Wells Fargo (Lux) Worldwide Fund

Annual Report 31 March 2020

▪ Alternative Risk Premia Fund1 ▪ China Equity Fund ▪ Dynamic Credit Fund2 ▪ Emerging Markets Equity Fund ▪ Emerging Markets Equity Income Fund ▪ EUR Investment Grade Credit Fund ▪ EUR Short Duration Credit Fund ▪ Global Equity Fund ▪ Global Equity Absolute Return Fund ▪ Global Factor Enhanced Equity Fund ▪ Global Focused Equity Fund3 ▪ Global Investment Grade Credit Fund4 ▪ Global Long/Short Equity Fund ▪ Global Low Volatility Equity Fund ▪ Global Multi-Asset Income Fund ▪ Global Opportunity Bond Fund ▪ Global Small Cap Equity Fund5 ▪ Small Cap Innovation Fund5 ▪ U.S. All Cap Growth Fund ▪ U.S. High Yield Bond Fund ▪ U.S. Large Cap Growth Fund ▪ U.S. Select Equity Fund ▪ U.S. Short-Term High Yield Bond Fund ▪ U.S. Small Cap Value Fund ▪ USD Government Money Market Fund ▪ USD Investment Grade Credit Fund 1 The Sub-Fund commenced operations on 9 December 2019. 2 The Sub-Fund was liquidated on 11 October 2019. 3 The Sub-Fund was liquidated on 29 August 2019. 4 The Sub-Fund commenced operations on 8 November 2019. 5 The Sub-Fund commenced operations on 20 February 2020.

Alternative Risk Premia Fund, China Equity Fund, EUR Short Duration Credit Fund, Global Equity Absolute Return Fund, Global Factor Enhanced Equity Fund, Global Investment Grade Credit Fund, Global Multi-Asset Income Fund, Global Small Cap Equity Fund, Small Cap Innovation Fund and USD Government Money Market Fund have not been authorised by the Hong Kong Securities and Futures Commission and are not available for investment by Hong Kong retail investors. Wells Fargo (Lux) Worldwide Fund is incorporated with limited liability in the Grand Duchy of Luxembourg as a Société d’Investissement à Capital Variable under number RCS Luxembourg B 137.479. Registered office of Wells Fargo (Lux) Worldwide Fund: 80, route d’Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg.

Table of Contents

Directors’ report to shareholders ...... 1

Portfolio of investments Alternative Risk Premia Fund ...... 4 China Equity Fund ...... 5 Emerging Markets Equity Fund ...... 7 Emerging Markets Equity Income Fund ...... 12 EUR Investment Grade Credit Fund ...... 16 EUR Short Duration Credit Fund ...... 23 Global Equity Fund ...... 29 Global Equity Absolute Return Fund ...... 32 Global Factor Enhanced Equity Fund ...... 36 Global Investment Grade Credit Fund ...... 46 Global Long/Short Equity Fund ...... 53 Global Low Volatility Equity Fund ...... 57 Global Multi-Asset Income Fund ...... 66 Global Opportunity Bond Fund ...... 77 Global Small Cap Equity Fund ...... 81 Small Cap Innovation Fund ...... 85 U.S. All Cap Growth Fund ...... 88 U.S. High Yield Bond Fund ...... 91 U.S. Large Cap Growth Fund ...... 97 U.S. Select Equity Fund ...... 99 U.S. Short-Term High Yield Bond Fund ...... 101 U.S. Small Cap Value Fund ...... 104 USD Government Money Market Fund ...... 108 USD Investment Grade Credit Fund ...... 110

Statement of assets and liabilities ...... 116

Statement of operations and changes in net assets ...... 124

Statistics ...... 128

Notes to financial statements ...... 138

Directors, administration and management ...... 183

Report of the Réviseur D’Entreprises Agréé ...... 185

General information (unaudited) ...... 187

Appendix I (unaudited): Total expense ratios ...... 188

Appendix II (unaudited): Performance ...... 197

Appendix III (unaudited): Risk management ...... 204

Appendix IV (unaudited): Securities financing transactions ...... 206

Alternative Risk Premia Fund, China Equity Fund, EUR Short Duration Credit Fund, Global Equity Absolute Return Fund, Global Factor Enhanced Equity Fund, Global Investment Grade Credit Fund, Global Multi-Asset Income Fund, Global Small Cap Equity Fund, Small Cap Innovation Fund and USD Government Money Market Fund have not been authorised by the Hong Kong Securities and Futures Commission and are not available for investment by Hong Kong retail investors. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Document (KIID) together with the last annual report, including audited financial statements or the last unaudited semi-annual report if it is more recent.

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Directors’ report to shareholders

Dear Shareholder: We are pleased to offer you this annual report for the Wells Fargo (Lux) Worldwide Fund for the 12-month period that ended 31 March 2020. Global stock markets saw gains that had been achieved over the previous 10 months completely wiped out in February and March as governments around the world took unprecedented measures to stop the spread of the coronavirus at the expense of short-term economic output. Fixed income markets were less battered, and although no true shelter could protect investors from a once-in-a-century type of event, they softened the blow with modest gains as central banks did what they could to bolster capital markets and confidence.

For the 12-month period, fixed income securities generally had positive total returns whilst equities had broad losses, with the U.S. faring better than non-U.S. markets. For the period, U.S. stocks, based on the S&P 500 Index1, lost 6.98% and international stocks, as measured by the MSCI ACWI ex-USA Index (Net)2, returned -15.57%. The MSCI EM Index (Net)3 trailed, with a -17.69% return. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index4 returned a healthy 8.93%, the Bloomberg Barclays Global Aggregate ex-USD Index5 gained a more modest 3.70% and the Bloomberg Barclays Municipal Bond Index6 gained 3.85%, but the ICE BofA U.S. High Yield Index7 had more stock-like returns, returning -7.46%, reflecting their risk exposure.

The year began on a strong note but enthusiasm faded. Entering the 12-month period, financial markets had just rebounded from year-end 2018 turbulence with the support of reassurances that central banks, including the U.S. Federal Reserve (Fed), would be more accommodative in response to slowing global growth and ongoing U.S.-China trade issues.

During April, sustained low inflation, solid employment data and first-quarter U.S. gross domestic product (GDP) growth at an annualised rate of 3.20% supported favourable sentiment. During May, however, markets tumbled on mixed investment signals. Ongoing failures in the UK’s Brexit negotiations caused Prime Minister Theresa May to resign. Boris Johnson succeeded her, adding to uncertainty about Brexit’s resolution ahead of an October 2019 deadline. The European Commission downgraded the 2019 growth forecast to 1.20%. The U.S. increased tariffs on products from China, China responded and then trade talks broke down.

Midway through the year, investors regrouped, sentiment turned positive and U.S. equity markets advanced during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi indicated the bank was ready to cut rates or buy more assets to prop up inflation if needed. In the U.S., the Fed cut the federal funds rate by 0.25% in July whilst the U.S. government threatened to impose higher tariffs on China’s exports after talks failed.

China responded with tariff threats of its own and devalued the renminbi, roiling global markets. Major U.S. stock market indices closed July with the worst weekly results of the year. Bond prices gained as U.S. Treasury yields fell to multi-year lows, and the U.S. yield curve inverted at multiple points along the 30-year arc.

In August, U.S.-China trade tensions continued with no signs of compromise. Evidence of a continued global economic slowdown mounted, and central banks in China, New Zealand and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan and Germany. Adding to global uncertainty, Italy’s Prime Minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., the Fed cut interest rates a second time in September. U.S. manufacturing data disappointed investors. The U.S. Congress began an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a UK Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter GDP growth was a resilient 1.90% annualised rate, whilst the U.S. unemployment rate fell to a 50-year low of 3.50% in September. However, despite resilience among U.S. consumers, business confidence declined whilst manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high whilst emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets. Whilst consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Wells Fargo (Lux) Worldwide Fund | 1

Directors’ report to shareholders (continued)

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit UK Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus at year-end through lower reserve ratios, allowing banks to lend more money. The year-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the potential impact of the coronavirus on the global economy and stock markets. As sentiment began to sour, safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. Whilst the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia. In February, the coronavirus became the major market focus. Fears of the virus’ impact on Chinese and global growth led to expectations of increased global central bank support. That led the 10-year U.S. Treasury yield to fall to an all-time low of 1.10% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towards month- end and the S&P 500 Index lost 8.20% for the month. Oil prices tumbled as Russia and the Organisation of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at curtailing further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date. The global spread of the coronavirus led country after country to clamp down on social and business-related activity in order to contain the virus from causing even greater devastation and overwhelming the health care system. This abrupt stoppage of economic activity led to the sharp deceleration of global output, quickly pushing global economies into a deep contraction. The response from central banks was swift, as they slashed interest rates and expanded quantitative easing programmes to restore liquidity and confidence to the markets. In the U.S., the Fed introduced several new lending programmes, funding investment grade bonds, money market mutual funds and commercial paper along with purchasing Treasuries, mortgage-backed securities and overnight repos. Meanwhile, stock markets tumbled quickly into bear market territory, ending the longest bull stock market in U.S. history. With many unknowns, including when a vaccine will be developed and widely available, it’s difficult to make economic or financial market forecasts with any precision. However, the global economy is expected to experience a historic decline in output in the second quarter.

Activities during the year Specific Sub-Fund activities during the year are described in Note 1 of the Notes to the financial statements of this report.

Governance statement The Board of Directors adheres to the Association of the Luxembourg Fund Industry (“ALFI”) Code of Conduct for Luxembourg investment funds. The code of conduct sets a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds. Board of Directors Directors Nancy Wiser Chairperson Global Head of Fund Operations and Since 29 November 2017 125 High Street Governance, Wells Fargo Asset Management Boston, MA 02110 Richard Goddard 21st Century Building 19, rue de Bitbourg The Directors’ Office S.A. Since 20 March 2008 L-1273 Luxembourg-Hamm Luxembourg Mattheus Wijnand (Martijn) de Vree 33 King William Street London, EC4R 9AT Senior Solutions Manager, Multi-Asset Since 11 December 2018 United Kingdom Solutions, Wells Fargo Asset Management Jürgen Meisch Ziegelweg 1/1 Achalm Capital GmbH Since 10 March 2015 D-72764 Reutlingen Germany Yves Wagner 21st Century Building 19, rue de Bitbourg The Directors’ Office S.A. Since 10 June 2015 L-1273 Luxembourg-Hamm Luxembourg

2 | Wells Fargo (Lux) Worldwide Fund

Directors’ report to shareholders (continued)

Directors’ function The Directors are responsible for the overall management and control of the Fund. The Directors will receive periodic reports from the Management Company, Investment Adviser and/or Sub-Advisers detailing the Fund’s performance and analysing its investment portfolio. The Management Company, Investment Adviser and/or Sub-Advisers will provide such other information as may from time to time be reasonably required by the Directors.

Our goal is to meet the financial needs of our shareholders. We are committed to providing our shareholders with long-term investment strategies and focusing on appropriate risk whilst seeking to deliver consistent returns. We know that your ability to meet your long-term investment goals depends on the investment decisions you make today. Despite economic uncertainties and investment challenges, staying invested and adapting to emerging opportunities and threats will help you manage investment risk. Thank you for choosing the Wells Fargo (Lux) Worldwide Fund. We appreciate your confidence in us and remain committed to helping you meet your financial needs. Sincerely,

Nancy Wiser Chairperson of the Board of Directors of the Fund Global Head of Fund Operations and Governance, Wells Fargo Asset Management 25 June 2020

1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. 2 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-USA Index (Net) is a free-float-adjusted market capitalisation-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. 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 indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. You cannot invest directly in an index. 3 The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalisation-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. 4 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. 5 The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. 6 The Bloomberg 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. 7 The ICE BofA U.S. High Yield Index is a market-capitalisation-weighted index of domestic and Yankee high yield bonds. The index tracks the performance of high yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

Wells Fargo (Lux) Worldwide Fund | 3

Portfolio of investments as at 31 March 2020

ALTERNATIVE RISK PREMIA FUND Interest Market % of Rate Maturity Nominal Value Net % Date USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Government Bonds

United States United States Treasury Bill *+ 1.49 16/7/2020 1,920,000 1,919,555 5.40 United States Treasury Bill * 1.50 13/8/2020 4,300,000 4,298,756 12.09 United States Treasury Bill * 1.50 8/10/2020 4,300,000 4,297,895 12.09 United States Treasury Bill *+ 1.51 5/11/2020 670,000 669,679 1.88 United States Treasury Bill * 1.51 18/6/2020 4,300,000 4,299,136 12.10 United States Treasury Bill *+ 1.52 28/5/2020 1,600,000 1,596,187 4.49 United States Treasury Bill *+ 1.53 4/6/2020 4,300,000 4,299,446 12.10 United States Treasury Bill *+ 1.53 3/12/2020 3,200,000 3,198,278 9.00

Total Government Bonds 24,578,932 69.15

Total Investments in Securities 24,578,932 69.15

Nominal @

Cash at Banks

Time Deposits

Cayman Islands BBH Grand Cayman (o) 0.01 260 GBP 323 0.00

United Kingdom Sumitomo Mitsui Banking Corporation (o) 0.05 1,000,000 USD 1,000,000 2.82 Barclays (o) 0.05 788,468 USD 788,468 2.22 1,788,468 5.04

United States JPMorgan Chase (o) 0.05 1,000,000 USD 1,000,000 2.81 Citibank (o) 0.05 3,922,944 USD 3,922,944 11.04 4,922,944 13.85

Total Time Deposits 6,711,735 18.89

Current Accounts at Bank (1,771,005) (4.99)

Total Cash at Banks 4,940,730 13.90

Other Assets and Liabilities, Net 6,019,910 16.95

Total Net Assets 35,539,572 100.00

* The interest rate represents the yield to maturity at time of purchase. + Security is segregated as collateral for investments in contracts for difference and futures contracts. @ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: GBP British Pound USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

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Portfolio of investments as at 31 March 2020

CHINA EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares

China Aier Eye Hospital Group Company Limited Healthcare – Services 44,900 246,346 2.04 Beijing New Building Materials plc Building Materials 32,200 106,158 0.88 Beijing Oriental Yuhong Waterproof Technology Company Limited Building Materials 26,000 123,010 1.02 Beijing Thunisoft Corporation Limited Software 55,500 199,558 1.65 BTG Hotels Group Company Limited Lodging 56,100 105,155 0.87 China Construction Bank Corporation Banks 330,300 293,809 2.43 China Merchants Bank Company Limited Banks 67,300 303,677 2.51 China Merchants Shekou Industrial Zone Holdings Company Limited Real Estate 99,900 230,075 1.90 China Vanke Company Limited Real Estate 66,000 236,165 1.95 Contemporary Amperex Technology Company Limited Electrical Components & Equipment 14,800 249,538 2.06 Foxconn Industrial Internet Company Limited Telecommunications 133,300 244,305 2.02 Hangzhou Hikvision Digital Technology Company Limited Electronics 61,343 238,137 1.97 Hangzhou Robam Appliances Company Limited Home Furnishings 46,600 185,083 1.53 Hundsun Technologies Incorporated Software 13,500 165,442 1.37 Iflytek Company Limited Software 45,700 218,421 1.81 Industrial Bank Company Limited Banks 108,300 241,213 1.99 Inner Mongolia Yili Industrial Group Company Limited Food 60,700 253,606 2.10 JD.com Incorporated ADR Internet 6,170 249,885 2.07 Jiangsu Hengrui Medicine Company Limited Pharmaceuticals 19,700 252,837 2.09 Jiangsu Yangnong Chemical Company Limited Chemicals 13,300 125,580 1.04 Lepu Medical Technology Beijing Company Limited Healthcare – Products 47,698 240,482 1.99 Lomon Billions Group Company Limited Chemicals 61,850 128,881 1.07 Meituan Dianping Internet 22,400 267,036 2.21 Midea Group Company Limited Home Furnishings 33,804 228,718 1.89 NARI Technology Company Limited Machinery – Diversified 87,088 239,012 1.98 NetEase Incorporated ADR Software 910 292,074 2.42 Oppein Home Group Incorporated Building Materials 17,742 234,811 1.94 Ping An Healthcare & Technology Company Limited Healthcare – Services 27,900 256,899 2.12 Ping An Insurance Group Company of China Limited Insurance 36,400 352,218 2.91 Poly Developments & Holdings Group Company Limited Real Estate 59,691 124,196 1.03 SF Holding Company Limited Transportation 38,794 256,416 2.12 Shenzhen Gas Corporation Limited Oil & Gas Services 216,458 223,178 1.85 Shenzhen Inovance Technology Company Limited Electronics 67,700 244,177 2.02 Shenzhen Mindray Bio-Medical Electronics Company Limited Healthcare – Products 6,800 247,355 2.05 Suning.com Company Limited Retail 184,500 232,989 1.93 Suzhou Gold Mantis Construction Decoration Company Limited Building Materials 207,000 236,489 1.96 Tencent Holdings Limited Internet 22,400 1,107,179 9.16 Venustech Group Incorporated Computers 43,300 223,821 1.85 Vipshop Holdings Limited ADR Internet 18,300 285,114 2.36 Wanhua Chemical Group Company Limited Chemicals 42,200 243,092 2.01 Weichai Power Company Limited Auto Parts & Equipment 129,700 215,290 1.78 Weifu High-Technology Group Company Limited Auto Parts & Equipment 44,739 118,951 0.98 Will Semiconductor Limited Semiconductors 8,000 173,045 1.43 Wuxi Biologics Cayman Incorporated Healthcare – Services 19,500 248,953 2.06 Yantai Jereh Oilfield Services Group Company Limited Oil & Gas Services 71,458 220,305 1.82

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 5

Portfolio of investments as at 31 March 2020

CHINA EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued)

China (continued) Yonghui Superstores Company Limited Food 263,600 378,014 3.13 Yonyou Network Technology Company Limited Software 41,115 231,555 1.91 11,518,250 95.28

Hong Kong China Mobile Limited Telecommunications 31,700 237,569 1.96

Total Common Shares 11,755,819 97.24

Total Investments in Securities 11,755,819 97.24

Interest Rate % Nominal @

Cash at Banks

Time Deposits

Cayman Islands BBH Grand Cayman (o) (0.13) 58 SEK 6 0.00 BBH Grand Cayman (o) 0.66 26,141 HKD 3,372 0.03 3,378 0.03

United Kingdom Barclays (o) 0.05 1,138,810 USD 1,138,810 9.42

Total Time Deposits 1,142,188 9.45

Current Accounts at Bank 44,833 0.37

Total Cash at Banks 1,187,021 9.82

Other Assets and Liabilities, Net (853,974) (7.06)

Total Net Assets 12,088,866 100.00

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: ADR American Depository Receipt HKD Hong Kong Dollar SEK Swedish Krona USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

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Portfolio of investments as at 31 March 2020

EMERGING MARKETS EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares

Argentina MercadoLibre Incorporated Internet 1,156 564,798 0.23

Brazil AmBev SA ADR Beverages 292,200 672,060 0.28 Atacadao SA Retail 376,000 1,492,827 0.61 B2W Companhia Digital Internet 301,488 2,785,055 1.14 B3 SA – Brasil Bolsa Balcao Diversified Financial Services 369,300 2,551,504 1.05 Banco Bradesco SA ADR Banks 316,791 1,286,171 0.53 BK Brasil Operacao e Assessoria a Restaurantes SA Retail 252,411 440,108 0.18 BRF SA ADR Food 596,150 1,728,835 0.71 Cogna Educacao Commercial Services 262,700 202,229 0.08 Hapvida Participacoes e Investimentos SA Healthcare – Services 155,886 1,272,025 0.52 Lojas Renner SA Retail 223,899 1,446,094 0.59 Multiplan Empreendimentos Imobiliarios SA Real Estate 128,506 471,872 0.19 Raia Drogasil SA Retail 28,100 550,795 0.23 14,899,575 6.11

Chile Banco Santander Chile ADR Banks 85,664 1,296,096 0.53 SACI Falabella Retail 754,745 1,658,832 0.68 2,954,928 1.21

China 51job Incorporated ADR Internet 38,720 2,377,021 0.98 Alibaba Group Holding Limited ADR Internet 43,518 8,463,381 3.47 BEST Incorporated ADR Transportation 252,507 1,350,913 0.55 Bilibili Incorporated ADR Software 207,839 4,867,589 2.00 China Distance Education Holdings Limited ADR Commercial Services 75,017 501,864 0.21 China Life Insurance Company Limited Insurance 1,790,000 3,456,578 1.42 China Literature Limited Internet 198,879 780,970 0.32 China Meidong Auto Holdings Limited Retail 1,168,000 1,810,609 0.74 CNOOC Limited Oil & Gas Services 2,232,000 2,319,438 0.95 FinVolution Group ADR Diversified Financial Services 340,173 605,508 0.25 GreenTree Hospitality Group Limited ADR Lodging 131,201 1,439,275 0.59 Hua Medicine Pharmaceuticals 642,611 252,809 0.10 Huami Corporation ADR Home Furnishings 188,233 2,469,617 1.01 iQIYI Incorporated ADR Internet 75,382 1,341,800 0.55 Jianpu Technology Incorporated ADR Diversified Financial Services 299,941 251,950 0.10 Koolearn Technology Holding Limited Commercial Services 553,445 2,062,520 0.85 Li Ning Company Limited Retail 2,079,827 5,983,420 2.45 Meituan Dianping Internet 330,800 3,943,548 1.62 New Oriental Education & Technology Group Incorporated ADR Commercial Services 41,988 4,544,781 1.86 Pinduoduo Incorporated ADR Internet 26,396 951,048 0.39 Shandong Weigao Group Medical Polymer Company Limited Healthcare – Products 1,580,000 1,983,465 0.81 SINA Corporation Internet 63,745 2,029,641 0.83 Tencent Holdings Limited Internet 260,600 12,880,836 5.28 Trip.com Group Limited ADR Internet 120,885 2,834,753 1.16 Tsingtao Brewery Company Limited Beverages 425,520 2,150,886 0.88 Uxin Limited ADR Internet 305,000 469,700 0.19 Vipshop Holdings Limited ADR Internet 468,592 7,300,663 2.99

The accompanying notes are an integral part of these financial statements.

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Portfolio of investments as at 31 March 2020

EMERGING MARKETS EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued)

China (continued) Want Want China Holdings Limited Food 3,593,000 2,590,971 1.06 Weibo Corporation ADR Internet 92,394 3,059,165 1.26 Wise Talent Information Technology Company Limited Internet 229,159 458,155 0.19 Xiaomi Corporation Telecommunications 2,136,800 2,837,214 1.16 Zhou Hei Ya International Holdings Company Limited Food 1,772,437 1,019,035 0.42 89,389,123 36.64

Colombia Bancolombia SA ADR Banks 36,500 911,040 0.37

Hong Kong AIA Group Limited Insurance 660,000 5,910,063 2.42 China Mobile Limited Telecommunications 1,091,000 8,176,261 3.35 Johnson Electric Holdings Limited Electrical Components & Equipment 350,825 549,546 0.23 Sun Art Retail Group Limited Retail 2,087,500 3,070,990 1.26 WH Group Limited Food 6,433,000 5,937,717 2.43 23,644,577 9.69

India Axis Bank Limited Banks 124,916 624,541 0.26 Bajaj Finance Limited Diversified Financial Services 30,752 898,790 0.37 Bandhan Bank Limited Banks 108,780 292,063 0.12 Bharti Airtel Limited Telecommunications 312,576 1,821,732 0.75 Bharti Infratel Limited Telecommunications 107,474 227,304 0.09 Dalmia Bharat Limited Building Materials 50,724 329,720 0.13 Fortis Healthcare Limited Healthcare – Services 413,989 682,948 0.28 HDFC Bank Limited ADR Banks 49,722 1,912,308 0.78 Housing Development Finance Corporation Limited Diversified Financial Services 83,400 1,800,135 0.74 ITC Limited Agriculture 1,031,500 2,325,994 0.95 Kotak Mahindra Bank Limited Banks 77,921 1,330,019 0.54 Max Financial Services Limited Insurance 72,844 367,783 0.15 Oberoi Realty Limited Real Estate 59,250 260,050 0.11 Reliance Industries Limited Oil & Gas Services 335,800 4,896,713 2.01 Reliance Industries Limited GDR Oil & Gas Services 15,000 459,413 0.19 SBI Life Insurance Company Limited Insurance 68,076 576,942 0.24 Spandana Sphoorty Financial Limited Diversified Financial Services 34,544 266,430 0.11 19,072,885 7.82

Indonesia PT Astra International Tbk Retail 3,417,700 812,558 0.33 PT Bank Central Asia Tbk Banks 904,000 1,523,167 0.63 PT Blue Bird Tbk Transportation 1,052,410 62,267 0.03 PT Link Net Tbk Media 2,128,993 344,178 0.14 PT Telekomunikasi Indonesia Persero Tbk ADR Telecommunications 96,860 1,864,555 0.76 4,606,725 1.89

The accompanying notes are an integral part of these financial statements.

8 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EMERGING MARKETS EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued)

Mexico America Movil SAB de CV ADR Telecommunications 118,260 1,393,103 0.57 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Banks 200,000 129,750 0.06 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR Banks 250,683 812,213 0.33 Becle SAB de CV Beverages 1,049,314 1,275,233 0.52 Cemex SAB de CV ADR Building Materials 323,129 685,033 0.28 Fibra Uno Administracion SA de CV REIT 3,049,010 2,393,195 0.98 Fomento Economico Mexicano SAB de CV ADR Beverages 68,160 4,124,362 1.69 Grupo Financiero Banorte SAB de CV Banks 247,544 678,274 0.28 Wal-Mart de Mexico SAB de CV Retail 400,700 944,046 0.39 12,435,209 5.10

Peru Companhia de Minas Buenaventura SAA ADR Mining 76,660 558,851 0.23

Philippines Ayala Corporation Real Estate 101,652 929,446 0.38 San Miguel Food & Beverage Incorporated Food 320,119 313,266 0.13 SM Investments Corporation Retail 80,900 1,294,168 0.53 2,536,880 1.04

Russia HeadHunter Group plc ADR Internet 25,325 404,440 0.17 LUKOIL PJSC ADR Oil & Gas Services 31,190 1,838,080 0.75 Magnit PJSC GDR Food 49,000 432,262 0.18 Sberbank of Russia PJSC ADR Banks 106,800 1,006,038 0.41 Yandex NV Internet 89,100 3,033,855 1.24 6,714,675 2.75

South Africa MTN Group Limited Telecommunications 324,586 870,331 0.36 Oceana Group Limited Food 21,822 67,105 0.03 Shoprite Holdings Limited Food 219,100 1,531,268 0.63 Standard Bank Group Limited Banks 155,208 888,274 0.36 Tiger Brands Limited Food 116,980 1,211,707 0.49 4,568,685 1.87

South Korea KT Corporation ADR Telecommunications 333,426 2,594,054 1.06 KT&G Corporation Agriculture 20,557 1,258,649 0.52 Naver Corporation Internet 37,550 5,220,743 2.14 Samsung Electronics Company Limited Semiconductors 327,450 12,731,753 5.22 Samsung Life Insurance Company Limited Insurance 45,471 1,591,384 0.65 SK Hynix Incorporated Semiconductors 37,000 2,501,350 1.02 25,897,933 10.61

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 9

Portfolio of investments as at 31 March 2020

EMERGING MARKETS EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued)

Taiwan 104 Corporation Commercial Services 131,357 595,600 0.24 MediaTek Incorporated Semiconductors 316,880 3,401,145 1.39 President Chain Store Corporation Retail 187,000 1,748,223 0.72 Taiwan Semiconductor Manufacturing Company Limited ADR Semiconductors 276,760 13,226,360 5.42 Uni-President Enterprises Corporation Food 2,555,071 5,530,240 2.27 24,501,568 10.04

Thailand PTT Exploration & Production PCL Oil & Gas Services 176,957 366,436 0.15 PTT PCL Oil & Gas Services 1,334,300 1,260,413 0.52 Siam Commercial Bank PCL Banks 617,700 1,303,442 0.53 Thai Beverage PCL Beverages 4,305,850 1,821,586 0.75 4,751,877 1.95

Turkey AvivaSA Emeklilik ve Hayat AS Insurance 251,636 505,688 0.21

Total Common Shares 238,515,017 97.76

Dividend Yield %

Preferred Shares

Brazil Lojas Americanas SA 0.98 Retail 807,355 2,796,788 1.15

Total Preferred Shares 2,796,788 1.15

Total Investments in Securities 241,311,805 98.91

Interest Rate % Nominal @

Cash at Banks

Time Deposits

Cayman Islands BBH Grand Cayman (o) 0.66 269 HKD 35 0.00 BBH Grand Cayman (o) 4.10 311,622 ZAR 17,423 0.01 17,458 0.01

Netherlands ING Bank NV (o) 0.05 830,155 USD 830,155 0.34

The accompanying notes are an integral part of these financial statements.

10 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EMERGING MARKETS EQUITY FUND Interest Market % of Rate Value Net % Nominal @ USD Assets

Cash at Banks (continued)

Time Deposits (continued)

Singapore HSBC Bank plc (o) 0.01 54,289 SGD 38,195 0.01

Total Time Deposits 885,808 0.36

Current Accounts at Bank 1,029,447 0.43

Total Cash at Banks 1,915,255 0.79

Other Assets and Liabilities, Net 750,699 0.30

Total Net Assets 243,977,759 100.00

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: ADR American Depository Receipt GDR Global Depository Receipt HKD Hong Kong Dollar REIT Real Estate Investment Trust SGD SingaporeDollar USD United StatesDollar ZAR South AfricanRand

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 11

Portfolio of investments as at 31 March 2020

EMERGING MARKETS EQUITY INCOME FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares

Brazil B3 SA – Brasil Bolsa Balcao Diversified Financial Services 348,100 2,405,033 0.76 Banco BTG Pactual SA Diversified Financial Services 228,800 1,463,658 0.46 Petrobras Distribuidora SA Oil & Gas Services 424,800 1,267,999 0.40 Vale SA Iron/Steel 388,910 3,234,866 1.02 8,371,556 2.64

Chile Banco Santander Chile Banks 2,559,838 98,697 0.03 Sociedad Quimica y Minera de Chile SA ADR Chemicals 61,253 1,381,255 0.44 1,479,952 0.47

China China Communications Services Corporation Limited Engineering & Construction 4,816,000 3,462,962 1.09 China Construction Bank Corporation Banks 12,874,000 10,464,593 3.31 China Life Insurance Company Limited Insurance 1,228,000 2,371,328 0.75 China Merchants Bank Company Limited Banks 645,000 2,885,583 0.91 China Merchants Shekou Industrial Zone Holdings Company Limited Real Estate 932,731 2,148,125 0.68 China State Construction Engineering Corporation Limited Engineering & Construction 3,108,139 2,285,269 0.72 China Vanke Company Limited Real Estate 868,135 3,106,413 0.98 China Yongda Automobiles Services Holdings Limited Retail 2,512,000 2,022,204 0.64 Dali Foods Group Company Limited Food 3,098,000 2,148,545 0.68 ENN Energy Holdings Limited Oil & Gas Services 174,000 1,685,581 0.53 Guangzhou Automobile Group Company Limited Auto Manufacturers 1,774,000 1,764,610 0.56 Haier Smart Home Company Limited Home Furnishings 1,675,486 3,369,430 1.06 Hangzhou Robam Appliances Company Limited Home Furnishings 474,153 1,883,211 0.60 Hengan International Group Company Limited Healthcare – Products 500,500 3,738,324 1.18 Industrial & Commercial Bank of China Limited Banks 11,968,918 8,164,944 2.58 Lenovo Group Limited Computers 3,914,000 2,073,412 0.66 Midea Group Company Limited Home Furnishings 584,145 3,952,327 1.25 NARI Technology Company Limited Machinery – Diversified 1,032,242 2,832,972 0.90 NetEase Incorporated ADR Software 8,108 2,602,344 0.82 PetroChina Company Limited Oil & Gas Services 4,522,000 1,638,953 0.52 PICC Property & Casualty Company Limited Insurance 1,974,000 1,890,264 0.60 Ping An Insurance Group Company of China Limited Insurance 769,000 7,510,255 2.37 Sinopharm Group Company Limited Pharmaceuticals 1,158,800 2,567,546 0.81 Suzhou Gold Mantis Construction Decoration Company Limited Building Materials 3,224,750 3,684,145 1.16 Tingyi Cayman Islands Holding Corporation Food 1,896,000 3,082,581 0.97 Topsports International Holdings Limited Apparel 1,625,000 1,684,271 0.53 Uni-President China Holdings Limited Food 1,732,000 1,673,966 0.53 Wanhua Chemical Group Company Limited Chemicals 292,953 1,687,549 0.53 Weichai Power Company Limited Auto Parts & Equipment 1,494,000 2,379,781 0.75 Zhengzhou Yutong Bus Company Limited Auto Manufacturers 1,403,825 2,683,474 0.85 93,444,962 29.52

Greece Hellenic Telecommunications Organization SA Telecommunications 215,689 2,607,360 0.82

The accompanying notes are an integral part of these financial statements.

12 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EMERGING MARKETS EQUITY INCOME FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) Hong Kong ASM Pacific Technology Limited Semiconductors 238,400 2,210,524 0.70 Beijing Enterprises Water Group Limited Water 4,306,000 1,669,386 0.53 China Merchants Port Holdings Company Limited Commercial Services 2,624,000 2,980,876 0.94 China Mobile Limited Telecommunications 954,665 7,154,528 2.26 China Overseas Land & Investment Limited Real Estate 952,000 2,918,767 0.92 China Resources Land Limited Real Estate 932,000 3,803,952 1.20 China State Construction International Holdings Limited Engineering & Construction 3,800,000 2,786,793 0.88 Geely Automobile Holdings Limited Auto Manufacturers 1,053,000 1,528,138 0.48 Kunlun Energy Company Limited Oil & Gas Services 3,028,000 1,749,910 0.55 Man Wah Holdings Limited Retail 3,018,800 1,636,427 0.52 Shimao Property Holdings Limited Real Estate 607,500 2,105,366 0.67 WH Group Limited Food 4,258,000 3,930,172 1.24 34,474,839 10.89

India Bharat Petroleum Corporation Limited Oil & Gas Services 981,786 4,108,809 1.30 Embassy Office Parks REIT REIT 527,800 2,439,170 0.77 GAIL India Limited Oil & Gas Services 1,952,054 1,959,673 0.62 Hero MotoCorp Limited Leisure Time 90,548 1,909,380 0.60 Hindustan Petroleum Corporation Limited Oil & Gas Services 1,155,385 2,897,008 0.92 Infosys Limited ADR Computers 629,533 5,168,466 1.63 Mahanagar Gas Limited Electric 194,067 2,100,692 0.67 Tech Mahindra Limited Software 592,094 4,410,482 1.39 24,993,680 7.90

Indonesia PT Bank Rakyat Indonesia Persero Tbk Banks 10,082,500 1,849,183 0.58 PT Telekomunikasi Indonesia Persero Tbk Telecommunications 17,921,400 3,480,635 1.10 5,329,818 1.68

Macau Sands China Limited Lodging 430,000 1,564,380 0.49

Malaysia CIMB Group Holdings Bhd Banks 2,080,779 1,731,511 0.55 RHB Bank Bhd Banks 1,456,300 1,584,606 0.50 3,316,117 1.05

Mexico Fibra Uno Administracion SA de CV REIT 2,008,954 1,576,846 0.50 Infraestructura Energetica Nova SAB de CV Electric 884,600 2,715,048 0.86 Wal-Mart de Mexico SAB de CV Retail 1,008,772 2,376,658 0.75 6,668,552 2.11

Peru Credicorp Limited Banks 9,330 1,334,843 0.42 Southern Copper Corporation Mining 82,063 2,310,894 0.73 3,645,737 1.15

Philippines Bank of the Philippine Islands Banks 1,195,740 1,454,678 0.46

Poland Powszechny Zaklad Ubezpieczen SA Insurance 269,849 2,027,106 0.64

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 13

Portfolio of investments as at 31 March 2020

EMERGING MARKETS EQUITY INCOME FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) Qatar Qatar National Bank QPSC Banks 413,165 1,888,058 0.60

Russia Gazprom PJSC ADR Oil & Gas Services 288,547 1,308,485 0.41 LUKOIL PJSC ADR Oil & Gas Services 28,606 1,685,800 0.53 Magnitogorsk Iron & Steel Works PJSC Iron/Steel 3,376,800 1,657,891 0.53 Mobile TeleSystems PJSC ADR Telecommunications 247,887 1,883,941 0.60 Polymetal International plc Mining 229,905 3,934,917 1.24 Sberbank of Russia PJSC ADR Banks 178,801 1,684,275 0.53 X5 Retail Group NV GDR Food 92,249 2,464,892 0.78 14,620,201 4.62

Saudi Arabia National Commercial Bank Banks 302,736 2,790,503 0.88

South Africa Absa Group Limited Banks 103,964 432,517 0.14 Bidvest Group Limited Retail 271,694 2,215,025 0.70 Naspers Limited Internet 37,479 5,326,306 1.68 Standard Bank Group Limited Banks 190,684 1,091,308 0.34 9,065,156 2.86

South Korea Coway Company Limited Home Furnishings 28,026 1,325,735 0.42 KB Financial Group Incorporated Diversified Financial Services 93,627 2,633,168 0.83 NH Investment & Securities Company Limited Diversified Financial Services 276,683 2,024,848 0.64 Samsung Electronics Company Limited Semiconductors 448,748 17,448,004 5.51 SK Hynix Incorporated Semiconductors 76,856 5,195,777 1.64 SK Telecom Company Limited Telecommunications 19,171 2,788,344 0.88 31,415,876 9.92

Taiwan Accton Technology Corporation Telecommunications 326,000 1,744,292 0.55 ASE Technology Holding Company Limited Semiconductors 864,000 1,673,583 0.53 CTBC Financial Holding Company Limited Diversified Financial Services 5,164,000 3,040,768 0.96 Delta Electronics Incorporated Electrical Components & Equipment 440,000 1,741,439 0.55 Hon Hai Precision Industry Company Limited Electronics 753,600 1,734,989 0.55 Largan Precision Company Limited Miscellaneous Manufacturers 12,000 1,515,231 0.48 MediaTek Incorporated Semiconductors 155,000 1,663,651 0.52 Quanta Computer Incorporated Computers 1,661,000 3,289,019 1.04 Taiwan Semiconductor Manufacturing Company Limited Semiconductors 1,884,500 16,964,865 5.36 Uni-President Enterprises Corporation Food 772,000 1,670,930 0.53 Wiwynn Corporation Computers 84,000 1,931,438 0.61 36,970,205 11.68

Thailand Advanced Info Service PCL Telecommunications 405,500 2,503,131 0.79 Bangkok Bank PCL Banks 469,200 1,453,196 0.46 3,956,327 1.25

United Arab Emirates First Abu Dhabi Bank PJSC Banks 469,704 1,211,068 0.38

United Kingdom Mondi plc Forest Products & Paper 108,954 1,838,666 0.58 Total Common Shares 293,134,797 92.59

The accompanying notes are an integral part of these financial statements.

14 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EMERGING MARKETS EQUITY INCOME FUND Dividend Market % of Yield Value Net % Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Preferred Shares Brazil Banco Bradesco SA 10.42Banks 378,038 0.48 1,511,105 Gerdau SA 2.09 Iron/Steel 802,600 0.491,552,343 Itausa - Investimentos Itau SA 6.09 Investment Companies 1,349,967 0.72 2,278,480 Petroleo Brasileiro SA ADR 6.86Oil & Gas Services 274,182 0.46 1,477,841 6,819,769 2.15

South Korea Samsung Electronics Company Limited 2.67 Semiconductors 142,700 4,650,2561.47 Total Preferred Shares 11,470,025 3.62 Total Investments in Securities 304,604,822 96.21

Interest Rate % Nominal @ Cash at Banks Time Deposits Cayman Islands BBH Grand Cayman (o) 0.01 6 GBP 7 0.00 BBH Grand Cayman (o) 0.01 16 SGD 12 0.00 19 0.00

France BNP Paribas (o) 4.10 612,956 ZAR 34,2710.01

Netherlands ING Bank NV (o) 0.66 820,205 HKD 105,7950.04

United States JPMorgan Chase (o) 0.05 9,028,464 USD 9,028,464 2.85 Total Time Deposits 9,168,549 2.90 Current Accounts at Bank 976,584 0.30 Total Cash at Banks 10,145,133 3.20 Other Assets and Liabilities, Net 1,837,101 0.59 Total Net Assets 316,587,056 100.00

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: ADR American Depository Receipt GBP British Pound GDR Global DepositoryRe ceipt HKD Hong KongDollar REIT Real Estate Investment Trust SGD Singapore Dollar USD United StatesDollar ZAR South African Rand

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 15

Portfolio of investments as at 31 March 2020

EUR INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes

Australia Australia & New Zealand Banking Group Limited ± 1.13 21/11/2029 Banks 500,000 EUR 444,691 0.46 Santos Finance Limited 4.13 14/9/2027 Oil & Gas Services 600,000 USD 527,847 0.55 Transurban Finance Company Proprietary Limited 1.75 29/3/2028 Commercial Services 400,000 EUR 397,647 0.41 1,370,185 1.42

Austria BAWAG Group AG ± 2.38 26/3/2029 Banks 700,000 EUR 631,519 0.65

Belgium Argenta Spaarbank NV 1.00 6/2/2024 Banks 500,000 EUR 492,504 0.51 Argenta Spaarbank NV ± 3.88 24/5/2026 Banks 800,000 EUR 802,792 0.83 Elia Transmission Belgium SA 1.38 14/1/2026 Electric 600,000 EUR 617,618 0.64 Ethias SA 5.00 14/1/2026 Insurance 500,000 EUR 527,930 0.55 KBC Group NV 0.75 1/3/2022 Banks 900,000 EUR 882,099 0.91 Solvay SA ^± 4.25 4/12/2023 Chemicals 600,000 EUR 594,429 0.62 3,917,372 4.06

Czech Republic Ceske Drahy AS 1.50 23/5/2026 Transportation 100,000 EUR 99,682 0.10

Denmark ISS Global AS 0.88 18/6/2026 Commercial Services 200,000 EUR 179,370 0.18 Jyske Bank AS ± 2.25 5/4/2029 Banks 600,000 EUR 586,766 0.61 Nykredit Realkredit AS 0.13 10/7/2024 Banks 600,000 EUR 547,866 0.57 Nykredit Realkredit AS 0.88 17/1/2024 Banks 700,000 EUR 666,176 0.69 Nykredit Realkredit AS ^± 6.25 26/10/2020 Banks 500,000 EUR 484,060 0.50 Orsted AS ± 6.25 26/6/3013 Electric 500,000 EUR 546,422 0.57 Sydbank AS 1.25 4/2/2022 Banks 400,000 EUR 394,176 0.41 3,404,836 3.53

Finland Fortum OYJ 0.88 27/2/2023 Electric 400,000 EUR 394,452 0.41 Mandatum Life Insurance Company Limited ± 1.88 4/10/2049 Insurance 800,000 EUR 704,040 0.73 Nordea Bank Abp 0.88 26/6/2023 Banks 300,000 EUR 290,223 0.30 OP Corporate Bank plc 0.60 18/1/2027 Banks 700,000 EUR 632,730 0.66 Sampo OYJ 1.25 30/5/2025 Insurance 500,000 EUR 492,055 0.51 Sampo OYJ ± 3.38 23/5/2049 Insurance 400,000 EUR 396,226 0.41 2,909,726 3.02

France Air Liquide Finance SA 0.63 20/6/2030 Chemicals 400,000 EUR 386,440 0.40 ALD SA 0.88 18/7/2022 Commercial Services 400,000 EUR 380,091 0.39 Arkema SA 0.75 3/12/2029 Chemicals 400,000 EUR 369,211 0.38 Arkema SA ^± 1.50 21/10/2025 Chemicals 500,000 EUR 414,107 0.43 Arkema SA 1.50 20/4/2027 Chemicals 500,000 EUR 508,228 0.53 Arkema SA ^± 2.75 17/6/2024 Chemicals 300,000 EUR 269,930 0.28 Banque Federative du Credit Mutuel SA 0.75 8/6/2026 Banks 900,000 EUR 868,426 0.90 Banque Federative du Credit Mutuel SA 3.00 21/5/2024 Banks 500,000 EUR 503,025 0.52 BNP Paribas SA 1.25 19/3/2025 Banks 1,100,000 EUR 1,065,044 1.11

The accompanying notes are an integral part of these financial statements.

