | 3,392,548 | ||||
China Yongda Automobile Service Holding Company (Consumer discretionary, Specialty retail) | 1,717,000 | 3,199,290 | ||||
ENN Energy Holdings Limited (Utilities, Gas utilities) | 230,000 | 4,809,455 | ||||
Gree Electric Appliances Incorporated Class A (Consumer discretionary, Household durables) | 464,840 | 3,419,900 | ||||
Inner Mongolia Yili Industrial Group Company Limited Class A (Consumer staples, Food products) | 380,078 | 1,965,647 | ||||
Kunlun Energy Company Limited (Utilities, Gas utilities) | 2,954,000 | 2,554,433 | ||||
Lenovo Group Limited (Information technology, Technology hardware, storage & peripherals) | 1,696,000 | 1,580,080 | ||||
Lomon Billions Group Company Limited (Materials, Chemicals) | 443,675 | 2,049,909 | ||||
Midea Group Company Limited Class A (Acquired 6-20-2019, cost $3,382,014) (Consumer discretionary, Household durables) > | 581,159 | 5,716,805 | ||||
Nari Technology Company Limited (Industrials, Electrical equipment) | 704,601 | 3,422,438 | ||||
Netease Incorporated (Communication services, Entertainment) | 181,550 | 3,632,799 | ||||
Ping An Insurance Group Company Class H (Financials, Insurance) | 725,000 | 6,357,971 | ||||
Postal Savings Bank of China Company Limited Class H (Financials, Banks) 144A | 4,627,000 | 2,988,945 | ||||
Sands China Limited (Consumer discretionary, Hotels, restaurants & leisure) † | 653,200 | 2,231,647 | ||||
Shimao Property Holding Limited (Real estate, Real estate management & development) | 1,307,000 | 2,576,612 | ||||
Suofeiya Home Collection Company Limited Class A (Consumer discretionary, Household durables) | 647,491 | 1,916,508 | ||||
Tingyi Holding Corporation (Consumer staples, Food products) | 2,980,000 | 5,368,576 | ||||
Topsports International Holdings Limited (Consumer discretionary, Specialty retail) 144A | 2,574,000 | 3,590,480 |
See accompanying notes to portfolio of investments
Wells Fargo Emerging Markets Equity Income Fund | 1
Portfolio of investments—July 31, 2021 (unaudited)
Shares | Value | |||||
China: (continued) | ||||||
Universal Scientific Industrial Shanghai Company Limited Class A (Information technology, Electronic equipment, instruments & components) | 742,000 | $ 1,576,792 | ||||
Xinyangfeng Agricultural Technology Company Limited (Materials, Chemicals) | 775,900 | 2,225,682 | ||||
Zhejiang NHU Company Limited (Health care, Biotechnology) | 918,918 | 3,682,048 | ||||
88,055,872 | ||||||
Hong Kong: 4.68% | ||||||
ASM Pacific Technology (Information technology, Semiconductors & semiconductor equipment) | 151,300 | 1,946,945 | ||||
Bosideng International Holdings Limited (Consumer discretionary, Textiles, apparel & luxury goods) | 4,468,000 | 2,788,493 | ||||
China Merchants Port Holdings Company Limited (Industrials, Transportation infrastructure) | 2,056,000 | 2,862,629 | ||||
Chow Tai Fook Jewellery Company Limited (Consumer discretionary, Specialty retail) | 2,302,000 | 4,816,600 | ||||
Hong Kong Exchanges & Clearing Limited (Financials, Capital markets) | 45,500 | 2,904,075 | ||||
WH Group Limited (Consumer staples, Food products) 144A | 3,459,000 | 2,866,495 | ||||
18,185,237 | ||||||
India: 11.58% | ||||||
Embassy Office Parks REIT (Real estate, Equity REITs) | 1,013,000 | 4,924,992 | ||||
Gail India Limited (Utilities, Gas utilities) | 2,558,442 | 4,797,831 | ||||
Hero Motorcorp Limited (Consumer discretionary, Automobiles) | 62,473 | 2,319,850 | ||||
Infosys Limited (Information technology, IT services) | 357,880 | 7,745,290 | ||||
LIC Housing Finance Limited (Financials, Diversified financial services) | 796,893 | 4,395,414 | ||||
