Portfolio of investments—May 31, 2021 (unaudited)
Shares | Value | ||||
Common stocks: 99.39% | |||||
Real estate: 99.39% | |||||
Equity REITs: 99.39% | |||||
Acadia Realty Trust | 2,509 | $ 54,445 | |||
Alexander & Baldwin Incorporated | 2,011 | 38,631 | |||
Alexandria Real Estate Equities Incorporated | 4,260 | 759,388 | |||
American Assets Trust Incorporated | 1,313 | 47,990 | |||
American Campus Communities Incorporated | 4,029 | 190,008 | |||
American Finance Trust Incorporated | 3,157 | 28,729 | |||
American Homes 4 Rent Class A | 7,883 | 300,106 | |||
Americold Realty Trust | 7,351 | 279,485 | |||
Apartment Investment & Management Company Class A | 4,286 | 30,216 | |||
Apple Hospitality REIT Incorporated | 6,137 | 97,394 | |||
AvalonBay Communities Incorporated | 4,072 | 842,660 | |||
Boston Properties Incorporated | 4,186 | 492,106 | |||
Brandywine Realty Trust | 4,914 | 69,091 | |||
Brixmor Property Group Incorporated | 8,727 | 198,190 | |||
Brookfield Property REIT Class A | 1,024 | 19,190 | |||
Camden Property Trust | 2,897 | 363,226 | |||
Colony Capital Incorporated † | 13,900 | 95,493 | |||
Columbia Property Trust Incorporated | 3,351 | 58,609 | |||
Community Healthcare Trust Incorporated | 662 | 31,299 | |||
Corporate Office Properties Trust | 3,276 | 90,418 | |||
Cousins Properties Incorporated | 4,418 | 163,864 | |||
CubeSmart | 5,833 | 255,427 | |||
DiamondRock Hospitality † | 6,113 | 59,174 | |||
Digital Realty Trust Incorporated | 8,207 | 1,243,853 | |||
Diversified Healthcare Trust | 6,947 | 25,218 | |||
Douglas Emmett Incorporated | 4,860 | 168,739 | |||
Duke Realty Corporation | 10,942 | 508,365 | |||
Easterly Government Properties Incorporated | 2,455 | 50,892 | |||
EastGroup Properties Incorporated | 1,149 | 181,634 | |||
Empire State Realty Trust Incorporated Class A | 5,031 | 59,517 | |||
Equity Commonwealth | 3,403 | 93,378 | |||
Equity Lifestyle Properties Incorporated | 4,865 | 344,734 | |||
Equity Residential | 10,772 | 834,291 | |||
Essential Properties Realty | 3,409 | 87,270 | |||
Essex Property Trust Incorporated | 1,902 | 561,642 | |||
Extra Space Storage Incorporated | 3,809 | 570,626 | |||
Federal Realty Investment Trust | 2,256 | 257,951 | |||
First Industrial Realty Trust Incorporated | 3,724 | 188,583 | |||
Gaming and Leisure Properties Incorporated | 6,416 | 297,446 | |||
Gladstone Land REIT Corporation | 727 | 16,816 | |||
Global Medical REIT Incorporated | 1,675 | 24,120 | |||
Healthcare Realty Trust Incorporated | 4,099 | 124,364 | |||
Healthcare Trust of America Incorporated Class A | 6,335 | 173,642 | |||
Healthpeak Properties Incorporated | 15,684 | 523,532 | |||
Highwoods Properties Incorporated | 3,023 | 138,091 | |||
Host Hotels & Resorts Incorporated † | 20,373 | 349,804 | |||
Hudson Pacific Properties Incorporated | 4,361 | 126,425 | |||
Independence Realty Trust Incorporated | 2,960 | 50,557 | |||
Industrial Logistics Properties Trust | 1,895 | 47,489 | |||
Innovative Industrial Properties Incorporated | 689 | 124,178 | |||
Invitation Homes Incorporated | 16,535 | 599,724 | |||
Iron Mountain Incorporated | 8,394 | 365,475 |
See accompanying notes to portfolio of investments
Wells Fargo U.S. REIT Portfolio | 1
Portfolio of investments—May 31, 2021 (unaudited)
Shares | Value | ||||
Equity REITs (continued) | |||||
JBG Smith Properties | 3,622 | $ 116,665 | |||
Kilroy Realty Corporation | 3,342 | 234,642 | |||
Kimco Realty Corporation | 12,309 | 262,305 | |||
Kite Realty Group Trust | 2,456 | 52,067 | |||
Lamar Advertising Company Class A | 2,508 | 262,889 | |||
Life Storage Incorporated | 2,222 | 220,956 | |||
LTC Properties Incorporated | 1,128 | 44,195 | |||
Mack-Cali Realty Corporation | 2,341 | 39,961 | |||
Mid-America Apartment Communities Incorporated | 3,334 | 535,774 | |||
National Health Investors Incorporated | 1,264 | 83,310 | |||
National Storage Affiliates Trust | 1,774 | 81,781 | |||
NexPoint Residential Trust Incorporated | 651 | 33,748 | |||
Office Properties Income Trust | 1,396 | 40,805 | |||
Outfront Media Incorporated † | 4,243 | 101,577 | |||
Paramount Group Incorporated | 5,472 | 60,083 | |||