16 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EUR INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) France (continued) BPCE SA 1.00 1/4/2025 Banks 200,000 EUR 190,094 0.20 BPCE SA 3.50 23/10/2027 Banks 600,000 USD 529,996 0.55 Carrefour SA 2.63 15/12/2027 Food 200,000 EUR 206,604 0.21 CNP Assurances ± 4.25 5/6/2045 Insurance 500,000 EUR 517,930 0.54 Credit Agricole SA 0.13 6/3/2023 Banks 400,000 EUR 378,246 0.39 Credit Agricole SA 1.38 13/3/2025 Banks 600,000 EUR 582,742 0.61 Danone SA 0.57 17/3/2027 Food 100,000 EUR 97,695 0.10 Edenred 1.88 6/3/2026 Commercial Services 900,000 EUR 926,226 0.96 Electricite de France SA 2.00 2/10/2030 Electric 500,000 EUR 523,906 0.54 Electricite de France SA ^± 5.38 29/1/2025 Electric 500,000 EUR 510,813 0.53 La Mondiale SAM ^± 5.05 17/12/2025 Insurance 305,000 EUR 306,742 0.32 Orange SA 0.50 4/9/2032 Telecommunications 500,000 EUR 432,374 0.45 RCI Banque SA 1.00 17/5/2023 Auto Manufacturers 300,000 EUR 280,812 0.29 RTE Reseau de Transport d’Electricite SADIR 1.00 19/10/2026 Electric 500,000 EUR 503,979 0.52 SCOR SE ^± 5.25 13/3/2029 Insurance 600,000 USD 442,641 0.46 UMG Groupe VYV 1.63 2/7/2029 Healthcare – Services 600,000 EUR 556,825 0.58 Worldline SA 0.25 18/9/2024 Software 600,000 EUR 569,280 0.59 12,321,407 12.78

Germany Aareal Bank AG ± 4.25 18/3/2026 Diversified Financial Services 500,000 EUR 486,764 0.51 Aareal Bank AG ^± 7.63 30/4/2020 Diversified Financial Services 600,000 EUR 531,750 0.55 Albemarle New Holding GmbH 1.63 25/11/2028 Chemicals 500,000 EUR 441,430 0.46 Bayer AG ± 2.38 12/11/2079 Pharmaceuticals 400,000 EUR 352,492 0.37 Bayer AG ± 3.13 12/11/2079 Pharmaceuticals 300,000 EUR 275,549 0.29 Deutsche Bank AG 0.38 18/1/2021 Banks 1,400,000 EUR 1,362,732 1.41 Deutsche Telekom AG 0.88 25/3/2026 Telecommunications 300,000 EUR 295,361 0.31 Deutsche Telekom AG 1.75 9/12/2049 Telecommunications 400,000 EUR 347,195 0.36 Eurogrid GmbH 1.88 10/6/2025 Electric 700,000 EUR 735,588 0.76 Hamburg Commercial Bank AG 0.50 23/5/2022 Banks 500,000 EUR 485,005 0.50 Merck KGaA ± 1.63 25/6/2079 Pharmaceuticals 300,000 EUR 271,185 0.28 O2 Telefonica Deutschland Finanzierungs GmbH 1.75 5/7/2025 Telecommunications 500,000 EUR 511,485 0.53 Vier Gas Transport GmbH 1.50 25/9/2028 Pipelines 300,000 EUR 313,065 0.32 Volkswagen Bank GmbH 0.63 8/9/2021 Auto Manufacturers 800,000 EUR 788,032 0.82 Volkswagen Financial Services AG 1.50 1/10/2024 Auto Manufacturers 750,000 EUR 715,142 0.74 7,912,775 8.21

Iceland Landsbankinn HF 1.38 14/3/2022 Banks 200,000 EUR 198,060 0.21

Ireland Abbott Ireland Financing DAC 1.50 27/9/2026 Healthcare – Products 400,000 EUR 402,482 0.42 AIB Group plc 2.25 3/7/2025 Banks 300,000 EUR 286,413 0.30 Bank of Ireland Group plc ± 4.13 19/9/2027 Banks 400,000 USD 341,696 0.35 ESB Finance DAC 1.13 11/6/2030 Electric 600,000 EUR 585,344 0.60 Liberty Mutual Finance Europe DAC 1.75 27/3/2024 Insurance 700,000 EUR 693,410 0.72 2,309,345 2.39

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 17

Portfolio of investments as at 31 March 2020

EUR INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) Italy Banco BPM SpA 2.50 21/6/2024 Banks 600,000 EUR 559,813 0.58 FCA Bank SpA 0.50 13/9/2024 Diversified Financial Services 500,000 EUR 456,017 0.47 FCA Bank SpA 1.00 21/2/2022 Diversified Financial Services 400,000 EUR 394,076 0.41 FCA Bank SpA 1.25 23/9/2020 Diversified Financial Services 300,000 EUR 299,995 0.31 Intesa Sanpaolo SpA 0.75 4/12/2024 Banks 100,000 EUR 92,002 0.10 Intesa Sanpaolo SpA 1.00 4/7/2024 Banks 300,000 EUR 281,244 0.29 UniCredit SpA ± 2.73 15/1/2032 Banks 500,000 EUR 397,688 0.41 UniCredit SpA 6.57 14/1/2022 Banks 400,000 USD 369,486 0.39 2,850,321 2.96

Japan Mizuho Financial Group Incorporated 0.52 10/6/2024 Banks 600,000 EUR 565,955 0.59

Luxembourg CK Hutchison Group Telecom Finance SA 1.50 17/10/2031 Telecommunications 900,000 EUR 815,510 0.85 CNH Industrial Finance Europe SA 1.75 12/9/2025 Machinery – Diversified 500,000 EUR 469,625 0.49 DH Europe Finance II Sarl 0.20 18/3/2026 Healthcare – Products 600,000 EUR 554,270 0.57 DH Europe Finance II Sarl 0.45 18/3/2028 Healthcare – Products 300,000 EUR 268,250 0.28 Prologis International Funding II SA 0.88 9/7/2029 Real Estate 600,000 EUR 549,544 0.57 SELP Finance Sarl 1.50 20/11/2025 REIT 400,000 EUR 393,747 0.41 SES SA 1.63 22/3/2026 Telecommunications 400,000 EUR 387,761 0.40 Swiss Re Finance Luxembourg SA ± 2.53 30/4/2050 Insurance 500,000 EUR 464,263 0.48 3,902,970 4.05

Netherlands ABN AMRO Bank NV 0.50 17/7/2023 Banks 500,000 EUR 489,946 0.51 Aegon NV ^± 5.63 15/4/2029 Insurance 200,000 EUR 185,208 0.19 Ashland Services BV 2.00 30/1/2028 Chemicals 200,000 EUR 173,500 0.18 ASML Holding NV 1.63 28/5/2027 Semiconductors 600,000 EUR 622,597 0.65 ASR Nederland NV ± 3.38 2/5/2049 Insurance 300,000 EUR 289,496 0.30 Compass Group Finance Netherlands BV 1.50 5/9/2028 Food Service 400,000 EUR 390,239 0.40 Cooperatieve Rabobank UA 0.63 27/2/2024 Banks 500,000 EUR 480,392 0.50 Daimler International Finance BV 1.38 26/6/2026 Auto Manufacturers 700,000 EUR 661,020 0.69 de Volksbank NV 0.75 25/6/2023 Banks 700,000 EUR 691,519 0.72 de Volksbank NV ± 3.75 5/11/2025 Banks 400,000 EUR 399,779 0.41 Deutsche Telekom International Finance BV 0.63 1/12/2022 Telecommunications 400,000 EUR 397,559 0.41 Digital Dutch Finco BV 1.50 15/3/2030 REIT 300,000 EUR 260,228 0.27 Enel Finance International NV 0.38 17/6/2027 Electric 450,000 EUR 418,181 0.43 Enel Finance International NV 1.50 21/7/2025 Electric 400,000 EUR 405,839 0.42 Enel Finance International NV 2.75 6/4/2023 Electric 200,000 USD 171,062 0.18 Heineken NV 1.75 17/3/2031 Beverages 600,000 EUR 606,282 0.63 Koninklijke Philips NV 0.50 22/5/2026 Healthcare – Products 500,000 EUR 484,300 0.50 LeasePlan Corporation NV 0.75 3/10/2022 Diversified Financial Services 600,000 EUR 585,929 0.61 LeasePlan Corporation NV 1.38 7/3/2024 Diversified Financial Services 200,000 EUR 194,564 0.20 NIBC Bank NV 1.50 31/1/2022 Banks 400,000 EUR 400,781 0.42 NIBC Bank NV 2.00 9/4/2024 Banks 200,000 EUR 196,475 0.20 Sika Capital BV 0.88 29/4/2027 Building Materials 100,000 EUR 92,198 0.10 Sika Capital BV 1.50 29/4/2031 Building Materials 100,000 EUR 90,378 0.09 Vonovia Finance BV 0.50 14/9/2029 Real Estate 700,000 EUR 609,319 0.63 9,296,791 9.64

The accompanying notes are an integral part of these financial statements.

18 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EUR INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued)

New Zealand Chorus Limited 0.88 5/12/2026 Telecommunications 200,000 EUR 193,570 0.20

Norway Aker BP ASA 3.00 15/1/2025 Oil & Gas Services 200,000 USD 143,972 0.15 Equinor ASA 1.63 17/2/2035 Oil & Gas Services 500,000 EUR 486,055 0.50 Statkraft AS 1.13 20/3/2025 Electric 900,000 EUR 917,296 0.95 1,547,323 1.60

Portugal Caixa Geral de Depositos SA ± 5.75 28/6/2028 Banks 300,000 EUR 271,500 0.28

Singapore DBS Group Holdings Limited ± 1.50 11/4/2028 Banks 700,000 EUR 674,227 0.70

Spain Amadeus IT Group SA 0.04 18/3/2022 Commercial Services 100,000 EUR 97,759 0.10 Amadeus IT Group SA 0.88 18/9/2023 Commercial Services 300,000 EUR 288,468 0.30 Banco de Sabadell SA 1.13 27/3/2025 Banks 400,000 EUR 354,329 0.37 Bankia SA ± 3.75 15/2/2029 Banks 400,000 EUR 365,884 0.38 Bankinter SA 0.63 6/10/2027 Banks 400,000 EUR 349,374 0.36 Bankinter SA 0.88 5/3/2024 Banks 200,000 EUR 194,222 0.20 CaixaBank SA 0.63 1/10/2024 Banks 600,000 EUR 548,224 0.57 FCC Aqualia SA 1.41 8/6/2022 Water 800,000 EUR 798,726 0.83 IE2 Holdco SAU 2.38 27/11/2023 Electric 400,000 EUR 410,779 0.42 Inmobiliaria Colonial Socimi SA 1.45 28/10/2024 REIT 500,000 EUR 493,307 0.51 Kutxabank SA 0.50 25/9/2024 Banks 400,000 EUR 373,073 0.39 Telefonica Emisiones SA 1.46 13/4/2026 Telecommunications 1,000,000 EUR 1,008,878 1.05 Unicaja Banco SA ± 2.88 13/11/2029 Banks 200,000 EUR 165,586 0.17 5,448,609 5.65

Sweden Akelius Residential Property AB ± 2.25 17/5/2081 Real Estate 500,000 EUR 411,077 0.43 Akelius Residential Property AB ± 3.88 5/10/2078 Real Estate 400,000 EUR 361,261 0.37 Heimstaden Bostad AB 1.13 21/1/2026 Real Estate 300,000 EUR 287,631 0.30 Svenska Handelsbanken AB ± 1.63 5/3/2029 Banks 618,000 EUR 602,549 0.63 Tele2 AB 1.13 15/5/2024 Telecommunications 300,000 EUR 303,446 0.31 Tele2 AB 2.13 15/5/2028 Telecommunications 800,000 EUR 839,688 0.87 Vattenfall AB 0.05 15/10/2025 Electric 100,000 EUR 95,131 0.10 2,900,783 3.01

Switzerland Credit Suisse AG ± 5.75 18/9/2025 Banks 500,000 EUR 490,666 0.51 UBS AG ± 4.75 12/2/2026 Banks 300,000 EUR 294,000 0.31 UBS Group AG ± 0.25 29/1/2026 Banks 300,000 EUR 272,886 0.28 UBS Group AG 1.75 16/11/2022 Banks 800,000 EUR 795,210 0.82 1,852,762 1.92

United Kingdom Aviva plc ± 6.13 5/7/2043 Insurance 756,000 EUR 822,898 0.85 Babcock International Group plc 1.38 13/9/2027 Commercial Services 400,000 EUR 380,717 0.39 Babcock International Group plc 1.75 6/10/2022 Commercial Services 400,000 EUR 405,447 0.42 Barclays plc ± 3.38 2/4/2025 Banks 600,000 EUR 608,455 0.63

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 19

Portfolio of investments as at 31 March 2020

EUR INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United Kingdom (continued) BP Capital Markets plc 1.53 26/9/2022 Oil & Gas Services 800,000 EUR 800,542 0.83 Brambles Finance plc 1.50 4/10/2027 Packaging & Containers 300,000 EUR 301,747 0.31 British Telecommunications plc 0.50 12/9/2025 Telecommunications 600,000 EUR 569,980 0.59 Coca-Cola European Partners plc 1.50 8/11/2027 Beverages 800,000 EUR 798,651 0.83 Coca-Cola European Partners plc 2.63 6/11/2023 Beverages 500,000 EUR 527,230 0.55 DS Smith plc 2.25 16/9/2022 Packaging & Containers 500,000 EUR 510,365 0.53 FCE Bank plc 1.88 24/6/2021 Auto Manufacturers 400,000 EUR 368,000 0.38 G4S International Finance plc 1.50 2/6/2024 Commercial Services 750,000 EUR 713,922 0.74 Lloyds Banking Group plc ± 0.50 12/11/2025 Banks 400,000 EUR 362,165 0.38 Mondi Finance plc 1.50 15/4/2024 Forest Products & Paper 500,000 EUR 496,094 0.51 Mondi Finance plc 1.63 27/4/2026 Forest Products & Paper 400,000 EUR 387,082 0.40 National Express Group plc (z) 0.00 15/5/2020 Transportation 300,000 EUR 299,831 0.31 Pinewood Finance Company Limited 3.25 30/9/2025 Entertainment 300,000 GBP 314,213 0.33 Sky Limited 2.50 15/9/2026 Media 850,000 EUR 924,284 0.96 SSE plc 0.88 6/9/2025 Electric 300,000 EUR 298,525 0.31 Tesco Corporate Treasury Services plc 0.88 29/5/2026 Food 600,000 EUR 556,500 0.58 Tesco Personal Finance Group plc 3.50 25/7/2025 Banks 200,000 GBP 218,763 0.23 Vodafone Group plc 2.50 24/5/2039 Telecommunications 700,000 EUR 673,911 0.70 11,339,322 11.76

United States Altria Group Incorporated 3.13 15/6/2031 Agriculture 600,000 EUR 588,044 0.61 AT&T Incorporated 0.25 4/3/2026 Telecommunications 600,000 EUR 557,641 0.58 AT&T Incorporated 1.80 14/9/2039 Telecommunications 400,000 EUR 329,997 0.34 Bank of America Corporation (z) 0.00 21/9/2021 Banks 500,000 EUR 487,473 0.51 Bank of America Corporation ± 1.78 4/5/2027 Banks 500,000 EUR 494,508 0.51 Booking Holdings Incorporated 1.80 3/3/2027 Internet 600,000 EUR 565,459 0.59 Capital One Financial Corporation 0.80 12/6/2024 Diversified Financial Services 600,000 EUR 532,886 0.55 Celanese US Holdings LLC 1.13 26/9/2023 Chemicals 640,000 EUR 628,289 0.65 Citigroup Incorporated ± 1.50 24/7/2026 Banks 600,000 EUR 583,237 0.60 Comcast Corporation 1.25 20/2/2040 Media 300,000 EUR 255,294 0.26 Digital Euro Finco LLC 2.63 15/4/2024 REIT 1,000,000 EUR 1,033,308 1.07 Discovery Communications LLC 1.90 19/3/2027 Media 1,200,000 EUR 1,200,817 1.25 Fidelity National Information Services Incorporated 1.00 3/12/2028 Software 400,000 EUR 368,762 0.38 Fidelity National Information Services Incorporated 2.95 21/5/2039 Software 500,000 EUR 502,026 0.52 Goldman Sachs Group Incorporated 0.13 19/8/2024 Banks 600,000 EUR 552,893 0.57 Goldman Sachs Group Incorporated 1.38 15/5/2024 Banks 550,000 EUR 539,360 0.56 Jefferies Group LLC 1.00 19/7/2024 Diversified Financial Services 500,000 EUR 459,994 0.48 JPMorgan Chase & Company ± 0.39 24/2/2028 Banks 1,300,000 EUR 1,160,721 1.20 MMS USA Investments Incorporated 1.25 13/6/2028 Advertising 400,000 EUR 374,574 0.39 Morgan Stanley ± 0.64 26/7/2024 Banks 400,000 EUR 382,231 0.40 Morgan Stanley ± 1.34 23/10/2026 Banks 800,000 EUR 762,165 0.79 Philip Morris International Incorporated 1.45 1/8/2039 Agriculture 700,000 EUR 555,017 0.58 Thermo Fisher Scientific Incorporated 1.40 23/1/2026 Healthcare – Products 400,000 EUR 395,629 0.41 Thermo Fisher Scientific Incorporated 1.50 1/10/2039 Healthcare – Products 700,000 EUR 582,267 0.60 Verizon Communications Incorporated 0.88 19/3/2032 Telecommunications 500,000 EUR 432,487 0.45 Verizon Communications Incorporated 1.88 26/10/2029 Telecommunications 300,000 EUR 303,678 0.32 Westlake Chemical Corporation 1.63 17/7/2029 Chemicals 700,000 EUR 621,621 0.64 15,250,378 15.81

Total Corporate Bonds and Notes 91,169,418 94.54

The accompanying notes are an integral part of these financial statements.

20 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EUR INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Mortgage-and Asset-Backed Securities Ireland BAMS CMBS 2018-1 DAC 2.81 17/5/2028 200,000 GBP 219,723 0.23 European Loan Conduit 0.75 26/10/2028 385,243 EUR 377,668 0.39 FROSN-2018 DAC 0.75 21/5/2028 319,406 EUR 307,151 0.32 Taurus 2019-1 FR DAC 0.90 2/2/2031 433,550 EUR 418,147 0.43 1,322,689 1.37

Italy Taurus 2018-1 IT SRL 1.00 18/5/2030 147,809 EUR 143,923 0.15

United Kingdom Income Contingent Student Loans 1 2002-2006 plc 1.86 24/7/2056 578,141 GBP 644,128 0.67 Income Contingent Student Loans 2 2007-2009 plc 1.86 24/7/2058 545,350 GBP 607,027 0.63 Paragon Mortgages No 11 plc 0.51 15/10/2041 359,674 EUR 289,195 0.30 1,540,350 1.60

Total Mortgage-and Asset-Backed Securities 3,006,962 3.12

Total Transferable Securities and Money Market Instruments 94,176,380 97.66

Other Transferable Securities

Mortgage-and Asset-Backed Securities

Ireland Scorpio European Loan Conduit No 34 DAC 1.96 17/5/2029 199,967 GBP 220,699 0.23

United Kingdom Cold Finance plc 2.00 20/8/2029 500,000 GBP 530,078 0.55

Total Other Transferable Securities 750,777 0.78

Total Investments in Securities 94,927,157 98.44

Cash at Banks

Time Deposits

France Societe Generale Bank (o) 0.01 40,383 GBP 45,480 0.05

Japan Sumitomo Mitsui Banking Corporation (o) (0.65) 2,434,925 EUR 2,434,925 2.52

Total Time Deposits 2,480,405 2.57

Current Accounts at Bank (18,520) (0,02)

Total Cash at Banks 2,461,885 2.55

Other Assets and Liabilities, Net (953,542) (0,99)

Total Net Assets 96,435,500 100.00

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 21

Portfolio of investments as at 31 March 2020

Key: EUR Euro GBP British Pound REIT Real Estate Investment Trust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

22 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EUR SHORT DURATION CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes

Australia Australia & New Zealand Banking Group Limited ± 1.13 21/11/2029 Banks 1,100,000 EUR 978,320 0.45

Austria BAWAG Group AG ± 2.38 26/3/2029 Banks 2,400,000 EUR 2,165,208 0.99 Raiffeisen Bank International AG 6.63 18/5/2021 Banks 1,000,000 EUR 1,016,458 0.46 3,181,666 1.45

Belgium Argenta Spaarbank NV 1.00 6/2/2024 Banks 1,500,000 EUR 1,477,512 0.68 Argenta Spaarbank NV ± 3.88 24/5/2026 Banks 1,800,000 EUR 1,806,282 0.82 Ethias SA 5.00 14/1/2026 Insurance 1,700,000 EUR 1,794,962 0.82 KBC Group NV 1.00 26/4/2021 Banks 1,000,000 EUR 993,039 0.45 Solvay SA ^± 4.25 4/12/2023 Chemicals 1,300,000 EUR 1,287,928 0.59 7,359,723 3.36

Canada Royal Bank of Canada 0.25 2/5/2024 Banks 2,100,000 EUR 1,989,183 0.91

Denmark Jyske Bank AS ± 2.25 5/4/2029 Banks 2,900,000 EUR 2,836,038 1.29 Nykredit Realkredit AS 0.13 10/7/2024 Banks 700,000 EUR 639,177 0.29 Nykredit Realkredit AS 0.88 17/1/2024 Banks 600,000 EUR 571,008 0.26 Nykredit Realkredit AS ± 4.00 3/6/2036 Banks 1,000,000 EUR 981,574 0.45 Orsted AS ± 6.25 26/6/3013 Electric 1,000,000 EUR 1,092,844 0.50 Sydbank AS 1.25 4/2/2022 Banks 1,300,000 EUR 1,281,072 0.58 Sydbank AS 1.38 18/9/2023 Banks 400,000 EUR 387,772 0.18 7,789,485 3.55

Finland Fortum OYJ 0.88 27/2/2023 Electric 2,850,000 EUR 2,810,471 1.28 Mandatum Life Insurance Company Limited ± 1.88 4/10/2049 Insurance 1,100,000 EUR 968,055 0.44 Nordea Bank Abp 0.88 26/6/2023 Banks 1,200,000 EUR 1,160,892 0.53 OP Corporate Bank plc 0.38 29/8/2023 Banks 300,000 EUR 294,192 0.13 OP Corporate Bank plc 0.38 19/6/2024 Banks 300,000 EUR 280,910 0.13 OP Corporate Bank plc 0.88 21/6/2021 Banks 1,725,000 EUR 1,732,544 0.79 Sampo OYJ 1.50 16/9/2021 Insurance 1,250,000 EUR 1,260,258 0.58 8,507,322 3.88 France Air Liquide Finance SA 1.00 2/4/2025 Chemicals 500,000 EUR 509,725 0.23 ALD SA 0.88 18/7/2022 Commercial Services 700,000 EUR 665,159 0.30 ALD SA 1.25 11/10/2022 Commercial Services 1,100,000 EUR 1,061,906 0.48 Arkema SA ^± 2.75 17/6/2024 Chemicals 500,000 EUR 449,884 0.21 Banque Federative du Credit Mutuel SA 3.00 21/5/2024 Banks 1,450,000 EUR 1,458,771 0.67 BPCE SA 0.25 15/1/2026 Banks 1,400,000 EUR 1,314,827 0.60 Credit Agricole SA 0.13 6/3/2023 Banks 900,000 EUR 851,054 0.39 Credit Agricole SA ^± 6.50 23/6/2021 Banks 1,700,000 EUR 1,613,721 0.74 Danone SA ^± 1.75 27/3/2023 Food 900,000 EUR 864,612 0.39 Electricite de France SA 3.63 13/10/2025 Electric 300,000 USD 279,979 0.13

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 23

Portfolio of investments as at 31 March 2020

EUR SHORT DURATION CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) France (continued) Orange SA 1.13 15/7/2024 Telecommunications 2,100,000 EUR 2,106,720 0.96 PSA Banque France SA 0.63 21/6/2024 Diversified Financial Services 2,300,000 EUR 2,150,279 0.98 RCI Banque SA 0.25 8/3/2023 Auto Manufacturers 160,000 EUR 147,957 0.07 RCI Banque SA 0.63 10/11/2021 Auto Manufacturers 400,000 EUR 388,780 0.18 Sanofi 1.50 1/4/2030 Pharmaceuticals 500,000 EUR 532,090 0.24 TOTAL SA ^± 3.88 18/5/2022 Oil & Gas Services 400,000 EUR 404,354 0.18 Worldline SA 0.25 18/9/2024 Software 1,300,000 EUR 1,233,440 0.56 16,033,258 7.31

Germany Aareal Bank AG ± 4.25 18/3/2026 Diversified Financial Services 1,550,000 EUR 1,508,969 0.69 Aareal Bank AG ^± 7.63 30/4/2020 Diversified Financial Services 1,800,000 EUR 1,595,250 0.73 Albemarle New Holding GmbH 1.13 25/11/2025 Chemicals 200,000 EUR 187,518 0.09 Bayer AG ± 2.38 12/11/2079 Pharmaceuticals 900,000 EUR 793,107 0.36 Commerzbank AG 0.50 28/8/2023 Banks 1,600,000 EUR 1,557,264 0.71 Deutsche Bank AG 0.38 18/1/2021 Banks 2,100,000 EUR 2,044,098 0.93 Deutsche Bank AG 0.39 16/5/2022 Banks 800,000 EUR 761,544 0.35 Deutsche Bank AG 2.63 16/12/2024 Banks 800,000 GBP 818,758 0.37 Eurogrid GmbH 1.63 3/11/2023 Electric 1,700,000 EUR 1,755,015 0.80 Hamburg Commercial Bank AG 0.50 23/5/2022 Banks 900,000 EUR 873,010 0.40 Landesbank Baden-Wuerttemberg ± 2.88 27/5/2026 Banks 1,500,000 EUR 1,474,425 0.67 Merck Financial Services GmbH 0.01 15/12/2023 Pharmaceuticals 400,000 EUR 387,660 0.18 Merck KGaA ± 1.63 25/6/2079 Pharmaceuticals 1,200,000 EUR 1,084,740 0.49 Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen ± 6.00 26/5/2041 Insurance 1,500,000 EUR 1,569,330 0.72 Volkswagen Bank GmbH 0.63 8/9/2021 Auto Manufacturers 1,500,000 EUR 1,477,560 0.67 17,888,248 8.16

Iceland Landsbankinn HF 0.50 20/5/2024 Banks 800,000 EUR 754,264 0.35 Landsbankinn HF 1.38 14/3/2022 Banks 600,000 EUR 594,179 0.27 1,348,443 0.62

Ireland Abbott Ireland Financing DAC (z) 0.00 27/9/2020 Healthcare – Products 100,000 EUR 99,651 0.05 Abbott Ireland Financing DAC 0.10 19/11/2024 Healthcare – Products 1,300,000 EUR 1,237,439 0.56 Abbott Ireland Financing DAC 0.88 27/9/2023 Healthcare – Products 600,000 EUR 596,615 0.27 AIB Group plc 1.50 29/3/2023 Banks 1,600,000 EUR 1,539,610 0.70 Liberty Mutual Finance Europe DAC 1.75 27/3/2024 Insurance 2,100,000 EUR 2,080,230 0.95 5,553,545 2.53

Italy Banco BPM SpA 2.50 21/6/2024 Banks 1,200,000 EUR 1,119,626 0.51 FCA Bank SpA 0.50 13/9/2024 Diversified Financial Services 1,200,000 EUR 1,094,441 0.50 FCA Bank SpA 1.38 17/4/2020 Diversified Financial Services 1,400,000 EUR 1,399,905 0.64 Intesa Sanpaolo SpA 1.00 4/7/2024 Banks 1,600,000 EUR 1,499,968 0.68 Intesa Sanpaolo SpA 1.13 4/3/2022 Banks 600,000 EUR 586,871 0.27 UniCredit SpA 0.50 9/4/2025 Banks 200,000 EUR 180,367 0.08 Unione di Banche Italiane SpA 2.63 20/6/2024 Banks 500,000 EUR 477,972 0.22 6,359,150 2.90

The accompanying notes are an integral part of these financial statements.

24 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EUR SHORT DURATION CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) Japan Mizuho Financial Group Incorporated 0.52 10/6/2024 Banks 1,500,000 EUR 1,414,887 0.65

Luxembourg Bevco Lux Sarl 1.75 9/2/2023 Diversified Financial Services 2,450,000 EUR 2,402,847 1.10 CK Hutchison Group Telecom Finance SA 0.38 17/10/2023 Telecommunications 1,600,000 EUR 1,553,657 0.71 DH Europe Finance II Sarl 0.20 18/3/2026 Healthcare – Products 200,000 EUR 184,757 0.08 Medtronic Global Holdings SCA 0.38 7/3/2023 Healthcare – Products 1,100,000 EUR 1,080,407 0.49 Nestle Finance International Limited 1.13 1/4/2026 Food 500,000 EUR 517,320 0.24 SES SA 4.75 11/3/2021 Telecommunications 800,000 EUR 819,261 0.37 6,558,249 2.99

Netherlands ABN AMRO Bank NV ± 2.88 30/6/2025 Banks 900,000 EUR 895,394 0.41 Achmea Bank NV 1.13 25/4/2022 Banks 1,400,000 EUR 1,396,102 0.64 Allianz Finance II BV (z) 0.00 14/1/2025 Insurance 300,000 EUR 286,346 0.13 Bayer Capital Corporation BV 0.63 15/12/2022 Pharmaceuticals 1,100,000 EUR 1,083,500 0.49 BMW Finance NV (z) 0.00 24/3/2023 Auto Manufacturers 650,000 EUR 617,727 0.28 Compass Group International BV 0.63 3/7/2024 Food Service 1,500,000 EUR 1,469,018 0.67 Cooperatieve Rabobank UA 0.63 27/2/2024 Banks 1,800,000 EUR 1,729,411 0.79 Cooperatieve Rabobank UA 1.25 14/1/2025 Banks 1,500,000 GBP 1,579,339 0.72 Cooperatieve Rabobank UA ^± 6.63 29/6/2021 Banks 800,000 EUR 762,000 0.35 Daimler International Finance BV 0.25 6/11/2023 Auto Manufacturers 1,650,000 EUR 1,558,409 0.71 de Volksbank NV 0.75 25/6/2023 Banks 500,000 EUR 493,942 0.22 de Volksbank NV ± 3.75 5/11/2025 Banks 2,300,000 EUR 2,298,730 1.05 Deutsche Telekom International Finance BV 0.63 1/12/2022 Telecommunications 2,250,000 EUR 2,236,266 1.02 Digital Dutch Finco BV 0.63 15/7/2025 REIT 1,500,000 EUR 1,394,635 0.63 Enel Finance International NV (z) 0.00 17/6/2024 Electric 1,100,000 EUR 1,048,027 0.48 Enel Finance International NV 1.50 21/7/2025 Electric 200,000 EUR 202,920 0.09 Heineken NV 1.63 30/3/2025 Beverages 600,000 EUR 613,139 0.28 Iberdrola International BV ^± 3.25 12/11/2024 Electric 1,000,000 EUR 1,005,310 0.46 ING Groep NV 1.13 14/2/2025 Banks 2,900,000 EUR 2,777,069 1.27 Koninklijke Philips NV 1.38 30/3/2025 Healthcare – Products 500,000 EUR 509,266 0.23 LeasePlan Corporation NV 0.75 3/10/2022 Diversified Financial Services 2,350,000 EUR 2,294,888 1.05 NIBC Bank NV 1.13 19/4/2023 Banks 1,500,000 EUR 1,477,473 0.67 NIBC Bank NV 1.50 31/1/2022 Banks 2,300,000 EUR 2,304,490 1.05 Telefonica Europe BV ^± 5.88 31/3/2024 Telecommunications 1,000,000 EUR 1,022,784 0.47 Volkswagen International Finance NV 0.50 30/3/2021 Auto Manufacturers 1,100,000 EUR 1,087,794 0.50 Vonovia Finance BV 0.13 6/4/2023 Real Estate 1,700,000 EUR 1,638,667 0.75 33,782,646 15.41

New Zealand Chorus Limited 1.13 18/10/2023 Telecommunications 2,100,000 EUR 2,117,640 0.97

Norway Aker BP ASA 3.00 15/1/2025 Oil & Gas Services 400,000 USD 287,943 0.13 DNB Bank ASA 0.05 14/11/2023 Banks 1,850,000 EUR 1,783,863 0.81 Statkraft AS 1.13 20/3/2025 Electric 100,000 EUR 101,922 0.05 Statkraft AS 1.50 21/9/2023 Electric 300,000 EUR 308,568 0.14 2,482,296 1.13

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 25

Portfolio of investments as at 31 March 2020

EUR SHORT DURATION CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) Spain Amadeus IT Group SA 0.04 18/3/2022 Commercial Services 1,500,000 EUR 1,466,391 0.67 Banco de Sabadell SA 1.13 27/3/2025 Banks 1,800,000 EUR 1,594,480 0.73 Bankia SA 1.13 12/11/2026 Banks 200,000 EUR 177,646 0.08 Bankia SA ± 3.75 15/2/2029 Banks 1,500,000 EUR 1,372,065 0.63 Bankinter SA 0.88 5/3/2024 Banks 1,700,000 EUR 1,650,887 0.75 CaixaBank SA 0.63 1/10/2024 Banks 1,600,000 EUR 1,461,930 0.67 FCC Aqualia SA 1.41 8/6/2022 Water 2,500,000 EUR 2,496,020 1.14 IE2 Holdco SAU 2.38 27/11/2023 Electric 1,400,000 EUR 1,437,724 0.65 Inmobiliaria Colonial Socimi SA 1.45 28/10/2024 REIT 1,000,000 EUR 986,614 0.45 Kutxabank SA 0.50 25/9/2024 Banks 1,200,000 EUR 1,119,218 0.51 Telefonica Emisiones SA 0.32 17/10/2020 Telecommunications 1,000,000 EUR 999,336 0.45 Telefonica Emisiones SA 1.07 5/2/2024 Telecommunications 800,000 EUR 802,449 0.37 Unicaja Banco SA ± 2.88 13/11/2029 Banks 600,000 EUR 496,758 0.23 16,061,518 7.33

Sweden Akelius Residential Property AB 1.13 14/3/2024 Real Estate 1,600,000 EUR 1,567,853 0.71 Akelius Residential Property AB ± 3.88 5/10/2078 Real Estate 1,200,000 EUR 1,083,782 0.49 Heimstaden Bostad AB 1.13 21/1/2026 Real Estate 1,400,000 EUR 1,342,278 0.61 Molnlycke Holding AB 1.75 28/2/2024 Healthcare – Products 1,300,000 EUR 1,328,184 0.61 Svenska Handelsbanken AB ± 1.63 5/3/2029 Banks 2,400,000 EUR 2,339,995 1.07 Tele2 AB 1.13 15/5/2024 Telecommunications 800,000 EUR 809,190 0.37 Vattenfall AB 0.05 15/10/2025 Electric 500,000 EUR 475,657 0.22 8,946,939 4.08

Switzerland Credit Suisse Group Funding Guernsey Limited 1.25 14/4/2022 Banks 2,050,000 EUR 2,004,502 0.91 UBS AG ± 4.75 12/2/2026 Banks 2,100,000 EUR 2,058,000 0.94 UBS Group AG ± 0.25 29/1/2026 Banks 700,000 EUR 636,734 0.29 UBS Group AG 1.75 16/11/2022 Banks 1,300,000 EUR 1,292,216 0.59 5,991,452 2.73

United Kingdom Aviva plc ± 6.13 5/7/2043 Insurance 1,100,000 EUR 1,197,338 0.55 Barclays plc ± 3.38 2/4/2025 Banks 1,100,000 EUR 1,115,501 0.51 BP Capital Markets plc 0.90 3/7/2024 Oil & Gas Services 400,000 EUR 392,299 0.18 BP Capital Markets plc 1.12 25/1/2024 Oil & Gas Services 1,600,000 EUR 1,587,242 0.72 British Telecommunications plc 0.50 12/9/2025 Telecommunications 400,000 EUR 379,987 0.17 DS Smith plc 2.25 16/9/2022 Packaging & Containers 1,500,000 EUR 1,531,095 0.70 FCE Bank plc 1.88 24/6/2021 Auto Manufacturers 2,500,000 EUR 2,300,000 1.05 G4S International Finance plc 1.50 9/1/2023 Commercial Services 2,300,000 EUR 2,258,913 1.03 Lloyds Banking Group plc ± 0.50 12/11/2025 Banks 1,200,000 EUR 1,086,494 0.50 Mondi Finance plc 1.50 15/4/2024 Forest Products & Paper 1,200,000 EUR 1,190,625 0.54 National Express Group plc (z) 0.00 15/5/2020 Transportation 100,000 EUR 99,944 0.04 NatWest Markets plc 0.63 2/3/2022 Banks 1,650,000 EUR 1,613,822 0.74 Pinewood Finance Company Limited 3.25 30/9/2025 Entertainment 600,000 GBP 628,427 0.29 Rentokil Initial plc 0.95 22/11/2024 Commercial Services 1,000,000 EUR 986,722 0.45 Sky Limited 2.50 15/9/2026 Media 200,000 EUR 217,479 0.10 Tesco Corporate Treasury Services plc 0.88 29/5/2026 Food 200,000 EUR 185,500 0.08 Tesco Personal Finance Group plc 3.50 25/7/2025 Banks 1,000,000 GBP 1,093,812 0.50 Vodafone Group plc 0.50 30/1/2024 Telecommunications 200,000 EUR 196,268 0.09 Vodafone Group plc 1.75 25/8/2023 Telecommunications 2,100,000 EUR 2,153,321 0.98 20,214,789 9.22

The accompanying notes are an integral part of these financial statements.

26 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

EUR SHORT DURATION CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ EUR Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States AbbVie Incorporated 1.38 17/5/2024 Pharmaceuticals 1,500,000 EUR 1,501,260 0.68 Altria Group Incorporated 1.00 15/2/2023 Agriculture 1,700,000 EUR 1,668,505 0.76 American Express Credit Corporation 0.63 22/11/2021 Diversified Financial Services 1,500,000 EUR 1,481,492 0.68 AT&T Incorporated 1.30 5/9/2023 Telecommunications 2,400,000 EUR 2,411,314 1.10 Bank of America Corporation (z) 0.00 21/9/2021 Banks 200,000 EUR 194,989 0.09 Bank of America Corporation 2.50 27/7/2020 Banks 1,325,000 EUR 1,331,636 0.61 Berkshire Hathaway Incorporated (z) 0.00 12/3/2025 Insurance 750,000 EUR 710,888 0.32 Berkshire Hathaway Incorporated 0.25 17/1/2021 Insurance 1,000,000 EUR 997,518 0.46 Booking Holdings Incorporated 2.38 23/9/2024 Internet 2,400,000 EUR 2,404,414 1.10 Capital One Financial Corporation 0.80 12/6/2024 Diversified Financial Services 1,950,000 EUR 1,731,881 0.79 Celanese US Holdings LLC 1.13 26/9/2023 Chemicals 1,440,000 EUR 1,413,651 0.65 Citigroup Incorporated 0.75 26/10/2023 Banks 1,000,000 EUR 968,710 0.44 Digital Euro Finco LLC 2.63 15/4/2024 REIT 1,300,000 EUR 1,343,300 0.61 Discovery Communications LLC 2.38 7/3/2022 Media 200,000 EUR 203,496 0.09 Ecolab Incorporated 1.00 15/1/2024 Chemicals 500,000 EUR 499,078 0.23 Fidelity National Information Services Incorporated 0.75 21/5/2023 Software 2,300,000 EUR 2,262,142 1.03 Fiserv Incorporated 0.38 1/7/2023 Software 1,500,000 EUR 1,455,616 0.66 General Electric Company 0.38 17/5/2022 Miscellaneous Manufacturers 1,500,000 EUR 1,435,671 0.66 General Motors Financial Company Incorporated 0.20 2/9/2022 Auto Manufacturers 1,000,000 EUR 862,064 0.39 General Motors Financial Company Incorporated 0.96 7/9/2023 Auto Manufacturers 700,000 EUR 580,811 0.27 Goldman Sachs Group Incorporated 0.13 19/8/2024 Banks 1,100,000 EUR 1,013,637 0.46 Goldman Sachs Group Incorporated 1.38 15/5/2024 Banks 1,600,000 EUR 1,569,047 0.72 Jefferies Group LLC 1.00 19/7/2024 Diversified Financial Services 2,400,000 EUR 2,207,971 1.01 JPMorgan Chase & Company 0.63 25/1/2024 Banks 1,400,000 EUR 1,347,800 0.61 Metropolitan Life Global Funding I 0.38 9/4/2024 Insurance 1,500,000 EUR 1,426,296 0.65 Morgan Stanley ± 0.64 26/7/2024 Banks 1,200,000 EUR 1,146,694 0.52 Morgan Stanley 1.75 11/3/2024 Banks 2,100,000 EUR 2,088,584 0.95 Thermo Fisher Scientific Incorporated 0.13 1/3/2025 Healthcare – Products 1,900,000 EUR 1,784,276 0.81 Verizon Communications Incorporated 0.50 2/6/2022 Telecommunications 1,650,000 EUR 1,636,899 0.75 39,679,640 18.10 Total Corporate Bonds and Notes 214,238,399 97.73 Total Investments in Securities 214,238,399 97.73

Cash at Banks Time Deposits France BNP Paribas (o) (0.65) 4,714,426 EUR 4,714,426 2.15 Societe Generale Bank (o) 0.01 55,557 GBP 62,569 0.03 4,776,995 2.18

United States JPMorgan Chase (o) 0.05 31,818 USD 28,849 0.01 Total Time Deposits 4,805,844 2.19 Total Cash at Banks 4,805,844 2.19 Other Assets and Liabilities, Net 179,501 0.08 Total Net Assets 219,223,744 100.00

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 27

Portfolio of investments as at 31 March 2020

Key: EUR Euro GBP British Pound REIT Real Estate Investment Trust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

28 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares

Belgium Anheuser-Busch InBev SA/NV ADR Beverages 13,200 582,384 1.19

France Air Liquide SA Chemicals 8,844 1,128,915 2.30 Airbus SE Aerospace/Defense 8,600 554,544 1.13 AXA SA Insurance 38,400 650,187 1.32 Capgemini SE Computers 12,200 1,019,461 2.08 Societe Generale SA Banks 28,000 458,700 0.93 3,811,807 7.76

Germany Deutsche Telekom AG Telecommunications 68,900 889,874 1.81 SAP SE Software 5,050 563,822 1.15 1,453,696 2.96

Hong Kong AIA Group Limited Insurance 132,800 1,189,176 2.42

Ireland AerCap Holdings NV Diversified Financial Services 22,600 515,054 1.05 Medtronic plc Healthcare – Products 14,800 1,334,664 2.72 1,849,718 3.77

Japan Nidec Corporation Electronics 22,200 1,144,066 2.33 ORIX Corporation Diversified Financial Services 67,700 807,706 1.65 Renesas Electronics Corporation Semiconductors 171,700 610,749 1.24 Sony Corporation Home Furnishings 23,300 1,380,142 2.81 3,942,663 8.03

Netherlands Royal Dutch Shell plc ADR Oil & Gas Services 13,900 484,971 0.99

Switzerland Nestle SA Food 12,200 1,248,887 2.55 Novartis AG ADR Pharmaceuticals 12,050 993,522 2.02 Roche Holding AG Pharmaceuticals 2,850 916,965 1.87 3,159,374 6.44

United Kingdom Unilever NV Cosmetics/Personal Care 22,000 1,073,380 2.19 Vodafone Group plc Telecommunications 671,900 929,537 1.89 2,002,917 4.08

United States Advance Auto Parts Incorporated Retail 8,010 747,493 1.52 Alphabet Incorporated Internet 1,550 1,802,356 3.67 Amazon.com Incorporated Internet 766 1,493,486 3.04 American International Group Incorporated Insurance 30,800 746,900 1.52 Apple Incorporated Computers 2,800 712,012 1.45 Bank of America Corporation Banks 42,900 910,767 1.86

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 29

Portfolio of investments as at 31 March 2020

GLOBAL EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued)

United States (continued) Chevron Corporation Oil & Gas Services 9,300 673,878 1.37 Cigna Corporation Pharmaceuticals 8,650 1,532,607 3.12 Comcast Corporation Media 34,800 1,196,424 2.44 Dollar Tree Incorporated Retail 11,600 852,252 1.74 Eli Lilly & Company Pharmaceuticals 5,250 728,280 1.48 EOG Resources Incorporated Oil & Gas Services 10,570 379,674 0.77 Honeywell International Incorporated Electronics 7,900 1,056,941 2.15 Intercontinental Exchange Incorporated Diversified Financial Services 15,050 1,215,287 2.48 Marsh & McLennan Companies Incorporated Insurance 8,730 754,796 1.54 Merck & Company Incorporated Pharmaceuticals 18,100 1,392,614 2.84 Microsoft Corporation Software 15,200 2,397,192 4.88 Mondelez International Incorporated Food 24,200 1,211,936 2.47 Motorola Solutions Incorporated Telecommunications 10,300 1,369,076 2.79 Northrop Grumman Corporation Aerospace/Defense 4,060 1,228,353 2.50 ON Semiconductor Corporation Semiconductors 78,100 971,564 1.98 Samsonite International SA Apparel 501,400 469,476 0.96 Stryker Corporation Healthcare – Products 5,430 904,041 1.84 Truist Financial Corporation Banks 22,500 693,900 1.41 United Parcel Service Incorporated Transportation 9,400 878,148 1.79 Visa Incorporated Diversified Financial Services 11,560 1,862,547 3.80 Vulcan Materials Company Building Materials 8,520 920,756 1.88 Walt Disney Company Media 11,150 1,077,091 2.19 30,179,847 61.48

Total Common Shares 48,656,553 99.12

Total Investments in Securities 48,656,553 99.12

Interest Rate % Nominal @

Cash at Banks

Time Deposits

Cayman Islands BBH Grand Cayman (o) (1.46) 16,673 CHF 17,322 0.03 BBH Grand Cayman (o) 0.01 8 GBP 10 0.00 BBH Grand Cayman (o) 0.01 40 SGD 28 0.00 BBH Grand Cayman (o) 0.66 37 HKD 5 0.00 17,365 0.03

Singapore DBS Bank Limited (o) 0.05 382,359 USD 382,359 0.78

Total Time Deposits 399,724 0.81

Total Cash at Banks 399,724 0.81

Other Assets and Liabilities, Net 32,836 0.07

Total Net Assets 49,089,113 100.00

The accompanying notes are an integral part of these financial statements.