Mahanagar Gas Limited (Utilities, Gas utilities) | 317,506 | 4,980,725 | ||||
Manappuram Finance Limited (Financials, Consumer finance) | 2,259,878 | 6,296,925 | ||||
Power Grid Corporation (Utilities, Electric utilities) | 636,204 | 1,463,230 | ||||
Power Grid Corporation of India Limited (Utilities, Electric utilities) | 1,908,611 | 4,389,690 | ||||
Tech Mahindra Limited (Information technology, IT services) | 223,952 | 3,640,142 | ||||
44,954,089 | ||||||
Indonesia: 1.14% | ||||||
PT Bank Rakyat Indonesia Tbk (Financials, Banks) | 7,385,200 | 1,894,492 | ||||
PT Telekomunikasi Indonesia Persero Tbk (Communication services, Diversified telecommunication services) | 11,228,600 | 2,515,517 | ||||
4,410,009 | ||||||
Malaysia: 0.88% | ||||||
Genting Malaysia Bhd (Consumer discretionary, Hotels, restaurants & leisure) | 2,733,500 | 1,787,787 | ||||
RHB Bank Bhd (Financials, Banks) | 1,337,200 | 1,619,216 | ||||
3,407,003 | ||||||
Mexico: 1.81% | ||||||
America Movil SAB de CV ADR (Communication services, Wireless telecommunication services) | 120,238 | 2,001,963 | ||||
Grupo Financiero Banorte SAB de CV (Financials, Banks) | 473,000 | 3,059,991 | ||||
Walmart de Mexico SAB de CV (Consumer staples, Food & staples retailing) | 594,691 | 1,959,175 | ||||
7,021,129 |
See accompanying notes to portfolio of investments
2 | Wells Fargo Emerging Markets Equity Income Fund
Portfolio of investments—July 31, 2021 (unaudited)
Shares | Value | |||||
Panama: 0.52% | ||||||
Copa Holdings SA Class A (Industrials, Airlines) † | 28,486 | $ 2,019,942 | ||||
Peru: 0.56% | ||||||
Southern Copper Corporation (Materials, Metals & mining) | 33,017 | 2,167,236 | ||||
Philippines: 0.52% | ||||||
International Container Terminal Services Incorporated (Industrials, Transportation infrastructure) | 649,670 | 2,021,080 | ||||
Poland: 0.51% | ||||||
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance) † | 203,157 | 1,982,791 | ||||
Qatar: 0.66% | ||||||
Qatar National Bank (Financials, Banks) | 512,942 | 2,564,006 | ||||
Russia: 6.14% | ||||||
Alrosa PJSC (Materials, Metals & mining) | 2,014,160 | 3,584,217 | ||||
Detsky Mir PJSC (Consumer discretionary, Multiline retail) | 1,077,930 | 2,070,569 | ||||
Fix Price Group Limited GDR (Consumer discretionary, Specialty retail) † | 197,114 | 1,506,937 | ||||
LUKOIL PJSC ADR (Energy, Oil, gas & consumable fuels) | 38,883 | 3,332,273 | ||||
Moscow Exchange MICEX-RTS PJSC (Financials, Capital markets) | 1,272,530 | 3,005,967 | ||||
Rosneft Oil Company PJSC (Energy, Oil, gas & consumable fuels) | 302,430 | 2,241,026 | ||||
Sberbank PJSC ADR (Financials, Banks) | 301,375 | 5,017,894 | ||||
X5 Retail Group NV (Consumer staples, Food & staples retailing) | 94,496 | 3,071,544 | ||||
23,830,427 | ||||||
Saudi Arabia: 1.69% | ||||||
Jarir Marketing Company (Consumer discretionary, Specialty retail) | 52,294 | 2,805,050 | ||||
National Commercial Bank (Financials, Banks) | 256,496 | 3,761,540 | ||||
6,566,590 | ||||||
Singapore: 0.63% | ||||||
BOC Aviation Limited (Industrials, Trading companies & distributors) 144A | 332,200 | 2,438,765 | ||||
South Africa: 4.17% | ||||||
Absa Group Limited (Financials, Banks) † | 209,767 | 1,953,315 | ||||
Impala Platinum Holdings Limited (Materials, Metals & mining) | 168,832 | 3,042,289 | ||||
Life Healthcare Group Holdings Limited (Health care, Health care providers & services) † | 1,623,683 | 2,610,970 | ||||
Naspers Limited (Consumer discretionary, Internet & direct marketing retail) | 10,325 | 1,988,714 | ||||
Standard Bank Group Limited (Financials, Banks) | 312,338 | 2,633,861 | ||||
The Bidvest Group Limited (Industrials, Industrial conglomerates) | 289,065 | 3,944,365 | ||||