Park Hotels & Resorts Incorporated † | 6,894 | 143,326 | |||
Pebblebrook Hotel Trust | 3,831 | 85,623 | |||
Piedmont Office Realty Trust Incorporated Class A | 3,583 | 66,250 | |||
Prologis Incorporated | 21,524 | 2,536,388 | |||
PS Business Parks Incorporated | 582 | 90,187 | |||
Public Storage Incorporated | 4,342 | 1,226,528 | |||
Regency Centers Corporation | 4,933 | 318,672 | |||
Retail Opportunity Investment Corporation | 3,373 | 60,242 | |||
Rexford Industrial Realty Incorporated | 3,899 | 215,342 | |||
RLJ Lodging Trust | 4,863 | 74,744 | |||
RPT Realty | 2,335 | 29,771 | |||
Ryman Hospitality Properties Incorporated † | 1,461 | 109,444 | |||
Safehold Incorporated REIT | 492 | 34,489 | |||
Seritage Growth Property Class A † | 784 | 13,234 | |||
Service Properties Trust | 4,738 | 59,509 | |||
Simon Property Group Incorporated | 9,621 | 1,236,202 | |||
SITE Centers Corporation | 5,025 | 75,224 | |||
SL Green Realty Corporation | 2,031 | 160,896 | |||
STAG Industrial Incorporated | 4,663 | 166,516 | |||
Summit Hotel Properties Incorporated † | 3,018 | 29,003 | |||
Sun Communities Incorporated | 3,189 | 533,902 | |||
Sunstone Hotel Investors Incorporated † | 6,236 | 78,324 | |||
Tanger Factory Outlet Centers Incorporated | 2,836 | 49,715 | |||
Terreno Realty Corporation | 1,965 | 125,013 | |||
The Geo Group Incorporated | 3,373 | 17,506 | |||
The Macerich Company | 5,301 | 84,339 | |||
UDR Incorporated | 8,808 | 419,525 | |||
UMH Properties Incorporated | 1,113 | 23,607 | |||
Uniti Group Incorporated | 6,742 | 73,218 | |||
Urban Edge Properties | 3,312 | 64,087 | |||
Ventas Incorporated | 10,901 | 604,460 | |||
VICI Properties Incorporated | 18,417 | 573,321 | |||
Vornado Realty Trust | 5,283 | 249,780 | |||
Washington REIT | 2,451 | 57,966 | |||
Weingarten Realty Investors | 3,513 | 115,121 | |||
Welltower Incorporated | 12,235 | 914,811 | |||
Xenia Hotels & Resorts Incorporated † | 3,316 | 64,364 | |||
Total Common stocks (Cost $17,833,626) | 25,654,902 |
See accompanying notes to portfolio of investments
2 | Wells Fargo U.S. REIT Portfolio
Portfolio of investments—May 31, 2021 (unaudited)
Yield | Shares | Value | |||
Short-term investments: 0.45% | |||||
Investment companies: 0.45% | |||||
Wells Fargo Government Money Market Fund Select Class ♠∞ | 0.03% | 115,948 | $ 115,948 | ||
Total Short-term investments (Cost $115,948) | 115,948 | ||||
Total investments in securities (Cost $17,949,574) | 99.84% | 25,770,850 | |||
Other assets and liabilities, net | 0.16 | 40,825 | |||
Total net assets | 100.00% | $25,811,675 |
† | Non-income-earning security |
♠ | The issuer is an affiliate of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliates of the Portfolio 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 | % of net assets | Shares, end of period | Income from affiliated securities | |
Short-term investments | |||||||||
Investment companies | |||||||||
Wells Fargo Government Money Market Fund Select Class | $133,673 | $1,477,776 | $(1,495,501) | $0 | $0 | $115,948 | 0.45% | 115,948 | $9 |
See accompanying notes to portfolio of investments
Wells Fargo U.S. REIT Portfolio | 3
Notes to portfolio of investments—May 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 Portfolio 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 Portfolio’s Valuation Procedures.
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.
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 Portfolio’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 Portfolio’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.) |
■ | Level 3 – significant unobservable inputs (including the Portfolio’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 Portfolio’s assets and liabilities as of May 31, 2021:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Real estate | $25,654,902 | $0 | $0 | $25,654,902 |
Short-term investments | ||||
Investment companies | 115,948 | 0 | 0 | 115,948 |
Total assets | $25,770,850 | $0 | $0 | $25,770,850 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the three months ended May 31, 2021, the Portfolio did not have any transfers into/out of Level 3.
4 | Wells Fargo U.S. REIT Portfolio