30 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: ADR American Depository Receipt CHF Swiss Franc GBP British Pound HKD Hong Kong Dollar SGD Singapore Dollar USD United StatesDollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 31

Portfolio of investments as at 31 March 2020

GLOBAL EQUITY ABSOLUTE RETURN FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares Australia AGL Energy Limited Electric 8,526 89,227 0.85 Coles Group Limited Food 15,399 143,411 1.37 Computershare Limited Computers 13,465 80,606 0.77 Fortescue Metals Group Limited Iron/Steel 5,331 32,670 0.31 Treasury Wine Estates Limited Beverages 11,473 71,231 0.68 417,145 3.98

Austria Verbund AG Electric 54 1,948 0.02

Belgium Ageas Insurance 3,175 132,309 1.26

Canada Air Canada Airlines 2,900 32,455 0.31 Empire Company Limited Food 800 15,650 0.15 Kirkland Lake Gold Limited Mining 1,900 55,962 0.53 104,067 0.99

China Yangzijiang Shipbuilding Holdings Limited Shipbuilding 92,300 53,556 0.51

France Eutelsat Communications SA Telecommunications 6,826 70,957 0.68 Natixis SA Banks 17,293 55,065 0.52 126,022 1.20

Germany HeidelbergCement AG Building Materials 2,419 103,347 0.99 Siemens Healthineers AG Healthcare – Products 3,122 120,686 1.15 224,033 2.14

Hong Kong CK Hutchison Holdings Limited Holding Companies-Diversified 12,500 83,314 0.80 CK Infrastructure Holdings Limited Engineering & Construction 16,500 87,349 0.83 Power Assets Holdings Limited Electric 20,500 121,611 1.16 Sino Land Company Limited Real Estate 156,000 196,335 1.88 WH Group Limited Food 112,500 103,839 0.99 592,448 5.66

Ireland Jazz Pharmaceuticals plc + Pharmaceuticals 41 4,089 0.04

Israel Check Point Software Technologies Limited + Computers 1,233 123,966 1.19

Macau Sands China Limited Lodging 21,200 77,128 0.74

Netherlands Royal Dutch Shell plc Oil & Gas Services 3,824 66,437 0.64

The accompanying notes are an integral part of these financial statements.

32 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL EQUITY ABSOLUTE RETURN FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) New Zealand a2 Milk Company Limited Food 9,971 101,860 0.97

Sweden Lundin Petroleum AB Oil & Gas Services 4,457 84,133 0.80

Switzerland Adecco Group AG Commercial Services 3,097 122,042 1.17 Credit Suisse Group AG Banks 12,368 99,827 0.95 LafargeHolcim Limited Building Materials 3,747 136,741 1.31 SGS SA Commercial Services 80 184,518 1.76 543,128 5.19

United Kingdom Auto Trader Group plc Internet 17,586 95,031 0.91 Rio Tinto Limited Mining 3,016 155,383 1.48 250,414 2.39

United States AGNC Investment Corporation + REIT 3,316 35,083 0.34 Alliance Data Systems Corporation + Diversified Financial Services 802 26,987 0.26 Alphabet Incorporated Class A + Internet 90 104,576 1.00 Alphabet Incorporated Class C + Internet 75 87,211 0.83 Amazon.com Incorporated + Internet 71 138,430 1.32 American International Group Incorporated + Insurance 2,145 52,016 0.50 Apple Incorporated + Computers 755 191,989 1.83 Applied Materials Incorporated + Semiconductors 2,087 95,626 0.91 Berkshire Hathaway Incorporated + Insurance 881 161,073 1.54 Bio-Rad Laboratories Incorporated + Biotechnology 70 24,539 0.23 Booking Holdings Incorporated + Internet 69 92,827 0.89 Booz Allen Hamilton Holding Corporation + Commercial Services 1,314 90,193 0.86 Cadence Design Systems Incorporated + Software 1,945 128,448 1.23 CDW Corporation + Internet 1,098 102,410 0.98 CenterPoint Energy Incorporated + Electric 5,007 77,358 0.74 Clorox Company + Household Products/Wares 438 75,883 0.72 Colgate-Palmolive Company + Cosmetics/Personal Care 2,149 142,608 1.36 Copart Incorporated + Distribution/Wholesale 1,485 101,752 0.97 Discovery Incorporated + Media 1,630 31,687 0.30 Domino’s Pizza Incorporated + Retail 214 69,351 0.66 DR Horton Incorporated + Home Builders 2,594 88,196 0.84 eBay Incorporated + Internet 1,622 48,757 0.47 Facebook Incorporated + Internet 128 21,350 0.20 Fortinet Incorporated + Computers 1,135 114,828 1.10 Fox Corporation Class A + Media 2,710 64,037 0.61 Fox Corporation Class B + Media 2,320 53,082 0.51 Hanesbrands Incorporated + Apparel 7,802 61,402 0.59 Henry Schein Incorporated + Healthcare – Products 2,149 108,567 1.04 Hewlett Packard Enterprise Company + Computers 10,318 100,188 0.96 HollyFrontier Corporation + Oil & Gas Services 2,921 71,594 0.68 Intuit Incorporated + Software 506 116,380 1.11 Keysight Technologies Incorporated + Electronics 1,467 122,759 1.17 Kimberly-Clark Corporation + Household Products/Wares 556 71,096 0.68 KLA Corporation + Semiconductors 246 35,360 0.34

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 33

Portfolio of investments as at 31 March 2020

GLOBAL EQUITY ABSOLUTE RETURN FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) Lam Research Corporation + Semiconductors 419 100,560 0.96 Lennox International Incorporated + Building Materials 326 59,264 0.57 ManpowerGroup Incorporated + Commercial Services 737 39,054 0.37 Match Group Incorporated + Internet 1,185 78,257 0.75 Maxim Integrated Products Incorporated + Semiconductors 2,108 102,470 0.98 Merck & Company Incorporated + Pharmaceuticals 1,664 128,028 1.22 Microsoft Corporation + Software 1,344 211,962 2.02 NetApp Incorporated + Computers 2,153 89,759 0.86 Newell Brands Incorporated + Housewares 1,699 22,563 0.22 Newmont Corporation + Mining 1,619 73,308 0.70 NortonLifeLock Incorporated + Internet 3,927 73,474 0.70 NRG Energy Incorporated + Electric 3,901 106,341 1.02 NVIDIA Corporation + Semiconductors 562 148,143 1.41 NVR Incorporated + Home Builders 39 100,195 0.96 ONEOK Incorporated + Pipelines 1,065 23,228 0.22 Oracle Corporation + Software 2,442 118,022 1.13 PulteGroup Incorporated + Home Builders 2,400 53,568 0.51 Qorvo Incorporated + Semiconductors 1,242 100,142 0.96 Reinsurance Group of America Incorporated + Insurance 735 61,843 0.59 Robert Half International Incorporated + Commercial Services 1,173 44,281 0.42 Seagate Technology plc + Computers 2,810 137,128 1.31 Sysco Corporation + Food 1,585 72,324 0.69 Teradyne Incorporated + Semiconductors 2,024 109,640 1.05 Tyson Foods Incorporated + Food 1,029 59,548 0.57 Unum Group + Insurance 4,194 62,952 0.60 VeriSign Incorporated + Internet 775 139,570 1.33 ViacomCBS Incorporated + Media 3,624 50,772 0.48 Vornado Realty Trust + REIT 2,365 85,637 0.82 WABCO Holdings Incorporated + Auto Parts & Equipment 259 34,978 0.33 Western Union Company + Diversified Financial Services 3,350 60,736 0.58 Whirlpool Corporation + Home Furnishings 942 80,824 0.77 Zebra Technologies Corporation + Office/Business Equipment 477 87,577 0.84 5,623,791 53.71 Total Common Shares 8,526,474 81.43

Dividend Yield % Preferred Shares Germany Bayerische Motoren Werke AG 9.36 Auto Manufacturers 1,312 55,636 0.53 Henkel AG & Company KGaA 2.55 Household Products/Wares 686 54,867 0.52 Porsche Automobil Holding SE 6.09 Auto Manufacturers 2,748 114,868 1.10 Total Preferred Shares 225,371 2.15 Total Transferable Securities and Money Market Instruments 8,751,845 83.58

The accompanying notes are an integral part of these financial statements.

34 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL EQUITY ABSOLUTE RETURN FUND Market % of Value Net Industry Shares USD Assets

Other Transferable Securities Common Shares Canada AltaGas Limited Pipelines 6,200 56,172 0.54 Canadian Utilities Limited Electric 3,400 81,273 0.78 Constellation Software Incorporated Software 100 90,885 0.87 Fairfax Financial Holdings Limited Insurance 400 122,626 1.17 First Capital REIT REIT 14,000 135,593 1.29 Hydro One Limited Electric 6,600 118,840 1.14 iA Financial Corporation Incorporated Insurance 2,900 91,165 0.87 Power Corporation of Canada Insurance 5,300 85,264 0.81 Total Common Shares 781,818 7.47 Total Other Transferable Securities 781,818 7.47 Total Investments in Securities 9,533,663 91.05

Interest Rate % Nominal @

Cash at Banks Time Deposits Cayman Islands BBH Grand Cayman (o) (1.46) 4,160 CHF 4,322 0.04 BBH Grand Cayman (o) 0.01 61 AUD 38 0.00 BBH Grand Cayman (o) 0.01 6 GBP 7 0.00 BBH Grand Cayman (o) 0.01 8 SGD 6 0.00 BBH Grand Cayman (o) 0.12 2 CAD 1 0.00 BBH Grand Cayman (o) 0.66 5 HKD 1 0.00 4,375 0.04

Singapore DBS Bank Limited (o) 0.05 648,430 USD 648,430 6.19 Total Time Deposits 652,805 6.23 Current Accounts at Bank 722,412 6.90 Total Cash at Banks 1,375,217 13.13 Other Assets and Liabilities, Net (437,113) (4.18) Total Net Assets 10,471,767 100.00

+ Security is segregated as collateral for investments in contracts for difference. @ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: AUD Australian Dollar CAD Canadian Dollar CHF SwissFranc GBP British Pound HKD Hong KongDollar REIT Real Estate InvestmentTrust SGD SingaporeDollar USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 35

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares Australia AGL Energy Limited Electric 1,286 13,392 0.05 Aurizon Holdings Limited Transportation 8,333 21,489 0.09 Coca-Cola Amatil Limited Beverages 11,955 64,205 0.25 CSL Limited Biotechnology 144 25,974 0.10 Dexus REIT 15,451 85,199 0.34 Fortescue Metals Group Limited Iron/Steel 23,352 142,397 0.56 Goodman Group REIT 2,115 15,425 0.06 GPT Group REIT 5,536 12,238 0.05 Harvey Norman Holdings Limited Retail 15,124 27,632 0.11 Lendlease Group Engineering & Construction 9,995 62,356 0.25 Magellan Financial Group Limited Diversified Financial Services 4,434 117,014 0.46 Medibank Private Limited Insurance 22,037 36,060 0.14 Mirvac Group REIT 30,581 38,660 0.15 Qantas Airways Limited Airlines 39,532 76,532 0.30 Worley Limited Commercial Services 3,345 12,351 0.05 750,924 2.96

Austria OMV AG Oil & Gas Services 2,968 80,809 0.32 Raiffeisen Bank International AG Banks 874 12,507 0.05 93,316 0.37

Belgium Ageas Insurance 1,814 75,206 0.30 Proximus SADP Telecommunications 6,109 139,571 0.55 214,777 0.85

Bermuda RenaissanceRe Holdings Limited Insurance 429 64,058 0.25

Canada Air Canada Airlines 2,300 25,451 0.10 Algonquin Power & Utilities Corporation Electric 9,500 126,480 0.50 Alimentation Couche-Tard Incorporated Retail 10,000 232,901 0.92 Atco Limited Electric 900 24,641 0.10 Bank of Montreal Banks 300 14,977 0.06 BCE Incorporated Telecommunications 1,200 48,671 0.19 Brookfield Asset Management Incorporated Private Equity 5,400 236,662 0.93 CGI Incorporated Computers 2,700 144,527 0.57 CI Financial Corporation Diversified Financial Services 21,800 213,964 0.84 Keyera Corporation Pipelines 2,900 26,650 0.10 Lululemon Athletica Incorporated Retail 231 43,786 0.17 Magna International Incorporated Auto Parts & Equipment 2,500 78,881 0.31 Methanex Corporation Chemicals 400 4,814 0.02 Open Text Corporation Software 1,000 34,573 0.14 TC Energy Corporation Pipelines 1,200 52,735 0.21 1,309,713 5.16

Denmark Carlsberg AS Beverages 226 25,324 0.10 Coloplast AS Healthcare – Products 188 27,138 0.11 Genmab AS Biotechnology 155 30,990 0.12

The accompanying notes are an integral part of these financial statements.

36 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) Denmark (continued) Novo Nordisk AS Pharmaceuticals 631 37,505 0.15 Orsted AS Electric 841 81,948 0.32 202,905 0.80

Finland Elisa OYJ Telecommunications 696 42,739 0.17 Neste OYJ Oil & Gas Services 558 18,457 0.07 Orion OYJ Pharmaceuticals 5,264 213,128 0.84 274,324 1.08

France Atos SE Computers 388 25,718 0.10 Covivio REIT 188 10,504 0.04 Gecina SA REIT 510 66,767 0.26 Peugeot SA Auto Manufacturers 2,797 36,229 0.14 Sodexo SA Food Service 514 34,341 0.14 Teleperformance Computers 110 22,666 0.09 196,225 0.77

Germany adidas AG Apparel 119 26,286 0.10 Covestro AG Chemicals 363 10,960 0.04 Hannover Rueck SE Insurance 136 19,106 0.08 Merck KGaA Pharmaceuticals 1,073 107,777 0.42 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Insurance 440 88,018 0.35 Uniper SE Electric 1,096 26,783 0.11 278,930 1.10

Hong Kong ASM Pacific Technology Limited Semiconductors 1,900 17,621 0.07 Link REIT REIT 5,400 45,525 0.18 63,146 0.25

Ireland Accenture plc Computers 1,235 201,626 0.79 Allegion plc Electronics 316 29,079 0.12 DCC plc Oil & Gas Services 268 16,708 0.07 Experian plc Commercial Services 1,842 51,103 0.20 Jazz Pharmaceuticals plc Pharmaceuticals 849 84,679 0.33 Trane Technologies plc Miscellaneous Manufacturers 188 15,527 0.06 398,722 1.57

Israel Bank Hapoalim BM Banks 2,869 17,211 0.07 Bank Leumi Le-Israel BM Banks 17,456 96,362 0.38 Isracard Limited Diversified Financial Services 141 379 0.00 Israel Discount Bank Limited Banks 14,094 41,143 0.16 Mizrahi Tefahot Bank Limited Banks 994 18,316 0.07 Nice Limited Telecommunications 171 24,754 0.10 198,165 0.78

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 37

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) Italy Enel SpA Electric 4,329 29,708 0.12 Mediobanca Banca di Credito Finanziario SpA Banks 3,168 17,187 0.07 Poste Italiane SpA Transportation 2,204 18,456 0.07 Recordati SpA Pharmaceuticals 7,249 303,855 1.19 369,206 1.45

Japan Advantest Corporation Semiconductors 3,300 130,915 0.52 Bandai Namco Holdings Incorporated Toys/Games/Hobbies 3,100 149,761 0.59 Daito Trust Construction Company Limited Real Estate 300 27,748 0.11 Fuji Electric Company Limited Hand/Machine Tools 700 15,633 0.06 Fujitsu Limited Computers 2,400 215,304 0.85 Hakuhodo DY Holdings Incorporated Advertising 12,500 125,622 0.49 Hitachi Chemical Company Limited Chemicals 4,400 186,489 0.73 Hitachi High-Tech Corporation Electronics 1,200 88,293 0.35 Hitachi Limited Machinery-Construction & Mining 1,000 28,612 0.11 Hoya Corporation Electronics 400 33,877 0.13 Idemitsu Kosan Company Limited Oil & Gas Services 1,100 25,006 0.10 ITOCHU Corporation Distribution/Wholesale 4,100 84,510 0.33 Itochu Techno-Solutions Corporation Computers 6,900 195,732 0.77 Japan Airport Terminal Company Limited Engineering & Construction 1,700 65,074 0.26 JTEKT Corporation Auto Parts & Equipment 2,600 17,490 0.07 JXTG Holdings Incorporated Oil & Gas Services 27,100 91,972 0.36 Kakaku.com Incorporated Internet 2,000 36,433 0.14 Kamigumi Company Limited Transportation 2,900 48,756 0.19 Keihan Holdings Company Limited Transportation 1,200 53,017 0.21 Kyushu Railway Company Transportation 600 17,167 0.07 Medipal Holdings Corporation Pharmaceuticals 5,800 107,947 0.43 Mitsubishi Chemical Holdings Corporation Chemicals 2,800 16,560 0.06 Mitsubishi UFJ Lease & Finance Company Limited Diversified Financial Services 12,900 62,891 0.25 Mitsui Chemicals Incorporated Chemicals 800 14,998 0.06 NH Foods Limited Food 600 20,797 0.08 Nippon Telegraph & Telephone Corporation Telecommunications 1,400 33,350 0.13 Nomura Research Institute Limited Computers 3,900 82,051 0.32 NTT Data Corporation Computers 1,800 17,162 0.07 Obayashi Corporation Engineering & Construction 3,300 27,891 0.11 ORIX Corporation Diversified Financial Services 2,100 24,955 0.10 Otsuka Corporation Computers 900 38,215 0.15 Rakuten Incorporated Internet 3,800 28,534 0.11 Santen Pharmaceutical Company Limited Pharmaceuticals 2,700 46,152 0.18 Sekisui House Limited Home Builders 3,500 57,492 0.23 Shimizu Corporation Engineering & Construction 3,500 27,128 0.11 Teijin Limited Textiles 1,200 20,217 0.08 Toho Gas Company Limited Oil & Gas Services 500 22,451 0.09 Tokyo Century Corporation Diversified Financial Services 800 24,933 0.10 Tokyo Gas Company Limited Oil & Gas Services 1,300 30,510 0.12 Toshiba Corporation Miscellaneous Manufacturers 2,300 50,211 0.20 Tosoh Corporation Chemicals 10,300 115,938 0.46 Toyo Suisan Kaisha Limited Food 1,900 91,466 0.36 West Japan Railway Company Transportation 400 27,249 0.11 2,626,509 10.35

The accompanying notes are an integral part of these financial statements.

38 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) Luxembourg ArcelorMittal SA Iron/Steel 935 8,782 0.03 Aroundtown SA Real Estate 2,314 11,523 0.05 20,305 0.08

Netherlands Altice Europe NV Telecommunications 55,062 211,422 0.83 Koninklijke DSM NV Chemicals 182 20,368 0.08 Randstad NV Commercial Services 2,671 93,782 0.37 Royal Dutch Shell plc Class A Oil & Gas Services 1,323 22,946 0.09 Royal Dutch Shell plc Class B Oil & Gas Services 4,606 77,127 0.31 425,645 1.68

Portugal Galp Energia SGPS SA Oil & Gas Services 1,200 13,653 0.05 Jeronimo Martins SGPS SA Food 2,277 40,888 0.16 54,541 0.21

Russia Evraz plc Iron/Steel 43,142 123,221 0.48

Singapore Singapore Exchange Limited Diversified Financial Services 3,700 23,788 0.09 Singapore Technologies Engineering Limited Engineering & Construction 7,200 15,725 0.06 Venture Corporation Limited Electronics 1,500 14,264 0.06 Wilmar International Limited Food 13,000 29,346 0.12 83,123 0.33

Spain Endesa SA Electric 781 16,442 0.07 Grifols SA Pharmaceuticals 1,000 33,286 0.13 Iberdrola SA Electric 9,460 92,054 0.36 Mapfre SA Insurance 7,095 11,974 0.05 153,756 0.61

Sweden Atlas Copco AB Machinery – Diversified 4,644 134,884 0.53 Epiroc AB Machinery-Construction & Mining 7,713 75,908 0.30 Industrivarden AB Investment Companies 4,294 82,094 0.32 L E Lundbergforetagen AB Investment Companies 7,539 305,146 1.20 Securitas AB Commercial Services 4,900 52,558 0.21 Skanska AB Engineering & Construction 1,817 27,303 0.11 SKF AB Metal Fabricate/Hardware 1,182 16,083 0.06 693,976 2.73

Switzerland Adecco Group AG Commercial Services 2,097 82,204 0.32 Chocoladefabriken Lindt & Spruengli AG Food 7 58,448 0.23 Coca-Cola HBC AG Beverages 571 12,225 0.05 Geberit AG Building Materials 140 61,025 0.24 Kuehne + Nagel International AG Transportation 348 47,157 0.19 Novartis AG Pharmaceuticals 886 72,712 0.29

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 39

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued)

Switzerland (continued) Roche Holding AG Pharmaceuticals 727 232,686 0.92 Schindler Holding AG Hand/Machine Tools 733 159,527 0.63 Schindler Holding AG Hand/Machine Tools 138 28,743 0.11 Sonova Holding AG Healthcare – Products 160 28,381 0.11 TE Connectivity Limited Electronics 975 61,406 0.24 844,514 3.33

United Kingdom 3i Group plc Private Equity 1,551 15,003 0.06 Amcor plc Packaging & Containers 5,802 47,112 0.18 Auto Trader Group plc Internet 21,487 115,910 0.46 Capri Holdings Limited Apparel 507 5,470 0.02 Compass Group plc Food Service 864 13,438 0.05 GlaxoSmithKline plc Pharmaceuticals 4,771 89,369 0.35 Johnson Matthey plc Chemicals 4,111 90,425 0.36 Micro Focus International plc Software 2,234 11,005 0.04 Next plc Retail 549 27,495 0.11 Rio Tinto Limited Mining 2,726 139,746 0.55 Sage Group plc Software 3,781 27,446 0.11 Segro plc REIT 2,235 21,092 0.08 Smith & Nephew plc Healthcare – Products 6,485 114,045 0.45 Unilever plc Cosmetics/Personal Care 1,349 67,913 0.27 785,469 3.09

United States Acuity Brands Incorporated Electrical Components & Equipment 621 53,195 0.21 AGNC Investment Corporation REIT 1,988 21,033 0.08 Alliant Energy Corporation Electric 1,764 85,184 0.34 Allstate Corporation Insurance 213 19,538 0.08 Ally Financial Incorporated Diversified Financial Services 1,147 16,551 0.07 Alphabet Incorporated Class A Internet 122 141,758 0.56 Alphabet Incorporated Class C Internet 92 106,979 0.42 Altice USA Incorporated Media 1,500 33,435 0.13 Amazon.com Incorporated Internet 121 235,916 0.93 Amgen Incorporated Biotechnology 570 115,556 0.45 ANSYS Incorporated Software 192 44,634 0.18 Apple Incorporated Computers 1,190 302,605 1.19 Applied Materials Incorporated Semiconductors 512 23,460 0.09 Aramark Food Service 743 14,838 0.06 Arch Capital Group Limited Insurance 789 22,455 0.09 Archer-Daniels-Midland Company Agriculture 771 27,124 0.11 Arconic Incorporated Aerospace/Defense 2,296 36,874 0.15 Arrow Electronics Incorporated Electronics 435 22,563 0.09 Arthur J Gallagher & Company Insurance 251 20,459 0.08 AT&T Incorporated Telecommunications 1,072 31,249 0.12 Atmos Energy Corporation Oil & Gas Services 197 19,548 0.08 AutoZone Incorporated Retail 21 17,766 0.07 Baxter International Incorporated Healthcare – Products 374 30,365 0.12 Best Buy Company Incorporated Retail 755 43,035 0.17 Biogen Incorporated Biotechnology 246 77,829 0.31 Bio-Rad Laboratories Incorporated Biotechnology 294 103,065 0.41 Blackstone Group Incorporated Private Equity 853 38,871 0.15

The accompanying notes are an integral part of these financial statements.

40 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) Booz Allen Hamilton Holding Corporation Commercial Services 3,530 242,299 0.95 Bristol-Myers Squibb Company Pharmaceuticals 2,760 153,842 0.61 Broadridge Financial Solutions Incorporated Software 657 62,303 0.25 Brown-Forman Corporation Beverages 1,562 86,707 0.34 Bunge Limited Agriculture 816 33,480 0.13 Cadence Design Systems Incorporated Software 3,780 249,631 0.98 CBRE Group Incorporated Real Estate 6,118 230,710 0.91 CDW Corporation Internet 2,348 218,998 0.86 Celanese Corporation Chemicals 363 26,641 0.10 CH Robinson Worldwide Incorporated Transportation 1,040 68,848 0.27 Chipotle Mexican Grill Incorporated Retail 69 45,154 0.18 Cincinnati Financial Corporation Insurance 484 36,518 0.14 Cintas Corporation Commercial Services 219 37,935 0.15 Cisco Systems Incorporated Telecommunications 634 24,923 0.10 Clorox Company Household Products/Wares 125 21,656 0.09 Comcast Corporation Media 500 17,190 0.07 Copart Incorporated Distribution/Wholesale 1,331 91,200 0.36 Costco Wholesale Corporation Retail 86 24,521 0.10 Crown Holdings Incorporated Packaging & Containers 737 42,775 0.17 Cummins Incorporated Auto Manufacturers 1,274 172,398 0.68 Darden Restaurants Incorporated Retail 843 45,910 0.18 Discovery Incorporated Media 2,154 41,874 0.16 DISH Network Corporation Media 1,365 27,286 0.11 Dollar General Corporation Retail 1,508 227,723 0.90 Domino’s Pizza Incorporated Retail 131 42,453 0.17 DR Horton Incorporated Home Builders 3,026 102,884 0.41 Duke Realty Corporation REIT 1,895 61,360 0.24 Eaton Corporation plc Miscellaneous Manufacturers 246 19,112 0.08 Eaton Vance Corporation Diversified Financial Services 3,110 100,297 0.40 eBay Incorporated Internet 4,502 135,330 0.53 Electronic Arts Incorporated Software 375 37,564 0.15 Entergy Corporation Electric 913 85,795 0.34 EPAM Systems Incorporated Computers 721 133,861 0.53 Equitable Holdings Incorporated Insurance 1,413 20,418 0.08 Equity LifeStyle Properties Incorporated REIT 486 27,935 0.11 Erie Indemnity Company Insurance 463 68,635 0.27 Estee Lauder Companies Incorporated Cosmetics/Personal Care 1,049 167,148 0.66 Expedia Group Incorporated Internet 165 9,285 0.04 Expeditors International of Washington Incorporated Transportation 1,622 108,220 0.43 F5 Networks Incorporated Internet 179 19,087 0.08 Facebook Incorporated Internet 324 54,043 0.21 FactSet Research Systems Incorporated Media 565 147,284 0.58 Fifth Third Bancorp Banks 701 10,410 0.04 FirstEnergy Corporation Electric 669 26,807 0.11 Flex Limited Electronics 7,586 63,533 0.25 Fox Corporation Class A Media 903 21,338 0.08 Fox Corporation Class B Media 4,274 97,789 0.38 Genuine Parts Company Retail 186 12,523 0.05 Gilead Sciences Incorporated Biotechnology 466 34,838 0.14 Halliburton Company Oil & Gas Services 3,261 22,338 0.09 Hartford Financial Services Group Incorporated Insurance 2,852 100,504 0.40

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 41

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) Healthpeak Properties Incorporated REIT 902 21,513 0.08 Henry Schein Incorporated Healthcare – Products 337 17,025 0.07 Hershey Company Food 2,230 295,475 1.16 HollyFrontier Corporation Oil & Gas Services 3,346 82,010 0.32 Home Depot Incorporated Retail 110 20,538 0.08 Host Hotels & Resorts Incorporated REIT 1,036 11,437 0.04 HP Incorporated Computers 1,523 26,439 0.10 Huntington Ingalls Industries Incorporated Shipbuilding 226 41,179 0.16 IAC/InterActiveCorporation Internet 260 46,600 0.18 IDEXX Laboratories Incorporated Healthcare – Products 95 23,013 0.09 Incyte Corporation Biotechnology 395 28,926 0.11 Ingersoll Rand Incorporated Machinery – Diversified 165 4,092 0.02 Intel Corporation Semiconductors 373 20,187 0.08 International Business Machines Corporation Computers 222 24,626 0.10 Interpublic Group of Companies Incorporated Advertising 1,167 18,894 0.07 Intuit Incorporated Software 968 222,640 0.88 Ionis Pharmaceuticals Incorporated Biotechnology 502 23,735 0.09 JB Hunt Transport Services Incorporated Transportation 192 17,708 0.07 Jones Lang LaSalle Incorporated Real Estate 1,330 134,303 0.53 Kimberly-Clark Corporation Household Products/Wares 1,686 215,589 0.85 Kimco Realty Corporation REIT 1,113 10,763 0.04 KKR & Company Incorporated Private Equity 1,151 27,014 0.11 KLA Corporation Semiconductors 591 84,950 0.33 Kohl’s Corporation Retail 613 8,944 0.04 Kroger Company Food 1,477 44,487 0.18 Lam Research Corporation Semiconductors 113 27,120 0.11 LEAR Corporation Auto Parts & Equipment 860 69,875 0.27 Leidos Holdings Incorporated Computers 1,655 151,681 0.60 Live Nation Entertainment Incorporated Entertainment 313 14,229 0.06 LyondellBasell Industries NV Chemicals 689 34,195 0.13 ManpowerGroup Incorporated Commercial Services 3,512 186,101 0.73 Marathon Petroleum Corporation Oil & Gas Services 1,232 29,100 0.11 MarketAxess Holdings Incorporated Commercial Services 201 66,847 0.26 Marsh & McLennan Companies Incorporated Insurance 538 46,515 0.18 Masco Corporation Building Materials 857 29,626 0.12 MasterCard Incorporated Diversified Financial Services 103 24,881 0.10 Match Group Incorporated Internet 2,909 192,110 0.76 Merck & Company Incorporated Pharmaceuticals 2,480 190,811 0.75 Mettler-Toledo International Incorporated Electronics 319 220,273 0.87 Micron Technology Incorporated Semiconductors 2,740 115,244 0.45 Microsoft Corporation Software 1,723 271,734 1.07 Moody’s Corporation Commercial Services 114 24,111 0.09 Motorola Solutions Incorporated Telecommunications 143 19,008 0.07 MSCI Incorporated Software 107 30,919 0.12 NIKE Incorporated Apparel 230 19,030 0.07 Nucor Corporation Iron/Steel 2,953 106,367 0.42 NVR Incorporated Home Builders 85 218,374 0.86 OGE Energy Corporation Electric 465 14,289 0.06 Old Dominion Freight Line Incorporated Transportation 280 36,753 0.14 Omnicom Group Incorporated Advertising 1,222 67,088 0.26 ON Semiconductor Corporation Semiconductors 902 11,221 0.04 Oracle Corporation Software 568 27,451 0.11

The accompanying notes are an integral part of these financial statements.

42 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) O’Reilly Automotive Incorporated Retail 55 16,558 0.07 Owens Corning Building Materials 499 19,366 0.08 PACCAR Incorporated Auto Manufacturers 291 17,789 0.07 Packaging Corporation of America Packaging & Containers 682 59,218 0.23 PepsiCo Incorporated Beverages 1,505 180,750 0.71 Philip Morris International Incorporated Agriculture 421 30,716 0.12 Phillips 66 Oil & Gas Services 2,949 158,214 0.62 Polaris Incorporated Leisure Time 854 41,120 0.16 Progressive Corporation Insurance 529 39,061 0.15 PulteGroup Incorporated Home Builders 4,524 100,976 0.40 Raymond James Financial Incorporated Diversified Financial Services 243 15,358 0.06 Regeneron Pharmaceuticals Incorporated Biotechnology 505 246,586 0.97 Reinsurance Group of America Incorporated Insurance 139 11,695 0.05 ResMed Incorporated Healthcare – Products 1,021 150,383 0.59 Robert Half International Incorporated Commercial Services 4,232 159,758 0.63 Ross Stores Incorporated Retail 223 19,394 0.08 S&P Global Incorporated Commercial Services 99 24,260 0.10 Sabre Corporation Commercial Services 926 5,491 0.02 Seagate Technology plc Computers 3,413 166,554 0.66 SEI Investments Company Diversified Financial Services 387 17,934 0.07 Sempra Energy Electric 529 59,772 0.24 Signature Bank Banks 257 20,660 0.08 Snap-on Incorporated Hand/Machine Tools 128 13,929 0.05 Southern Company Electric 1,011 54,736 0.22 Spirit AeroSystems Holdings Incorporated Aerospace/Defense 217 5,193 0.02 Starbucks Corporation Retail 623 40,956 0.16 Steel Dynamics Incorporated Iron/Steel 3,141 70,798 0.28 SVB Financial Group Banks 82 12,389 0.05 Synchrony Financial Diversified Financial Services 870 13,998 0.05 Synopsys Incorporated Software 903 116,297 0.46 Sysco Corporation Food 301 13,735 0.05 T Rowe Price Group Incorporated Diversified Financial Services 1,503 146,768 0.58 Target Corporation Retail 1,224 113,795 0.45 Teledyne Technologies Incorporated Aerospace/Defense 147 43,699 0.17 Teradyne Incorporated Semiconductors 1,118 60,562 0.24 Texas Instruments Incorporated Semiconductors 764 76,347 0.30 T-Mobile US Incorporated Telecommunications 276 23,156 0.09 Tractor Supply Company Retail 535 45,234 0.18 Tyler Technologies Incorporated Software 217 64,354 0.25 Tyson Foods Incorporated Food 2,403 139,062 0.55 United Airlines Holdings Incorporated Airlines 245 7,730 0.03 United Parcel Service Incorporated Transportation 180 16,816 0.07 Universal Health Services Incorporated Healthcare – Services 366 36,263 0.14 US Bancorp Banks 385 13,263 0.05 Valero Energy Corporation Oil & Gas Services 2,173 98,567 0.39 Varian Medical Systems Incorporated Healthcare – Products 233 23,920 0.09 Verizon Communications Incorporated Telecommunications 1,797 96,553 0.38 Vertex Pharmaceuticals Incorporated Biotechnology 269 64,009 0.25 VICI Properties Incorporated REIT 3,005 50,003 0.20 VMware Incorporated Software 815 98,696 0.39 Vornado Realty Trust REIT 1,397 50,585 0.20 Voya Financial Incorporated Insurance 590 23,925 0.09

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 43

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) Walmart Incorporated Retail 365 41,471 0.16 Walt Disney Company Media 321 31,009 0.12 Waste Management Incorporated Environmental Control 273 25,269 0.10 Wayfair Incorporated Internet 1,763 94,215 0.37 West Pharmaceutical Services Incorporated Healthcare – Products 355 54,049 0.21 Western Union Company Diversified Financial Services 9,199 166,778 0.66 Whirlpool Corporation Home Furnishings 592 50,794 0.20 WR Berkley Corporation Insurance 1,788 93,280 0.37 Zoetis Incorporated Pharmaceuticals 599 70,496 0.28 13,208,550 52.03 Total Common Shares 23,434,020 92.31

Dividend Yield % Preferred Shares Germany Bayerische Motoren Werke AG 9.36 Auto Manufacturers 1,062 44,804 0.18 Fuchs Petrolub SE 2.87 Chemicals 871 30,910 0.12 Total Preferred Shares 75,714 0.30 Total Transferable Securities and Money Market Instruments 23,509,734 92.61

Other Transferable Securities Common Shares Canada AltaGas Limited Pipelines 4,800 42,997 0.17 Canadian Apartment Properties REIT REIT 3,500 104,728 0.41 Canadian Utilities Limited Electric 1,200 28,361 0.11 Constellation Software Incorporated Software 200 179,720 0.71 Emera Incorporated Electric 2,200 85,784 0.34 Hydro One Limited Electric 1,700 30,265 0.12 iA Financial Corporation Incorporated Insurance 600 18,649 0.07 IGM Financial Incorporated Diversified Financial Services 800 13,124 0.05 Metro Incorporated Food 2,500 99,958 0.39 National Bank of Canada Banks 500 19,106 0.08 Onex Corporation Private Equity 5,000 180,946 0.71 Parkland Fuel Corporation Oil & Gas Services 11,000 191,738 0.76 Quebecor Incorporated Media 12,400 271,026 1.07 Total Common Shares 1,266,402 4.99 Total Other Transferable Securities 1,266,402 4.99 Total Investments in Securities 24,776,136 97.59

The accompanying notes are an integral part of these financial statements.

44 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL FACTOR ENHANCED EQUITY FUND Interest Market % of Rate Value Net % Nominal @ USD Assets

Cash at Banks

Time Deposits

Cayman Islands BBH Grand Cayman (o) (0.29) 83,788 JPY 776 0.00 BBH Grand Cayman (o) 0.01 527 AUD 322 0.00 BBH Grand Cayman (o) 0.01 13,661 GBP 16,939 0.07 BBH Grand Cayman (o) 0.01 1 NOK 0 0.00 BBH Grand Cayman (o) 0.12 2 CAD 1 0.00 BBH Grand Cayman (o) 0.15 1 NZD 0 0.00 BBH Grand Cayman (o) 0.66 19 HKD 3 0.00 18,041 0.07

United States JPMorgan Chase (o) 0.05 231,394 USD 231,394 0.91

Total Time Deposits 249,435 0.98

Current Accounts at Bank 351,387 1.38

Total Cash at Banks 600,822 2.37

Other Assets and Liabilities, Net 10,138 0.04

Total Net Assets 25,387,096 100.00

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: AUD Australian Dollar CAD Canadian Dollar GBP British Pound HKD Hong Kong Dollar JPY Japanese Yen NOK Norwegian Krone NZD New Zealand Dollar REIT Real Estate InvestmentTrust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 45

Portfolio of investments as at 31 March 2020

GLOBAL INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes Australia Australia & New Zealand Banking Group Limited ± 1.13 21/11/2029 Banks 100,000 EUR 98,090 0.25 Macquarie Group Limited ± 3.19 28/11/2023 Banks 145,000 USD 148,578 0.37 Transurban Finance Company Proprietary Limited 1.75 29/3/2028 Commercial Services 150,000 EUR 164,462 0.41 Westpac Banking Corporation 3.65 15/5/2023 Banks 255,000 USD 265,903 0.66 677,033 1.69

Austria BAWAG Group AG ± 2.38 26/3/2029 Banks 200,000 EUR 199,001 0.50

Belgium Argenta Spaarbank NV ± 3.88 24/5/2026 Banks 100,000 EUR 110,675 0.28 Solvay SA ^± 4.25 4/12/2023 Chemicals 100,000 EUR 109,266 0.27 219,941 0.55

Canada Rogers Communications Incorporated 5.34 22/3/2021 Telecommunications 100,000 CAD 72,619 0.18 Royal Bank of Canada 1.97 2/3/2022 Banks 100,000 CAD 70,867 0.18 Toronto-Dominion Bank 3.23 24/7/2024 Banks 600,000 CAD 447,112 1.11 590,598 1.47

China Tencent Holdings Limited 3.60 19/1/2028 Internet 380,000 USD 402,218 1.00

Denmark Jyske Bank AS ± 2.25 5/4/2029 Banks 100,000 EUR 107,857 0.27 Nykredit Realkredit AS 0.88 17/1/2024 Banks 100,000 EUR 104,961 0.26 Orsted AS ± 1.75 9/12/3019 Electric 100,000 EUR 97,715 0.25 310,533 0.78

Finland Fortum OYJ 0.88 27/2/2023 Electric 200,000 EUR 217,520 0.55 Mandatum Life Insurance Company Limited ± 1.88 4/10/2049 Insurance 100,000 EUR 97,061 0.24 Nordea Bank Abp 0.88 26/6/2023 Banks 100,000 EUR 106,696 0.27 Sampo OYJ 1.63 21/2/2028 Insurance 100,000 EUR 109,114 0.27 Sampo OYJ ± 3.38 23/5/2049 Insurance 100,000 EUR 109,249 0.27 639,640 1.60

France ALD SA 1.25 11/10/2022 Commercial Services 100,000 EUR 106,471 0.26 Arkema SA ^± 1.50 21/10/2025 Chemicals 200,000 EUR 182,687 0.46 Arkema SA ^± 2.75 17/6/2024 Chemicals 100,000 EUR 99,235 0.25 Banque Federative du Credit Mutuel SA 3.00 21/5/2024 Banks 100,000 EUR 110,957 0.28 BNP Paribas SA 1.25 19/3/2025 Banks 100,000 EUR 106,785 0.27 Credit Agricole SA 1.38 13/3/2025 Banks 100,000 EUR 107,118 0.27 Danone SA 0.57 17/3/2027 Food 100,000 EUR 107,748 0.27 Edenred 1.88 6/3/2026 Commercial Services 100,000 EUR 113,504 0.28 Electricite de France SA ^± 5.38 29/1/2025 Electric 200,000 EUR 225,350 0.56 Electricite de France SA 5.50 17/10/2041 Electric 100,000 GBP 167,538 0.42 LVMH Moet Hennessy Louis Vuitton SE 0.38 11/2/2031 Apparel 200,000 EUR 205,166 0.51

The accompanying notes are an integral part of these financial statements.