16,173,514 | ||||||
South Korea: 11.08% | ||||||
Doosan Bobcat Incorporated (Industrials, Machinery) † | 80,557 | 3,228,583 | ||||
Kangwon Land Incorporated (Consumer discretionary, Hotels, restaurants & leisure) † | 87,193 | 1,963,311 | ||||
KB Financial Group Incorporated (Financials, Banks) | 101,413 | 4,522,918 | ||||
Kia Motors Corporation (Consumer discretionary, Automobiles) | 30,289 | 2,201,400 | ||||
POSCO (Materials, Metals & mining) | 8,002 | 2,549,648 | ||||
Samsung Electronics Company Limited (Information technology, Technology hardware, storage & peripherals) | 260,522 | 17,779,593 | ||||
Samsung Fire & Marine Insurance Company Limited (Financials, Insurance) | 14,730 | 2,746,868 |
See accompanying notes to portfolio of investments
Wells Fargo Emerging Markets Equity Income Fund | 3
Portfolio of investments—July 31, 2021 (unaudited)
Shares | Value | |||||
South Korea: (continued) | ||||||
SK Hynix Incorporated (Information technology, Semiconductors & semiconductor equipment) | 46,502 | $ 4,548,120 | ||||
SK Telecom Company Limited (Communication services, Wireless telecommunication services) | 13,161 | 3,444,000 | ||||
42,984,441 | ||||||
Taiwan: 13.95% | ||||||
Advantech Company Limited (Information technology, Technology hardware, storage & peripherals) | 252,000 | 3,280,100 | ||||
ASE Technology Holding Company Limited (Information technology, Semiconductors & semiconductor equipment) | 463,000 | 2,028,160 | ||||
ASMedia Technology Incorporated (Information technology, Semiconductors & semiconductor equipment) | 26,000 | 1,817,629 | ||||
CTBC Financial Holding Company Limited (Financials, Banks) | 2,488,000 | 2,032,927 | ||||
Giant Manufacturing Company Limited (Consumer discretionary, Leisure products) | 148,000 | 1,704,130 | ||||
Hon Hai Precision Industry Company Limited (Information technology, Electronic equipment, instruments & components) | 958,704 | 3,771,051 | ||||
Lite-On Technology Corporation (Information technology, Technology hardware, storage & peripherals) | 909,000 | 2,083,565 | ||||
Mediatek Incorporated (Information technology, Semiconductors & semiconductor equipment) | 73,000 | 2,375,469 | ||||
Quanta Computer Incorporated (Information technology, Technology hardware, storage & peripherals) | 611,000 | 1,688,908 | ||||
Taiwan Semiconductor Manufacturing Company Limited (Information technology, Semiconductors & semiconductor equipment) | 1,248,000 | 25,883,783 | ||||
Unimicron Technology Corporation (Information technology, Electronic equipment, instruments & components) | 1,039,000 | 5,424,423 | ||||
United Microelectronics Corporation (Information technology, Semiconductors & semiconductor equipment) | 986,000 | 2,037,933 | ||||
54,128,078 | ||||||
Thailand: 1.32% | ||||||
Bangkok Bank PCL (Financials, Banks) | 862,600 | 2,663,844 | ||||
Tisco Financial Group PCL (Financials, Diversified financial services) | 918,500 | 2,459,207 | ||||
5,123,051 | ||||||
United Arab Emirates: 1.36% | ||||||
Abu Dhabi Commercial Bank PJSC (Financials, Banks) | 1,594,845 | 3,048,014 | ||||
Aldar Properties PJSC (Real estate, Real estate management & development) | 2,084,987 | 2,250,357 | ||||
5,298,371 | ||||||
Total Common stocks (Cost $273,346,118) | 356,256,219 |
Dividend yield | ||||||
Preferred stocks: 3.67% | ||||||
Brazil: 0.60% | ||||||
Itaúsa SA (Financials, Banks) | 1.11% | 1,086,019 | 2,329,157 |
See accompanying notes to portfolio of investments
4 | Wells Fargo Emerging Markets Equity Income Fund
Portfolio of investments—July 31, 2021 (unaudited)
Dividend yield | Shares | Value | ||||
South Korea: 3.07% | ||||||