46 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) France (continued) Orange SA ^± 1.75 19/12/2026 Telecommunications 100,000 EUR 96,179 0.24 PSA Banque France SA 0.63 21/6/2024 Diversified Financial Services 100,000 EUR 103,111 0.26 TOTAL SA ^± 2.71 5/5/2023 Oil & Gas Services 100,000 EUR 108,638 0.27 UMG Groupe VYV 1.63 2/7/2029 Healthcare – Services 100,000 EUR 102,354 0.25 Worldline SA 0.25 18/9/2024 Software 100,000 EUR 104,643 0.26 2,047,484 5.11

Germany Aareal Bank AG ± 4.25 18/3/2026 Diversified Financial Services 200,000 EUR 214,741 0.54 Bayer AG ± 2.38 12/11/2079 Pharmaceuticals 100,000 EUR 97,191 0.24 Deutsche Bank AG 0.38 18/1/2021 Banks 100,000 EUR 107,354 0.27 Eurogrid GmbH 1.88 10/6/2025 Electric 100,000 EUR 115,897 0.29 Hannover Rueck SE ± 1.13 9/10/2039 Insurance 100,000 EUR 97,619 0.24 Merck KGaA ± 1.63 25/6/2079 Pharmaceuticals 100,000 EUR 99,697 0.25 Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen ± 6.63 26/5/2042 Insurance 100,000 GBP 133,762 0.33 Volkswagen Bank GmbH 0.63 8/9/2021 Auto Manufacturers 100,000 EUR 108,640 0.27 974,901 2.43

Ireland ESB Finance DAC 1.13 11/6/2030 Electric 100,000 EUR 107,596 0.27 GE Capital International Funding Company Unlimited Company 4.42 15/11/2035 Diversified Financial Services 250,000 USD 270,093 0.67 377,689 0.94

Italy Banco BPM SpA 1.75 28/1/2025 Banks 100,000 EUR 98,400 0.24 Banco BPM SpA 2.50 21/6/2024 Banks 100,000 EUR 102,903 0.26 UniCredit SpA ± 2.73 15/1/2032 Banks 200,000 EUR 175,444 0.44 376,747 0.94

Japan Mizuho Financial Group Incorporated 0.80 15/4/2030 Banks 300,000 EUR 281,848 0.71 Sumitomo Mitsui Financial Group Incorporated 2.06 14/7/2021 Banks 210,000 USD 208,266 0.52 Sumitomo Mitsui Financial Group Incorporated 3.10 17/1/2023 Banks 245,000 USD 245,298 0.61 735,412 1.84

Luxembourg Bevco Lux Sarl 1.75 9/2/2023 Diversified Financial Services 100,000 EUR 108,167 0.27 CK Hutchison Group Telecom Finance SA 1.50 17/10/2031 Telecommunications 200,000 EUR 199,872 0.50 DH Europe Finance II Sarl 0.20 18/3/2026 Healthcare – Products 100,000 EUR 101,884 0.25 DH Europe Finance II Sarl 0.45 18/3/2028 Healthcare – Products 100,000 EUR 98,618 0.25 SELP Finance Sarl 1.50 20/11/2025 REIT 100,000 EUR 108,566 0.27 Swiss Re Finance Luxembourg SA ± 2.53 30/4/2050 Insurance 200,000 EUR 204,815 0.51 821,922 2.05

Netherlands Cooperatieve Rabobank UA 0.63 27/2/2024 Banks 100,000 EUR 105,965 0.26 Deutsche Telekom International Finance BV 2.25 13/4/2029 Telecommunications 100,000 GBP 123,573 0.31

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 47

Portfolio of investments as at 31 March 2020

GLOBAL INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) Netherlands (continued) NIBC Bank NV 2.00 9/4/2024 Banks 100,000 EUR 108,346 0.27 NXP BV 3.88 18/6/2026 Semiconductors 280,000 USD 272,332 0.68 Siemens Financieringsmaatschappij NV 2.35 15/10/2026 Miscellaneous Manufacturers 250,000 USD 251,941 0.63 Sika Capital BV 0.88 29/4/2027 Building Materials 100,000 EUR 101,686 0.25 Sika Capital BV 1.50 29/4/2031 Building Materials 100,000 EUR 99,678 0.25 1,063,521 2.65

Portugal EDP - Energias de Portugal SA ± 1.70 20/7/2080 Electric 100,000 EUR 97,894 0.24

Spain Banco de Sabadell SA 1.13 27/3/2025 Banks 100,000 EUR 97,697 0.24 Banco Santander SA 3.41 11/4/2022 Banks 400,000 USD 383,000 0.96 Bankia SA 1.13 12/11/2026 Banks 100,000 EUR 97,963 0.24 Bankinter SA 0.63 6/10/2027 Banks 100,000 EUR 96,331 0.24 CaixaBank SA 0.63 1/10/2024 Banks 100,000 EUR 100,773 0.25 Inmobiliaria Colonial Socimi SA 1.45 28/10/2024 REIT 200,000 EUR 217,627 0.54 Telefonica Emisiones SA 4.10 8/3/2027 Telecommunications 250,000 USD 259,280 0.65 Unicaja Banco SA ± 2.88 13/11/2029 Banks 100,000 EUR 91,312 0.23 1,343,983 3.35

Sweden Akelius Residential Property AB ± 2.25 17/5/2081 Real Estate 100,000 EUR 90,675 0.23 Akelius Residential Property AB ± 3.88 5/10/2078 Real Estate 100,000 EUR 99,609 0.25 Heimstaden Bostad AB 1.13 21/1/2026 Real Estate 100,000 EUR 105,743 0.26 Tele2 AB 1.13 15/5/2024 Telecommunications 100,000 EUR 111,557 0.28 Tele2 AB 2.13 15/5/2028 Telecommunications 100,000 EUR 115,761 0.29 523,345 1.31

Switzerland Credit Suisse AG 3.63 9/9/2024 Banks 320,000 USD 338,015 0.84 Credit Suisse AG ± 5.75 18/9/2025 Banks 100,000 EUR 108,231 0.27 UBS Group AG ± 0.25 29/1/2026 Banks 200,000 EUR 200,644 0.50 646,890 1.61

United Kingdom Aviva plc ± 6.13 5/7/2043 Insurance 100,000 EUR 120,050 0.30 AXIS Specialty Finance plc 4.00 6/12/2027 Insurance 145,000 USD 152,112 0.38 Barclays plc ± 2.38 6/10/2023 Banks 100,000 GBP 120,415 0.30 Brambles Finance plc 1.50 4/10/2027 Packaging & Containers 100,000 EUR 110,932 0.28 British Telecommunications plc 3.63 21/11/2047 Telecommunications 100,000 GBP 121,533 0.30 Coca-Cola European Partners plc 1.50 8/11/2027 Beverages 100,000 EUR 110,104 0.27 CPUK Finance Limited 7.24 28/2/2024 Entertainment 100,000 GBP 138,597 0.35 DS Smith plc 2.25 16/9/2022 Packaging & Containers 100,000 EUR 112,576 0.28 FCE Bank plc 1.88 24/6/2021 Auto Manufacturers 100,000 EUR 101,467 0.25 HSBC Holdings plc 4.30 8/3/2026 Banks 240,000 USD 256,201 0.64 Legal & General Group plc ± 10.00 23/7/2041 Insurance 100,000 GBP 135,170 0.34 Lloyds Banking Group plc 2.25 16/10/2024 Banks 100,000 GBP 119,849 0.30 Mondi Finance plc 1.63 27/4/2026 Forest Products & Paper 100,000 EUR 106,728 0.27 Motability Operations Group plc 2.38 3/7/2039 Commercial Services 100,000 GBP 119,928 0.30 Omnicom Finance Holdings plc 1.40 8/7/2031 Advertising 100,000 EUR 100,065 0.25 Reckitt Benckiser Treasury Services plc 2.75 26/6/2024 Household Products/Wares 310,000 USD 307,203 0.77

The accompanying notes are an integral part of these financial statements.

48 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued)

United Kingdom (continued) Royal Bank of Scotland Group plc ± 2.88 19/9/2026 Banks 100,000 GBP 120,617 0.30 Royal Bank of Scotland Group plc 3.88 12/9/2023 Banks 270,000 USD 272,737 0.68 Tesco Corporate Treasury Services plc 0.88 29/5/2026 Food 100,000 EUR 102,294 0.25 Tesco Personal Finance Group plc 3.50 25/7/2025 Banks 100,000 GBP 120,637 0.30 Vodafone Group plc 4.38 30/5/2028 Telecommunications 305,000 USD 320,667 0.80 WPP Finance 2010 3.75 19/9/2024 Advertising 155,000 USD 157,557 0.39 3,327,439 8.30

United States AbbVie Incorporated 2.60 21/11/2024 Pharmaceuticals 285,000 USD 289,566 0.72 AbbVie Incorporated 4.25 21/11/2049 Pharmaceuticals 205,000 USD 221,127 0.55 American Airlines 2015-1 Class A Pass- Through Trust 3.38 1/5/2027 Airlines 77,751 USD 72,104 0.18 American Airlines 2016-3 Class AA Pass- Through Trust 3.00 15/10/2028 Airlines 143,857 USD 135,764 0.34 American Express Credit Corporation 3.30 3/5/2027 Diversified Financial Services 255,000 USD 268,717 0.67 American International Group Incorporated 4.75 1/4/2048 Insurance 420,000 USD 443,814 1.11 Anheuser-Busch InBev Finance Incorporated 3.65 1/2/2026 Beverages 400,000 USD 416,218 1.04 Apple Incorporated 2.95 11/9/2049 Computers 165,000 USD 174,124 0.44 Apple Incorporated 3.20 11/5/2027 Computers 140,000 USD 151,718 0.38 Apple Incorporated 3.60 31/7/2042 Computers 100,000 GBP 154,444 0.39 AT&T Incorporated 4.25 1/3/2027 Telecommunications 315,000 USD 336,763 0.84 AT&T Incorporated 4.50 9/3/2048 Telecommunications 125,000 USD 135,657 0.34 Aviation Capital Group LLC 2.88 20/1/2022 Trucking & Leasing 240,000 USD 216,913 0.54 Baker Hughes a GE Company LLC 3.34 15/12/2027 Oil & Gas Services 355,000 USD 325,542 0.81 Bank of America Corporation 4.13 22/1/2024 Banks 525,000 USD 559,722 1.40 BAT Capital Corporation 4.54 15/8/2047 Agriculture 240,000 USD 219,017 0.55 Booking Holdings Incorporated 1.80 3/3/2027 Internet 100,000 EUR 103,941 0.26 BP Capital Markets America Incorporated 2.75 10/5/2023 Oil & Gas Services 205,000 USD 205,647 0.51 Brighthouse Financial Incorporated 4.70 22/6/2047 Insurance 270,000 USD 216,502 0.54 British Airways 2019-1 Class AA Pass- Through Trust 3.30 15/12/2032 Airlines 469,781 USD 441,145 1.10 Cantor Fitzgerald LP 4.88 1/5/2024 Diversified Financial Services 475,000 USD 473,763 1.18 Capital One Financial Corporation 0.80 12/6/2024 Diversified Financial Services 100,000 EUR 97,953 0.24 Carlisle Companies Incorporated 2.75 1/3/2030 Miscellaneous Manufacturers 105,000 USD 91,759 0.23 Celanese US Holdings LLC 1.13 26/9/2023 Chemicals 100,000 EUR 108,272 0.27 Charter Communications Operating LLC 4.91 23/7/2025 Media 280,000 USD 301,639 0.75 Citigroup Incorporated ± 1.50 24/7/2026 Banks 100,000 EUR 107,209 0.27 Citigroup Incorporated 3.30 27/4/2025 Banks 590,000 USD 610,745 1.52 Comcast Corporation 3.38 15/8/2025 Media 375,000 USD 398,250 0.99 Cox Communications Incorporated 4.60 15/8/2047 Media 210,000 USD 217,131 0.54 CVS Health Corporation 3.25 15/8/2029 Pharmaceuticals 120,000 USD 116,876 0.29 CVS Health Corporation 3.70 9/3/2023 Pharmaceuticals 490,000 USD 510,084 1.27 CVS Health Corporation 4.30 25/3/2028 Pharmaceuticals 100,000 USD 106,200 0.27 Dell International LLC 5.45 15/6/2023 Computers 355,000 USD 364,287 0.91 Delta Air Lines 2019-1 Class AA Pass- Through Trust 3.20 25/4/2024 Airlines 250,000 USD 244,069 0.61 Digital Euro Finco LLC 2.63 15/4/2024 REIT 100,000 EUR 113,964 0.28 Discovery Communications LLC 5.30 15/5/2049 Media 105,000 USD 106,359 0.27

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 49

Portfolio of investments as at 31 March 2020

GLOBAL INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued)

United States (continued) Duke Energy Carolinas LLC 2.45 15/8/2029 Electric 300,000 USD 294,280 0.73 Energy Transfer Operating LP 3.75 15/5/2030 Pipelines 130,000 USD 101,822 0.25 Energy Transfer Operating LP 6.25 15/4/2049 Pipelines 365,000 USD 308,903 0.77 Equifax Incorporated 2.60 1/12/2024 Commercial Services 280,000 USD 264,693 0.66 FedEx Corporation 4.95 17/10/2048 Transportation 160,000 USD 156,552 0.39 Fiserv Incorporated 3.50 1/7/2029 Software 230,000 USD 243,379 0.61 Fox Corporation 4.71 25/1/2029 Media 345,000 USD 378,462 0.94 Goldman Sachs Group Incorporated 3.63 22/1/2023 Banks 685,000 USD 707,140 1.76 Goldman Sachs Group Incorporated 4.25 29/1/2026 Banks 100,000 GBP 127,698 0.32 Intercontinental Exchange Incorporated 3.75 1/12/2025 Diversified Financial Services 475,000 USD 501,785 1.25 Jabil Incorporated 3.60 15/1/2030 Electronics 125,000 USD 111,179 0.28 John Deere Capital Corporation 3.45 7/3/2029 Machinery – Diversified 200,000 USD 213,672 0.53 JPMorgan Chase & Company 2.30 15/8/2021 Banks 620,000 USD 618,809 1.54 JPMorgan Chase & Company ± 3.21 1/4/2023 Banks 210,000 USD 214,015 0.53 JPMorgan Chase & Company ± 3.78 1/2/2028 Banks 210,000 USD 225,503 0.56 Keurig Dr Pepper Incorporated 4.60 25/5/2028 Beverages 225,000 USD 246,343 0.62 Kinder Morgan Energy Partners LP 5.40 1/9/2044 Pipelines 230,000 USD 228,594 0.57 Marathon Petroleum Corporation 3.80 1/4/2028 Oil & Gas Services 205,000 USD 184,729 0.46 Mars Incorporated 3.95 1/4/2049 Food 220,000 USD 238,705 0.60 McDonald’s Corporation 1.45 1/9/2025 Retail 130,000 USD 123,506 0.31 Midwest Connector Capital Company LLC 3.90 1/4/2024 Pipelines 380,000 USD 354,788 0.89 Morgan Stanley 3.13 27/7/2026 Banks 535,000 USD 553,026 1.38 Morgan Stanley 3.70 23/10/2024 Banks 750,000 USD 792,386 1.98 Motorola Solutions Incorporated 4.60 23/2/2028 Telecommunications 335,000 USD 341,700 0.85 MPLX LP 4.00 15/3/2028 Pipelines 285,000 USD 253,287 0.63 Nevada Power Company 2.40 1/5/2030 Electric 105,000 USD 100,251 0.25 New York State Electric & Gas Corporation 3.25 1/12/2026 Electric 150,000 USD 157,477 0.39 Nuveen LLC 4.00 1/11/2028 Diversified Financial Services 250,000 USD 261,486 0.65 PacifiCorporation 3.50 15/6/2029 Electric 280,000 USD 285,087 0.71 Penske Truck Leasing Company LP 3.45 1/7/2024 Trucking & Leasing 270,000 USD 270,035 0.67 Qualcomm Incorporated 3.25 20/5/2027 Semiconductors 285,000 USD 300,724 0.75 Raymond James Financial Incorporated 4.95 15/7/2046 Diversified Financial Services 220,000 USD 253,404 0.63 Sabine Pass Liquefaction LLC 5.75 15/5/2024 Pipelines 355,000 USD 333,182 0.83 Sabra Health Care LP 4.80 1/6/2024 REIT 90,000 USD 91,350 0.23 Santander Holdings USA Incorporated 4.40 13/7/2027 Banks 210,000 USD 206,555 0.52 Simon Property Group LP 3.25 13/9/2049 REIT 295,000 USD 237,646 0.59 State Street Corporation 2.40 24/1/2030 Banks 130,000 USD 126,946 0.32 Thermo Fisher Scientific Incorporated 1.50 1/10/2039 Healthcare – Products 200,000 EUR 183,481 0.46 Union Electric Company 3.50 15/3/2029 Electric 150,000 USD 159,389 0.40 Union Pacific Corporation 2.40 5/2/2030 Transportation 205,000 USD 199,503 0.50 United Technologies Corporation 4.13 16/11/2028 Aerospace/Defense 245,000 USD 270,457 0.68 Unum Group 4.50 15/12/2049 Insurance 120,000 USD 93,080 0.23 US Airways 2012-2 Class A Pass- Through Trust 4.63 3/6/2025 Airlines 215,386 USD 213,185 0.53 Verizon Communications Incorporated 2.88 15/1/2038 Telecommunications 100,000 EUR 112,025 0.28 Verizon Communications Incorporated 4.13 15/8/2046 Telecommunications 310,000 USD 358,965 0.90 Walmart Incorporated 3.70 26/6/2028 Retail 180,000 USD 202,362 0.51 Walt Disney Company 3.80 22/3/2030 Media 240,000 USD 269,851 0.67 Western Midstream Operating LP 4.05 1/2/2030 Pipelines 130,000 USD 57,217 0.14 Western Union Company 2.85 10/1/2025 Diversified Financial Services 265,000 USD 263,759 0.66

The accompanying notes are an integral part of these financial statements.

50 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States (continued) Western Union Company 4.25 9/6/2023 Diversified Financial Services 245,000 USD 260,277 0.65 Westlake Chemical Corporation 1.63 17/7/2029 Chemicals 200,000 EUR 195,882 0.49 22,305,537 55.65 Total Corporate Bonds and Notes 37,681,728 94.01

Government Bonds United States United States Treasury Bond 2.25 15/8/2049 260,000 USD 316,327 0.79 United States Treasury Note 1.13 28/2/2025 205,000 USD 212,615 0.53 Total Government Bonds 528,942 1.32

Municipal Obligations United States New Jersey Transportation Trust Fund Authority 4.13 15/6/2042 130,000 USD 125,871 0.32 Total Municipal Obligations 125,871 0.32 Total Transferable Securities and Money Market Instruments 38,336,541 95.65

Other Transferable Securities Corporate Bonds and Notes Canada Royal Bank of Canada 2.00 21/3/2022 Banks 300,000 CAD 212,716 0.53 Total Corporate Bonds and Notes 212,716 0.53 Total Other Transferable Securities 212,716 0.53 Total Investments in Securities 38,549,257 96.18 Cash at Banks Time Deposits Cayman Islands BBH Grand Cayman (o) 0.01 13,340 GBP 16,569 0.04

France Societe Generale Bank (o) (0.65) 22,441 EUR 24,750 0.06

Netherlands ING Bank NV (o) 0.05 61,372 USD 61,372 0.15

United States Citibank (o) 0.05 81,526 USD 81,526 0.21 Total Time Deposits 184,217 0.46 Current Accounts at Bank 968,412 2.42 Total Cash at Banks 1,152,629 2.88

Other Assets and Liabilities, Net 379,967 0.94 Total Net Assets 40,081,853 100.00

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 51

Portfolio of investments as at 31 March 2020

Key: CAD Canadian Dollar EUR Euro GBP British Pound REIT Real Estate Investment Trust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

52 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL LONG/SHORT EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares Australia AGL Energy Limited Electric 103,230 1,080,337 0.76 Coles Group Limited Food 86,229 803,054 0.56 Computershare Limited Computers 56,951 340,928 0.24 Fortescue Metals Group Limited Iron/Steel 239,959 1,470,523 1.03 3,694,842 2.59

Belgium Ageas Insurance 44,567 1,857,196 1.30

Canada Algonquin Power & Utilities Corporation Electric 56,700 763,494 0.54 Empire Company Limited Food 101,300 1,981,659 1.39 Kirkland Lake Gold Limited Mining 41,200 1,213,487 0.85 3,958,640 2.78

Denmark Carlsberg AS Beverages 2,398 269,966 0.19

France Electricite de France SA Electric 148,327 1,159,845 0.81

Germany HeidelbergCement AG Building Materials 8,999 384,465 0.27 Uniper SE Electric 22,537 553,582 0.39 938,047 0.66

Hong Kong CK Hutchison Holdings Limited Holding Companies – Diversified 139,000 926,457 0.65 CK Infrastructure Holdings Limited Engineering & Construction 147,000 778,202 0.54 CLP Holdings Limited Electric 201,000 1,841,161 1.29 Link REIT REIT 94,200 793,963 0.56 Power Assets Holdings Limited Electric 239,500 1,420,772 1.00 Sino Land Company Limited Real Estate 766,000 964,056 0.68 WH Group Limited Food 330,500 305,055 0.21 7,029,666 4.93

Ireland Allegion plc + Electronics 3,288 302,562 0.21

Israel Check Point Software Technologies Limited + Computers 17,915 1,801,174 1.26

Netherlands Koninklijke Ahold Delhaize NV Food 55,413 1,290,933 0.91

New Zealand a2 Milk Company Limited Food 146,682 1,498,448 1.05

Singapore Venture Corporation Limited Electronics 75,615 720,315 0.51

Spain Red Electrica Corporation SA Electric 81,767 1,469,312 1.03

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 53

Portfolio of investments as at 31 March 2020

GLOBAL LONG/SHORT EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued)

Switzerland Chocoladefabriken Lindt & Spruengli AG Food 129 1,082,758 0.76 SGS SA Commercial Services 711 1,639,903 1.15 2,722,661 1.91

United Kingdom Auto Trader Group plc Internet 133,491 721,358 0.51 Barratt Developments plc Home Builders 109,349 591,066 0.41 Coca-Cola European Partners plc + Beverages 7,431 278,885 0.20 1,591,309 1.12

United States AbbVie Incorporated + Pharmaceuticals 3,893 296,608 0.21 Adobe Incorporated + Software 596 189,671 0.13 AGNC Investment Corporation + REIT 67,251 711,516 0.50 Alexion Pharmaceuticals Incorporated + Biotechnology 13,821 1,240,988 0.87 Alliance Data Systems Corporation + Diversified Financial Services 7,633 256,850 0.18 Ally Financial Incorporated + Diversified Financial Services 1,096 15,815 0.01 Alphabet Incorporated Class A + Internet 1,920 2,230,944 1.57 Alphabet Incorporated Class C + Internet 1,840 2,139,570 1.50 Amazon.com Incorporated + Internet 549 1,070,396 0.75 American International Group Incorporated + Insurance 3,403 82,523 0.06 Apple Incorporated + Computers 11,906 3,027,577 2.12 Applied Materials Incorporated + Semiconductors 37,176 1,703,404 1.20 Berkshire Hathaway Incorporated + Insurance 12,667 2,315,908 1.62 Booz Allen Hamilton Holding Corporation + Commercial Services 31,783 2,181,585 1.53 Cadence Design Systems Incorporated + Software 3,995 263,830 0.18 CDW Corporation + Internet 15,922 1,485,045 1.04 CenterPoint Energy Incorporated + Electric 62,339 963,138 0.68 Citizens Financial Group Incorporated + Banks 34,290 644,995 0.45 Colgate-Palmolive Company + Cosmetics/Personal Care 28,006 1,858,478 1.30 Copart Incorporated + Distribution/Wholesale 22,579 1,547,113 1.09 Costco Wholesale Corporation + Retail 2,754 785,248 0.55 Discovery Incorporated + Media 27,024 525,347 0.37 Domino’s Pizza Incorporated + Retail 6,277 2,034,187 1.43 DR Horton Incorporated + Home Builders 31,571 1,073,414 0.75 Evergy Incorporated + Electric 22,916 1,261,526 0.89 Facebook Incorporated + Internet 11,526 1,922,537 1.35 Fortinet Incorporated + Computers 14,979 1,515,425 1.06 Fox Corporation Class A + Media 39,493 933,220 0.65 Fox Corporation Class B + Media 33,587 768,471 0.54 Hanesbrands Incorporated + Apparel 142,434 1,120,956 0.79 Hartford Financial Services Group Incorporated + Insurance 26,038 917,579 0.64 Henry Schein Incorporated + Healthcare – Products 31,092 1,570,768 1.10 Hewlett Packard Enterprise Company + Computers 99,105 962,310 0.68 HollyFrontier Corporation + Oil & Gas Services 6,116 149,903 0.11 IDEXX Laboratories Incorporated + Healthcare – Products 753 182,407 0.13 Intuit Incorporated + Software 8,344 1,919,120 1.35 Keysight Technologies Incorporated + Electronics 22,355 1,870,666 1.31 Kimberly-Clark Corporation + Household Products/Wares 16,960 2,168,675 1.52 KLA Corporation + Semiconductors 2,805 403,191 0.28 Lam Research Corporation + Semiconductors 7,034 1,688,160 1.18

The accompanying notes are an integral part of these financial statements.

54 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL LONG/SHORT EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) ManpowerGroup Incorporated + Commercial Services 7,815 414,117 0.29 Marathon Petroleum Corporation + Oil & Gas Services 9,883 233,436 0.16 Match Group Incorporated + Internet 22,374 1,477,579 1.04 Microsoft Corporation + Software 31,950 5,038,834 3.54 Morgan Stanley + Banks 3,203 108,902 0.08 NortonLifeLock Incorporated + Internet 86,681 1,621,801 1.14 NRG Energy Incorporated + Electric 49,169 1,340,347 0.94 NVIDIA Corporation + Semiconductors 366 96,478 0.07 NVR Incorporated + Home Builders 375 963,416 0.68 Paycom Software Incorporated + Software 5,941 1,200,141 0.84 PulteGroup Incorporated + Home Builders 36,680 818,698 0.57 Qorvo Incorporated + Semiconductors 20,780 1,675,491 1.18 Robert Half International Incorporated + Commercial Services 31,520 1,189,880 0.83 Seagate Technology plc + Computers 43,054 2,101,035 1.47 Sysco Corporation + Food 19,444 887,230 0.62 Teradyne Incorporated + Semiconductors 33,609 1,820,599 1.28 TransUnion + Commercial Services 2,465 163,134 0.11 VeriSign Incorporated + Internet 10,500 1,890,945 1.33 Verizon Communications Incorporated + Telecommunications 34,311 1,843,530 1.29 ViacomCBS Incorporated + Media 58,849 824,474 0.58 Vornado Realty Trust + REIT 35,456 1,283,862 0.90 Western Union Company + Diversified Financial Services 92,293 1,673,272 1.17 Whirlpool Corporation + Home Furnishings 5,613 481,595 0.34 Zebra Technologies Corporation + Office/Business Equipment 8,668 1,591,445 1.12 78,739,305 55.24 Total Common Shares 109,044,221 76.50

Dividend Yield % Preferred Shares Germany Bayerische Motoren Werke AG 9.36 Auto Manufacturers 2,314 98,126 0.07 Henkel AG & Company KGaA 2.55 Household Products/Wares 10,155 812,214 0.57 Porsche Automobil Holding SE 6.09 Auto Manufacturers 20,808 869,783 0.61

Total Preferred Shares 1,780,123 1.25 Total Transferable Securities and Money Market Instruments 110,824,344 77.75

Other Transferable Securities

Common Shares Canada AltaGas Limited Pipelines 141,100 1,278,352 0.90 Canadian Utilities Limited Electric 16,100 384,853 0.27 Constellation Software Incorporated Software 2,300 2,090,348 1.47 Fairfax Financial Holdings Limited Insurance 5,700 1,747,425 1.23 H&R REIT REIT 34,700 220,188 0.15 Power Corporation of Canada Insurance 77,465 1,246,222 0.87

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 55

Portfolio of investments as at 31 March 2020

GLOBAL LONG/SHORT EQUITY FUND Market % of Value Net Industry Shares USD Assets

Other Transferable Securities

Common Shares (continued)

Canada (continued) RioCan REIT REIT 9,600 110,032 0.08 SmartCentres REIT REIT 2,500 33,468 0.02 Total Common Shares 7,110,888 4.99 Total Other Transferable Securities 7,110,888 4.99 Total Investments in Securities 117,935,232 82.74

Interest Rate % Nominal @

Cash at Banks

Time Deposits Cayman Islands BBH Grand Cayman (o) 0.01 21 AUD 13 0.00 BBH Grand Cayman (o) 0.01 38 GBP 47 0.00 BBH Grand Cayman (o) 0.01 1 NOK 0 0.00 BBH Grand Cayman (o) 0.01 53 SGD 37 0.00 BBH Grand Cayman (o) 0.12 387 CAD 275 0.00 BBH Grand Cayman (o) 0.15 20 NZD 12 0.00 BBH Grand Cayman (o) 0.66 31 HKD 4 0.00 388 0.00

Switzerland Credit Suisse AG (o) (1.46) 32,526 CHF 33,793 0.03

United Kingdom Barclays (o) 0.05 14,497,714 USD 14,497,714 10.17 Total Time Deposits 14,531,895 10.20 Current Accounts at Bank 6,489,232 4.55 Total Cash at Banks 21,021,127 14.75 Other Assets and Liabilities, Net 3,570,246 2.51 Total Net Assets 142,526,605 100.00

+ Security is segregated as collateral for investments in contracts for difference. @ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: AUD Australian Dollar CAD Canadian Dollar CHF Swiss Franc GBP British Pound HKD Hong Kong Dollar NOK Norwegian Krone NZD New Zealand Dollar REIT Real Estate Investment Trust SGD Singapore Dollar USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

56 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL LOW VOLATILITY EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares

Argentina Telecom Argentina SA ADR Telecommunications 1,529 14,097 0.15

Australia Aurizon Holdings Limited Transportation 1,973 5,088 0.05 Boral Limited Building Materials 26,505 33,126 0.34 CIMIC Group Limited Engineering & Construction 339 4,777 0.05 Cochlear Limited Healthcare – Products 548 62,147 0.64 Coles Group Limited Food 16,155 149,706 1.54 Computershare Limited Computers 12,473 74,297 0.77 Harvey Norman Holdings Limited Retail 28,618 52,287 0.54 Tabcorp Holdings Limited Entertainment 11,060 17,032 0.18 Telstra Corporation Limited Telecommunications 2,775 5,183 0.05 Treasury Wine Estates Limited Beverages 9,036 55,822 0.57 459,465 4.73

Austria Erste Group Bank AG Banks 1,118 20,363 0.21 Verbund AG Electric 1,199 43,022 0.44 63,385 0.65

Belgium Ageas Insurance 3,350 138,886 1.43 Colruyt SA Food 2,161 116,543 1.20 Proximus SADP Telecommunications 1,170 26,731 0.27 282,160 2.90

Bermuda RenaissanceRe Holdings Limited Insurance 852 127,221 1.31

Brazil Petrobras Distribuidora SA Oil & Gas Services 3,000 8,971 0.09 TIM Participacoes SA Telecommunications 3,900 9,354 0.10 18,325 0.19

Canada Barrick Gold Corporation Mining 1,900 34,520 0.35 BCE Incorporated Telecommunications 300 12,168 0.12 CGI Incorporated Computers 300 16,059 0.16 Empire Company Limited Food 4,600 88,972 0.92 Kinross Gold Corporation Mining 11,900 47,237 0.49 Rogers Communications Incorporated Telecommunications 1,500 61,903 0.64 260,859 2.68

Chile Colbun SA Electric 110,245 12,029 0.12 Enel Chile SA Electric 196,914 13,400 0.14 25,429 0.26

China Anhui Conch Cement Company Limited Building Materials 1,000 6,871 0.07 ANTA Sports Products Limited Retail 1,000 7,258 0.08

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 57

Portfolio of investments as at 31 March 2020

GLOBAL LOW VOLATILITY EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued)

China (continued) China Conch Venture Holdings Limited Environmental Control 3,500 15,526 0.16 China Lesso Group Holdings Limited Building Materials 5,000 6,475 0.07 Dali Foods Group Company Limited Food 23,000 15,955 0.16 ENN Energy Holdings Limited Oil & Gas Services 1,100 10,659 0.11 Haidilao International Holding Limited Retail 1,000 3,857 0.04 Li Ning Company Limited Retail 3,500 10,071 0.10 Longfor Group Holdings Limited Real Estate 2,500 12,035 0.12 Ping An Healthcare & Technology Company Limited Healthcare – Services 1,100 10,131 0.10 Ping An Insurance Group Company of China Limited Insurance 500 4,884 0.05 Postal Savings Bank of China Company Limited Banks 60,000 36,539 0.38 Shandong Weigao Group Medical Polymer Company Limited Healthcare – Products 8,000 10,045 0.10 Shenzhen Expressway Company Limited Commercial Services 14,000 14,158 0.15 Tingyi Cayman Islands Holding Corporation Food 8,000 13,010 0.13 Uni-President China Holdings Limited Food 10,000 9,667 0.10 Want Want China Holdings Limited Food 11,000 7,934 0.08 Yangzijiang Shipbuilding Holdings Limited Shipbuilding 103,500 59,949 0.62 Zhaojin Mining Industry Company Limited Mining 9,000 9,047 0.09 Zhongsheng Group Holdings Limited Retail 3,500 12,149 0.13 276,220 2.84

Czech Republic CEZ AS Electric 513 8,331 0.08 Moneta Money Bank AS Banks 11,250 23,067 0.24 31,398 0.32

Egypt Commercial International Bank Egypt SAE Banks 6,076 22,430 0.23 Eastern Company SAE Agriculture 19,599 15,321 0.16 37,751 0.39

Finland Orion OYJ Pharmaceuticals 2,182 88,344 0.91

France Amundi SA Diversified Financial Services 530 30,508 0.32 Eutelsat Communications SA Telecommunications 4,697 48,576 0.50 SCOR SE Insurance 939 20,553 0.21 SEB SA Home Furnishings 34 4,190 0.04 103,827 1.07

Germany adidas AG Apparel 163 36,005 0.37 METRO AG Food 10,074 85,363 0.88 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Insurance 232 46,409 0.48 167,777 1.73

The accompanying notes are an integral part of these financial statements.

58 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL LOW VOLATILITY EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) Greece Hellenic Telecommunications Organization SA Telecommunications 2,293 27,577 0.29 JUMBO SA Retail 1,099 14,678 0.15 42,255 0.44

Hong Kong ASM Pacific Technology Limited Semiconductors 500 4,637 0.05 Bosideng International Holdings Limited Retail 18,000 4,182 0.04 China Resources Cement Holdings Limited Building Materials 12,000 14,101 0.14 China Resources Gas Group Limited Oil & Gas Services 2,000 10,039 0.10 CK Infrastructure Holdings Limited Engineering & Construction 11,000 58,247 0.60 CLP Holdings Limited Electric 1,000 9,162 0.09 Far East Horizon Limited Diversified Financial Services 7,000 5,604 0.06 Guangdong Investment Limited Water 10,000 19,195 0.20 Hang Seng Bank Limited Banks 100 1,704 0.02 HK Electric Investments & HK Electric Investments Limited Electric 106,500 102,272 1.05 HKT Trust & HKT Limited Telecommunications 77,000 104,749 1.08 Jardine Matheson Holdings Limited Holding Companies – Diversified 300 15,100 0.15 MTR Corporation Limited Transportation 9,000 46,304 0.48 Nine Dragons Paper Holdings Limited Forest Products & Paper 5,000 4,531 0.05 Power Assets Holdings Limited Electric 6,500 38,569 0.40 Shenzhen International Holdings Limited Commercial Services 8,000 14,512 0.15 Sun Art Retail Group Limited Retail 10,500 15,451 0.16 Yue Yuen Industrial Holdings Limited Apparel 30,500 46,618 0.48 514,977 5.30

Hungary OTP Bank Nyrt Banks 575 16,411 0.17 Richter Gedeon Nyrt Pharmaceuticals 1,266 23,756 0.24 40,167 0.41

India Dr Reddy’s Laboratories Limited ADR Pharmaceuticals 487 19,641 0.20 Infosys Limited ADR Computers 2,403 19,728 0.21 39,369 0.41

Indonesia PT Bank Central Asia Tbk Banks 16,900 28,475 0.29 PT Indofood CBP Sukses Makmur Tbk Food 30,400 18,962 0.20 47,437 0.49

Israel Bank Hapoalim BM Banks 5,240 31,433 0.32 Bank Leumi Le-Israel BM Banks 7,581 41,849 0.43 Israel Discount Bank Limited Banks 20,301 59,263 0.61 132,545 1.36

Italy Intesa Sanpaolo SpA Banks 11,037 17,767 0.18 Mediobanca Banca di Credito Finanziario SpA Banks 5,879 31,895 0.33 49,662 0.51

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 59

Portfolio of investments as at 31 March 2020

GLOBAL LOW VOLATILITY EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) Japan ABC-Mart Incorporated Retail 1,400 69,789 0.72 Chugoku Electric Power Company Incorporated Electric 3,300 45,859 0.47 FUJIFILM Holdings Corporation Office/Business Equipment 400 19,633 0.20 Hoya Corporation Electronics 200 16,939 0.18 ITOCHU Corporation Distribution/Wholesale 200 4,122 0.04 Kakaku.com Incorporated Internet 2,400 43,720 0.45 Konica Minolta Incorporated Office/Business Equipment 4,000 16,051 0.17 Marubeni Corporation Distribution/Wholesale 9,400 46,467 0.48 Maruichi Steel Tube Limited Metal Fabricate/Hardware 2,200 52,480 0.54 Nintendo Company Limited Toys/Games/Hobbies 100 38,711 0.40 NTT DOCOMO Incorporated Telecommunications 1,600 49,838 0.51 Oracle Corporation Japan Software 1,000 86,876 0.89 Ricoh Company Limited Office/Business Equipment 8,200 59,632 0.61 Sankyo Company Limited Entertainment 1,400 40,439 0.42 SG Holdings Company Limited Transportation 2,800 66,426 0.68 Shimamura Company Limited Retail 100 6,019 0.06 Softbank Corporation Telecommunications 8,600 109,116 1.12 Sundrug Company Limited Retail 1,200 38,300 0.40 Tsuruha Holdings Incorporated Retail 600 78,793 0.81 Welcia Holdings Company Limited Retail 1,000 69,937 0.72 Yamada Denki Company Limited Retail 8,600 34,118 0.35 ZOZO Incorporated Internet 1,900 25,399 0.26 1,018,664 10.48

Malaysia QL Resources Bhd Agriculture 11,300 19,356 0.20 RHB Bank Bhd Banks 9,100 9,902 0.10 Sime Darby Bhd Distribution/Wholesale 19,400 7,638 0.08 Telekom Malaysia Bhd Telecommunications 12,300 10,711 0.11 Westports Holdings Bhd Commercial Services 16,300 12,812 0.13 60,419 0.62

Mexico Arca Continental SAB de CV Beverages 700 2,857 0.03 El Puerto de Liverpool SAB de CV Retail 3,300 7,190 0.07 Fibra Uno Administracion SA de CV REIT 9,700 7,699 0.08 Infraestructura Energetica Nova SAB de CV Electric 2,800 8,690 0.09 Kimberly-Clark de Mexico SAB de CV Household Products/Wares 6,300 9,684 0.10 Promotora y Operadora de Infraestructura SAB de CV Commercial Services 1,700 11,534 0.12 47,654 0.49

Netherlands Koninklijke Ahold Delhaize NV Food 6,827 158,231 1.63

New Zealand a2 Milk Company Limited Food 1,942 19,711 0.20 Auckland International Airport Limited Engineering & Construction 3,416 10,113 0.10 Fisher & Paykel Healthcare Corporation Limited Healthcare – Products 4,631 83,641 0.86 Fletcher Building Limited Building Materials 7,446 15,397 0.16 Spark New Zealand Limited Telecommunications 28,837 69,730 0.72 198,592 2.04

The accompanying notes are an integral part of these financial statements.

60 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL LOW VOLATILITY EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued)

Norway Mowi ASA Food 1,103 16,511 0.17 Orkla ASA Food 14,565 123,546 1.27 140,057 1.44

Peru Companhia de Minas Buenaventura SAA ADR Mining 768 5,599 0.06

Philippines Aboitiz Power Corporation Electric 23,900 12,255 0.13 Globe Telecom Incorporated Telecommunications 765 28,992 0.30 JG Summit Holdings Incorporated Food 6,820 6,998 0.07 PLDT Incorporated Telecommunications 580 12,829 0.13 61,074 0.63

Poland Cyfrowy Polsat SA Media 4,212 24,034 0.25 Dino Polska SA Food 234 9,065 0.09 Grupa Lotos SA Oil & Gas Services 681 8,465 0.09 41,564 0.43

Russia MMC Norilsk Nickel PJSC ADR Mining 970 24,027 0.25 PhosAgro PJSC GDR Chemicals 1,666 17,018 0.17 41,045 0.42

Singapore BOC Aviation Limited Diversified Financial Services 1,200 7,583 0.08 DBS Group Holdings Limited Banks 8,100 105,504 1.09 SATS Limited Engineering & Construction 41,900 92,975 0.96 Singapore Exchange Limited Diversified Financial Services 10,900 70,078 0.72 Singapore Technologies Engineering Limited Engineering & Construction 11,300 24,679 0.25 Singapore Telecommunications Limited Telecommunications 13,400 23,847 0.24 Venture Corporation Limited Electronics 3,700 35,185 0.36 359,851 3.70

South Africa AngloGold Ashanti Limited Mining 393 6,668 0.07 Gold Fields Limited Mining 1,257 6,143 0.06 12,811 0.13

South Korea BNK Financial Group Incorporated Diversified Financial Services 3,997 14,505 0.15 Cheil Worldwide Incorporated Advertising 1,040 13,477 0.14 GS Retail Company Limited Retail 764 19,371 0.20 Hyundai Glovis Company Limited Transportation 210 15,540 0.16 Hyundai Mobis Company Limited Auto Parts & Equipment 66 9,130 0.09 Kangwon Land Incorporated Lodging 929 14,971 0.16 Kia Motors Corporation Auto Manufacturers 821 17,281 0.18 KT&G Corporation Agriculture 390 23,879 0.25 LG Uplus Corporation Telecommunications 1,466 12,879 0.13 Samsung Card Company Limited Diversified Financial Services 561 13,824 0.14

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 61

Portfolio of investments as at 31 March 2020

GLOBAL LOW VOLATILITY EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) South Korea (continued) Shinsegae Incorporated Retail 33 5,852 0.06 SK Telecom Company Limited Telecommunications 116 16,872 0.17 177,581 1.83

Spain AmRest Holdings SE Retail 1,713 7,585 0.08 Banco de Sabadell SA Banks 81,976 41,244 0.43 Bankinter SA Banks 11,921 43,024 0.44 91,853 0.95

Sweden Husqvarna AB Machinery – Diversified 3,949 19,615 0.20 ICA Gruppen AB Food 1,401 58,424 0.60 78,039 0.80

Switzerland Chocoladefabriken Lindt & Spruengli AG Food 12 100,196 1.03 Schindler Holding AG Hand/Machine Tools 165 35,910 0.37 Sonova Holding AG Healthcare – Products 543 96,319 0.99 232,425 2.39

Taiwan Chunghwa Telecom Company Limited ADR Telecommunications 1,100 39,127 0.40 Taiwan Semiconductor Manufacturing Company Limited ADR Semiconductors 600 28,674 0.30 United Microelectronics Corporation ADR Semiconductors 4,000 8,680 0.09 76,481 0.79

Thailand Advanced Info Service PCL Telecommunications 2,100 12,733 0.13 B Grimm Power PCL Machinery-Construction & Mining 6,200 7,473 0.08 Bangkok Expressway & Metro PCL Commercial Services 11,600 2,730 0.03 BTS Group Holdings PCL Transportation 37,200 10,262 0.11 Electricity Generating PCL Electric 1,300 9,107 0.09 Gulf Energy Development PCL Electric 2,000 9,109 0.09 Home Product Center PCL Retail 20,100 6,729 0.07 Osotspa PCL Beverages 10,100 10,967 0.11 69,110 0.71

Turkey BIM Birlesik Magazalar AS Food 1,999 15,212 0.16 Eregli Demir ve Celik Fabrikalari TAS Iron/Steel 3,009 3,421 0.03 Ford Otomotiv Sanayi AS Auto Manufacturers 1,551 11,558 0.12 30,191 0.31

United Kingdom Auto Trader Group plc Internet 9,743 52,558 0.54 Coca-Cola European Partners plc Beverages 4,031 151,283 1.56 Next plc Retail 294 14,724 0.15 Rio Tinto Limited Mining 1,188 60,902 0.63 279,467 2.88

The accompanying notes are an integral part of these financial statements.

62 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL LOW VOLATILITY EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States AGNC Investment Corporation REIT 7,394 78,229 0.81 Amazon.com Incorporated Internet 12 23,397 0.24 American Financial Group Incorporated Insurance 355 24,878 0.26 Arch Capital Group Limited Insurance 2,868 81,623 0.84 AT&T Incorporated Telecommunications 3,759 109,575 1.13 Berkshire Hathaway Incorporated Insurance 590 107,870 1.11 Cboe Global Markets Incorporated Diversified Financial Services 499 44,536 0.46 Church & Dwight Company Incorporated Household Products/Wares 1,259 80,803 0.83 Clorox Company Household Products/Wares 390 67,567 0.70 CME Group Incorporated Diversified Financial Services 290 50,144 0.52 Coca-Cola Company Beverages 2,908 128,679 1.32 Colgate-Palmolive Company Cosmetics/Personal Care 1,126 74,721 0.77 Consolidated Edison Incorporated Electric 64 4,992 0.05 DaVita Incorporated Healthcare – Services 1,094 83,210 0.86 DENTSPLY SIRONA Incorporated Healthcare – Products 329 12,775 0.13 Discovery Incorporated Class A Media 76 1,477 0.02 Discovery Incorporated Class C Media 3,980 69,809 0.72 DocuSign Incorporated Software 912 84,269 0.87 Domino’s Pizza Incorporated Retail 351 113,749 1.17 Duke Energy Corporation Electric 31 2,507 0.03 Everest Re Group Limited Insurance 82 15,778 0.16 Evergy Incorporated Electric 2,339 128,762 1.33 General Mills Incorporated Food 965 50,923 0.52 Gilead Sciences Incorporated Biotechnology 1,351 101,001 1.04 H&R Block Incorporated Commercial Services 144 2,028 0.02 Hershey Company Food 1,021 135,283 1.39 JM Smucker Company Food 975 108,225 1.11 Kimberly-Clark Corporation Household Products/Wares 869 111,119 1.14 L3Harris Technologies Incorporated Aerospace/Defense 524 94,383 0.97 Monster Beverage Corporation Beverages 225 12,659 0.13 Newmont Corporation Mining 2,172 98,348 1.01 Northrop Grumman Corporation Aerospace/Defense 397 120,112 1.24 NortonLifeLock Incorporated Internet 938 17,550 0.18 NVR Incorporated Home Builders 37 95,057 0.98 Ross Stores Incorporated Retail 924 80,360 0.83 Southern Company Electric 1,946 105,356 1.08 Sysco Corporation Food 2,011 91,762 0.94 Target Corporation Retail 527 48,995 0.50 TJX Companies Incorporated Retail 1,290 61,675 0.63 Ulta Beauty Incorporated Retail 311 54,643 0.56 VeriSign Incorporated Internet 154 27,734 0.29 Verizon Communications Incorporated Telecommunications 2,269 121,913 1.25 Walmart Incorporated Retail 255 28,973 0.30 2,957,449 30.44 Total Common Shares 8,960,827 92.22

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 63

Portfolio of investments as at 31 March 2020

GLOBAL LOW VOLATILITY EQUITY FUND Dividend Market % of Yield Value Net % Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Preferred Shares Colombia Grupo Aval Acciones y Valores SA 6.45 Banks 63,812 14,098 0.14 Total Preferred Shares 14,098 0.14 Total Transferable Securities and Money Market Instruments 8,974,925 92.36

Other Transferable Securities

Common Shares Canada Canadian Tire Corporation Limited Retail 300 17,903 0.18 Canadian Utilities Limited Electric 2,400 56,722 0.58 Constellation Software Incorporated Software 100 89,860 0.93 Emera Incorporated Electric 1,200 46,791 0.48 Fairfax Financial Holdings Limited Insurance 300 90,933 0.94 H&R REIT REIT 5,600 35,134 0.36 Hydro One Limited Electric 5,900 105,038 1.08 Loblaw Companies Limited Food 1,400 71,360 0.74 Metro Incorporated Food 1,500 59,975 0.62 Quebecor Incorporated Media 100 2,186 0.02 RioCan REIT REIT 8,400 95,191 0.98 Total Common Shares 671,093 6.91 Total Other Transferable Securities 671,093 6.91 Total Investments in Securities 9,646,018 99.27

Interest Rate % Nominal @ Cash at Banks Time Deposits Cayman Islands BBH Grand Cayman (o) (0.29) 216,764 JPY 2,008 0.02 BBH Grand Cayman (o) 0.01 226 AUD 139 0.00 BBH Grand Cayman (o) 0.01 1 NOK 0 0.00 BBH Grand Cayman (o) 0.01 1 SGD 0 0.00 BBH Grand Cayman (o) 0.12 992 CAD 697 0.01 BBH Grand Cayman (o) 0.66 17 HKD 2 0.00 BBH Grand Cayman (o) 4.10 519 ZAR 29 0.00 2,875 0.03

Singapore DBS Bank Limited (o) 0.05 106,557 USD 106,557 1.10 Total Time Deposits 109,432 1.13 Total Cash at Banks 109,432 1.13

Other Assets and Liabilities, Net (38,538) (0.40) Total Net Assets 9,716,912 100.00

The accompanying notes are an integral part of these financial statements.

64 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: ADR American Depository Receipt AUD Australian Dollar CAD Canadian Dollar GDR Global Depository Receipt HKD Hong Kong Dollar JPY Japanese Yen NOK Norwegian Krone REIT Real Estate InvestmentTrust SGD Singapore Dollar USD United States Dollar ZAR South African Rand

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 65

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares Australia Fortescue Metals Group Limited Iron/Steel 89,591 549,034 0.61

Brazil Banco do Brasil SA Banks 32,328 173,520 0.19

Canada Barrick Gold Corporation Mining 23,594 433,554 0.49 Canadian Natural Resources Limited Oil & Gas Services 13,198 180,531 0.20 614,085 0.69

China CNOOC Limited Oil & Gas Services 249,343 259,111 0.29 Lenovo Group Limited Computers 918,393 486,511 0.55 Logan Property Holdings Company Limited Real Estate 302,038 459,456 0.51 Ping An Insurance Group Company of China Limited Insurance 38,291 373,960 0.42 1,579,038 1.77

France BNP Paribas SA Banks 6,733 196,572 0.22 Bouygues SA Engineering & Construction 13,616 395,153 0.44 Engie SA Electric 31,150 318,990 0.36 Peugeot SA Auto Manufacturers 20,089 261,544 0.29 Sanofi Pharmaceuticals 5,738 496,767 0.55 Schneider Electric SE Electrical Components & Equipment 4,726 399,455 0.45 2,068,481 2.31

Germany SAP SE Software 3,871 432,189 0.48

Japan Astellas Pharma Incorporated Pharmaceuticals 34,947 538,441 0.60 ITOCHU Corporation Distribution/Wholesale 25,110 519,642 0.58 KDDI Corporation Telecommunications 19,038 562,356 0.63 ORIX Corporation Diversified Financial Services 23,300 277,984 0.31 1,898,423 2.12

Luxembourg RTL Group SA Media 2,357 78,931 0.09

Netherlands ING Groep NV Banks 36,160 185,287 0.21

South Africa Kumba Iron Ore Limited Iron/Steel 7,311 113,999 0.13

South Korea Samsung Electronics Company Limited GDR Semiconductors 526 520,286 0.58

Spain Red Electrica Corporation SA Electric 5,019 90,189 0.10

Switzerland Nestle SA Food 6,235 638,263 0.72 Novartis AG Pharmaceuticals 6,508 536,902 0.60 Roche Holding AG Pharmaceuticals 1,788 575,275 0.64 1,750,440 1.96

The accompanying notes are an integral part of these financial statements.

66 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) Taiwan Taiwan Semiconductor Manufacturing Company Limited ADR Semiconductors 6,864 328,031 0.37

United Kingdom Drax Group plc Electric 113,808 215,233 0.24 Intermediate Capital Group plc Private Equity 35,721 394,259 0.44 Legal & General Group plc Insurance 112,678 266,224 0.30 Persimmon plc Home Builders 19,998 472,726 0.53 Rio Tinto plc Mining 6,885 315,624 0.35 1,664,066 1.86

United States AbbVie Incorporated Pharmaceuticals 4,920 374,855 0.42 Amdocs Limited Computers 5,947 326,906 0.37 Amgen Incorporated Biotechnology 1,937 392,688 0.44 Apple Incorporated Computers 3,488 886,963 0.99 Ares Capital Corporation Investment Companies 41,278 444,977 0.50 AT&T Incorporated Telecommunications 20,545 598,887 0.67 Bristol-Myers Squibb Company Pharmaceuticals 9,693 540,288 0.60 Cisco Systems Incorporated Telecommunications 9,664 379,892 0.43 Citigroup Incorporated Banks 7,905 332,959 0.37 ConocoPhillips Oil & Gas Services 7,915 243,782 0.27 CVS Health Corporation Pharmaceuticals 6,693 397,096 0.44 Delta Air Lines Incorporated Airlines 3,833 109,355 0.12 Gaming & Leisure Properties Incorporated REIT 18,380 509,310 0.57 General Motors Company Auto Manufacturers 13,344 277,288 0.31 Gilead Sciences Incorporated Biotechnology 6,399 478,389 0.54 HCA Healthcare Incorporated Healthcare – Services 3,318 298,122 0.33 Hercules Capital Incorporated Private Equity 21,240 162,274 0.18 Honeywell International Incorporated Electronics 2,406 321,899 0.36 International Business Machines Corporation Computers 4,218 467,903 0.52 Johnson & Johnson Pharmaceuticals 3,451 452,530 0.51 JPMorgan Chase & Company Banks 5,700 513,171 0.57 Keysight Technologies Incorporated Electronics 4,102 343,255 0.38 KLA Corporation Semiconductors 2,590 372,287 0.42 Ladder Capital Corporation REIT 32,265 152,936 0.17 Leidos Holdings Incorporated Computers 4,210 385,846 0.43 Life Storage Incorporated REIT 3,101 293,199 0.33 LyondellBasell Industries NV Chemicals 2,917 144,771 0.16 Microsoft Corporation Software 8,435 1,330,284 1.49 Morgan Stanley Banks 9,655 328,270 0.37 New Residential Investment Corporation REIT 27,161 136,077 0.15 Procter & Gamble Company Cosmetics/Personal Care 4,671 513,810 0.57 PulteGroup Incorporated Home Builders 9,430 210,478 0.24 Target Corporation Retail 3,477 323,257 0.36 Texas Instruments Incorporated Semiconductors 2,396 239,432 0.27 TJX Companies Incorporated Retail 10,100 482,881 0.54 UnitedHealth Group Incorporated Healthcare – Services 2,117 527,937 0.59 Valero Energy Corporation Oil & Gas Services 8,300 376,488 0.42 Verizon Communications Incorporated Telecommunications 11,055 593,985 0.66 Visa Incorporated Diversified Financial Services 3,094 498,505 0.56 Walmart Incorporated Retail 3,374 383,354 0.43 16,146,586 18.05 Total Common Shares 28,192,585 31.52

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 67

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes Australia FMG Resources August 2006 Proprietary Limited 4.75 15/5/2022 Mining 171,000 USD 170,359 0.19

Austria Erste Group Bank AG ^± 6.50 15/4/2024 Banks 600,000 EUR 621,208 0.70

Canada Air Canada 7.75 15/4/2021 Airlines 200,000 USD 194,500 0.22 Bausch Health Companies Incorporated 6.50 15/3/2022 Pharmaceuticals 225,000 USD 227,250 0.25 Videotron Limited 5.00 15/7/2022 Media 185,000 USD 183,620 0.21 605,370 0.68

Finland Nokia OYJ 3.38 12/6/2022 Telecommunications 200,000 USD 199,132 0.22

France ALD SA 1.25 11/10/2022 Commercial Services 300,000 EUR 319,412 0.36 Altice France SA 3.38 15/1/2028 Telecommunications 100,000 EUR 103,121 0.11 Credit Agricole SA ^± 8.13 23/12/2025 Banks 600,000 USD 618,000 0.69 Electricite de France SA ^± 4.00 4/7/2024 Electric 100,000 EUR 107,143 0.12 Paprec Holding SA 4.00 31/3/2025 Environmental Control 200,000 EUR 151,110 0.17 Quatrim SASU 5.88 15/1/2024 Food 100,000 EUR 107,238 0.12 1,406,024 1.57

Germany Bayer AG ± 3.13 12/11/2079 Pharmaceuticals 100,000 EUR 101,301 0.11 Deutsche Pfandbriefbank AG ^± 5.75 28/4/2023 Banks 600,000 EUR 549,244 0.61 Hornbach Baumarkt AG 3.25 25/10/2026 Retail 200,000 EUR 207,757 0.23 Nidda Healthcare Holding GmbH 3.50 30/9/2024 Pharmaceuticals 225,000 EUR 228,921 0.26 Volkswagen Bank GmbH 0.63 8/9/2021 Auto Manufacturers 300,000 EUR 325,920 0.37 WEPA Hygieneprodukte GmbH 2.88 15/12/2026 Forest Products & Paper 100,000 EUR 96,780 0.11 1,509,923 1.69

Ireland AerCap Ireland Capital DAC 4.63 30/10/2020 Diversified Financial Services 200,000 USD 194,012 0.22 AIB Group plc ^± 5.25 9/10/2024 Banks 400,000 EUR 344,264 0.38 eircom Finance DAC 1.75 1/11/2024 Telecommunications 100,000 EUR 99,371 0.11 eircom Finance DAC 3.50 15/5/2026 Telecommunications 100,000 EUR 104,793 0.12 GE Capital International Funding Company Unlimited Company 2.34 15/11/2020 Diversified Financial Services 200,000 USD 198,868 0.22 Motion Bondco DAC 4.50 15/11/2027 Entertainment 100,000 EUR 80,126 0.09 Park Aerospace Holdings Limited 5.25 15/8/2022 Diversified Financial Services 160,000 USD 144,542 0.16 1,165,976 1.30

Israel Teva Pharmaceutical Finance IV BV 3.65 10/11/2021 Pharmaceuticals 70,000 USD 67,328 0.08

Italy Fire BC SpA 4.75 30/9/2024 Chemicals 225,000 EUR 188,348 0.21 Marcolin SpA 4.13 15/2/2023 Healthcare – Products 225,000 EUR 202,959 0.23 TeamSystem SpA 4.00 15/4/2023 Software 225,000 EUR 229,541 0.26 620,848 0.70

The accompanying notes are an integral part of these financial statements.

68 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued)

Luxembourg Altice Financing SA 3.00 15/1/2028 Media 200,000 EUR 193,934 0.22 Arena Luxembourg Finance Sarl 1.88 1/2/2028 Commercial Services 400,000 EUR 374,986 0.42 Bevco Lux Sarl 1.75 9/2/2023 Diversified Financial Services 300,000 EUR 324,502 0.36 Matterhorn Telecom SA 3.13 15/9/2026 Telecommunications 100,000 EUR 97,055 0.11 Nielsen Company Luxembourg Sarl 5.50 1/10/2021 Commercial Services 250,000 USD 245,000 0.27 1,235,477 1.38

Netherlands Aegon NV ^± 5.63 15/4/2029 Insurance 600,000 EUR 612,798 0.68 Alcoa Nederland Holding BV 6.75 30/9/2024 Mining 205,000 USD 198,788 0.22 Compass Group International BV 0.63 3/7/2024 Food Service 300,000 EUR 324,036 0.36 Fiat Chrysler Automobiles NV 4.50 15/4/2020 Auto Manufacturers 275,000 USD 274,200 0.31 NXP BV 4.13 1/6/2021 Semiconductors 300,000 USD 302,656 0.34 Selecta Group BV 5.38 1/2/2024 Machinery – Diversified 225,000 EUR 130,002 0.15 Teva Pharmaceutical Finance Netherlands II BV 6.00 31/1/2025 Pharmaceuticals 100,000 EUR 107,227 0.12 Teva Pharmaceutical Finance Netherlands III BV 2.20 21/7/2021 Pharmaceuticals 125,000 USD 119,397 0.13 Teva Pharmaceutical Finance Netherlands III BV 2.80 21/7/2023 Pharmaceuticals 125,000 USD 114,061 0.13 Trivium Packaging Finance BV 3.75 15/8/2026 Packaging & Containers 100,000 EUR 100,309 0.11 Trivium Packaging Finance BV 3.75 15/8/2026 Packaging & Containers 100,000 EUR 95,401 0.11 United Group BV 4.13 15/5/2025 Internet 100,000 EUR 91,982 0.10 United Group BV 4.88 1/7/2024 Internet 100,000 EUR 99,537 0.11 Ziggo Bond Company BV 3.38 28/2/2030 Media 200,000 EUR 197,624 0.22 2,768,018 3.09

New Zealand Chorus Limited 1.13 18/10/2023 Telecommunications 300,000 EUR 333,649 0.37

Norway DNB Bank ASA ^± 6.50 26/3/2022 Banks 400,000 USD 359,099 0.40 Explorer II AS 3.38 24/2/2025 Leisure Time 100,000 EUR 64,524 0.07 423,623 0.47

Portugal Caixa Geral de Depositos SA ± 5.75 28/6/2028 Banks 600,000 EUR 598,875 0.67

Romania RCS & RDS SA 3.25 5/2/2028 Media 100,000 EUR 94,730 0.11

Spain Bankia SA ^± 6.38 19/9/2023 Banks 600,000 EUR 516,049 0.58 Haya Finance 2017 SA 5.25 15/11/2022 Real Estate 200,000 EUR 144,259 0.16 Inmobiliaria Colonial Socimi SA 1.45 28/10/2024 REIT 300,000 EUR 326,441 0.36 Telefonica Emisiones SA 0.32 17/10/2020 Telecommunications 300,000 EUR 330,650 0.37 1,317,399 1.47

Supranational International Finance Corporation 6.30 25/11/2024 Multi-National 16,500,000 INR 214,355 0.24

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 69

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) Sweden Akelius Residential Property AB ± 2.25 17/5/2081 Real Estate 100,000 EUR 90,675 0.10 Molnlycke Holding AB 1.75 28/2/2024 Healthcare – Products 300,000 EUR 338,043 0.38 Svenska Handelsbanken AB ^± 5.25 1/3/2021 Banks 600,000 USD 564,298 0.63 993,016 1.11

Switzerland Credit Suisse Group AG ^± 7.50 11/12/2023 Banks 750,000 USD 721,875 0.81 UBS Group AG ^± 7.00 19/2/2025 Banks 600,000 USD 578,100 0.64 1,299,975 1.45

United Kingdom eG Global Finance plc 6.25 30/10/2025 Retail 100,000 EUR 87,680 0.10 Galaxy Bidco Limited 6.50 31/7/2026 Insurance 200,000 GBP 224,075 0.25 International Game Technology plc 2.38 15/4/2028 Entertainment 100,000 EUR 81,614 0.09 International Game Technology plc 3.50 15/7/2024 Entertainment 125,000 EUR 106,556 0.12 International Game Technology plc 6.25 15/2/2022 Entertainment 170,000 USD 156,317 0.17 Pinewood Finance Company Limited 3.25 30/9/2025 Entertainment 200,000 GBP 231,031 0.26 Playtech plc 3.75 12/10/2023 Software 225,000 EUR 193,559 0.22 Synlab Bondco plc 3.50 1/7/2022 Healthcare – Services 225,000 EUR 230,605 0.26 Victoria plc 5.25 15/7/2024 Building Materials 200,000 EUR 163,229 0.18 Virgin Media Secured Finance plc 4.25 15/1/2030 Media 200,000 GBP 223,702 0.25 1,698,368 1.90

United States ADT Security Corporation 6.25 15/10/2021 Commercial Services 200,000 USD 195,500 0.22 AES Corporation 4.50 15/3/2023 Electric 90,000 USD 88,200 0.10 Albertsons Companies Incorporated 6.63 15/6/2024 Food 170,000 USD 172,550 0.19 Allison Transmission Incorporated 5.00 1/10/2024 Auto Manufacturers 140,000 USD 135,800 0.15 American Airlines Group Incorporated 5.00 1/6/2022 Airlines 90,000 USD 72,450 0.08 Anixter Incorporated 5.13 1/10/2021 Distribution/Wholesale 200,000 USD 201,352 0.23 Antero Resources Corporation 5.38 1/11/2021 Oil & Gas Services 90,000 USD 65,475 0.07 Archrock Partners LP 6.00 1/10/2022 Oil & Gas Services 120,000 USD 120,000 0.13 Arconic Incorporated 6.15 15/8/2020 Aerospace/Defense 200,000 USD 203,000 0.23 Ashland LLC 4.75 15/8/2022 Chemicals 17,000 USD 16,745 0.02 Ball Corporation 0.88 15/3/2024 Packaging & Containers 225,000 EUR 231,627 0.26 Ball Corporation 5.00 15/3/2022 Packaging & Containers 300,000 USD 308,796 0.35 Berry Global Incorporated 5.50 15/5/2022 Packaging & Containers 250,000 USD 246,260 0.28 Blue Cube Spinco LLC 10.00 15/10/2025 Chemicals 115,000 USD 121,337 0.14 Booking Holdings Incorporated 2.38 23/9/2024 Internet 350,000 EUR 386,725 0.43 Buckeye Partners LP 4.13 1/3/2025 Pipelines 25,000 USD 21,075 0.02 Cardtronics Incorporated 5.50 1/5/2025 Commercial Services 175,000 USD 166,250 0.19 CCO Holdings LLC 5.25 30/9/2022 Media 250,000 USD 245,625 0.27 Celanese US Holdings LLC 1.13 26/9/2023 Chemicals 300,000 EUR 324,816 0.36 Centene Corporation 4.75 15/5/2022 Healthcare – Services 200,000 USD 201,000 0.22 Centene Corporation 4.75 15/1/2025 Healthcare – Services 65,000 USD 65,813 0.07 CenturyLink Incorporated 6.45 15/6/2021 Telecommunications 75,000 USD 75,975 0.08 CenturyLink Incorporated 6.75 1/12/2023 Telecommunications 130,000 USD 138,164 0.15 Chemours Company 6.63 15/5/2023 Chemicals 100,000 USD 85,000 0.09 Cinemark USA Incorporated 5.13 15/12/2022 Entertainment 150,000 USD 118,500 0.13 CIT Group Incorporated 5.00 15/8/2022 Banks 45,000 USD 43,877 0.05 CNH Industrial Capital LLC 4.38 6/11/2020 Machinery – Diversified 200,000 USD 198,118 0.22

The accompanying notes are an integral part of these financial statements.

70 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States (continued) CommScope Incorporated 5.00 15/6/2021 Telecommunications 19,000 USD 18,810 0.02 CommScope Incorporated 5.50 1/3/2024 Telecommunications 40,000 USD 40,480 0.05 CoreCivic Incorporated 4.63 1/5/2023 REIT 125,000 USD 113,750 0.13 CoreCivic Incorporated 5.00 15/10/2022 REIT 20,000 USD 19,124 0.02 Crestwood Midstream Partners LP 6.25 1/4/2023 Pipelines 105,000 USD 58,821 0.07 CSC Holdings LLC 6.75 15/11/2021 Media 240,000 USD 247,200 0.28 Dell International LLC 7.13 15/6/2024 Computers 170,000 USD 175,525 0.20 DISH DBS Corporation 5.88 15/7/2022 Media 90,000 USD 87,644 0.10 DISH DBS Corporation 6.75 1/6/2021 Media 75,000 USD 76,050 0.08 DPL Incorporated 7.25 15/10/2021 Electric 65,000 USD 64,025 0.07 Edgewell Personal Care Company 4.70 19/5/2021 Cosmetics/Personal Care 200,000 USD 195,240 0.22 Edgewell Personal Care Company 4.70 24/5/2022 Cosmetics/Personal Care 20,000 USD 19,455 0.02 EMC Corporation 2.65 1/6/2020 Computers 68,000 USD 67,612 0.08 Encompass Health Corporation 5.13 15/3/2023 Healthcare – Services 145,000 USD 143,550 0.16 Fidelity National Information Services Incorporated 0.75 21/5/2023 Software 400,000 EUR 433,898 0.49 Fiserv Incorporated 0.38 1/7/2023 Software 300,000 EUR 321,080 0.36 Ford Motor Credit Company LLC 5.88 2/8/2021 Auto Manufacturers 200,000 USD 196,000 0.22 Fortress Transportation & Infrastructure Investors LLC 6.75 15/3/2022 Trucking & Leasing 205,000 USD 189,742 0.21 Freeport-McMoRan Incorporated 3.55 1/3/2022 Mining 10,000 USD 9,593 0.01 Gap Incorporated 5.95 12/4/2021 Retail 200,000 USD 182,198 0.20 Genworth Holdings Incorporated 7.63 24/9/2021 Insurance 120,000 USD 114,025 0.13 Great Lakes Dredge & Dock Corporation 8.00 15/5/2022 Engineering & Construction 75,000 USD 73,406 0.08 Group 1 Automotive Incorporated 5.00 1/6/2022 Retail 200,000 USD 184,000 0.21 HCA Incorporated 5.88 1/5/2023 Healthcare – Services 160,000 USD 167,019 0.19 Hologic Incorporated 4.38 15/10/2025 Healthcare – Products 50,000 USD 49,515 0.06 KB Home 7.50 15/9/2022 Home Builders 155,000 USD 155,426 0.17 L Brands Incorporated 6.63 1/4/2021 Retail 200,000 USD 188,000 0.21 Ladder Capital Finance Holdings LLLP 5.25 15/3/2022 REIT 185,000 USD 165,575 0.19 Lamar Media Corporation 5.00 1/5/2023 Advertising 250,000 USD 247,500 0.28 Lennar Corporation 6.25 15/12/2021 Home Builders 123,000 USD 122,693 0.14 Lennar Corporation 6.63 1/5/2020 Home Builders 300,000 USD 299,625 0.33 Level 3 Financing Incorporated 5.38 15/8/2022 Telecommunications 168,000 USD 168,840 0.19 Level 3 Financing Incorporated 5.38 15/1/2024 Telecommunications 85,000 USD 85,000 0.10 Levi Strauss & Company 5.00 1/5/2025 Apparel 105,000 USD 99,225 0.11 Magellan Health Incorporated 4.90 22/9/2024 Healthcare – Services 90,000 USD 82,800 0.09 MEDNAX Incorporated 5.25 1/12/2023 Healthcare – Services 165,000 USD 134,475 0.15 Mobile Mini Incorporated 5.88 1/7/2024 Storage/Warehousing 95,000 USD 90,962 0.10 Molina Healthcare Incorporated 5.38 15/11/2022 Healthcare – Services 200,000 USD 198,000 0.22 Montefiore Obligated Group 4.29 1/9/2050 Healthcare – Services 835,000 USD 718,967 0.80 Netflix Incorporated 5.38 1/2/2021 Internet 300,000 USD 302,250 0.34 Newell Brands Incorporated 4.10 1/4/2023 Housewares 132,000 USD 132,930 0.15 NextEra Energy Operating Partners LP 4.25 15/7/2024 Electric 50,000 USD 48,750 0.05 NortonLifeLock Incorporated 4.20 15/9/2020 Internet 200,000 USD 197,751 0.22 NortonLifeLock Incorporated 5.00 15/4/2025 Internet 60,000 USD 60,581 0.07 NuStar Logistics LP 4.80 1/9/2020 Pipelines 105,000 USD 91,350 0.10 Panther BF Aggregator 2 LP 4.38 15/5/2026 Auto Parts & Equipment 225,000 EUR 205,967 0.23 Penske Automotive Group Incorporated 3.75 15/8/2020 Retail 100,000 USD 97,250 0.11 Penske Automotive Group Incorporated 5.75 1/10/2022 Retail 150,000 USD 138,750 0.16 PulteGroup Incorporated 4.25 1/3/2021 Home Builders 200,000 USD 195,000 0.22

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 71

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued)

United States (continued) QVC Incorporated 4.38 15/3/2023 Retail 55,000 USD 52,011 0.06 Realogy Group LLC 5.25 1/12/2021 Real Estate 175,000 USD 162,750 0.18 Sabine Pass Liquefaction LLC 5.63 1/2/2021 Pipelines 200,000 USD 196,762 0.22 Sealed Air Corporation 5.13 1/12/2024 Packaging & Containers 25,000 USD 25,125 0.03 Sealed Air Corporation 5.25 1/4/2023 Packaging & Containers 90,000 USD 92,395 0.10 Silgan Holdings Incorporated 2.25 1/6/2028 Packaging & Containers 100,000 EUR 97,717 0.11 Sirius XM Radio Incorporated 3.88 1/8/2022 Media 320,000 USD 318,800 0.36 Southern Star Central Corporation 5.13 15/7/2022 Oil & Gas Services 200,000 USD 197,722 0.22 Springleaf Finance Corporation 6.13 15/3/2024 Diversified Financial Services 45,000 USD 44,442 0.05 Springleaf Finance Corporation 7.75 1/10/2021 Diversified Financial Services 190,000 USD 190,000 0.21 Sprint Corporation 7.88 15/9/2023 Telecommunications 185,000 USD 203,940 0.23 Sprint Spectrum Company LLC 3.36 20/9/2021 Telecommunications 52,500 USD 52,238 0.06 Starwood Property Trust Incorporated 5.00 15/12/2021 REIT 175,000 USD 160,125 0.18 Suburban Propane Partners LP 5.50 1/6/2024 Retail 170,000 USD 159,800 0.18 Sunoco LP 4.88 15/1/2023 Oil & Gas Services 50,000 USD 48,284 0.05 Tallgrass Energy Partners LP 4.75 1/10/2023 Pipelines 175,000 USD 108,073 0.12 Targa Resources Partners LP 4.25 15/11/2023 Pipelines 175,000 USD 150,622 0.17 Taylor Morrison Communities Incorporated 5.88 15/4/2023 Home Builders 55,000 USD 53,900 0.06 Tenet Healthcare Corporation 4.63 15/7/2024 Healthcare – Services 60,000 USD 57,150 0.06 TerraForm Power Operating LLC 4.25 31/1/2023 Energy-Alternate Sources 260,000 USD 258,050 0.29 T-Mobile USA Incorporated 4.00 15/4/2022 Telecommunications 250,000 USD 250,625 0.28 Toledo Hospital 5.33 15/11/2028 Healthcare – Services 1,000,000 USD 1,052,650 1.18 United Airlines Holdings Incorporated 4.25 1/10/2022 Airlines 220,000 USD 200,706 0.22 Universal Health Services Incorporated 4.75 1/8/2022 Healthcare – Services 150,000 USD 149,157 0.17 WMG Acquisition Corporation 3.63 15/10/2026 Entertainment 225,000 EUR 252,530 0.28 16,261,033 18.19

Total Corporate Bonds and Notes 33,604,686 37.58

Government Bonds

Angola Angolan International Bond 9.50 12/11/2025 250,000 USD 100,310 0.11

Bahamas Bahamas International Bond 6.00 21/11/2028 250,000 USD 217,500 0.24

Brazil Brazil Notas do Tesouro Nacional Serie F 10.00 1/1/2023 1,150,000 BRL 251,317 0.28

Colombia Colombian TES 6.00 28/4/2028 825,000,000 COP 187,381 0.21

Dominican Republic Dominican Republic International Bond 4.50 30/1/2030 250,000 USD 217,500 0.24

The accompanying notes are an integral part of these financial statements.

72 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Interest Market % of Rate Maturity Value Net % Date Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Government Bonds (continued) Ghana Ghana International Bond 6.38 11/2/2027 250,000 USD 181,875 0.20

Hungary Hungary Bond 1.50 24/8/2022 57,750,000 HUF 177,629 0.20

Indonesia Indonesia Treasury Bond 6.50 15/6/2025 2,750,000,000 IDR 163,381 0.18 Indonesia Treasury Bond 8.25 15/5/2029 5,420,000,000 IDR 337,121 0.38 500,502 0.56

Malaysia Malaysia Bond 3.96 15/9/2025 1,200,000 MYR 288,900 0.32

Mexico Mexican Bonos 5.75 5/3/2026 9,700,000 MXN 386,364 0.43 Mexican Bonos 8.00 7/11/2047 4,700,000 MXN 197,831 0.22 Mexican Bonos 8.50 31/5/2029 2,400,000 MXN 109,190 0.13 693,385 0.78

Poland Poland Bond 2.50 25/1/2023 750,000 PLN 189,107 0.21 Poland Bond 2.75 25/10/2029 725,000 PLN 191,286 0.22 380,393 0.43

Romania Romania Bond 3.40 8/3/2022 500,000 RON 113,343 0.13

Russia Russian Federal Bond – OFZ 6.50 28/2/2024 23,800,000 RUB 303,639 0.34

South Africa South Africa Bond 8.75 28/2/2048 6,100,000 ZAR 255,640 0.29 South Africa Bond 10.50 21/12/2026 4,225,000 ZAR 241,013 0.27 496,653 0.56

Sri Lanka Sri Lanka International Bond 5.75 18/1/2022 250,000 USD 165,000 0.19

Thailand Thailand Bond 1.45 17/12/2024 7,500,000 THB 232,657 0.26

Trinidad Trinidad & Tobago International Bond 4.50 4/8/2026 325,000 USD 299,003 0.33

Turkey Turkey Bond 23.00 12/8/2020 1,400,000 TRY 221,117 0.25

United States United States Treasury Bill *+ 0.41 11/6/2020 379,000 USD 378,932 0.42 Total Government Bonds 5,407,036 6.05

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 73

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Mortgage- and Asset-Backed Securities Cayman Islands Cutwater 2014-I Limited 3.08 15/7/2026 552,204 USD 544,853 0.61

United States 225 Liberty Street Trust 2016-225L 4.50 10/2/2036 500,000 USD 528,959 0.59 Capital Auto Receivables Asset Trust 2018-2 3.69 20/12/2023 1,000,000 USD 1,001,653 1.12 CLI Funding V LLC 3.38 18/10/2029 141,827 USD 129,387 0.15 Dell Equipment Finance Trust 2018-1 3.85 24/6/2024 690,000 USD 692,168 0.77 Santander Drive Auto Receivables Trust 2018-2 3.88 15/2/2024 725,000 USD 721,856 0.81 Sequoia Mortgage Trust 2018-6 ± 4.00 25/7/2048 960,367 USD 973,578 1.09 Sofi Consumer Loan Program 2017-2 LLC 3.28 25/2/2026 641,287 USD 638,450 0.71 Tesla Auto Lease Trust 2018-B 5.29 22/11/2021 1,000,000 USD 978,599 1.09 Textainer Marine Containers V Limited 3.72 20/5/2042 376,455 USD 338,686 0.38 6,003,336 6.71 Total Mortgage- and Asset-Backed Securities 6,548,189 7.32

Municipal Obligations United States Buckeye Tobacco Settlement Financing Authority (z) 0.00 1/6/2057 2,300,000 USD 253,759 0.28 Public Finance Authority 6.75 1/6/2031 500,000 USD 556,050 0.62 State of Illinois 5.10 1/6/2033 500,000 USD 496,315 0.56 Tangipahoa Parish Hospital Service District No 1 7.20 1/2/2042 750,000 USD 752,348 0.84 Total Municipal Obligations 2,058,472 2.30 Total Transferable Securities and Money Market Instruments 75,810,968 84.77

Other Transferable Securities Corporate Bonds and Notes Germany Techem Verwaltungsgesellschaft 675 mbH 2.00 15/7/2025 Commercial Services 200,000 EUR 206,242 0.23 WEPA Hygieneprodukte GmbH 2.88 15/12/2027 Forest Products & Paper 100,000 EUR 100,364 0.11 306,606 0.34

Netherlands Ashland Services BV 2.00 30/1/2028 Chemicals 100,000 EUR 95,676 0.11 Q-Park Holding I BV 2.00 1/3/2027 Commercial Services 300,000 EUR 282,397 0.32 Summer BidCo BV 9.00 15/11/2025 Media 100,000 EUR 95,743 0.11 United Group BV 3.63 15/2/2028 Internet 100,000 EUR 89,247 0.10 563,063 0.64

United Kingdom TalkTalk Telecom Group plc 3.88 20/2/2025 Telecommunications 100,000 GBP 111,789 0.12

United States Catalent Pharma Solutions Incorporated 2.38 1/3/2028 Healthcare – Services 100,000 EUR 101,565 0.11 Total Corporate Bonds and Notes 1,083,023 1.21

The accompanying notes are an integral part of these financial statements.

74 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Interest Market % of Rate Maturity Value Net % Date Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Government Bonds Peru Peruvian International Bond 5.70 12/8/2024 290,000 PEN 95,788 0.11

Russia Russian Federal Bond – OFZ 7.00 15/12/2021 6,500,000 RUB 83,923 0.09 Total Government Bonds 179,711 0.20

Mortgage- and Asset-Backed Securities United States COMM 2012-CCRE1 Mortgage Trust 4.61 15/5/2045 175,000 USD 174,995 0.20 Longtrain Leasing III LLC 2015-1 4.06 15/1/2045 980,190 USD 905,894 1.01 WFRBS Commercial Mortgage Trust 2012-C7 ± 4.75 15/6/2045 1,050,000 USD 1,045,053 1.17 Total Mortgage- and Asset-Backed Securities 2,125,942 2.38

Municipal Obligations United States Clifton Higher Education Finance Corporation 6.13 15/8/2023 500,000 USD 500,085 0.56 New Jersey Economic Development Authority 5.00 1/12/2028 500,000 USD 557,775 0.62 Total Municipal Obligations 1,057,860 1.18 Total Other Transferable Securities 4,446,536 4.97 Total Investments in Securities 80,257,504 89.74

Cash at Banks Time Deposits Canada Bank of Nova Scotia (o) 0.05 427,678 USD 427,678 0.48

Cayman Islands BBH Grand Cayman (o) 0.01 4 AUD 3 0.00

France BNP Paribas (o) 4.10 491,530 ZAR 27,482 0.03 Societe Generale Bank (o) (0.65) 534,800 EUR 589,831 0.66 Societe Generale Bank (o) 0.01 27,252 GBP 33,849 0.03 651,162 0.72

Japan Sumitomo Mitsui Banking Corporation (o) 0.05 427,678 USD 427,678 0.48

Netherlands ING Bank NV (o) 0.05 427,678 USD 427,678 0.48

Singapore DBS Bank Limited (o) 0.05 427,678 USD 427,678 0.48

United Kingdom Barclays (o) 0.05 427,678 USD 427,678 0.48

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 75

Portfolio of investments as at 31 March 2020

GLOBAL MULTI-ASSET INCOME FUND Interest Market % of Rate Value Net % Nominal @ USD Assets

Cash at Banks (continued) Time Deposits (continued) United States China Construction Bank Corporation (o) 0.05 30,319 USD 30,319 0.03 Citibank (o) 0.05 3,795,703 USD 3,795,703 4.25 JPMorgan Chase (o) 0.05 771,694 USD 771,694 0.86 4,597,716 5.14 Total Time Deposits 7,387,271 8.26 Current Accounts at Bank 1,158,632 1.30 Total Cash at Banks 8,545,903 9.56

Other Assets and Liabilities, Net 628,334 0.70 Total Net Assets 89,431,741 100.00

± Variable rate investment. The rate shown is the rate in effect at period end. ^ Investment is perpetual and, thus, does not have a predetermined maturity date. The date shown reflects the next call date. * The interest rate represents the yield to maturity at time of purchase. + Security is segregated as collateral for investments in futures contracts. (z) Zero coupon security. @ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: ADR American Depository Receipt AUD Australian Dollar BRL BrazilianReal COP ColombianPeso EUR Euro GBP British Pound GDR Global DepositoryReceipt HUF HungarianForint IDR IndonesianRupiah INR IndianRupee MXN MexicanPeso MYR Malaysian Ringgit PEN PeruvianSol PLN PolishZloty REIT Real Estate InvestmentTrust RON Romanian NewLeu RUB Russian Ruble THB ThailandBaht TRY Turkish Lira USD United StatesDollar ZAR South African Rand

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

76 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL OPPORTUNITY BOND FUND Interest Market % of Rate Maturity Value Net % Date Industry Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes Denmark Nykredit Realkredit AS 1.00 1/10/2050 Banks 6,400,000 DKK 910,481 3.63 Realkredit Danmark AS 1.00 1/10/2050 Diversified Financial Services 4,200,000 DKK 595,461 2.37 1,505,942 6.00

United Kingdom Vodafone Group plc 4.38 30/5/2028 Telecommunications 100,000 USD 105,137 0.42

United States Amazon.com Incorporated 3.15 22/8/2027 Internet 100,000 USD 109,529 0.44 Anheuser-Busch InBev Worldwide Incorporated 4.15 23/1/2025 Beverages 50,000 USD 53,934 0.21 Apple Incorporated 2.90 12/9/2027 Computers 100,000 USD 106,794 0.43 AT&T Incorporated 4.35 1/3/2029 Telecommunications 100,000 USD 107,523 0.43 Bank of America Corporation ± 3.86 23/7/2024 Banks 100,000 USD 104,914 0.42 BP Capital Markets America Incorporated 3.22 14/4/2024 Oil & Gas Services 50,000 USD 51,141 0.20 Campbell Soup Company 3.65 15/3/2023 Food 15,000 USD 15,278 0.06 Comcast Corporation 3.70 15/4/2024 Media 100,000 USD 107,331 0.43 Conagra Brands Incorporated 4.60 1/11/2025 Food 50,000 USD 52,939 0.21 CVS Health Corporation 4.10 25/3/2025 Pharmaceuticals 75,000 USD 78,931 0.31 Discovery Communications LLC 3.95 20/3/2028 Media 75,000 USD 72,944 0.29 DuPont de Nemours Incorporated 4.21 15/11/2023 Chemicals 75,000 USD 78,695 0.31 Global Payments Incorporated 3.20 15/8/2029 Commercial Services 75,000 USD 73,270 0.29 Goldman Sachs Group Incorporated 3.75 25/2/2026 Banks 75,000 USD 78,121 0.31 Hewlett Packard Enterprise Company 2.25 1/4/2023 Computers 100,000 USD 97,712 0.39 Home Depot Incorporated 2.13 15/9/2026 Retail 100,000 USD 100,638 0.40 International Business Machines Corporation 3.30 15/5/2026 Computers 150,000 USD 160,877 0.64 JPMorgan Chase & Company ± 3.80 23/7/2024 Banks 100,000 USD 104,660 0.42 Mastercard Incorporated 2.95 1/6/2029 Diversified Financial Services 50,000 USD 53,276 0.21 Microsoft Corporation 2.40 8/8/2026 Software 125,000 USD 132,194 0.53 Morgan Stanley 3.88 29/4/2024 Banks 100,000 USD 104,926 0.42 Oracle Corporation 2.80 1/4/2027 Software 100,000 USD 101,932 0.41 Qualcomm Incorporated 3.25 20/5/2027 Semiconductors 100,000 USD 105,517 0.42 Verizon Communications Incorporated 4.33 21/9/2028 Telecommunications 50,000 USD 57,620 0.23 Walmart Incorporated 3.70 26/6/2028 Retail 100,000 USD 112,424 0.45 2,223,120 8.86 Total Corporate Bonds and Notes 3,834,199 15.28

Government Bonds Australia Queensland Treasury Corporation 4.75 21/7/2025 480,000 AUD 353,794 1.41

Canada Canada Housing Trust No 1 2.65 15/12/2028 565,000 CAD 445,633 1.78 Canada Housing Trust No 1 2.10 15/9/2029 975,000 CAD 737,911 2.94 1,183,544 4.72

France French Republic Bond OAT (z) 0.00 25/3/2025 440,000 EUR 493,545 1.96 French Republic Bond OAT (z) 0.00 25/11/2029 250,000 EUR 275,852 1.10 769,397 3.06

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 77

Portfolio of investments as at 31 March 2020

GLOBAL OPPORTUNITY BOND FUND Interest Market % of Rate Maturity Value Net % Date Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Government Bonds (continued)

Indonesia Indonesia Treasury Bond 8.25 15/5/2029 1,700,000,000 IDR 105,739 0.42 Indonesia Treasury Bond 7.50 15/8/2032 3,800,000,000 IDR 214,848 0.86 320,587 1.28

Italy Italy Buoni Poliennali Del Tesoro 0.35 1/2/2025 450,000 EUR 482,948 1.92 Italy Buoni Poliennali Del Tesoro 1.35 1/4/2030 320,000 EUR 347,460 1.39 830,408 3.31

Japan Japan Ten Year Bond 0.10 20/3/2027 122,500,000 JPY 1,156,860 4.61 Japan Ten Year Bond 0.10 20/6/2029 119,000,000 JPY 1,119,391 4.46 Japan Ten Year Bond 0.10 20/12/2029 52,000,000 JPY 487,502 1.94 2,763,753 11.01

Mexico Mexican Bonos 8.50 31/5/2029 12,280,000 MXN 558,686 2.23

New Zealand New Zealand Bond 2.75 15/4/2037 650,000 NZD 448,240 1.78

Romania Romania Bond 3.25 29/4/2024 310,000 RON 68,588 0.27 Romania Bond 4.85 22/4/2026 650,000 RON 151,932 0.61 Romania Bond 5.00 12/2/2029 835,000 RON 191,827 0.76 412,347 1.64

Singapore Singapore Bond 2.00 1/2/2024 160,000 SGD 117,083 0.47 Singapore Bond 2.63 1/5/2028 150,000 SGD 116,826 0.46 233,909 0.93

South Africa South Africa Bond 10.50 21/12/2026 4,025,000 ZAR 229,604 0.91 South Africa Bond 8.75 28/2/2048 2,255,000 ZAR 94,503 0.38 324,107 1.29

South Korea Korea Treasury Bond 2.38 10/3/2023 155,000,000 KRW 131,853 0.53 Korea Treasury Bond 1.88 10/6/2029 150,000,000 KRW 126,346 0.50 258,199 1.03

Spain Spain Bond 0.60 31/10/2029 535,000 EUR 587,739 2.34

United Kingdom United Kingdom Gilt 0.63 7/6/2025 400,000 GBP 507,616 2.02 United Kingdom Gilt 0.88 22/10/2029 160,000 GBP 209,521 0.84 717,137 2.86

The accompanying notes are an integral part of these financial statements.

78 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL OPPORTUNITY BOND FUND Interest Market % of Rate Maturity Value Net % Date Nominal @ USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Government Bonds (continued) United States United States Treasury Bond 3.00 15/2/2049 430,000 USD 599,632 2.39 United States Treasury Bond 2.00 15/2/2050 770,000 USD 894,313 3.56 United States Treasury Note 1.38 31/8/2023 1,060,000 USD 1,098,259 4.38 United States Treasury Note 2.88 30/9/2023 1,935,000 USD 2,108,470 8.40 United States Treasury Note 2.00 30/4/2024 1,450,000 USD 1,547,365 6.17 United States Treasury Note 2.00 15/8/2025 1,600,000 USD 1,731,625 6.90 United States Treasury Note 2.63 31/12/2025 175,000 USD 196,396 0.78 United States Treasury Note 2.25 15/11/2027 1,335,000 USD 1,501,823 5.98 United States Treasury Note 2.63 15/2/2029 600,000 USD 701,578 2.80 10,379,461 41.36 Total Government Bonds 20,141,308 80.25 Total Transferable Securities and Money Market Instruments 23,975,507 95.53

Other Transferable Securities

Mortgage-and Asset-Backed Securities United States FHLMC 3.00 1/2/2030 115,493 USD 121,447 0.48 FNMA 2.50 1/5/2030 127,499 USD 132,426 0.53 Total Mortgage-and Asset-Backed Securities 253,873 1.01 Total Other Transferable Securities 253,873 1.01 Total Investments in Securities 24,229,380 96.54

Cash at Banks Time Deposits Cayman Islands BBH Grand Cayman (o) 0.01 2 AUD 1 0.00 BBH Grand Cayman (o) 0.01 7,966 GBP 9,895 0.04 BBH Grand Cayman (o) 0.01 1,601 SGD 1,126 0.01 BBH Grand Cayman (o) 0.12 10,238 CAD 7,275 0.03 18,297 0.08

United States China Construction Bank Corporation (o) 0.05 203,998 USD 203,998 0.81 Total Time Deposits 222,295 0.89 Total Cash at Banks 222,295 0.89

Other Assets and Liabilities, Net 644,007 2.57

Total Net Assets 25,095,682 100.00

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 79

Portfolio of investments as at 31 March 2020

@ Nominal amount is denominated in currency indicated. ± Variable rate investment. The rate shown is the rate in effect at period end. (z) Zero coupon security. (o) Overnight deposit.