LG Chem Limited (Materials, Chemicals) | 2.77% | 14,912 | $ 4,958,783 | |||
Samsung Electronics Company Limited (Information technology, Technology hardware, storage & peripherals) | 0.93 | 111,266 | 6,974,378 | |||
11,933,161 | ||||||
Total Preferred stocks (Cost $10,464,558) | 14,262,318 |
Yield | ||||||
Short-term investments: 3.92% | ||||||
Investment companies: 3.92% | ||||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03 | 15,194,563 | 15,194,563 | |||
Total Short-term investments (Cost $15,194,563) | 15,194,563 | |||||
Total investments in securities (Cost $299,005,239) | 99.39% | 385,713,100 | ||||
Other assets and liabilities, net | 0.61 | 2,373,226 | ||||
Total net assets | 100.00% | $388,086,326 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $5,716,805 (original aggregate cost of $3,382,014), representing 1.47% of its net assets as of period end. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
GDR | Global depositary receipt |
REIT | Real estate investment trust |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliates of the Fund at the beginning of the period or the end of the period were as follows:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Wells Fargo Government Money Market Fund Select Class | $13,498,167 | $163,122,010 | $(161,425,614) | $0 | $0 | $15,194,563 | 15,194,563 | $2,189 |
See accompanying notes to portfolio of investments
Wells Fargo Emerging Markets Equity Income Fund | 5
Notes to portfolio of investments—July 31, 2021 (unaudited)
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC.
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On July 31, 2021, such fair value pricing was used in pricing certain foreign securities.
Investments in registered open-end investment companies are valued at net asset value.
Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. at Wells Fargo Funds Management, LLC. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
■ | 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.) |
6 | Wells Fargo Emerging Markets Equity Income Fund
Notes to portfolio of investments—July 31, 2021 (unaudited)
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2021:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $18,176,763 | $0 | $0 | $18,176,763 |
Cambodia | 141,076 | 0 | 0 | 141,076 |
Chile | 4,606,749 | 0 | 0 | 4,606,749 |
China | 88,055,872 | 0 | 0 | 88,055,872 |
Hong Kong | 18,185,237 | 0 | 0 | 18,185,237 |
India | 43,490,859 | 1,463,230 | 0 | 44,954,089 |
Indonesia | 4,410,009 | 0 | 0 | 4,410,009 |
Malaysia | 3,407,003 | 0 | 0 | 3,407,003 |
Mexico | 7,021,129 | 0 | 0 | 7,021,129 |
Panama | 2,019,942 | 0 | 0 | 2,019,942 |
Peru | 2,167,236 | 0 | 0 | 2,167,236 |
Philippines | 2,021,080 | 0 | 0 | 2,021,080 |
Poland | 1,982,791 | 0 | 0 | 1,982,791 |
Qatar | 2,564,006 | 0 | 0 | 2,564,006 |
Russia | 23,830,427 | 0 | 0 | 23,830,427 |
Saudi Arabia | 3,761,540 | 2,805,050 | 0 | 6,566,590 |
Singapore | 2,438,765 | 0 | 0 | 2,438,765 |
South Africa | 16,173,514 | 0 | 0 | 16,173,514 |
South Korea | 42,984,441 | 0 | 0 | 42,984,441 |
Taiwan | 54,128,078 | 0 | 0 | 54,128,078 |
Thailand | 5,123,051 | 0 | 0 | 5,123,051 |
United Arab Emirates | 3,048,014 | 2,250,357 | 0 | 5,298,371 |
Preferred stocks | ||||
Brazil | 2,329,157 | 0 | 0 | 2,329,157 |
South Korea | 11,933,161 | 0 | 0 | 11,933,161 |
Short-term investments | ||||
Investment companies | 15,194,563 | 0 | 0 | 15,194,563 |
Total assets | $379,194,463 | $6,518,637 | $0 | $385,713,100 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the nine months ended July 31, 2021, the Fund did not have any transfers into/out of Level 3.
Wells Fargo Emerging Markets Equity Income Fund | 7