Key: AUD Australian Dollar CAD Canadian Dollar DKK Danish Krone EUR Euro GBP British Pound IDR Indonesian Rupiah JPY JapaneseYen KRW South KoreanWon MXN Mexican Peso NZD New Zealand Dollar RON Romanian NewLeu SGD SingaporeDollar USD United StatesDollar ZAR South African Rand

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

80 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL SMALL CAP EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares

Australia Ansell Limited Miscellaneous Manufacturers 3,502 57,992 1.52 Domino’s Pizza Enterprises Limited Retail 1,492 46,193 1.21 104,185 2.73

Austria Mayr Melnhof Karton AG Packaging & Containers 189 23,624 0.62

Belgium Barco NV Electronics 280 42,782 1.12

Canada BlackBerry Limited Software 7,639 31,483 0.82 Stantec Incorporated Engineering & Construction 1,000 25,581 0.67 57,064 1.49

Denmark Scandinavian Tobacco Group AS Agriculture 1,169 11,738 0.31

France Alten SA Engineering & Construction 789 55,526 1.45 Mersen SA Miscellaneous Manufacturers 839 15,281 0.40 Metropole Television SA Media 3,921 43,396 1.14 114,203 2.99

Germany CANCOM SE Computers 345 14,503 0.38 Gerresheimer AG Packaging & Containers 744 46,915 1.23 Krones AG Machinery – Diversified 421 22,497 0.59 SMA Solar Technology AG Electrical Components & Equipment 44 1,252 0.03 TAG Immobilien AG Real Estate 2,568 50,504 1.32 135,671 3.55

Hong Kong Sunlight REIT REIT 89,000 43,385 1.14

Ireland Irish Residential Properties REIT plc REIT 22,094 29,916 0.78

Israel CyberArk Software Limited Computers 846 72,384 1.89

Italy De’ Longhi SpA Home Furnishings 1,939 32,231 0.84 Interpump Group SpA Machinery – Diversified 1,188 28,542 0.75 60,773 1.59

Japan Aeon Delight Company Limited Commercial Services 1,900 57,899 1.52 Daiseki Company Limited Environmental Control 1,500 31,762 0.83 DTS Corporation Computers 2,500 43,407 1.14 Fuji Seal International Incorporated Packaging & Containers 2,300 40,524 1.06 Horiba Limited Electronics 500 24,696 0.65

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 81

Portfolio of investments as at 31 March 2020

GLOBAL SMALL CAP EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) Japan (continued) Kyushu Railway Company Transportation 800 22,980 0.60 Meitec Corporation Engineering & Construction 1,100 43,622 1.14 Nihon Parkerizing Company Limited Chemicals 5,000 51,576 1.35 Orix JREIT Incorporated REIT 39 51,295 1.34 Paramount Bed Holdings Company Limited Healthcare – Products 800 33,069 0.86 San-A Company Limited Food 700 29,121 0.76 Sumitomo Warehouse Company Limited Storage/Warehousing 3,600 39,265 1.03 Taikisha Limited Engineering & Construction 1,100 31,633 0.83 Toyo Suisan Kaisha Limited Food 100 4,833 0.13 505,682 13.24

Netherlands Brunel International NV Commercial Services 1,828 10,154 0.27 IMCD NV Chemicals 270 19,374 0.51 TKH Group NV Electronics 254 7,049 0.18 36,577 0.96

Norway Atea ASA Internet 1,273 10,711 0.28

Spain Vidrala SA Packaging & Containers 256 22,803 0.60 Viscofan SA Food 1,111 60,831 1.59 83,634 2.19

Sweden AAK AB Food 1,333 21,553 0.56 Hexpol AB Miscellaneous Manufacturers 1,991 11,764 0.31 33,317 0.87

Switzerland Bossard Holding AG Distribution/Wholesale 239 27,456 0.72 Bucher Industries AG Machinery – Diversified 94 24,776 0.65 OC Oerlikon Corporation AG Chemicals 3,389 26,833 0.70 79,065 2.07

United Kingdom Britvic plc Beverages 5,514 47,789 1.25 Domino’s Pizza Group plc Retail 12,511 43,805 1.15 Elementis plc Chemicals 12,775 7,826 0.20 Lancashire Holdings Limited Insurance 794 6,120 0.16 Morgan Advanced Materials plc Miscellaneous Manufacturers 5,895 13,451 0.35 NCC Group plc Computers 7,762 15,891 0.42 Nomad Foods Limited Food 5,969 110,785 2.90 S4 Capital plc Advertising 10,855 20,494 0.54 Spectris plc Electronics 1,865 56,190 1.47 Tate & Lyle plc Food 2,519 20,494 0.54 342,845 8.98

The accompanying notes are an integral part of these financial statements.

82 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

GLOBAL SMALL CAP EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States ACI Worldwide Incorporated Software 2,971 71,750 1.88 Balchem Corporation Chemicals 245 0.63 24,186 Blackbaud Incorporated Software 595 0.86 33,052 BMC Stock Holdings Incorporated Retail 723 0.34 12,819 Bottomline Technologies DE Incorporated Software 891 0.85 32,655 Brink’s Company Commercial Services 724 0.99 37,684 CBIZ Incorporated Commercial Services 4,247 2.33 88,847 Central Garden & Pet Company Household Products/Wares 3,429 2.30 87,680 CorVel Corporation Commercial Services 1,018 1.45 55,491 CSW Industrials Incorporated Machinery – Diversified 1,392 2.36 90,271 Denny’s Corporation Retail 7,673 58,9291.54 Euronet Worldwide Incorporated Commercial Services 245 21,001 0.55 Forward Air Corporation Transportation 775 1.03 39,254 Gibraltar Industries Incorporated Building Materials 1,571 1.76 67,427 Globus Medical Incorporated Healthcare – Products 732 31,1320.81 Healthcare Services Group Incorporated Food Service 2,948 70,4871.85 HMS Holdings Corporation Commercial Services 1,193 0.79 30,147 Hostess Brands Incorporated Food 7,555 80,5362.11 ICU Medical Incorporated Healthcare – Products 363 73,2431.92 Ingevity Corporation Chemicals 261 0.24 9,187 Innospec Incorporated Chemicals 1,289 89,5732.34 Mayville Engineering Company Incorporated Metal Fabricate/Hardware 8,329 51,057 1.34 MGE Energy Incorporated Electric 1,428 93,4912.45 Movado Group Incorporated Retail 1,578 18,6520.49 Natus Medical Incorporated Healthcare – Products 3,092 71,5181.87 Neogen Corporation Pharmaceuticals 577 1.01 38,653 Novanta Incorporated Electrical Components & Equipment 1,156 92,3412.42 Primo Water Corporation Beverages 3,100 28,130 0.74 Progress Software Corporation Software 505 16,160 0.42 Retail Value Incorporated REIT 2,411 0.77 29,535 Standex International Corporation Miscellaneous Manufacturers 606 29,706 0.78 Stepan Company Chemicals 987 87,3102.29 Virtusa Corporation Computers 1,950 55,380 1.45 WD-40 Company Household Products/Wares 414 83,1522.18 Weingarten Realty Investors REIT 2,156 0.81 31,111 47.951,831,547 Total Common Shares 3,619,103 94.75 Total Transferable Securities and Money Market Instruments 3,619,103 94.75

Other Transferable Securities Common Shares Canada Mullen Group Limited Transportation 1,500 4,370 0.11 Parex Resources Incorporated Oil & Gas Services 800 6,765 0.18 Western Forest Products Incorporated Forest Products & Paper 8,800 3,939 0.10 Total Common Shares 15,074 0.39 Total Other Transferable Securities 15,074 0.39 Total Investments in Securities 3,634,177 95.14

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 83

Portfolio of investments as at 31 March 2020

GLOBAL SMALL CAP EQUITY FUND Interest Market % of Rate Value Net % Nominal @ USD Assets

Cash at Banks

Time Deposits

Cayman Islands BBH Grand Cayman (o) (0.65) 486 EUR 535 0.01 BBH Grand Cayman (o) 0.01 2,390 AUD 1,470 0.04 BBH Grand Cayman (o) 0.12 384 CAD 273 0.01 BBH Grand Cayman (o) 0.66 10,956 HKD 1,413 0.04 3,691 0.10

United States China Construction Bank (o) 0.05 223,266 USD 223,266 5.84 Total Time Deposits 226,957 5.94 Total Cash at Banks 226,957 5.94

Other Assets and Liabilities, Net (41,290) (1.08)

Total Net Assets 3,819,844 100.00

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: AUD Australian Dollar CAD Canadian Dollar EUR Euro HKD Hong Kong Dollar REIT Real Estate InvestmentTrust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

84 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

SMALL CAP INNOVATION FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares Argentina Globant SA Computers 608 53,431 1.47

Canada Sandstorm Gold Limited Mining 6,675 33,442 0.92 Zymeworks Incorporated Biotechnology 621 22,027 0.61 55,469 1.53

China Zai Lab Limited ADR Biotechnology 676 34,800 0.96

India WNS Holdings Limited ADR Computers 1,221 52,479 1.45

Ireland Keywords Studios plc Computers 3,021 53,477 1.47

Poland CD Projekt SA Software 742 51,103 1.41

Switzerland CRISPR Therapeutics AG Biotechnology 391 16,582 0.46

United Kingdom Blue Prism Group plc Software 1,823 25,307 0.70 Clarivate Analytics plc Commercial Services 3,526 73,164 2.02 Games Workshop Group plc Toys/Games/Hobbies 672 35,698 0.98 134,169 3.70

United States Advanced Drainage Systems Incorporated Metal Fabricate/Hardware 1,914 56,348 1.55 Allied Motion Technologies Incorporated Electronics 939 22,254 0.61 Amedisys Incorporated Healthcare – Services 426 78,188 2.15 Avalara Incorporated Commercial Services 782 58,337 1.61 Axon Enterprise Incorporated Miscellaneous Manufacturers 823 58,244 1.61 Axonics Modulation Technologies Incorporated Healthcare – Products 1,127 28,637 0.79 BioLife Solutions Incorporated Healthcare – Products 1,702 16,169 0.45 Black Diamond Therapeutics Incorporated Biotechnology 498 12,425 0.34 CareDx Incorporated Healthcare – Products 1,256 27,418 0.76 Casella Waste Systems Incorporated Environmental Control 2,482 96,947 2.67 Chegg Incorporated Commercial Services 1,389 49,698 1.37 ChemoCentryx Incorporated Biotechnology 522 20,974 0.58 Coherus Biosciences Incorporated Pharmaceuticals 1,993 32,326 0.89 Construction Partners Incorporated Engineering & Construction 3,645 61,564 1.70 Deciphera Pharmaceuticals Incorporated Biotechnology 521 21,450 0.59 Elastic NV Software 682 38,062 1.05 Envestnet Incorporated Software 1,230 66,149 1.82 EPAM Systems Incorporated Computers 297 55,141 1.52 Etsy Incorporated Internet 831 31,944 0.88 Euronet Worldwide Incorporated Commercial Services 442 37,888 1.04 Everbridge Incorporated Software 555 59,030 1.63 Five Below Incorporated Retail 510 35,894 0.99 Five9 Incorporated Software 1,086 83,036 2.29 Goosehead Insurance Incorporated Insurance 1,081 48,245 1.33

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 85

Portfolio of investments as at 31 March 2020

SMALL CAP INNOVATION FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) Haemonetics Corporation Healthcare – Products 748 74,546 2.05 Halozyme Therapeutics Incorporated Biotechnology 1,926 34,649 0.95 HealthEquity Incorporated Commercial Services 1,168 59,089 1.63 IAA Incorporated Distribution/Wholesale 1,252 37,510 1.03 ICF International Incorporated Commercial Services 386 26,518 0.73 ICU Medical Incorporated Healthcare – Products 282 56,899 1.57 Immunomedics Incorporated Biotechnology 2,110 28,443 0.78 Ingevity Corporation Chemicals 742 26,118 0.72 Innovative Industrial Properties Incorporated REIT 466 35,383 0.98 Inspire Medical Systems Incorporated Healthcare – Products 653 39,363 1.08 iRhythm Technologies Incorporated Healthcare – Products 810 65,894 1.82 Kratos Defense & Security Solutions Incorporated Aerospace/Defense 1,969 27,251 0.75 Lattice Semiconductor Corporation Semiconductors 3,023 53,870 1.48 Littelfuse Incorporated Electrical Components & Equipment 266 35,490 0.98 LivePerson Incorporated Software 1,470 33,443 0.92 Mercury Systems Incorporated Aerospace/Defense 1,038 74,051 2.04 MKS Instruments Incorporated Semiconductors 584 47,567 1.31 Model N Incorporated Software 2,381 52,882 1.46 MongoDB Incorporated Software 286 39,050 1.08 MSA Safety Incorporated Hand/Machine Tools 600 60,720 1.67 Natera Incorporated Healthcare – Products 1,429 42,670 1.18 NCR Corporation Computers 2,350 41,595 1.15 Novanta Incorporated Electrical Components & Equipment 877 70,055 1.93 Novocure Limited Healthcare – Products 250 16,835 0.46 OrthoPediatrics Corporation Healthcare – Products 1,276 50,581 1.39 PAR Technology Corporation Computers 1,798 23,122 0.64 Phreesia Incorporated Software 1,347 28,327 0.78 Progyny Incorporated Commercial Services 1,074 22,758 0.63 Purple Innovation Incorporated Home Furnishings 2,963 16,830 0.46 QTS Realty Trust Incorporated REIT 1,440 83,534 2.30 Rexford Industrial Realty Incorporated REIT 686 28,133 0.78 Saia Incorporated Transportation 442 32,505 0.90 Shockwave Medical Incorporated Healthcare – Products 1,084 35,967 0.99 Silk Road Medical Incorporated Healthcare – Products 596 18,762 0.52 Simulations Plus Incorporated Software 1,065 37,190 1.03 SiteOne Landscape Supply Incorporated Distribution/Wholesale 976 71,853 1.98 SLM Corporation Diversified Financial Services 2,537 18,241 0.50 Stoneridge Incorporated Electronics 2,196 36,783 1.01 Tetra Tech Incorporated Environmental Control 1,002 70,761 1.95 Texas Pacific Land Trust Oil & Gas Services 66 25,081 0.69 Trex Company Incorporated Building Materials 759 60,826 1.68 Turning Point Therapeutics Incorporated Biotechnology 579 25,858 0.71 Twist Bioscience Corporation Biotechnology 1,011 30,916 0.85 Universal Display Corporation Electrical Components & Equipment 199 26,224 0.72 Veracyte Incorporated Biotechnology 2,043 49,665 1.37 WEX Incorporated Commercial Services 336 35,129 0.97 WillScot Corporation Engineering & Construction 3,873 39,234 1.08 Workiva Incorporated Software 1,117 36,113 1.00 3,080,652 84.90 Total Common Shares 3,532,162 97.35 Total Investments in Securities 3,532,162 97.35

The accompanying notes are an integral part of these financial statements.

86 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

SMALL CAP INNOVATION FUND Interest Market % of Rate Value Net % Nominal @ USD Assets

Cash at Banks Time Deposits Cayman Islands BBH Grand Cayman (o) 0.01 1 GBP 1 0.00

France Societe Generale Bank (o) (0.65) 56,886 EUR 62,740 1.73

United States JPMorgan Chase (o) 0.05 62,497 USD 62,497 1.72 Total Time Deposits 125,238 3.45 Total Cash at Banks 125,238 3.45

Other Assets and Liabilities, Net (29,047) (0.80) Total Net Assets 3,628,353 100.00

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: ADR American Depository Receipt EUR Euro GBP British Pound REIT Real Estate InvestmentTrust USD United StatesDollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 87

Portfolio of investments as at 31 March 2020

U.S. ALL CAP GROWTH FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares Argentina Globant SA Computers 17,100 1,502,748 0.22

United Kingdom Linde plc Chemicals 44,260 7,656,980 1.08

United States Adaptive Biotechnologies Corporation Healthcare – Products 91,595 2,544,509 0.36 Adobe Incorporated Software 11,974 3,810,606 0.54 Air Products & Chemicals Incorporated Chemicals 4,180 834,370 0.12 Alexion Pharmaceuticals Incorporated Biotechnology 50,200 4,507,458 0.64 Alphabet Incorporated Class A Internet 32,250 37,472,888 5.29 Alphabet Incorporated Class C Internet 2,633 3,061,679 0.43 Amazon.com Incorporated Internet 30,180 58,842,550 8.30 Anaplan Incorporated Internet 100,871 3,052,356 0.43 Apple Incorporated Computers 81,500 20,724,635 2.92 ASGN Incorporated Commercial Services 74,335 2,625,512 0.37 Assetmark Financial Holdings Incorporated Diversified Financial Services 137,438 2,802,361 0.39 Biohaven Pharmaceutical Holding Company Limited Biotechnology 28,470 968,834 0.14 BioMarin Pharmaceutical Incorporated Biotechnology 17,800 1,504,100 0.21 Blackline Incorporated Software 37,500 1,972,875 0.28 Boston Scientific Corporation Healthcare – Products 399,260 13,027,854 1.84 Bright Horizons Family Solutions Incorporated Commercial Services 23,370 2,383,740 0.34 Burlington Stores Incorporated Retail 66,875 10,597,013 1.49 CarMax Incorporated Retail 65,760 3,539,861 0.50 Casella Waste Systems Incorporated Environmental Control 106,399 4,155,945 0.59 Chipotle Mexican Grill Incorporated Retail 2,480 1,622,912 0.23 Cloudflare Incorporated Software 97,567 2,290,873 0.32 CME Group Incorporated Diversified Financial Services 17,940 3,102,005 0.44 Coca-Cola Company Beverages 193,730 8,572,552 1.21 Copart Incorporated Distribution/Wholesale 132,010 9,045,325 1.28 CoStar Group Incorporated Commercial Services 9,960 5,848,612 0.82 CSX Corporation Transportation 217,020 12,435,246 1.75 DexCom Incorporated Pharmaceuticals 34,890 9,394,830 1.33 Dynatrace Incorporated Software 362,657 8,645,743 1.22 Edwards Lifesciences Corporation Healthcare – Products 38,510 7,263,756 1.02 Envestnet Incorporated Software 280,517 15,086,204 2.13 Estee Lauder Companies Incorporated Cosmetics/Personal Care 18,780 2,992,405 0.42 Etsy Incorporated Internet 25,020 961,769 0.13 Euronet Worldwide Incorporated Commercial Services 52,300 4,483,156 0.63 Everbridge Incorporated Software 39,480 4,199,093 0.59 Exact Sciences Corporation Biotechnology 78,940 4,578,520 0.65 Facebook Incorporated Internet 118,440 19,755,792 2.79 Five Below Incorporated Retail 60,419 4,252,289 0.60 Global Payments Incorporated Commercial Services 76,670 11,058,114 1.56 Grand Canyon Education Incorporated Commercial Services 68,510 5,226,285 0.74 Grocery Outlet Holding Corporation Food 46,230 1,587,538 0.22 Home Depot Incorporated Retail 24,950 4,658,415 0.66 HubSpot Incorporated Software 18,565 2,472,672 0.35 Insulet Corporation Healthcare – Products 51,580 8,545,774 1.21 Intuitive Surgical Incorporated Healthcare – Products 5,970 2,956,404 0.42 LendingTree Incorporated Diversified Financial Services 25,681 4,709,639 0.66

The accompanying notes are an integral part of these financial statements.

88 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. ALL CAP GROWTH FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) Levi Strauss & Company Apparel 503,809 6,262,346 0.88 MarketAxess Holdings Incorporated Commercial Services 53,708 17,861,670 2.52 MasterCard Incorporated Diversified Financial Services 94,160 22,745,290 3.21 Maxim Integrated Products Incorporated Semiconductors 38,800 1,886,068 0.27 Microchip Technology Incorporated Semiconductors 287,580 19,497,924 2.75 Microsoft Corporation Software 316,180 49,864,748 7.04 Mimecast Limited Internet 201,000 7,095,300 1.00 MongoDB Incorporated Software 20,939 2,859,011 0.40 Monolithic Power Systems Incorporated Semiconductors 98,472 16,490,121 2.33 Natera Incorporated Healthcare – Products 234,598 7,005,096 0.99 Norfolk Southern Corporation Transportation 66,860 9,761,560 1.38 Novocure Limited Healthcare – Products 114,230 7,692,248 1.08 Ollie’s Bargain Outlet Holdings Incorporated Retail 26,410 1,223,839 0.17 PayPal Holdings Incorporated Commercial Services 111,100 10,636,714 1.50 Pinterest Incorporated Internet 568,552 8,778,443 1.24 Planet Fitness Incorporated Leisure Time 92,550 4,507,185 0.64 PolyOne Corporation Chemicals 101,360 1,922,799 0.27 Proofpoint Incorporated Internet 66,253 6,796,895 0.96 Rapid7 Incorporated Computers 129,090 5,593,470 0.79 RealPage Incorporated Software 57,180 3,026,537 0.43 Repligen Corporation Healthcare – Products 47,170 4,553,792 0.64 RingCentral Incorporated Software 5,700 1,207,887 0.17 Roku Incorporated Internet 15,090 1,320,073 0.19 Roper Technologies Incorporated Electronics 16,540 5,157,337 0.73 Salesforce.com Incorporated Software 45,871 6,604,507 0.93 ServiceNow Incorporated Software 13,460 3,857,367 0.54 Splunk Incorporated Software 71,069 8,971,040 1.27 Square Incorporated Commercial Services 17,590 921,364 0.13 Starbucks Corporation Retail 52,500 3,451,350 0.49 Stryker Corporation Healthcare – Products 17,900 2,980,171 0.42 Switch Incorporated Telecommunications 330,460 4,768,538 0.67 Talend SA ADR Software 27,270 611,666 0.09 Texas Instruments Incorporated Semiconductors 102,570 10,249,820 1.45 Trade Desk Incorporated Advertising 8,700 1,679,100 0.24 Tradeweb Markets Incorporated Diversified Financial Services 223,467 9,394,553 1.32 TransUnion Commercial Services 28,410 1,880,174 0.26 Twilio Incorporated Software 57,733 5,166,526 0.73 Ulta Beauty Incorporated Retail 36,400 6,395,480 0.90 Union Pacific Corporation Transportation 67,812 9,564,204 1.35 Veeva Systems Incorporated Software 83,229 13,014,519 1.84 Vertex Pharmaceuticals Incorporated Biotechnology 27,770 6,607,872 0.93 Visa Incorporated Diversified Financial Services 130,500 21,026,160 2.97 Waste Connections Incorporated Environmental Control 92,150 7,141,625 1.01 Zendesk Incorporated Internet 12,300 787,323 0.11 Zoetis Incorporated Pharmaceuticals 17,573 2,068,166 0.29 695,062,947 98.08 Total Common Shares 704,222,675 99.38 Total Investments in Securities 704,222,675 99.38

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 89

Portfolio of investments as at 31 March 2020

U.S. ALL CAP GROWTH FUND Interest Market % of Rate Value Net % Nominal @ USD Assets

Cash at Banks

Time Deposits

Canada Bank of Nova Scotia (o) 0.05 4,637,350 USD 4,637,350 0.65

Cayman Islands BBH Grand Cayman (o) (1.46) 21 CHF 22 0.00 BBH Grand Cayman (o) 0.01 435 GBP 540 0.00 562 0.00 Total Time Deposits 4,637,912 0.65 Total Cash at Banks 4,637,912 0.65

Other Assets and Liabilities, Net (204,451) (0.03)

Total Net Assets 708,656,136 100.00

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: ADR American Depository Receipt CHF Swiss Franc GBP BritishPound USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

90 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. HIGH YIELD BOND FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes

Canada Bausch Health Companies Incorporated 5.00 30/1/2028 Pharmaceuticals 100,000 94,670 0.17 Bausch Health Companies Incorporated 5.25 30/1/2030 Pharmaceuticals 50,000 46,750 0.08 Bausch Health Companies Incorporated 5.50 1/3/2023 Pharmaceuticals 38,000 37,240 0.07 Bausch Health Companies Incorporated 5.50 1/11/2025 Pharmaceuticals 175,000 176,802 0.31 Bausch Health Companies Incorporated 5.88 15/5/2023 Pharmaceuticals 69,000 68,310 0.12 Bausch Health Companies Incorporated 6.13 15/4/2025 Pharmaceuticals 250,000 246,250 0.44 Bausch Health Companies Incorporated 7.00 15/3/2024 Pharmaceuticals 350,000 358,750 0.64 Bausch Health Companies Incorporated 7.00 15/1/2028 Pharmaceuticals 75,000 77,775 0.14 Baytex Energy Corporation 5.63 1/6/2024 Oil & Gas Services 450,000 166,500 0.30 Ritchie Bros Auctioneers Incorporated 5.38 15/1/2025 Commercial Services 825,000 833,250 1.48 Telesat Canada 6.50 15/10/2027 Telecommunications 175,000 168,000 0.30 2,274,297 4.05

Luxembourg Intelsat Connect Finance SA 9.50 15/2/2023 Telecommunications 200,000 73,500 0.13 Intelsat Jackson Holdings SA 5.50 1/8/2023 Telecommunications 975,000 599,625 1.07 Intelsat Jackson Holdings SA 8.50 15/10/2024 Telecommunications 175,000 110,198 0.20 Intelsat Luxembourg SA 8.13 1/6/2023 Telecommunications 175,000 35,875 0.06 Nielsen Company Luxembourg Sarl 5.00 1/2/2025 Holding Companies – Diversified 175,000 162,312 0.29 981,510 1.75

Netherlands OI European Group BV 4.00 15/3/2023 Packaging & Containers 75,000 71,250 0.13 Sensata Technologies BV 5.00 1/10/2025 Electronics 35,000 33,163 0.06 Sensata Technologies BV 5.63 1/11/2024 Electronics 225,000 219,375 0.39 Teva Pharmaceutical Finance Netherlands III BV 4.10 1/10/2046 Pharmaceuticals 375,000 273,750 0.49 Teva Pharmaceutical Finance Netherlands III BV 6.75 1/3/2028 Pharmaceuticals 275,000 266,750 0.47 Trivium Packaging Finance BV 8.50 15/8/2027 Packaging & Containers 100,000 100,500 0.18 964,788 1.72

United Kingdom Sensata Technologies UK Financing Company plc 6.25 15/2/2026 Semiconductors 100,000 98,000 0.18 Valaris plc 4.88 1/6/2022 Oil & Gas Services 675,000 146,812 0.26 Valaris plc 5.75 1/10/2044 Oil & Gas Services 575,000 38,462 0.07 283,274 0.51

United States ACCO Brands Corporation 5.25 15/12/2024 Household Products/Wares 125,000 120,000 0.21 Alliance Data Systems Corporation 4.75 15/12/2024 Diversified Financial Services 150,000 114,000 0.20 Allison Transmission Incorporated 4.75 1/10/2027 Auto Manufacturers 100,000 92,000 0.16 Allison Transmission Incorporated 5.00 1/10/2024 Auto Manufacturers 925,000 897,250 1.60 Allison Transmission Incorporated 5.88 1/6/2029 Auto Manufacturers 100,000 98,000 0.17 AmWINS Group Incorporated 7.75 1/7/2026 Insurance 425,000 414,904 0.74 Antero Midstream Partners LP 5.75 15/1/2028 Pipelines 725,000 464,000 0.83 Antero Resources Corporation 5.38 1/11/2021 Oil & Gas Services 175,000 127,312 0.23 Archrock Partners LP 6.25 1/4/2028 Oil & Gas Services 75,000 51,750 0.09 Archrock Partners LP 6.88 1/4/2027 Oil & Gas Services 250,000 177,525 0.32

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 91

Portfolio of investments as at 31 March 2020

U.S. HIGH YIELD BOND FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States (continued) Asbury Automotive Group Incorporated 4.50 1/3/2028 Retail 173,000 147,050 0.26 Asbury Automotive Group Incorporated 4.75 1/3/2030 Retail 160,000 136,000 0.24 Bausch Health Americas Incorporated 8.50 31/1/2027 Pharmaceuticals 100,000 104,500 0.19 Berry Global Incorporated 4.88 15/7/2026 Packaging & Containers 100,000 101,000 0.18 Berry Global Incorporated 5.13 15/7/2023 Packaging & Containers 175,000 175,385 0.31 Berry Global Incorporated 5.63 15/7/2027 Packaging & Containers 25,000 25,828 0.05 Block Communications Incorporated 4.88 1/3/2028 Media 100,000 93,000 0.17 Buckeye Partners LP 5.85 15/11/2043 Pipelines 500,000 334,850 0.60 Callon Petroleum Company 6.13 1/10/2024 Oil & Gas Services 250,000 44,375 0.08 Callon Petroleum Company 8.25 15/7/2025 Oil & Gas Services 350,000 56,000 0.10 Cardtronics Incorporated 5.50 1/5/2025 Commercial Services 899,000 854,050 1.52 Carriage Services Incorporated 6.63 1/6/2026 Commercial Services 525,000 515,813 0.92 CCM Merger Incorporated 6.00 15/3/2022 Entertainment 1,225,000 1,004,500 1.79 CCO Holdings LLC 4.50 15/8/2030 Media 175,000 171,500 0.31 CCO Holdings LLC 4.50 1/5/2032 Media 100,000 97,520 0.17 CCO Holdings LLC 5.00 1/2/2028 Media 150,000 150,601 0.27 CCO Holdings LLC 5.13 1/5/2027 Media 75,000 75,485 0.13 CCO Holdings LLC 5.38 1/5/2025 Media 350,000 358,820 0.64 CCO Holdings LLC 5.75 15/2/2026 Media 425,000 429,420 0.76 CCO Holdings LLC 5.88 1/4/2024 Media 25,000 25,562 0.05 CDK Global Incorporated 5.88 15/6/2026 Software 100,000 105,650 0.19 Change Healthcare Holdings LLC 5.75 1/3/2025 Software 575,000 531,875 0.95 Cheniere Corpus Christi Holdings LLC 5.13 30/6/2027 Pipelines 75,000 67,134 0.12 Cheniere Energy Partners LP 4.50 1/10/2029 Pipelines 125,000 111,250 0.20 Cheniere Energy Partners LP 5.25 1/10/2025 Pipelines 1,025,000 953,250 1.70 Cheniere Energy Partners LP 5.63 1/10/2026 Pipelines 100,000 93,000 0.17 CHS/Community Health Systems Incorporated 6.63 15/2/2025 Healthcare – Services 550,000 508,750 0.91 Clearwater Paper Corporation 5.38 1/2/2025 Forest Products & Paper 125,000 113,750 0.20 CommScope Incorporated 8.25 1/3/2027 Telecommunications 200,000 192,780 0.34 CommScope Technologies LLC 6.00 15/6/2025 Telecommunications 100,000 91,520 0.16 CoreCivic Incorporated 4.63 1/5/2023 REIT 130,000 118,300 0.21 CoreCivic Incorporated 5.00 15/10/2022 REIT 150,000 143,431 0.26 Covanta Holding Corporation 5.88 1/3/2024 Environmental Control 600,000 565,500 1.01 Covanta Holding Corporation 5.88 1/7/2025 Environmental Control 25,000 23,000 0.04 Crown Americas LLC 4.25 30/9/2026 Packaging & Containers 225,000 221,625 0.39 Crown Americas LLC 4.50 15/1/2023 Packaging & Containers 225,000 230,402 0.41 Crown Americas LLC 4.75 1/2/2026 Packaging & Containers 50,000 51,235 0.09 Crown Cork & Seal Company Incorporated 7.38 15/12/2026 Packaging & Containers 208,000 213,200 0.38 CSC Holdings LLC 5.38 15/7/2023 Media 275,000 277,750 0.49 CSC Holdings LLC 5.38 1/2/2028 Media 325,000 331,500 0.59 CSC Holdings LLC 5.50 15/5/2026 Media 200,000 206,870 0.37 CSC Holdings LLC 7.50 1/4/2028 Media 250,000 266,355 0.47 CSC Holdings LLC 7.75 15/7/2025 Media 200,000 208,000 0.37 Darling Ingredients Incorporated 5.25 15/4/2027 Agriculture 175,000 169,698 0.30 Dell International LLC 5.88 15/6/2021 Computers 116,000 115,565 0.21 Dell International LLC 7.13 15/6/2024 Computers 675,000 696,937 1.24 Denbury Resources Incorporated 6.38 31/12/2024 Oil & Gas Services 466,000 164,469 0.29 Denbury Resources Incorporated 9.00 15/5/2021 Oil & Gas Services 100,000 29,250 0.05 Denbury Resources Incorporated 9.25 31/3/2022 Oil & Gas Services 242,000 58,080 0.10 Diamond Offshore Drilling Incorporated 4.88 1/11/2043 Oil & Gas Services 275,000 37,125 0.07 Diamond Sports Group LLC 5.38 15/8/2026 Media 85,000 69,064 0.12 Diamond Sports Group LLC 6.63 15/8/2027 Media 85,000 56,844 0.10

The accompanying notes are an integral part of these financial statements.

92 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. HIGH YIELD BOND FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States (continued) Encompass Health Corporation 4.75 1/2/2030 Healthcare – Services 50,000 49,250 0.09 Encompass Health Corporation 5.75 1/11/2024 Healthcare – Services 100,000 100,470 0.18 Encompass Health Corporation 5.75 15/9/2025 Healthcare – Services 96,000 92,160 0.16 EnLink Midstream Partners LP 4.15 1/6/2025 Pipelines 103,000 49,924 0.09 EnLink Midstream Partners LP 4.40 1/4/2024 Pipelines 150,000 75,705 0.13 EnLink Midstream Partners LP 4.85 15/7/2026 Pipelines 100,000 49,170 0.09 EnLink Midstream Partners LP 5.05 1/4/2045 Pipelines 200,000 72,940 0.13 EnLink Midstream Partners LP 5.45 1/6/2047 Pipelines 125,000 41,225 0.07 Enviva Partners LP 6.50 15/1/2026 Energy-Alternate Sources 425,000 414,375 0.74 Era Group Incorporated 7.75 15/12/2022 Oil & Gas Services 1,361,000 1,171,311 2.09 ESH Hospitality Incorporated 5.25 1/5/2025 REIT 500,000 420,000 0.75 EW Scripps Company 5.13 15/5/2025 Media 650,000 572,000 1.02 Fair Isaac Corporation 4.00 15/6/2028 Software 75,000 72,000 0.13 Fair Isaac Corporation 5.25 15/5/2026 Software 150,000 148,500 0.26 FirstCash Incorporated 5.38 1/6/2024 Retail 375,000 359,062 0.64 Flex Acquisition Company Incorporated 6.88 15/1/2025 Packaging & Containers 450,000 420,750 0.75 Flex Acquisition Company Incorporated 7.88 15/7/2026 Packaging & Containers 50,000 46,053 0.08 Fortress Transportation & Infrastructure Investors LLC 6.50 1/10/2025 Trucking & Leasing 300,000 219,750 0.39 Gartner Incorporated 5.13 1/4/2025 Commercial Services 200,000 195,500 0.35 Geo Group Incorporated 5.13 1/4/2023 REIT 250,000 187,500 0.33 Geo Group Incorporated 5.88 15/1/2022 REIT 250,000 225,000 0.40 Geo Group Incorporated 5.88 15/10/2024 REIT 200,000 140,000 0.25 Geo Group Incorporated 6.00 15/4/2026 REIT 75,000 48,703 0.09 Gray Television Incorporated 5.13 15/10/2024 Media 350,000 338,187 0.60 Gray Television Incorporated 5.88 15/7/2026 Media 350,000 336,980 0.60 Gray Television Incorporated 7.00 15/5/2027 Media 75,000 74,625 0.13 Group 1 Automotive Incorporated 5.00 1/6/2022 Retail 175,000 161,000 0.29 Group 1 Automotive Incorporated 5.25 15/12/2023 Retail 200,000 205,250 0.37 Gulfport Energy Corporation 6.00 15/10/2024 Oil & Gas Services 600,000 147,000 0.26 Harsco Corporation 5.75 31/7/2027 Commercial Services 25,000 23,134 0.04 Hilcorp Energy I LP 5.00 1/12/2024 Oil & Gas Services 325,000 149,500 0.27 Hilcorp Energy I LP 5.75 1/10/2025 Oil & Gas Services 455,000 209,300 0.37 Hilcorp Energy I LP 6.25 1/11/2028 Oil & Gas Services 150,000 66,000 0.12 Hill-Rom Holdings Incorporated 4.38 15/9/2027 Healthcare – Products 175,000 172,375 0.31 Hill-Rom Holdings Incorporated 5.00 15/2/2025 Healthcare – Products 200,000 202,000 0.36 Hilton Domestic Operating Company Incorporated 4.25 1/9/2024 Lodging 100,000 93,500 0.17 Hilton Domestic Operating Company Incorporated 4.88 15/1/2030 Lodging 75,000 63,750 0.11 Hologic Incorporated 4.38 15/10/2025 Healthcare – Products 250,000 247,573 0.44 Hologic Incorporated 4.63 1/2/2028 Healthcare – Products 125,000 123,750 0.22 HUB International Limited 7.00 1/5/2026 Insurance 550,000 544,500 0.97 IAA Incorporated 5.50 15/6/2027 Distribution/Wholesale 600,000 580,500 1.03 Indigo Natural Resources LLC 6.88 15/2/2026 Oil & Gas Services 400,000 264,000 0.47 IQVIA Incorporated 5.00 15/10/2026 Healthcare – Services 150,000 153,000 0.27 Iron Mountain Incorporated 4.38 1/6/2021 REIT 350,000 346,500 0.62 Kaiser Aluminum Corporation 4.63 1/3/2028 Mining 100,000 88,750 0.16 KAR Auction Services Incorporated 5.13 1/6/2025 Distribution/Wholesale 975,000 931,125 1.66 KFC Holding Company 5.00 1/6/2024 Retail 175,000 171,500 0.31 KFC Holding Company 5.25 1/6/2026 Retail 150,000 149,790 0.27 Lamar Media Corporation 3.75 15/2/2028 Advertising 175,000 164,042 0.29 Lamar Media Corporation 4.00 15/2/2030 Advertising 175,000 162,750 0.29

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 93

Portfolio of investments as at 31 March 2020

U.S. HIGH YIELD BOND FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States (continued) Level 3 Financing Incorporated 5.13 1/5/2023 Telecommunications 300,000 294,747 0.52 Level 3 Financing Incorporated 5.38 15/8/2022 Telecommunications 100,000 100,500 0.18 Level 3 Financing Incorporated 5.38 15/1/2024 Telecommunications 125,000 125,000 0.22 Levi Strauss & Company 5.00 1/5/2025 Apparel 75,000 70,875 0.13 Lithia Motors Incorporated 4.63 15/12/2027 Retail 75,000 67,508 0.12 Lithia Motors Incorporated 5.25 1/8/2025 Retail 500,000 435,000 0.77 LPL Holdings Incorporated 5.75 15/9/2025 Diversified Financial Services 425,000 408,000 0.73 Match Group Incorporated 4.13 1/8/2030 Internet 75,000 67,031 0.12 MEDNAX Incorporated 5.25 1/12/2023 Healthcare – Services 115,000 93,725 0.17 MEDNAX Incorporated 6.25 15/1/2027 Healthcare – Services 250,000 200,625 0.36 MPH Acquisition Holdings LLC 7.13 1/6/2024 Commercial Services 625,000 543,787 0.97 MPT Operating Partnership LP 4.63 1/8/2029 REIT 100,000 92,000 0.16 MPT Operating Partnership LP 5.00 15/10/2027 REIT 75,000 72,750 0.13 MPT Operating Partnership LP 5.25 1/8/2026 REIT 200,000 199,000 0.35 MPT Operating Partnership LP 5.50 1/5/2024 REIT 150,000 145,875 0.26 MPT Operating Partnership LP 6.38 1/3/2024 REIT 30,000 30,000 0.05 MSCI Incorporated 4.75 1/8/2026 Software 150,000 147,750 0.26 Murphy Oil Corporation 5.75 15/8/2025 Oil & Gas Services 90,000 48,159 0.09 Murphy Oil Corporation 5.88 1/12/2027 Oil & Gas Services 250,000 130,700 0.23 NCR Corporation 5.00 15/7/2022 Computers 625,000 587,500 1.05 NCR Corporation 6.38 15/12/2023 Computers 75,000 74,062 0.13 Nexstar Broadcasting Incorporated 5.63 15/7/2027 Media 575,000 562,063 1.00 NextEra Energy Operating Partners LP 4.25 15/7/2024 Electric 375,000 365,625 0.65 NextEra Energy Operating Partners LP 4.25 15/9/2024 Electric 100,000 97,500 0.17 NextEra Energy Operating Partners LP 4.50 15/9/2027 Electric 200,000 195,000 0.35 NFP Corporation 6.88 15/7/2025 Diversified Financial Services 125,000 123,125 0.22 NGPL PipeCo LLC 4.38 15/8/2022 Pipelines 175,000 166,973 0.30 Nielsen Finance LLC 5.00 15/4/2022 Commercial Services 775,000 714,410 1.27 NortonLifeLock Incorporated 5.00 15/4/2025 Internet 225,000 227,178 0.40 Novelis Corporation 5.88 30/9/2026 Mining 150,000 147,205 0.26 NSG Holdings LLC 7.75 15/12/2025 Electric 743,220 743,220 1.32 Oceaneering International Incorporated 6.00 1/2/2028 Oil & Gas Services 375,000 143,593 0.26 Ortho-Clinical Diagnostics Incorporated 7.25 1/2/2028 Healthcare – Products 100,000 85,990 0.15 Outfront Media Capital LLC 4.63 15/3/2030 Advertising 150,000 133,500 0.24 Owens-Brockway Glass Container Incorporated 5.00 15/1/2022 Packaging & Containers 100,000 101,015 0.18 Owens-Brockway Glass Container Incorporated 5.38 15/1/2025 Packaging & Containers 120,000 114,000 0.20 Owens-Brockway Glass Container Incorporated 5.88 15/8/2023 Packaging & Containers 100,000 98,000 0.17 Owens-Brockway Glass Container Incorporated 6.38 15/8/2025 Packaging & Containers 125,000 118,750 0.21 Panther BF Aggregator 2 LP 6.25 15/5/2026 Auto Parts & Equipment 75,000 70,875 0.13 Pattern Energy Group Incorporated 5.88 1/2/2024 Energy-Alternate Sources 575,000 570,791 1.02 Penske Automotive Group Incorporated 5.38 1/12/2024 Retail 250,000 205,927 0.37 Penske Automotive Group Incorporated 5.75 1/10/2022 Retail 250,000 231,250 0.41 Pilgrim’s Pride Corporation 5.75 15/3/2025 Food 250,000 251,250 0.45 Pilgrim’s Pride Corporation 5.88 30/9/2027 Food 100,000 99,640 0.18 Polaris Intermediate Corporation 8.50 1/12/2022 Healthcare – Services 125,000 96,875 0.17 Prestige Brands Incorporated 5.13 15/1/2028 Household Products/Wares 75,000 74,273 0.13 Prestige Brands Incorporated 6.38 1/3/2024 Household Products/Wares 25,000 25,625 0.05 Qorvo Incorporated 4.38 15/10/2029 Semiconductors 50,000 46,500 0.08 QVC Incorporated 4.75 15/2/2027 Retail 100,000 88,522 0.16

The accompanying notes are an integral part of these financial statements.

94 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. HIGH YIELD BOND FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued)

United States (continued) RBS Global Incorporated 4.88 15/12/2025 Machinery – Diversified 575,000 537,625 0.96 Reynolds Group Issuer Incorporated 5.13 15/7/2023 Packaging & Containers 250,000 248,122 0.44 Rockies Express Pipeline LLC 3.60 15/5/2025 Pipelines 450,000 311,003 0.55 Rockies Express Pipeline LLC 4.80 15/5/2030 Pipelines 200,000 119,785 0.21 Rockies Express Pipeline LLC 6.88 15/4/2040 Pipelines 125,000 75,169 0.13 Salem Media Group Incorporated 6.75 1/6/2024 Media 675,000 532,237 0.95 SBA Communications Corporation 3.88 15/2/2027 REIT 75,000 75,188 0.13 Scripps Escrow Incorporated 5.88 15/7/2027 Media 100,000 88,000 0.16 Sealed Air Corporation 4.88 1/12/2022 Packaging & Containers 100,000 100,125 0.18 Sealed Air Corporation 5.13 1/12/2024 Packaging & Containers 150,000 150,750 0.27 Select Medical Corporation 6.25 15/8/2026 Healthcare – Services 400,000 400,000 0.71 Service Corporation International 5.13 1/6/2029 Commercial Services 175,000 178,500 0.32 Service Corporation International 7.50 1/4/2027 Commercial Services 250,000 270,000 0.48 Service Corporation International 8.00 15/11/2021 Commercial Services 355,000 362,100 0.64 Signature Aviation US Holdings Incorporated 5.38 1/5/2026 Aerospace/Defense 600,000 580,500 1.03 Sonic Automotive Incorporated 6.13 15/3/2027 Retail 275,000 242,000 0.43 Southern Star Central Corporation 5.13 15/7/2022 Oil & Gas Services 500,000 494,305 0.88 Southwestern Energy Company 7.50 1/4/2026 Oil & Gas Services 150,000 98,250 0.17 Southwestern Energy Company 7.75 1/10/2027 Oil & Gas Services 150,000 98,625 0.18 Spectrum Brands Incorporated 5.75 15/7/2025 Household Products/Wares 125,000 116,875 0.21 Springleaf Finance Corporation 5.38 15/11/2029 Diversified Financial Services 150,000 137,328 0.24 Springleaf Finance Corporation 6.13 15/3/2024 Diversified Financial Services 100,000 98,761 0.18 Springleaf Finance Corporation 6.63 15/1/2028 Diversified Financial Services 75,000 70,230 0.12 Springleaf Finance Corporation 7.13 15/3/2026 Diversified Financial Services 125,000 122,344 0.22 Sprint Capital Corporation 6.88 15/11/2028 Telecommunications 100,000 114,220 0.20 Sprint Capital Corporation 8.75 15/3/2032 Telecommunications 575,000 760,437 1.35 SS&C Technologies Incorporated 5.50 30/9/2027 Software 250,000 257,813 0.46 Stevens Holding Company Incorporated 6.13 1/10/2026 Machinery – Diversified 726,000 717,226 1.28 Surgery Center Holdings Incorporated 6.75 1/7/2025 Healthcare – Services 200,000 144,000 0.26 Tallgrass Energy Partners LP 5.50 15/9/2024 Pipelines 375,000 206,250 0.37 Tenet Healthcare Corporation 4.88 1/1/2026 Healthcare – Services 300,000 285,750 0.51 Tenet Healthcare Corporation 5.13 1/11/2027 Healthcare – Services 125,000 119,375 0.21 TerraForm Power Operating LLC 4.25 31/1/2023 Energy-Alternate Sources 825,000 818,813 1.46 TerraForm Power Operating LLC 4.75 15/1/2030 Energy-Alternate Sources 50,000 48,500 0.09 TerraForm Power Operating LLC 5.00 31/1/2028 Energy-Alternate Sources 225,000 235,755 0.42 T-Mobile USA Incorporated 4.50 1/2/2026 Telecommunications 75,000 76,313 0.14 T-Mobile USA Incorporated 4.75 1/2/2028 Telecommunications 175,000 180,688 0.32 T-Mobile USA Incorporated 5.13 15/4/2025 Telecommunications 175,000 178,932 0.32 T-Mobile USA Incorporated 5.38 15/4/2027 Telecommunications 275,000 283,250 0.50 T-Mobile USA Incorporated 6.38 1/3/2025 Telecommunications 250,000 255,625 0.46 TriMas Corporation 4.88 15/10/2025 Packaging & Containers 575,000 542,656 0.97 USA Compression Partners LP 6.88 1/4/2026 Oil & Gas Services 275,000 171,875 0.31 USA Compression Partners LP 6.88 1/9/2027 Oil & Gas Services 25,000 15,500 0.03 USI Incorporated 6.88 1/5/2025 Insurance 325,000 302,250 0.54 Valvoline Incorporated 4.25 15/2/2030 Chemicals 75,000 69,750 0.12 Vizient Incorporated 6.25 15/5/2027 Pharmaceuticals 75,000 74,844 0.13 Whiting Petroleum Corporation 1.25 1/4/2020 Oil & Gas Services 885,000 424,800 0.76 William Carter Company 5.63 15/3/2027 Apparel 425,000 407,390 0.73 Wolverine World Wide Incorporated 5.00 1/9/2026 Apparel 210,000 200,340 0.36 Wyndham Hotels & Resorts Incorporated 5.38 15/4/2026 Lodging 500,000 435,000 0.77

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 95

Portfolio of investments as at 31 March 2020

U.S. HIGH YIELD BOND FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States (continued) Yum! Brands Incorporated 7.75 1/4/2025 Retail 25,000 26,250 0.05 48,517,581 86.41 Total Corporate Bonds and Notes 53,021,450 94.44 Total Transferable Securities and Money Market Instruments 53,021,450 94.44

Other Transferable Securities Corporate Bonds and Notes United States T-Mobile USA Incorporated 4.00 15/4/2022 Telecommunications 275,000 0 0.00 T-Mobile USA Incorporated 4.50 1/2/2026 Telecommunications 75,000 0 0.00 T-Mobile USA Incorporated 4.75 1/2/2028 Telecommunications 75,000 0 0.00 T-Mobile USA Incorporated 5.13 15/4/2025 Telecommunications 175,000 0 0.00 T-Mobile USA Incorporated 5.38 15/4/2027 Telecommunications 100,000 0 0.00 T-Mobile USA Incorporated 6.00 1/3/2023 Telecommunications 350,000 0 0.00 T-Mobile USA Incorporated 6.00 15/4/2024 Telecommunications 50,000 0 0.00 T-Mobile USA Incorporated 6.38 1/3/2025 Telecommunications 1,650,000 0 0.00 T-Mobile USA Incorporated 6.50 15/1/2024 Telecommunications 5,000 0 0.00 Ultra Resources Incorporated (d) 7.13 15/4/2025 Oil & Gas Services 2,250,000 40,500 0.07 Total Corporate Bonds and Notes 40,500 0.07 Total Other Transferable Securities 40,500 0.07 Total Investments in Securities 53,061,950 94.51

Cash at Banks Time Deposit Canada Bank of Nova Scotia (o) 0.05 1,636,373 1,636,373 2.91 Total Cash at Banks 1,636,373 2.91

Other Assets and Liabilities, Net 1,449,776 2.58 Total Net Assets 56,148,099 100.00

(d) Defaulted security. (o) Overnight deposit.

Key: REIT Real Estate Investment Trust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

96 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. LARGE CAP GROWTH FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares Argentina MercadoLibre Incorporated Internet 3,340 1,631,857 1.35

Ireland Aptiv plc Auto Parts & Equipment 24,340 1,198,502 1.00

Italy Ferrari NV Auto Manufacturers 12,670 1,933,062 1.61

Switzerland Alcon Incorporated Healthcare – Products 49,310 2,505,934 2.08

United States Air Products & Chemicals Incorporated Chemicals 12,140 2,423,266 2.01 Alphabet Incorporated Class A Internet 5,900 6,855,505 5.69 Alphabet Incorporated Class C Internet 967 1,124,437 0.93 Amazon.com Incorporated Internet 5,205 10,148,293 8.42 Autodesk Incorporated Software 13,940 2,176,034 1.81 Boston Scientific Corporation Healthcare – Products 79,400 2,590,822 2.15 Cintas Corporation Commercial Services 11,100 1,922,742 1.60 DexCom Incorporated Pharmaceuticals 9,790 2,636,153 2.19 Edwards Lifesciences Corporation Healthcare – Products 9,540 1,799,435 1.49 Exact Sciences Corporation Biotechnology 30,250 1,754,500 1.46 Fiserv Incorporated Software 28,897 2,744,926 2.28 FleetCor Technologies Incorporated Commercial Services 7,260 1,354,280 1.12 Global Payments Incorporated Commercial Services 22,101 3,187,627 2.65 Home Depot Incorporated Retail 18,250 3,407,458 2.83 IAC/InterActiveCorporation Internet 9,210 1,650,708 1.37 Intercontinental Exchange Incorporated Diversified Financial Services 38,165 3,081,824 2.56 Intuitive Surgical Incorporated Healthcare – Products 5,490 2,718,703 2.26 Merck & Company Incorporated Pharmaceuticals 47,450 3,650,803 3.03 Microsoft Corporation Software 70,770 11,161,137 9.26 Motorola Solutions Incorporated Telecommunications 19,010 2,526,809 2.10 Netflix Incorporated Internet 5,940 2,230,470 1.85 PayPal Holdings Incorporated Commercial Services 31,940 3,057,936 2.54 S&P Global Incorporated Commercial Services 10,800 2,646,540 2.20 SBA Communications Corporation REIT 9,260 2,499,922 2.08 ServiceNow Incorporated Software 12,080 3,461,886 2.87 Sherwin-Williams Company Chemicals 6,200 2,849,024 2.36 Union Pacific Corporation Transportation 22,010 3,104,290 2.58 UnitedHealth Group Incorporated Healthcare – Services 19,830 4,945,205 4.10 Visa Incorporated Diversified Financial Services 36,130 5,821,266 4.83 Vulcan Materials Company Building Materials 17,410 1,881,499 1.56 Waste Connections Incorporated Environmental Control 41,090 3,184,475 2.64 104,597,975 86.82 Total Common Shares 111,867,330 92.86 Total Transferable Securities and Money Market Instruments 111,867,330 92.86

Other Transferable Securities

Common Shares China Tencent Holdings Limited ADR Internet 42,200 2,071,598 1.72

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 97

Portfolio of investments as at 31 March 2020

U.S. LARGE CAP GROWTH FUND Market % of Value Net Industry Shares USD Assets

Other Transferable Securities

Common Shares (continued) Japan Nintendo Company Limited ADR Toys/Games/Hobbies 37,500 1,810,500 1.50 Total Common Shares 3,882,098 3.22 Total Other Transferable Securities 3,882,098 3.22 Total Investments in Securities 115,749,428 96.08

Interest Rate Nominal % USD Cash at Banks Time Deposit United States China Construction Bank (o) 0.05 4,562,545 4,562,545 3.79 Total Cash at Banks 4,562,545 3.79

Other Assets and Liabilities, Net 159,506 0.13 Total Net Assets 120,471,479 100.00

(o) Overnight deposit.

Key: ADR American Depository Receipt REIT Real Estate InvestmentTrust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

98 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. SELECT EQUITY FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares

Bermuda Bank of NT Butterfield & Son Limited Banks 200,294 3,411,007 2.42

Canada Agnico Eagle Mines Limited Mining 119,425 4,751,921 3.37 Norbord Incorporated Building Materials 236,255 2,797,259 1.98 7,549,180 5.35

Sweden Spotify Technology SA Internet 35,907 4,360,546 3.09

United Kingdom Nomad Foods Limited Food 300,478 5,576,872 3.95

United States Alexion Pharmaceuticals Incorporated Biotechnology 55,636 4,995,556 3.54 AllianceBernstein Holding LP Diversified Financial Services 200,554 3,728,299 2.64 American Eagle Outfitters Incorporated Retail 458,846 3,647,826 2.59 ASGN Incorporated Commercial Services 109,612 3,871,496 2.74 Avis Budget Group Incorporated Commercial Services 196,880 2,736,632 1.94 Axon Enterprise Incorporated Miscellaneous Manufacturers 75,796 5,364,083 3.80 Brooks Automation Incorporated Semiconductors 125,837 3,838,028 2.72 Cheesecake Factory Incorporated Retail 183,993 3,142,600 2.23 Chewy Incorporated Internet 172,062 6,450,604 4.57 Concho Resources Incorporated Oil & Gas Services 93,489 4,006,004 2.84 Dropbox Incorporated Software 318,361 5,762,334 4.09 FLIR Systems Incorporated Electronics 111,930 3,569,448 2.53 Genpact Limited Computers 123,985 3,620,362 2.57 Integer Holdings Corporation Healthcare – Products 75,741 4,761,079 3.38 Knight-Swift Transportation Holdings Incorporated Transportation 111,813 3,667,466 2.60 MDC Partners Incorporated Advertising 1,113,878 1,615,123 1.15 Mohawk Industries Incorporated Textiles 53,273 4,061,534 2.88 Mylan NV Pharmaceuticals 285,864 4,262,232 3.02 NCR Corporation Computers 209,676 3,711,265 2.63 Nordstrom Incorporated Retail 169,296 2,597,001 1.84 Norwegian Cruise Line Holdings Limited Leisure Time 141,048 1,545,886 1.10 Olin Corporation Chemicals 281,406 3,284,008 2.33 Palo Alto Networks Incorporated Internet 27,911 4,576,288 3.24 Parsley Energy Incorporated Oil & Gas Services 453,977 2,601,288 1.84 Pinnacle Financial Partners Incorporated Banks 109,608 4,114,684 2.92 Revolve Group Incorporated Internet 331,820 2,866,925 2.03 Ryman Hospitality Properties Incorporated REIT 72,736 2,607,586 1.85 ViacomCBS Incorporated Media 192,811 2,701,282 1.92 WEX Incorporated Commercial Services 29,693 3,104,403 2.20 YETI Holdings Incorporated Leisure Time 167,801 3,275,476 2.32 Zendesk Incorporated Internet 87,541 5,603,499 3.97 115,690,297 82.02

Total Common Shares 136,587,902 96.83

Total Investments in Securities 136,587,902 96.83

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 99

Portfolio of investments as at 31 March 2020

U.S. SELECT EQUITY FUND Interest Market % of Rate Nominal Value Net % USD USD Assets

Cash at Banks Time Deposit Netherlands ING Bank NV (o) 0.05 3,864,479 3,864,479 2.74 Total Cash at Banks 3,864,479 2.74

Other Assets and Liabilities, Net 602,464 0.43 Total Net Assets 141,054,845 100.00

(o) Overnight deposit.

Key: REIT Real Estate Investment Trust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

100 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. SHORT-TERM HIGH YIELD BOND FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes Australia FMG Resources August 2006 Proprietary Limited 4.75 15/5/2022 Mining 3,181,000 3,169,071 1.64

Canada Bausch Health Companies Incorporated 6.50 15/3/2022 Pharmaceuticals 4,800,000 4,848,000 2.51

Ireland Park Aerospace Holdings Limited 5.25 15/8/2022 Diversified Financial Services 2,480,000 2,240,402 1.16

Netherlands Alcoa Nederland Holding BV 6.75 30/9/2024 Mining 4,000,000 3,878,800 2.01 Fiat Chrysler Automobiles NV 4.50 15/4/2020 Auto Manufacturers 425,000 423,763 0.22 NXP BV 4.13 1/6/2021 Semiconductors 750,000 756,640 0.39 Sensata Technologies BV 4.88 15/10/2023 Electronics 2,500,000 2,375,000 1.23 Teva Pharmaceutical Finance Netherlands III BV 2.20 21/7/2021 Pharmaceuticals 2,140,000 2,044,085 1.06 Teva Pharmaceutical Finance Netherlands III BV 2.80 21/7/2023 Pharmaceuticals 2,140,000 1,952,729 1.01 11,431,017 5.92

United Kingdom International Game Technology plc 6.25 15/2/2022 Entertainment 1,700,000 1,563,167 0.81

United States Acadia Healthcare Company Incorporated 5.13 1/7/2022 Healthcare – Services 2,540,000 2,420,945 1.25 Acadia Healthcare Company Incorporated 6.13 15/3/2021 Healthcare – Services 400,000 390,000 0.20 ADT Security Corporation 6.25 15/10/2021 Commercial Services 2,775,000 2,712,563 1.41 AES Corporation 4.50 15/3/2023 Electric 1,100,000 1,078,000 0.56 Albertsons Companies Incorporated 6.63 15/6/2024 Food 2,000,000 2,030,000 1.05 Allison Transmission Incorporated 5.00 1/10/2024 Auto Manufacturers 1,580,000 1,532,600 0.79 American Airlines Group Incorporated 5.00 1/6/2022 Airlines 1,370,000 1,102,850 0.57 Anixter Incorporated 5.13 1/10/2021 Distribution/Wholesale 650,000 654,394 0.34 Antero Resources Corporation 5.38 1/11/2021 Oil & Gas Services 1,380,000 1,003,950 0.52 Archrock Partners LP 6.00 1/10/2022 Oil & Gas Services 1,805,000 1,805,000 0.94 Ardagh Packaging Finance plc 4.25 15/9/2022 Packaging & Containers 2,600,000 2,596,750 1.35 Ashland LLC 4.75 15/8/2022 Chemicals 250,000 246,250 0.13 Berry Global Incorporated 5.50 15/5/2022 Packaging & Containers 3,000,000 2,955,126 1.53 Blue Cube Spinco LLC 10.00 15/10/2025 Chemicals 3,700,000 3,903,870 2.02 Buckeye Partners LP 4.13 1/3/2025 Pipelines 315,000 265,545 0.14 Cardtronics Incorporated 5.50 1/5/2025 Commercial Services 2,700,000 2,565,000 1.33 CCO Holdings LLC 5.13 1/5/2027 Media 1,250,000 1,258,088 0.65 Centene Corporation 4.75 15/1/2025 Healthcare – Services 815,000 825,188 0.43 CenturyLink Incorporated 6.75 1/12/2023 Telecommunications 2,370,000 2,518,836 1.31 Chemours Company 6.63 15/5/2023 Chemicals 1,225,000 1,041,250 0.54 CIT Group Incorporated 5.00 15/8/2022 Banks 2,220,000 2,164,593 1.12 CommScope Incorporated 5.00 15/6/2021 Telecommunications 147,000 145,530 0.08 CommScope Incorporated 5.50 1/3/2024 Telecommunications 3,000,000 3,036,000 1.57 CoreCivic Incorporated 4.63 1/5/2023 REIT 2,510,000 2,284,100 1.18 CoreCivic Incorporated 5.00 15/10/2022 REIT 215,000 205,585 0.11 Crestwood Midstream Partners LP 6.25 1/4/2023 Pipelines 1,570,000 879,514 0.46 Crown Americas LLC 4.75 1/2/2026 Packaging & Containers 3,000,000 3,074,100 1.59 CSC Holdings LLC 6.75 15/11/2021 Media 2,850,000 2,935,500 1.52 DCP Midstream Operating LP 4.75 30/9/2021 Pipelines 1,515,000 1,325,777 0.69

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 101

Portfolio of investments as at 31 March 2020

U.S. SHORT-TERM HIGH YIELD BOND FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States (continued) Dell International LLC 5.88 15/6/2021 Computers 316,000 314,815 0.16 Dell International LLC 7.13 15/6/2024 Computers 645,000 665,963 0.35 DPL Incorporated 7.25 15/10/2021 Electric 860,000 847,100 0.44 Edgewell Personal Care Company 4.70 19/5/2021 Cosmetics/Personal Care 3,070,000 2,996,934 1.55 Edgewell Personal Care Company 4.70 24/5/2022 Cosmetics/Personal Care 365,000 355,061 0.18 Encompass Health Corporation 5.13 15/3/2023 Healthcare – Services 2,095,000 2,074,050 1.07 Ford Motor Credit Company LLC 3.34 18/3/2021 Auto Manufacturers 75,000 71,625 0.04 Ford Motor Credit Company LLC 5.88 2/8/2021 Auto Manufacturers 2,700,000 2,646,000 1.37 Fortress Transportation & Infrastructure Investors LLC 6.75 15/3/2022 Trucking & Leasing 3,635,000 3,364,447 1.74 Freeport-McMoRan Incorporated 3.55 1/3/2022 Mining 426,000 408,670 0.21 Gap Incorporated 5.95 12/4/2021 Retail 2,240,000 2,040,619 1.06 Genworth Holdings Incorporated 7.63 24/9/2021 Insurance 2,050,000 1,947,930 1.01 Group 1 Automotive Incorporated 5.00 1/6/2022 Retail 3,165,000 2,911,800 1.51 HCA Incorporated 5.88 1/5/2023 Healthcare – Services 1,850,000 1,931,159 1.00 Hologic Incorporated 4.38 15/10/2025 Healthcare – Products 210,000 207,961 0.11 Iron Mountain Incorporated 5.75 15/8/2024 REIT 2,700,000 2,686,500 1.39 L Brands Incorporated 6.63 1/4/2021 Retail 3,100,000 2,914,000 1.51 Ladder Capital Finance Holdings LLLP 5.25 15/3/2022 REIT 1,446,000 1,294,170 0.67 Lamar Media Corporation 5.00 1/5/2023 Advertising 1,500,000 1,485,000 0.77 Level 3 Financing Incorporated 5.38 15/1/2024 Telecommunications 1,300,000 1,300,000 0.67 Macy’s Retail Holdings Incorporated 3.63 1/6/2024 Retail 1,155,000 773,937 0.40 Macy’s Retail Holdings Incorporated 4.38 1/9/2023 Retail 3,036,000 2,111,776 1.09 Magellan Health Incorporated 4.90 22/9/2024 Healthcare – Services 1,160,000 1,067,200 0.55 MEDNAX Incorporated 5.25 1/12/2023 Healthcare – Services 3,000,000 2,445,000 1.27 Mobile Mini Incorporated 5.88 1/7/2024 Storage/Warehousing 2,590,000 2,479,925 1.29 Molina Healthcare Incorporated 5.38 15/11/2022 Healthcare – Services 1,900,000 1,881,000 0.97 Navient Corporation 5.00 26/10/2020 Diversified Financial Services 3,000,000 2,955,000 1.53 Newell Brands Incorporated 4.10 1/4/2023 Housewares 1,692,000 1,703,919 0.88 NextEra Energy Operating Partners LP 4.25 15/7/2024 Electric 725,000 706,875 0.37 Nielsen Finance LLC 5.00 15/4/2022 Commercial Services 3,025,000 2,788,506 1.44 NortonLifeLock Incorporated 5.00 15/4/2025 Internet 2,115,000 2,135,473 1.11 NuStar Logistics LP 4.80 1/9/2020 Pipelines 1,330,000 1,157,100 0.60 Owens-Brockway Glass Container Incorporated 5.00 15/1/2022 Packaging & Containers 2,950,000 2,979,943 1.54 Penske Automotive Group Incorporated 5.75 1/10/2022 Retail 2,050,000 1,896,250 0.98 PulteGroup Incorporated 4.25 1/3/2021 Home Builders 820,000 799,500 0.41 QVC Incorporated 4.38 15/3/2023 Retail 660,000 624,127 0.32 Realogy Group LLC 5.25 1/12/2021 Real Estate 2,135,000 1,985,550 1.03 Sabine Pass Liquefaction LLC 5.63 1/2/2021 Pipelines 1,000,000 983,812 0.51 Sealed Air Corporation 5.13 1/12/2024 Packaging & Containers 295,000 296,475 0.15 Sirius XM Radio Incorporated 3.88 1/8/2022 Media 4,030,000 4,014,888 2.08 Southern Star Central Corporation 5.13 15/7/2022 Oil & Gas Services 4,543,000 4,491,258 2.33 Springleaf Finance Corporation 6.13 15/3/2024 Diversified Financial Services 1,245,000 1,229,574 0.64 Springleaf Finance Corporation 7.75 1/10/2021 Diversified Financial Services 2,750,000 2,750,000 1.43 Sprint Corporation 7.88 15/9/2023 Telecommunications 3,000,000 3,307,140 1.71 Sprint Spectrum Company LLC 3.36 20/9/2021 Telecommunications 705,000 701,475 0.36 Starwood Property Trust Incorporated 3.63 1/2/2021 REIT 1,937,000 1,811,289 0.94 Starwood Property Trust Incorporated 5.00 15/12/2021 REIT 210,000 192,150 0.10 Suburban Propane Partners LP 5.50 1/6/2024 Retail 2,060,000 1,936,400 1.00 Sunoco LP 4.88 15/1/2023 Oil & Gas Services 640,000 618,029 0.32 Tallgrass Energy Partners LP 4.75 1/10/2023 Pipelines 2,700,000 1,667,412 0.86 Targa Resources Partners LP 4.25 15/11/2023 Pipelines 2,570,000 2,211,999 1.15

The accompanying notes are an integral part of these financial statements.

102 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. SHORT-TERM HIGH YIELD BOND FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued)

United States (continued) Tenet Healthcare Corporation 4.63 15/7/2024 Healthcare – Services 2,700,000 2,571,750 1.33 TerraForm Power Operating LLC 4.25 31/1/2023 Energy-Alternate Sources 3,860,000 3,831,050 1.99 T-Mobile USA Incorporated 4.00 15/4/2022 Telecommunications 2,680,000 2,686,700 1.39 United Airlines Holdings Incorporated 4.25 1/10/2022 Airlines 3,070,000 2,800,761 1.45 Universal Health Services Incorporated 4.75 1/8/2022 Healthcare – Services 2,050,000 2,038,479 1.06 152,052,430 78.77

Total Corporate Bonds and Notes 175,304,087 90.81

Total Investments in Securities 175,304,087 90.81

Cash at Banks

Time Deposit United Kingdom Barclays (o) 0.05 13,776,318 13,776,318 7.14

Total Cash at Banks 13,776,318 7.14

Other Assets and Liabilities, Net 3,966,654 2.05

Total Net Assets 193,047,059 100.00

(o) Overnight deposit.

Key: REIT Real Estate Investment Trust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 103

Portfolio of investments as at 31 March 2020

U.S. SMALL CAP VALUE FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares Canada Atlas Corporation Transportation 16,346 125,701 0.72 Teekay Tankers Limited Transportation 8,990 199,937 1.15 325,638 1.87

Ireland Fly Leasing Limited ADR Trucking & Leasing 4,622 32,539 0.19

Monaco Costamare Incorporated Transportation 13,417 60,645 0.35

Puerto Rico OFG Bancorp Banks 10,511 117,513 0.67

United States ABM Industries Incorporated Commercial Services 3,685 89,767 0.52 AGNC Investment Corporation REIT 3,446 36,459 0.21 Agree Realty Corporation REIT 982 60,786 0.35 Alaska Air Group Incorporated Airlines 2,831 80,599 0.46 American Eagle Outfitters Incorporated Retail 8,184 65,063 0.37 American Equity Investment Life Holding Company Insurance 6,645 124,926 0.72 American Renal Associates Holdings Incorporated Healthcare – Services 10,154 67,118 0.39 American Software Incorporated Software 7,244 102,937 0.59 Ameris Bancorp Banks 6,760 160,618 0.92 AMN Healthcare Services Incorporated Commercial Services 1,761 101,803 0.59 AngioDynamics Incorporated Healthcare – Products 2,579 26,899 0.15 Annaly Capital Management Incorporated REIT 7,424 37,640 0.22 ArcBest Corporation Transportation 3,029 53,068 0.31 Armada Hoffler Properties Incorporated REIT 13,250 141,775 0.82 Artesian Resources Corporation Water 2,373 88,703 0.51 Atlantic Union Bankshares Corporation Banks 1,915 41,938 0.24 Avis Budget Group Incorporated Commercial Services 4,382 60,910 0.35 Axos Financial Incorporated Savings & Loans 1,894 34,338 0.20 Banc of California Incorporated Savings & Loans 9,096 72,768 0.42 Banner Corporation Banks 4,491 148,383 0.85 Barrett Business Services Incorporated Commercial Services 506 20,058 0.12 BMC Stock Holdings Incorporated Retail 7,497 132,922 0.77 CAI International Incorporated Commercial Services 5,541 78,350 0.45 Carter’s Incorporated Apparel 2,159 141,911 0.82 Cavco Industries Incorporated Home Builders 559 81,021 0.47 CBIZ Incorporated Commercial Services 7,409 154,996 0.89 Central Garden & Pet Company Household Products/Wares 5,283 145,282 0.84 Cirrus Logic Incorporated Semiconductors 1,020 66,943 0.39 Collectors Universe Incorporated Commercial Services 3,976 62,304 0.36 Columbus McKinnon Corporation Machinery – Diversified 6,156 153,900 0.89 Comfort Systems USA Incorporated Engineering & Construction 4,075 148,941 0.86 Comtech Telecommunications Corporation Electronics 3,434 45,638 0.26 Conduent Incorporated Computers 22,628 55,439 0.32 CoreSite Realty Corporation REIT 586 67,917 0.39 CSW Industrials Incorporated Machinery – Diversified 2,101 136,250 0.78 Customers Bancorp Incorporated Banks 11,561 126,362 0.73 Dana Incorporated Auto Parts & Equipment 13,728 107,216 0.62

The accompanying notes are an integral part of these financial statements.

104 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. SMALL CAP VALUE FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) Darden Restaurants Incorporated Retail 1,094 59,579 0.34 Denny’s Corporation Retail 8,125 62,400 0.36 Diamondback Energy Incorporated Oil & Gas Services 4,658 122,040 0.70 Dick’s Sporting Goods Incorporated Retail 5,074 107,873 0.62 Dine Brands Global Incorporated Retail 3,412 97,856 0.56 Diodes Incorporated Semiconductors 4,814 195,617 1.13 Dorian LPG Limited Transportation 5,192 45,222 0.26 Ducommun Incorporated Aerospace/Defense 5,083 126,313 0.73 DXP Enterprises Incorporated Machinery – Diversified 5,298 64,953 0.37 Eagle Materials Incorporated Building Materials 2,078 121,397 0.70 Edgewell Personal Care Company Cosmetics/Personal Care 3,382 81,439 0.47 Encore Wire Corporation Electrical Components & Equipment 4,080 171,319 0.99 Ennis Incorporated Commercial Services 9,566 179,649 1.03 Ensign Group Incorporated Healthcare – Services 3,254 122,383 0.70 Entegris Incorporated Semiconductors 1,273 56,992 0.33 ePlus Incorporated Internet 1,328 83,159 0.48 FB Financial Corporation Banks 7,061 139,243 0.80 FBL Financial Group Incorporated Insurance 3,051 142,390 0.82 Federal Signal Corporation Miscellaneous Manufacturers 5,629 153,559 0.88 First Foundation Incorporated Banks 12,490 127,648 0.73 First Interstate BancSystem Incorporated Banks 6,218 179,327 1.03 FormFactor Incorporated Semiconductors 6,435 129,279 0.74 Generac Holdings Incorporated Electrical Components & Equipment 1,140 106,214 0.61 Global Medical REIT Incorporated REIT 14,079 142,479 0.82 GoPro Incorporated Electronics 6,910 18,104 0.10 Great Southern Bancorp Incorporated Banks 4,412 178,245 1.03 Hackett Group Incorporated Commercial Services 5,965 75,875 0.44 Hanger Incorporated Healthcare – Products 7,716 120,215 0.69 Hawaiian Electric Industries Incorporated Electric 2,940 126,567 0.73 Hawkins Incorporated Chemicals 1,754 62,442 0.36 Healthcare Services Group Incorporated Food Service 6,274 150,011 0.86 Helen of Troy Limited Household Products/Wares 993 143,022 0.82 Helix Energy Solutions Group Incorporated Oil & Gas Services 18,104 29,691 0.17 Heritage Financial Corporation Banks 9,322 186,440 1.07 Hillenbrand Incorporated Miscellaneous Manufacturers 6,830 130,521 0.75 HomeStreet Incorporated Banks 8,437 187,554 1.08 Hooker Furniture Corporation Home Furnishings 9,695 151,339 0.87 Hostess Brands Incorporated Food 12,101 128,997 0.74 Ichor Holdings Limited Machinery – Diversified 3,719 71,256 0.41 ICU Medical Incorporated Healthcare – Products 776 156,574 0.90 IDACORP Incorporated Electric 1,525 133,880 0.77 Independence Realty Trust Incorporated REIT 16,816 150,335 0.87 Independent Bank Corporation Banks 11,279 145,161 0.84 Ingles Markets Incorporated Food 4,451 160,948 0.93 Inseego Corporation Telecommunications 21,756 135,540 0.78 Insight Enterprises Incorporated Computers 3,960 166,835 0.96 iRobot Corporation Home Furnishings 1,260 51,534 0.30 Johnson Outdoors Incorporated Leisure Time 3,261 204,465 1.18 Kadant Incorporated Machinery – Diversified 2,150 160,497 0.92 Kaiser Aluminum Corporation Mining 2,440 169,043 0.97 Kelly Services Incorporated Commercial Services 8,556 108,576 0.62 Korn Ferry Commercial Services 5,856 142,418 0.82 Lannett Company Incorporated Pharmaceuticals 13,757 95,611 0.55

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 105

Portfolio of investments as at 31 March 2020

U.S. SMALL CAP VALUE FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) Lantheus Holdings Incorporated Healthcare – Products 1,931 24,640 0.14 LHC Group Incorporated Healthcare – Services 923 129,405 0.74 Ligand Pharmaceuticals Incorporated Biotechnology 1,412 102,681 0.59 Lumentum Holdings Incorporated Computers 2,206 162,582 0.94 Malibu Boats Incorporated Leisure Time 1,823 52,484 0.30 MDU Resources Group Incorporated Building Materials 5,877 126,355 0.73 Merit Medical Systems Incorporated Healthcare – Products 4,913 153,531 0.88 Methode Electronics Incorporated Auto Parts & Equipment 4,548 120,204 0.69 MFA Financial Incorporated REIT 39,424 61,107 0.35 MGM Resorts International Lodging 5,377 63,449 0.37 Midland States Bancorp Incorporated Banks 9,407 164,528 0.95 Miller Industries Incorporated Auto Parts & Equipment 5,637 159,414 0.92 Mitek Systems Incorporated Computers 6,615 52,126 0.30 Mueller Water Products Incorporated Machinery – Diversified 18,359 147,056 0.85 National Fuel Gas Company Oil & Gas Services 3,202 119,403 0.69 National General Holdings Corporation Insurance 4,708 77,917 0.45 NCR Corporation Computers 3,369 59,631 0.34 NETGEAR Incorporated Telecommunications 1,271 29,030 0.17 Northwest Natural Holding Company Oil & Gas Services 2,589 159,871 0.92 Nuance Communications Incorporated Software 10,339 173,488 1.00 OceanFirst Financial Corporation Savings & Loans 10,315 164,112 0.94 One Liberty Properties Incorporated REIT 7,234 100,770 0.58 Onto Innovation Incorporated Semiconductors 4,461 132,358 0.76 Option Care Health Incorporated Pharmaceuticals 10,226 96,840 0.56 Orrstown Financial Services Incorporated Banks 4,342 59,789 0.34 Outfront Media Incorporated REIT 7,413 99,927 0.58 Pacific Premier Bancorp Incorporated Savings & Loans 1,916 36,097 0.21 Patrick Industries Incorporated Building Materials 3,912 110,162 0.63 PC Connection Incorporated Retail 5,030 207,286 1.19 PH Glatfelter Company Forest Products & Paper 2,870 35,071 0.20 Piper Sandler Cos Diversifed Financial Services 3,221 162,886 0.94 PotlatchDeltic Corporation REIT 5,843 183,412 1.06 Prestige Consumer Healthcare Incorporated Pharmaceuticals 5,719 209,773 1.21 Radiant Logistics Incorporated Transportation 12,763 49,393 0.28 Rocky Brands Incorporated Apparel 6,434 124,498 0.72 Royal Caribbean Cruises Limited Leisure Time 2,042 65,691 0.38 Schnitzer Steel Industries Incorporated Iron/Steel 13,286 173,249 1.00 Sculptor Capital Management Incorporated Diversifed Financial Services 5,900 79,886 0.46 Shoe Carnival Incorporated Retail 6,851 142,295 0.82 Silgan Holdings Incorporated Packaging & Containers 5,703 165,501 0.95 Spartan Motors Incorporated Auto Parts & Equipment 11,013 142,178 0.82 STAG Industrial Incorporated REIT 2,731 61,502 0.35 Stamps.com Incorporated Internet 659 85,723 0.49 State Auto Financial Corporation Insurance 3,918 108,881 0.63 Stepan Company Chemicals 2,095 185,324 1.07 Stericycle Incorporated Environmental Control 3,570 173,431 1.00 Tidewater Incorporated Transportation 5,621 39,797 0.23 Triumph Bancorp Incorporated Banks 5,993 155,818 0.90 TTEC Holdings Incorporated Computers 5,485 201,409 1.16 UFP Technologies Incorporated Packaging & Containers 3,090 117,698 0.68 Umpqua Holdings Corporation Banks 15,020 163,718 0.94 Unisys Corporation Computers 7,470 92,254 0.53 Univest Financial Corporation Banks 9,866 161,013 0.93

The accompanying notes are an integral part of these financial statements.

106 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

U.S. SMALL CAP VALUE FUND Market % of Value Net Industry Shares USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Common Shares (continued) United States (continued) US Physical Therapy Incorporated Healthcare – Services 781 53,889 0.31 Verra Mobility Corporation Software 3,288 23,476 0.13 Vishay Precision Group Incorporated Electronics 3,326 66,786 0.38 W&T Offshore Incorporated Oil & Gas Services 37,751 64,177 0.37 Walker & Dunlop Incorporated Banks 3,789 152,583 0.88 Wendy’s Company Retail 5,007 74,504 0.43 Western Alliance Bancorp Banks 5,760 176,314 1.01 WW International Incorporated Commercial Services 3,534 59,760 0.34 Wyndham Hotels & Resorts Incorporated Lodging 1,408 44,366 0.26 16,824,473 96.85 Total Common Shares 17,360,808 99.93 Total Investments in Securities 17,360,808 99.93

Interest Rate % Nominal @

Cash at Banks Time Deposits Cayman Islands BBH Grand Cayman (o) (0.65) 1 EUR 1 0.00 BBH Grand Cayman (o) 0.01 1 GBP 1 0.00 2 0.00

United States JPMorgan Chase (o) 0.05 74,167 USD 74,167 0.43 Total Time Deposits 74,169 0.43 Total Cash at Banks 74,169 0.43

Other Assets and Liabilities, Net (63,191) (0.36)

Total Net Assets 17,371,786 100.00

@ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: ADR American Depository Receipt EUR Euro GBP British Pound REIT Real Estate InvestmentTrust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 107

Portfolio of investments as at 31 March 2020

USD GOVERNMENT MONEY MARKET FUND Interest Market % of Rate Maturity Nominal Value Net % Date USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Government Bonds United States United States Treasury Bill * (0.01) 26/5/2020 10,000,000 10,000,076 1.19 United States Treasury Bill * 0.06 19/5/2020 10,000,000 9,999,227 1.19 United States Treasury Bill * 0.08 1/10/2020 5,000,000 4,997,952 0.59 United States Treasury Bill * 0.09 24/9/2020 5,000,000 4,997,873 0.59 United States Treasury Bill * 0.22 12/5/2020 40,000,000 39,989,978 4.74 United States Treasury Bill * 0.26 17/9/2020 5,000,000 4,993,897 0.59 United States Treasury Bill * 0.31 10/9/2020 5,000,000 4,993,137 0.59 United States Treasury Bill * 0.80 25/6/2020 10,000,000 9,981,347 1.18 United States Treasury Bill * 0.80 2/7/2020 10,000,000 9,979,676 1.18 United States Treasury Bill * 0.81 5/5/2020 10,000,000 9,992,397 1.19 United States Treasury Bill * 0.90 18/6/2020 10,000,000 9,980,554 1.18 United States Treasury Bill * 0.95 11/6/2020 10,000,000 9,981,412 1.18 United States Treasury Bill * 1.01 3/9/2020 5,000,000 4,978,365 0.59 United States Treasury Bill * 1.14 28/4/2020 20,000,000 19,982,941 2.37 United States Treasury Bill * 1.24 7/4/2020 20,000,000 19,995,890 2.37 United States Treasury Bill * 1.37 4/6/2020 10,000,000 9,975,796 1.18 United States Treasury Bill * 1.46 27/8/2020 5,000,000 4,970,277 0.59 United States Treasury Bill * 1.53 30/7/2020 5,000,000 4,974,750 0.59 United States Treasury Bill * 1.53 20/8/2020 10,000,000 9,940,467 1.18 United States Treasury Bill * 1.54 7/5/2020 10,000,000 9,984,695 1.18 United States Treasury Bill * 1.54 28/5/2020 10,000,000 9,975,783 1.18 United States Treasury Bill * 1.54 9/7/2020 5,000,000 4,978,990 0.59 United States Treasury Bill * 1.54 16/7/2020 5,000,000 4,977,475 0.59 United States Treasury Bill * 1.54 6/8/2020 5,000,000 4,973,101 0.59 United States Treasury Bill * 1.54 13/8/2020 15,000,000 14,914,575 1.77 United States Treasury Bill * 1.55 23/7/2020 5,000,000 4,975,909 0.59 United States Treasury Bill * 1.56 14/4/2020 10,000,000 9,994,374 1.19 United States Treasury Bill * 1.56 14/5/2020 10,000,000 9,981,456 1.18 United States Treasury Bill * 1.56 21/5/2020 10,000,000 9,978,479 1.18 United States Treasury Bill * 1.58 21/4/2020 10,000,000 9,991,267 1.19 United States Treasury Bill * 1.58 23/4/2020 10,000,000 9,990,427 1.18 United States Treasury Bill * 1.58 30/4/2020 10,000,000 9,987,327 1.18 United States Treasury Bill * 1.59 16/4/2020 10,000,000 9,993,431 1.19 United States Treasury Bill * 1.62 9/4/2020 10,000,000 9,996,428 1.19 United States Treasury Bill * 1.69 2/4/2020 10,000,000 9,999,535 1.19 United States Treasury Floating Rate Note ± 0.12 30/4/2020 45,000,000 44,997,331 5.33 United States Treasury Floating Rate Note ± 0.13 31/7/2020 45,000,000 44,986,429 5.33 United States Treasury Floating Rate Note ± 0.13 31/10/2020 30,000,000 29,975,834 3.55 United States Treasury Floating Rate Note ± 0.20 31/1/2021 20,000,000 20,002,059 2.37 United States Treasury Note 1.50 15/4/2020 10,000,000 10,005,581 1.19 United States Treasury Note 2.00 30/11/2020 5,000,000 5,011,423 0.59 United States Treasury Note 2.13 31/1/2021 10,000,000 10,092,665 1.20 United States Treasury Note 2.25 31/3/2021 5,000,000 5,086,525 0.60 United States Treasury Note 2.50 31/5/2020 5,000,000 5,003,531 0.59 United States Treasury Note 2.63 15/8/2020 5,000,000 5,018,234 0.60 United States Treasury Note 3.50 15/5/2020 10,000,000 10,019,353 1.19

The accompanying notes are an integral part of these financial statements.

108 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

USD GOVERNMENT MONEY MARKET FUND Interest Market % of Rate Maturity Nominal Value Net % Date USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Government Bonds (continued)

United States (continued) United States Treasury Note 3.63 15/2/2021 5,000,000 5,090,541 0.60

Total Government Bonds 544,688,770 64.56

Total Transferable Securities and Money Market Instruments 544,688,770 64.56

Total Investments in Securities 544,688,770 64.56

Reverse Repurchase Agreements Bank of America Securities, dated 31/3/2020, maturity value $40,000,011 (1) 0.01 1/4/2020 40,000,000 40,000,000 4.74 Bank of Montreal, dated 31/3/2020, maturity value $40,000,011 (2) 0.01 1/4/2020 40,000,000 40,000,000 4.74 Barlcays Bank plc, dated 31/3/2020, maturity value $40,000,011 (3) 0.01 1/4/2020 40,000,000 40,000,000 4.74 Canadian Imperial Bank, dated 31/3/2020, maturity value $40,000,011 (4) 0.01 1/4/2020 40,000,000 40,000,000 4.74 Citigroup Global Markets, dated 31/3/2020, maturity value $40,000,011 (5) 0.01 1/4/2020 40,000,000 40,000,000 4.74 Credit Agricole, dated 31/3/2020, maturity value $40,000,011 (6) 0.01 1/4/2020 40,000,000 40,000,000 4.74 Morgan Stanley & Company, dated 31/3/2020, maturity value $40,000,006 (7) 0.01 1/4/2020 40,000,000 40,000,000 4.74

Total Reverse Repurchase Agreements 280,000,000 33.18

Cash at Banks Current Accounts at Bank 28,861,751 3.42

Total Cash at Banks 28,861,751 3.42

Other Assets and Liabilities, Net (9,814,700) (1.16)

Total Net Assets 843,735,821 100.00

* The interest rate represents the yield to maturity at time of purchase. ± Variable rate investment. The rate shown in the rate in effect at period end. (1) Collateralised by U.S. Treasury Securities, 0.00% to 3.50%, 15/8/2022 to 15/2/2042, fair value including interest is $40,800,023. (2) Collateralised by U.S. Treasury Securities, 0.00% to 8.75%, 15/5/2020 to 15/5/2049, fair value including interest is $40,800,008. (3) Collateralised by U.S. Treasury Securities, 0.043% to 1.125%, 31/7/2020 to 15/2/2045, fair value including interest is $40,800,050. (4) Collateralised by U.S. Treasury Securities, 0.375% to 3.125%, 15/3/2021 to 15/5/2048, fair value including interest is $40,800,094. (5) Collateralised by U.S. Treasury Securities, 0.50% to 2.75%, 15/1/2024 to 15/2/2042, fair value including interest is $40,800,011. (6) Collateralised by U.S. Treasury Securities, 2.125% to 4.25%, 15/11/2024 to 15/2/2047, fair value including interest is $40,800,150. (7) Collateralised by U.S. Treasury Securities, 0.00% to 8.125%, 20/8/2020 to 15/11/2049, fair value including interest is $40,800,000.

Key: USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 109

Portfolio of investments as at 31 March 2020

USD INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes Australia Macquarie Group Limited ± 3.19 28/11/2023 Banks 4,235,000 4,339,507 1.62

Canada Air Canada 2017-1 Class AA Pass-Through Trust 3.30 15/1/2030 Airlines 2,252,608 2,160,668 0.81

China Tencent Holdings Limited 3.60 19/1/2028 Internet 2,200,000 2,328,630 0.87

France Credit Agricole SA 2.38 1/7/2021 Banks 320,000 314,696 0.12 Credit Agricole SA 3.25 14/1/2030 Banks 1,375,000 1,305,978 0.49 1,620,674 0.61

Ireland GE Capital International Funding Company Unlimited Company 4.42 15/11/2035 Diversified Financial Services 2,130,000 2,301,189 0.86

Japan Sumitomo Mitsui Financial Group Incorporated 2.78 12/7/2022 Banks 765,000 768,489 0.29 Sumitomo Mitsui Financial Group Incorporated 2.85 11/1/2022 Banks 700,000 706,323 0.26 Sumitomo Mitsui Financial Group Incorporated 3.10 17/1/2023 Banks 2,070,000 2,072,521 0.77 3,547,333 1.32

Luxembourg SES SA 3.60 4/4/2023 Telecommunications 1,312,000 1,286,577 0.48

Netherlands ING Groep NV 2.52 29/3/2022 Banks 1,230,000 1,185,996 0.44 NXP BV 3.88 18/6/2026 Semiconductors 1,515,000 1,473,511 0.55 NXP BV 4.30 18/6/2029 Semiconductors 1,140,000 1,167,163 0.44 3,826,670 1.43

Saudi Arabia Saudi Arabian Oil Company 4.38 16/4/2049 Oil & Gas Services 1,130,000 1,122,784 0.42

Singapore Flex Limited 5.00 15/2/2023 Electronics 340,000 340,304 0.13

Spain Banco Santander SA 3.41 11/4/2022 Banks 1,775,000 1,699,562 0.63

Sweden Svenska Handelsbanken AB 1.36 8/9/2020 Banks 1,600,000 1,591,098 0.59

Switzerland Credit Suisse AG 3.63 9/9/2024 Banks 2,945,000 3,110,794 1.16

The accompanying notes are an integral part of these financial statements.

110 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

USD INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United Kingdom AXIS Specialty Finance plc 4.00 6/12/2027 Insurance 1,280,000 1,342,784 0.50 HSBC Holdings plc 4.30 8/3/2026 Banks 2,130,000 2,273,788 0.85 Imperial Brands Finance plc 3.50 26/7/2026 Agriculture 1,190,000 1,098,574 0.41 Invesco Finance plc 3.13 30/11/2022 Diversified Financial Services 430,000 429,446 0.16 Invesco Finance plc 3.75 15/1/2026 Diversified Financial Services 645,000 693,486 0.26 Reckitt Benckiser Treasury Services plc 2.75 26/6/2024 Household Products/Wares 2,270,000 2,249,520 0.84 Royal Bank of Scotland Group plc 3.88 12/9/2023 Banks 2,875,000 2,904,144 1.09 Santander UK Group Holdings plc 3.57 10/1/2023 Banks 1,395,000 1,387,388 0.52 Vodafone Group plc 4.38 30/5/2028 Telecommunications 2,685,000 2,822,923 1.05 WPP Finance 2010 3.75 19/9/2024 Advertising 1,635,000 1,661,969 0.62 16,864,022 6.30

United States AbbVie Incorporated 2.95 21/11/2026 Pharmaceuticals 675,000 687,729 0.26 AbbVie Incorporated 4.25 21/11/2049 Pharmaceuticals 2,735,000 2,950,160 1.10 Allied World Assurance Company Holdings Limited 4.35 29/10/2025 Insurance 1,475,000 1,506,171 0.56 Ameren Illinois Company 3.80 15/5/2028 Electric 1,575,000 1,701,586 0.64 American Airlines 2015-2 Class AA Pass- Through Trust 3.60 22/9/2027 Airlines 1,295,253 1,218,228 0.45 American Express Credit Corporation 3.30 3/5/2027 Diversified Financial Services 2,165,000 2,281,458 0.85 American International Group Incorporated 4.25 15/3/2029 Insurance 860,000 898,810 0.34 American International Group Incorporated 4.75 1/4/2048 Insurance 920,000 972,165 0.36 Anheuser-Busch InBev Finance Incorporated 3.65 1/2/2026 Beverages 2,375,000 2,471,294 0.92 Anheuser-Busch InBev Worldwide Incorporated 4.60 15/4/2048 Beverages 1,490,000 1,578,396 0.59 Anthem Incorporated 3.65 1/12/2027 Healthcare – Services 470,000 485,354 0.18 Archer-Daniels-Midland Company 3.25 27/3/2030 Agriculture 840,000 889,862 0.33 AT&T Incorporated 3.40 15/5/2025 Telecommunications 1,530,000 1,582,482 0.59 AT&T Incorporated 4.25 1/3/2027 Telecommunications 1,130,000 1,208,069 0.45 AT&T Incorporated 4.50 9/3/2048 Telecommunications 755,000 819,371 0.31 AT&T Incorporated 4.75 15/5/2046 Telecommunications 540,000 599,705 0.22 Aviation Capital Group LLC 2.88 20/1/2022 Trucking & Leasing 2,025,000 1,830,207 0.68 Baker Hughes a GE Company LLC 3.34 15/12/2027 Oil & Gas Services 1,215,000 1,114,180 0.42 Baker Hughes a GE Company LLC 4.08 15/12/2047 Oil & Gas Services 955,000 784,664 0.29 Bank of America Corporation 2.63 19/4/2021 Banks 1,575,000 1,585,274 0.59 Bank of America Corporation 3.50 19/4/2026 Banks 1,670,000 1,778,071 0.66 Bank of America Corporation ± 3.82 20/1/2028 Banks 3,700,000 3,837,655 1.43 BAT Capital Corporation 4.54 15/8/2047 Agriculture 2,615,000 2,386,375 0.89 Berkshire Hathaway Energy Company 4.25 15/10/2050 Electric 840,000 959,917 0.36 BlackRock Incorporated 3.25 30/4/2029 Diversified Financial Services 1,355,000 1,431,081 0.53 BP Capital Markets America Incorporated 2.75 10/5/2023 Oil & Gas Services 920,000 922,902 0.34 Brighthouse Financial Incorporated 4.70 22/6/2047 Insurance 2,855,000 2,289,306 0.85 Bristol-Myers Squibb Company 4.25 26/10/2049 Pharmaceuticals 1,715,000 2,149,249 0.80 Capital One NA 2.15 6/9/2022 Banks 1,640,000 1,598,880 0.60 Carlisle Companies Incorporated 2.75 1/3/2030 Miscellaneous Manufacturers 1,085,000 948,173 0.35 Charter Communications Operating LLC 4.91 23/7/2025 Media 2,205,000 2,375,403 0.89 Citigroup Incorporated 2.65 26/10/2020 Banks 250,000 250,828 0.09 Citigroup Incorporated ± 2.67 29/1/2031 Banks 1,445,000 1,402,076 0.52 Citigroup Incorporated 2.75 25/4/2022 Banks 790,000 794,103 0.30 Citigroup Incorporated 3.40 1/5/2026 Banks 2,080,000 2,228,091 0.83 Citigroup Incorporated 4.50 14/1/2022 Banks 635,000 660,498 0.25

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 111

Portfolio of investments as at 31 March 2020

USD INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States (continued) Comcast Corporation 3.38 15/8/2025 Media 980,000 1,040,760 0.39 Comcast Corporation 3.40 1/4/2030 Media 560,000 606,690 0.23 Comcast Corporation 4.70 15/10/2048 Media 2,500,000 3,232,157 1.21 Continental Airlines 2012-2 Class A Pass- Through Trust 4.00 29/10/2024 Airlines 174,852 169,036 0.06 Cox Communications Incorporated 4.60 15/8/2047 Media 485,000 501,470 0.19 CVS Health Corporation 3.25 15/8/2029 Pharmaceuticals 1,000,000 973,969 0.36 CVS Health Corporation 3.70 9/3/2023 Pharmaceuticals 490,000 510,084 0.19 CVS Health Corporation 4.30 25/3/2028 Pharmaceuticals 705,000 748,713 0.28 CVS Health Corporation 5.05 25/3/2048 Pharmaceuticals 2,000,000 2,271,212 0.85 Deere & Company 3.75 15/4/2050 Machinery – Diversified 870,000 1,014,008 0.38 Dell International LLC 4.42 15/6/2021 Computers 210,000 212,254 0.08 Dell International LLC 5.45 15/6/2023 Computers 950,000 974,853 0.36 Dell International LLC 6.02 15/6/2026 Computers 2,070,000 2,202,566 0.82 Discovery Communications LLC 5.20 20/9/2047 Media 1,465,000 1,497,335 0.56 Discovery Communications LLC 5.30 15/5/2049 Media 720,000 729,320 0.27 Duke Energy Carolinas LLC 2.45 15/8/2029 Electric 2,085,000 2,045,247 0.76 Duke Energy Progress LLC 3.45 15/3/2029 Electric 1,425,000 1,528,497 0.57 Energy Transfer Operating LP 5.00 15/5/2050 Pipelines 1,880,000 1,451,214 0.54 Energy Transfer Operating LP 6.25 15/4/2049 Pipelines 1,255,000 1,062,119 0.40 Energy Transfer Operating LP 6.50 1/2/2042 Pipelines 2,245,000 2,023,904 0.76 Equifax Incorporated 2.60 1/12/2024 Commercial Services 1,085,000 1,025,686 0.38 Equifax Incorporated 3.30 15/12/2022 Commercial Services 1,160,000 1,177,683 0.44 FedEx Corporation 4.95 17/10/2048 Transportation 1,455,000 1,423,642 0.53 Fiserv Incorporated 2.75 1/7/2024 Software 1,425,000 1,416,871 0.53 Fiserv Incorporated 3.50 1/7/2029 Software 1,450,000 1,534,347 0.57 Five Corners Funding Trust 4.42 15/11/2023 Insurance 1,260,000 1,355,431 0.51 Fox Corporation 4.71 25/1/2029 Media 2,220,000 2,435,322 0.91 Fox Corporation 5.58 25/1/2049 Media 1,160,000 1,389,078 0.52 General Dynamics Corporation 3.38 15/5/2023 Aerospace/Defense 3,115,000 3,264,546 1.22 General Dynamics Corporation 4.25 1/4/2050 Aerospace/Defense 900,000 1,117,605 0.42 General Electric Company 2.83 15/4/2023 Miscellaneous Manufacturers 1,620,000 1,578,051 0.59 Goldman Sachs Group Incorporated 2.63 25/4/2021 Banks 1,585,000 1,586,176 0.59 Goldman Sachs Group Incorporated 3.63 22/1/2023 Banks 795,000 820,695 0.31 Goldman Sachs Group Incorporated 3.85 26/1/2027 Banks 2,700,000 2,778,267 1.04 Home Depot Incorporated 3.35 15/4/2050 Retail 1,395,000 1,516,864 0.57 Huntington Bancshares Incorporated 3.15 14/3/2021 Banks 1,250,000 1,253,203 0.47 Intel Corporation 4.75 25/3/2050 Semiconductors 1,400,000 1,829,571 0.68 Intercontinental Exchange Incorporated 4.25 21/9/2048 Diversified Financial Services 1,445,000 1,676,200 0.63 Jabil Incorporated 3.60 15/1/2030 Electronics 1,260,000 1,120,679 0.42 Jackson National Life Global Funding 2.60 9/12/2020 Insurance 1,400,000 1,394,948 0.52 John Deere Capital Corporation 3.45 7/3/2029 Machinery – Diversified 2,835,000 3,028,796 1.13 JPMorgan Chase & Company 2.40 7/6/2021 Banks 1,875,000 1,883,972 0.70 JPMorgan Chase & Company 2.95 1/10/2026 Banks 1,025,000 1,059,240 0.40 JPMorgan Chase & Company ± 3.21 1/4/2023 Banks 1,295,000 1,319,759 0.49 JPMorgan Chase & Company ± 3.78 1/2/2028 Banks 3,780,000 4,059,053 1.52 Keurig Dr Pepper Incorporated 4.60 25/5/2028 Beverages 2,405,000 2,633,133 0.98 Kinder Morgan Energy Partners LP 5.40 1/9/2044 Pipelines 900,000 894,498 0.33 Las Vegas Sands Corporation 3.50 18/8/2026 Lodging 1,155,000 1,056,685 0.39 Magellan Health Incorporated 4.90 22/9/2024 Healthcare – Services 1,000,000 920,000 0.34 Marathon Petroleum Corporation 3.80 1/4/2028 Oil & Gas Services 1,630,000 1,468,818 0.55 Mars Incorporated 3.95 1/4/2049 Food 2,150,000 2,332,803 0.87

The accompanying notes are an integral part of these financial statements.

112 | Wells Fargo (Lux) Worldwide Fund

Portfolio of investments as at 31 March 2020

USD INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Nominal Value Net % Date Industry USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market

Corporate Bonds and Notes (continued) United States (continued) Midwest Connector Capital Company LLC 3.90 1/4/2024 Pipelines 1,970,000 1,839,293 0.69 Morgan Stanley 3.13 27/7/2026 Banks 1,430,000 1,478,181 0.55 Morgan Stanley 3.63 20/1/2027 Banks 4,095,000 4,328,624 1.62 Morgan Stanley 3.70 23/10/2024 Banks 1,075,000 1,135,753 0.42 Motorola Solutions Incorporated 4.60 23/2/2028 Telecommunications 1,026,000 1,046,521 0.39 MPLX LP 4.00 15/3/2028 Pipelines 1,810,000 1,608,597 0.60 Nevada Power Company 2.40 1/5/2030 Electric 1,075,000 1,026,375 0.38 NIKE Incorporated 3.25 27/3/2040 Apparel 280,000 292,360 0.11 NIKE Incorporated 3.38 27/3/2050 Apparel 1,850,000 2,027,439 0.76 Nuveen LLC 4.00 1/11/2028 Diversified Financial Services 1,605,000 1,678,738 0.63 NVIDIA Corporation 3.50 1/4/2050 Semiconductors 2,450,000 2,674,725 1.00 Occidental Petroleum Corporation 4.40 15/8/2049 Oil & Gas Services 660,000 285,379 0.11 Omega Healthcare Investors Incorporated 5.25 15/1/2026 REIT 1,500,000 1,493,735 0.56 PacifiCorporation 3.50 15/6/2029 Electric 1,270,000 1,293,074 0.48 PartnerRe Finance II Incorporated ± 3.91 1/12/2066 Insurance 928,000 760,960 0.28 Peachtree Corners Funding Trust 3.98 15/2/2025 Insurance 1,580,000 1,586,052 0.59 Penske Truck Leasing Company LP 3.45 1/7/2024 Trucking & Leasing 900,000 900,115 0.34 Penske Truck Leasing Company LP 4.25 17/1/2023 Trucking & Leasing 1,305,000 1,336,786 0.50 Qualcomm Incorporated 3.25 20/5/2027 Semiconductors 1,560,000 1,646,071 0.61 Raymond James Financial Incorporated 4.95 15/7/2046 Diversified Financial Services 1,993,000 2,295,613 0.86 Ryder System Incorporated 3.65 18/3/2024 Transportation 3,455,000 3,479,637 1.30 Sabine Pass Liquefaction LLC 5.75 15/5/2024 Pipelines 2,985,000 2,801,547 1.05 Sabra Health Care LP 4.80 1/6/2024 REIT 760,000 771,401 0.29 Sammons Financial Group Incorporated 4.45 12/5/2027 Insurance 1,640,000 1,713,547 0.64 Santander Holdings USA Incorporated 4.40 13/7/2027 Banks 1,100,000 1,081,957 0.40 Simon Property Group LP 3.25 13/9/2049 REIT 3,135,000 2,525,493 0.94 Sprint Spectrum Company LLC 3.36 20/9/2021 Telecommunications 556,875 554,091 0.21 StanCorp Financial Group Incorporated 5.00 15/8/2022 Insurance 1,624,000 1,760,503 0.66 State Street Corporation 2.40 24/1/2030 Banks 1,410,000 1,376,880 0.51 Target Corporation 3.90 15/11/2047 Retail 1,000,000 1,177,379 0.44 TJX Companies Incorporated 3.88 15/4/2030 Retail 490,000 507,027 0.19 TJX Companies Incorporated 4.50 15/4/2050 Retail 1,040,000 1,114,649 0.42 Toll Road Investors Partnership II LP (z) 0.00 15/2/2028 Diversified Financial Services 2,500,000 1,890,530 0.71 Union Pacific Corporation 3.25 5/2/2050 Transportation 1,580,000 1,535,240 0.57 United Airlines 2018-1 Class AA Pass- Through Trust 3.50 1/3/2030 Airlines 1,730,764 1,680,972 0.63 United Parcel Service Incorporated 4.45 1/4/2030 Transportation 475,000 537,672 0.20 United Parcel Service Incorporated 5.30 1/4/2050 Transportation 700,000 921,906 0.34 United Technologies Corporation 3.65 16/8/2023 Aerospace/Defense 116,000 121,965 0.05 United Technologies Corporation 4.13 16/11/2028 Aerospace/Defense 2,700,000 2,980,541 1.11 Unum Group 4.50 15/12/2049 Insurance 1,270,000 985,094 0.37 US Airways 2013-1 Class A Pass-Through Trust 3.95 15/11/2025 Airlines 547,982 547,657 0.20 US Bancorp 2.95 15/7/2022 Banks 670,000 683,259 0.25 Verizon Communications Incorporated 4.13 15/8/2046 Telecommunications 2,480,000 2,871,717 1.07 Walmart Incorporated 3.70 26/6/2028 Retail 1,600,000 1,798,776 0.67 Walt Disney Company 3.80 22/3/2030 Media 2,550,000 2,867,171 1.07 Walt Disney Company 4.70 23/3/2050 Media 700,000 906,602 0.34 WEA Finance LLC 3.15 5/4/2022 REIT 1,050,000 1,021,602 0.38 Western Midstream Operating LP 5.25 1/2/2050 Pipelines 1,745,000 715,688 0.27 Western Union Company 4.25 9/6/2023 Diversified Financial Services 1,510,000 1,604,153 0.60 203,593,850 75.99 Total Corporate Bonds and Notes 249,733,662 93.22

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 113

Portfolio of investments as at 31 March 2020

USD INVESTMENT GRADE CREDIT FUND Interest Market % of Rate Maturity Nominal Value Net % Date USD USD Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or dealt in on another regulated market Government Bonds Bermuda Bermuda International Bond 3.72 25/1/2027 1,250,000 1,190,625 0.44

Qatar Qatar International Bond 5.10 23/4/2048 1,910,000 2,315,951 0.86

United States United States Treasury Bond 2.38 15/11/2049 200,000 249,625 0.10 United States Treasury Note 1.50 15/2/2030 180,000 194,049 0.07 443,674 0.17 Total Government Bonds 3,950,250 1.47

Municipal Obligations United States New Jersey Transportation Trust Fund Authority 4.13 15/6/2042 955,000 924,669 0.35 Total Municipal Obligations 924,669 0.35 Total Investments in Securities 254,608,581 95.04

Nominal @ Cash at Banks Time Deposits Canada Bank of Nova Scotia (o) 0.05 8,551,843 USD 8,551,843 3.19

Cayman Islands BBH Grand Cayman (o) (0.29) 4 JPY 0 0.00 Total Time Deposits 8,551,843 3.19 Total Cash at Banks 8,551,843 3.19

Other Assets and Liabilities, Net 4,748,654 1.77

Total Net Assets 267,909,078 100.00

± Variable rate investment. The rate shown is the rate in effect at period end. (z) Zero coupon security. @ Nominal amount is denominated in currency indicated. (o) Overnight deposit.

Key: JPY Japanese Yen REIT Real Estate Investment Trust USD United States Dollar

The securities have been classified based upon country of incorporation/domiciliation.

The accompanying notes are an integral part of these financial statements.

114 | Wells Fargo (Lux) Worldwide Fund

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Statement of assets and liabilities as at 31 March 2020

Emerging EUR Alternative Emerging Markets Investment Risk China Markets Equity Grade Premia Equity Equity Income Credit Fund Fund Fund Fund Fund USD USD USD USD EUR

Assets Investments in securities, at cost ...... 24,455,989 11,259,694 254,066,319 362,153,771 99,805,337 Unrealised appreciation/(depreciation) ...... 122,943 496,125 (12,754,514) (57,548,949) (4,878,180) Investments in securities, at market value ...... 24,578,932 11,755,819 241,311,805 304,604,822 94,927,157 Cash at banks ...... 4,940,730 1,187,021 1,915,255 10,145,133 2,461,885 Receivable for variation margin on futures contracts ...... 365,985 0 0 0 201,283 Receivable from reverse repurchase agreements ...... 0 0 0 0 0 Unrealised appreciation on open forward foreign currency contracts ... 2,634,432 0 0 0 59,102 Unrealised appreciation on futures contracts ...... 207,243 0 0 0 41,871 Unrealised appreciation on contracts for difference ...... 2,070,451 0 0 0 0 Interest receivable ...... 0 0 0 0 849,260 Dividends receivable ...... 90,541 0 742,690 1,424,477 0 Receivable for investments sold ...... 28,904,434 392,544 627,544 3,250,316 1,160,806 Receivable for shares issued ...... 0 43,373 367,458 141,302 0 Receivable for settled forward foreign currency contracts ...... 661 0 358 348 0 Formation expenses ...... 29,357 0 0 0 0 Receivable from investment adviser ...... 10,093 0 0 0 0 Other assets ...... 24,932 0 1,499 1,981 531 Total assets ...... 63,857,791 13,378,757 244,966,609 319,568,379 99,701,895

Liabilities Payable for variation margin on futures contracts ...... 0 0 0 0 0 Interest payable on swap contracts ...... 699 0 0 0 0 Dividends payable on contracts for difference ...... 47,025 0 0 0 0 Distributions payable ...... 0 0 0 0 0 Payable for investments purchased ...... 22,680,000 1,156,477 2,135 2,187,068 796,968 Payable for shares redeemed ...... 0 8,697 519,699 296,276 1,896,913 Payable for investment management fees ...... 0 6,707 257,527 297,978 18,401 Depositary bank and administration fees payable ...... 16,564 14,003 58,551 107,236 37,305 Performance fee payable ...... 0 0 0 0 0 Audit fees payable ...... 5,996 12,071 10,793 10,793 8,895 Miscellaneous fees payable ...... 5,915 29,311 32,454 29,616 10,784 Written option contracts, at market value ...... 0 0 0 0 0 Unrealised depreciation on open forward foreign currency contracts ... 3,044,889 0 68 66 282,120 Unrealised depreciation on futures contracts ...... 455,125 0 0 0 155,005 Unrealised depreciation on contracts for difference ...... 1,953,294 0 0 0 0 Unrealised depreciation on swap contracts ...... 68,659 0 0 0 0 Subscription tax payable ...... 910 1,133 5,836 7,435 5,085 Value added tax payable ...... 10,160 17,713 20,703 17,713 11,817 Other liabilities ...... 28,983 43,779 81,084 27,142 43,102 Total liabilities ...... 28,318,219 1,289,891 988,850 2,981,323 3,266,395 Total net assets ...... 35,539,572 12,088,866 243,977,759 316,587,056 96,435,500

The accompanying notes are an integral part of these financial statements.

116 | Wells Fargo (Lux) Worldwide Fund

Statement of assets and liabilities as at 31 March 2020

EUR Global Global Global Global Global Global Global Short Equity Factor Investment Long/ Low Multi- Global Small Duration Global Absolute Enhanced Grade Short Volatility Asset Opportunity Cap Credit Equity Return Equity Credit Equity Equity Income Bond Equity Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund EUR USD USD USD USD USD USD USD USD USD

227,126,814 56,668,149 11,565,209 30,623,358 40,706,965 138,038,649 11,461,002 90,999,244 23,759,914 4,600,821 (12,888,415) (8,011,596) (2,031,546) (5,847,222) (2,157,708) (20,103,417) (1,814,984) (10,741,740) 469,466 (966,644) 214,238,399 48,656,553 9,533,663 24,776,136 38,549,257 117,935,232 9,646,018 80,257,504 24,229,380 3,634,177 4,805,844 399,724 1,375,217 600,822 1,152,629 21,021,127 109,432 8,545,903 222,295 226,957 94,536 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 18,064 33 2,147 0 22,242 89,532 0 242,801 845,933 1 80,930 0 0 44,500 0 0 0 492,137 0 0 0 0 373,340 0 0 2,242,500 0 0 0 0 1,663,622 0 2,735 1,015 361,837 3,788 6,027 675,100 144,118 0 0 172,623 86,815 82,455 0 622,055 37,880 191,933 0 8,116 681,232 102,927 27 0 295,269 19,525,305 0 321,286 0 40,224 616,497 6,040 0 0 0 2,282,747 0 0 2,000 0 0 112 7,510 614 0 266,424 510 0 213,935 130 0 0 0 5,868 39,224 413 9,062 0 1,587 604 38,154 0 12,259 0 30,534 0 10,623 0 8,361 28,000 1,599 0 0 215 32 1,597 0 611 135 0 222,238,877 49,338,012 11,393,713 25,511,625 40,451,024 163,990,720 9,819,552 90,727,275 25,667,744 3,938,209

0 0 0 35,380 0 0 0 85,691 0 0 0 0 0 0 0 0 0 0 0 0 0 0 29,737 0 0 15,794 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,092,842 120,201 0 0 0 16,957,529 0 0 99,785 80,071 537,566 5,281 0 0 0 106,408 0 0 4,379 0 0 35,842 0 11,572 0 97,902 0 529 0 0 45,035 17,699 32,954 11,073 31,932 51,987 11,115 44,732 20,939 17,324 0 0 0 0 0 25,679 0 0 0 0 19,576 11,064 16,981 2,795 5,435 7,974 16,050 8,782 10,559 5,756 19,188 9,447 20,723 22,778 6,664 30,742 23,804 6,483 16,165 4,740 0 0 0 0 0 0 0 410,134 0 0 117,176 0 0 212 287,789 0 193 365,958 363,055 0 67,964 0 0 0 0 0 0 329,954 0 0 0 0 770,970 0 0 4,087,927 0 0 0 0 0 0 0 0 0 0 0 0 0 0 25,138 994 76 368 1,013 6,511 816 2,263 3,815 95 11,817 17,713 11,885 2,972 10,160 17,708 17,708 12,914 17,713 1,475 78,831 30,658 38,620 37,379 26,178 57,954 32,954 28,094 35,652 8,904 3,015,133 248,899 921,946 124,529 369,171 21,464,115 102,640 1,295,534 572,062 118,365 219,223,744 49,089,113 10,471,767 25,387,096 40,081,853 142,526,605 9,716,912 89,431,741 25,095,682 3,819,844

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 117

Statement of assets and liabilities as at 31 March 2020 (continued)

U.S. U.S. U.S. Small All High Large U.S. Cap Cap Yield Cap Select Innovation Growth Bond Growth Equity Fund Fund Fund Fund Fund USD USD USD USD USD

Assets Investments in securities, at cost ...... 4,749,661 561,674,531 62,963,711 82,560,818 207,901,819 Unrealised appreciation/(depreciation) ...... (1,217,499) 142,548,144 (9,901,761) 33,188,610 (71,313,917) Investments in securities, at market value ...... 3,532,162 704,222,675 53,061,950 115,749,428 136,587,902 Cash at banks ...... 125,238 4,637,912 1,636,373 4,562,545 3,864,479 Receivable for variation margin on futures contracts ...... 0 0 0 0 0 Receivable from reverse repurchase agreements ...... 0 0 0 0 0 Unrealised appreciation on open forward foreign currency contracts ..... 64 31,606 1,611 36 61 Unrealised appreciation on futures contracts ...... 0 0 0 0 0 Unrealised appreciation on contracts for difference ...... 0 0 0 0 0 Interest receivable ...... 0 0 1,104,940 0 0 Dividends receivable ...... 845 163,270 0 63,879 82,702 Receivable for investments sold ...... 58,694 1,510,465 722,027 137,027 1,121,533 Receivable for shares issued ...... 0 5,970,844 13,932 875,722 3,437 Receivable for settled forward foreign currency contracts ...... 338 107,644 5,908 126 210 Formation expenses ...... 289 0 0 0 0 Receivable from investment adviser ...... 32,576 0 0 0 0 Other assets ...... 0 4,103 0 794 779 Total assets ...... 3,750,206 716,648,519 56,546,741 121,389,557 141,661,103

Liabilities Payable for variation margin on futures contracts ...... 0 0 0 0 0 Interest payable on swap contracts ...... 0 0 0 0 0 Dividends payable on contracts for difference ...... 0 0 0 0 0 Distributions payable ...... 0 0 0 0 0 Payable for investments purchased ...... 77,559 4,362,471 243,625 677,460 316,996 Payable for shares redeemed ...... 0 2,911,953 0 62,472 15,564 Payable for investment management fees ...... 0 534,055 26,573 73,997 116,897 Depositary bank and administration fees payable ...... 22,946 74,670 46,631 11,666 26,219 Performance fee payable ...... 0 0 0 0 0 Audit fees payable ...... 5,756 10,473 10,559 10,793 10,133 Miscellaneous fees payable ...... 5,119 43,819 16,357 20,054 45,469 Written option contracts, at market value ...... 0 0 0 0 0 Unrealised depreciation on open forward foreign currency contracts ..... 0 0 0 0 0 Unrealised depreciation on futures contracts ...... 0 0 0 0 0 Unrealised depreciation on contracts for difference ...... 0 0 0 0 0 Unrealised depreciation on swap contracts ...... 0 0 0 0 0 Subscription tax payable ...... 95 36,499 1,562 3,486 4,734 Value added tax payable ...... 1,475 17,711 17,713 17,713 17,769 Other liabilities ...... 8,903 732 35,622 40,437 52,477 Total liabilities ...... 121,853 7,992,383 398,642 918,078 606,258 Total net assets ...... 3,628,353 708,656,136 56,148,099 120,471,479 141,054,845

The accompanying notes are an integral part of these financial statements.

118 | Wells Fargo (Lux) Worldwide Fund

Statement of assets and liabilities as at 31 March 2020 (continued)

U.S. Short- Term U.S. USD USD High Small Government Investment Yield Cap Money Grade Bond Value Market Credit Fund Fund Fund Fund Combined USD USD USD USD USD

187,751,737 22,786,189 544,688,770 250,643,079 3,346,652,868 (12,447,650) (5,425,381) 0 3,965,502 (61,088,516) 175,304,087 17,360,808 544,688,770 254,608,581 3,285,564,352 13,776,318 74,169 28,861,751 8,551,843 125,948,451 0 0 0 0 692,244 0 0 280,000,000 0 280,000,000 273,291 179 0 431,433 4,660,508 0 0 0 0 879,317 0 0 0 0 4,686,291 2,906,179 0 607,406 2,214,804 10,799,407 0 35,852 0 0 3,806,133 0 167,650 0 4,272,142 63,480,998 0 0 0 1,132,408 11,519,198 982,549 641 0 1,372,497 2,960,515 0 0 0 1,587 87,991 0 0 0 0 174,526 1,071 0 451,133 1,280 492,511 193,243,495 17,639,299 854,609,060 272,586,575 3,795,752,442

0 0 0 0 121,071 0 0 0 0 699 0 0 0 0 92,556 0 0 370,066 0 370,066 0 183,940 9,997,434 4,218,742 66,548,664 27,082 40 0 260,450 6,903,288 49,959 3,849 194,829 51,962 1,780,472 34,301 17,262 94,580 65,859 921,056 0 0 0 0 25,679 10,559 10,500 20,767 7,721 253,711 22,216 8,254 15,169 7,560 455,916 0 0 0 0 410,134 0 0 0 0 4,502,614 0 0 0 0 1,030,991 0 0 0 0 6,812,191 0 0 0 0 68,659 6,596 370 22,214 7,107 147,261 17,713 19,423 20,876 17,708 350,704 24,010 23,875 137,304 40,388 979,608 196,436 267,513 10,873,239 4,677,497 91,775,340 193,047,059 17,371,786 843,735,821 267,909,078 3,703,977,102

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 119

Statement of assets and liabilities as at 31 March 2020 (continued)

Emerging EUR EUR Alternative Emerging Markets Investment Short Risk China Markets Equity Grade Duration Global Premia Equity Equity Income Credit Credit Equity Fund Fund Fund Fund Fund Fund Fund

Number of shares outstanding Class A (EUR) Shares-acc...... N/A N/A N/A N/A N/A 92 N/A Class A (EUR) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class A (EUR) Shares-distr...... N/A N/A N/A N/A 92 92 N/A Class A (EUR) Shares-distr. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class A (GBP) Shares-acc...... N/A N/A N/A N/A N/A N/A N/A Class A (SEK) Shares-acc...... N/A 75,009 N/A N/A N/A N/A N/A Class A (SGD) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class A (USD) Shares-acc...... N/A 1,644 4,068 7,430 N/A N/A 1,195 Class A (USD) Shares-gross distr...... N/A N/A N/A 62,940 N/A N/A N/A Class AP (USD) Shares-acc...... N/A N/A N/A N/A N/A N/A N/A Class I (AUD) Shares-distr...... N/A N/A 24 167,064 N/A N/A N/A Class I (CHF) Shares-acc. (hedged) ...... 99 N/A 98 N/A 1,034,963 N/A N/A Class I (CHF) Shares-distr. (hedged) ...... N/A N/A N/A 98 N/A N/A N/A Class I (EUR) Shares-acc...... N/A 126 1,062,294 13,899 11,597 15,031 N/A Class I (EUR) Shares-acc. (hedged) ...... 90 N/A N/A N/A N/A N/A 92 Class I (EUR) Shares-distr...... N/A N/A N/A 92 90 8,371 N/A Class I (EUR) Shares-distr. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class I (GBP) Shares-acc...... N/A 31 815,874 N/A N/A N/A N/A Class I (GBP) Shares-acc. (hedged) ...... 76 N/A N/A N/A N/A 1 N/A Class I (GBP) Shares-distr...... N/A N/A N/A 77 N/A N/A N/A Class I (GBP) Shares-distr. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class I (USD) Shares-acc...... 399,700 28 609,116 2,482,281 N/A N/A 349,354 Class I (USD) Shares-distr...... N/A N/A N/A N/A N/A N/A N/A Class I (USD) Shares-gross distr...... N/A N/A N/A 78 N/A N/A N/A Class IP (CHF) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class IP (EUR) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class IP (EUR) Shares-distr...... N/A N/A N/A N/A N/A N/A N/A Class IP (GBP) Shares-acc...... N/A N/A N/A N/A N/A N/A N/A Class IP (USD) Shares-acc...... N/A N/A N/A N/A N/A N/A N/A Class X (EUR) Shares-acc...... N/A N/A N/A N/A N/A 1,902,066 N/A Class X (EUR) Shares-distr...... N/A N/A N/A N/A N/A 23,116 N/A Class X (GBP) Shares-acc...... N/A N/A N/A 105 N/A N/A N/A Class X (GBP) Shares-distr. (hedged) ...... N/A N/A N/A N/A N/A 77 N/A Class X (USD) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A 100 N/A Class X1 (EUR) Shares-acc...... N/A N/A N/A N/A N/A 78,948 N/A Class X1 (USD) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A 100 N/A Class Y (EUR) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class Y (EUR) Shares-gross distr...... N/A N/A N/A 6,858 N/A N/A N/A Class Y (GBP) Shares-gross distr...... N/A N/A N/A 374,448 N/A N/A N/A Class Y (USD) Shares-gross distr...... N/A N/A N/A 141 N/A N/A N/A Class Z (CHF) Shares-acc. (hedged) ...... N/A N/A 98 N/A N/A N/A N/A Class Z (CHF) Shares-distr. (hedged) ...... N/A N/A N/A 98 N/A N/A N/A Class Z (EUR) Shares-acc...... N/A N/A 92 N/A N/A 92 N/A Class Z (EUR) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class Z (EUR) Shares-distr...... N/A N/A N/A 92 92 92 N/A Class Z (EUR) Shares-distr. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class Z (GBP) Shares-acc...... N/A 206 77 134 N/A N/A 646 Class Z (GBP) Shares-distr...... N/A N/A N/A 77 N/A N/A N/A Class Z (GBP) Shares-distr. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class Z (USD) Shares-acc...... N/A N/A 100 N/A N/A N/A N/A Class Z (USD) Shares-distr...... N/A N/A N/A 100 N/A N/A N/A Class ZP (CHF) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class ZP (EUR) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class ZP (GBP) Shares-acc...... N/A N/A N/A N/A N/A N/A N/A Class ZP (GBP) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A N/A N/A Class ZP (USD) Shares-acc...... N/A N/A N/A N/A N/A N/A N/A

The accompanying notes are an integral part of these financial statements.

120 | Wells Fargo (Lux) Worldwide Fund

Statement of assets and liabilities as at 31 March 2020 (continued)

Global Global Global Global Global Global Global U.S. U.S. Equity Factor Investment Long/ Low Multi- Global Small Small All High Absolute Enhanced Grade Short Volatility Asset Opportunity Cap Cap Cap Yield Return Equity Credit Equity Equity Income Bond Equity Innovation Growth Bond Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1,442 N/A N/A 8,279 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 88 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2,045 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 139 N/A N/A 100 N/A N/A 110 N/A 1,801 N/A N/A 287,079 3,468 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3,635 N/A N/A N/A 15,737 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 98 N/A N/A 97 N/A N/A 98 98 97 N/A N/A N/A 100 N/A N/A N/A N/A N/A N/A N/A 97 N/A N/A N/A N/A 911,691 N/A N/A 93 N/A 205,903 234,858 N/A 92 N/A N/A N/A N/A 100 N/A 93 32,029 59 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 91 N/A N/A 98,685 N/A N/A N/A N/A 91 N/A 77 N/A N/A 497 N/A N/A 78 78 7,148 N/A N/A N/A N/A N/A N/A N/A 52,191 N/A N/A N/A 988 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 15,425 N/A N/A 112,354 N/A N/A N/A N/A 78 N/A 307,714 N/A N/A 37,070 N/A 160,683 49,700 49,400 1,329,998 53,128 N/A N/A 399,300 N/A N/A 766,562 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 215 N/A N/A N/A 97 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 245,515 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 11,300 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 38,123 N/A N/A N/A N/A N/A N/A N/A 109,364 N/A N/A 1,245,337 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 204 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 5,000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 98 N/A N/A 97 N/A N/A N/A N/A N/A N/A N/A N/A 100 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 92 N/A N/A 95 N/A N/A N/A 93 32,538 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 91 N/A N/A N/A N/A N/A N/A N/A 91 N/A 77 N/A N/A 78 N/A N/A N/A 78 33,064 271 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1,509 N/A N/A N/A 78 N/A N/A N/A N/A N/A N/A N/A 78 N/A 100 N/A N/A 100 N/A N/A N/A 100 96,948 N/A N/A N/A 100 N/A N/A 100 N/A N/A N/A 173,514 100 N/A N/A N/A 97 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 91 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 78 N/A N/A N/A N/A N/A N/A N/A 78 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100 N/A N/A N/A N/A N/A N/A N/A

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 121

Statement of assets and liabilities as at 31 March 2020 (continued)

U.S. Short- U.S. Term U.S. USD USD Large U.S. High Small Government Investment Cap Select Yield Cap Money Grade Growth Equity Bond Value Market Credit Fund Fund Fund Fund Fund Fund

Number of shares outstanding Class A (EUR) Shares-acc...... N/A 201 N/A N/A N/A N/A Class A (USD) Shares-acc...... 26,225 1,792 9,930 N/A N/A 20,015 Class A (USD) Shares-distr...... N/A N/A N/A N/A N/A 100 Class I (CHF) Shares-distr. (hedged) ...... N/A N/A N/A N/A N/A 98 Class I (EUR) Shares-acc...... 387,816 N/A N/A N/A N/A N/A Class I (EUR) Shares-acc. (hedged) ...... 92 89 N/A N/A N/A N/A Class I (EUR) Shares-distr. (hedged) ...... N/A N/A 141 N/A N/A 719,256 Class I (GBP) Shares-acc...... N/A 77 N/A 951 N/A N/A Class I (GBP) Shares-distr. (hedged) ...... N/A N/A 300,862 N/A N/A 77 Class I (JPY) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A 97,105 Class I (SGD) Shares-acc. (hedged) ...... N/A N/A N/A N/A N/A 100 Class I (USD) Shares-acc...... 24,433 1,532,918 1,337,072 191,379 N/A 478,330 Class I (USD) Shares-distr...... N/A N/A N/A N/A 49,140,364 771,375 Class I (USD) Shares-gross distr...... N/A N/A 102,023 N/A N/A N/A Class X (GBP) Shares-acc...... N/A N/A 107 N/A N/A N/A Class X (GBP) Shares-acc. (hedged) ...... N/A N/A N/A 76 N/A N/A Class X (USD) Shares-distr...... N/A 216,136 N/A N/A N/A N/A Class Y (EUR) Shares-gross distr. (hedged) ...... N/A N/A N/A N/A N/A 21,251 Class Y (GBP) Shares-gross distr. (hedged) ...... N/A N/A N/A N/A N/A 3,747 Class Y (USD) Shares-gross distr...... N/A N/A N/A N/A N/A 341,265 Class Z (EUR) Shares-acc. (hedged) ...... N/A 92 N/A N/A N/A N/A Class Z (EUR) Shares-distr. (hedged) ...... N/A N/A 91 N/A N/A 92 Class Z (GBP) Shares-acc...... 174 77 N/A N/A N/A N/A Class Z (GBP) Shares-acc. (hedged) ...... N/A N/A N/A 114 N/A N/A Class Z (GBP) Shares-distr. (hedged) ...... N/A N/A N/A N/A N/A 77 Class Z (USD) Shares-acc...... N/A N/A N/A 146 N/A N/A Class Z (USD) Shares-distr...... N/A N/A N/A N/A N/A 100 Service Class (USD) Shares-distr...... N/A N/A N/A N/A 794,595,457 N/A

The accompanying notes are an integral part of these financial statements.

China Equity Fund, Dynamic Credit Fund, EUR Investment Grade Credit Fund, EUR Short Duration Credit Fund, Global Equity Absolute Return Fund, Global Factor Enhanced Equity Fund, Global Long/Short Equity Fund, Global Low Volatility Equity Fund, Global Multi-Asset Income Fund, Global Opportunity Bond Fund, USD Government Money Market Fund and USD Investment Grade Credit Fund have not been authorised by the Hong Kong Securities and Futures Commission and are not available for investment by Hong Kong retail investors.

122 | Wells Fargo (Lux) Worldwide Fund

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Statement of operations and changes in net assets for the year ended 31 March 2020

Emerging Alternative Emerging Markets Risk China Dynamic Markets Equity Premia Equity Credit Equity Income Fund1 Fund Fund2 Fund Fund USD USD EUR USD USD Income Dividends ...... 191,893 329,844 0 6,093,424 15,976,045 Interest ...... 171,006 0 87,149 0 0 Interest on reverse repurchase agreements ...... 0 0 0 0 0 Interest on contracts for difference ...... 0 0 0 0 0 Total income ...... 362,899 329,844 87,149 6,093,424 15,976,045

Expenses Management company fees ...... 6,299 23,879 10,843 102,300 125,843 Investment management fees ...... 72,050 210,109 16,144 3,616,311 4,472,175 Depositary bank and administration fees ...... 22,262 57,810 41,083 222,712 420,203 Registrar, transfer agent and paying agent fees ...... 14,929 38,997 17,734 44,338 60,755 Directors fees and expenses ...... 1,558 7,402 6,312 7,483 7,483 Dividend expense on contracts for difference ...... 224,028 0 0 0 0 Interest expense on swap contracts ...... 13,117 0 0 0 0 Audit fees and tax services ...... 5,996 5,606 3,514 5,778 5,778 Subscription tax ...... 1,875 6,723 337 31,408 41,999 Amortisation of formation expenses ...... 1,448 0 0 0 0 Legal expenses ...... 12,123 22,959 34,677 25,319 18,976 Shareholder report expenses ...... 3,924 24,067 12,851 37,113 27,382 Other expenses ...... 28,404 55,615 15,518 198,029 78,914 Total expenses ...... 408,013 453,167 159,013 4,290,791 5,259,508

Less Waived fees and/or reimbursed expenses ...... (79,998) (210,036) (134,517) 0 0 Net expenses ...... 328,015 243,131 24,496 4,290,791 5,259,508 Net investment profit/(loss) ...... 34,884 86,713 62,653 1,802,633 10,716,537

Realised and unrealised profit/(loss) Net realised profit/(loss) on Investments ...... 58,430 (938,900) 752,410 4,289,608 (20,683,464) Forward foreign currency contracts ...... (294,412) 46 80,136 967 (5,331) Futures contracts ...... (216,700) 0 (297,249) 0 0 Written option contracts ...... 0 0 0 0 0 Contracts for difference ...... (3,011,639) 0 0 0 0 Swap contracts ...... (560,847) 0 0 0 0 Foreign currency on other transactions ...... 3,341 (6,177) (7,935) (59,266) (232,671) Net realised profit/(loss) ...... (4,021,827) (945,031) 527,362 4,231,309 (20,921,466) Net change in unrealised appreciation/(depreciation) on Investments ...... 122,943 (1,081,577) (362,492) (44,032,997) (72,116,401) Forward foreign currency contracts ...... (410,457) 0 (16,129) (68) (66) Futures contracts ...... (247,882) 0 167,200 0 0 Written option contracts ...... 0 0 0 0 0 Contracts for difference ...... 117,157 0 0 0 0 Swap contracts ...... (68,659) 0 0 0 0 Foreign currency on other transactions ...... 13,419 (485) 829 (166,177) (96,950) Net change in unrealised appreciation/(depreciation) .... (473,479) (1,082,062) (210,592) (44,199,242) (72,213,417) Net realised and unrealised profit/(loss) ...... (4,495,306) (2,027,093) 316,770 (39,967,933) (93,134,883) Net increase/(decrease) in net assets as a result of operations ...... (4,460,422) (1,940,380) 379,423 (38,165,300) (82,418,346) Distributions to shareholders from net investment income ... 0 0 (49,404) (81) (1,978,883)

Capital share transactions Receipts from shares issued ...... 39,999,994 1,434,008 0 82,864,268 61,205,700 Reinvestment of distributions ...... 0 0 0 0 551,527 Payments from shares redeemed ...... 0 (4,072,963) (21,366,927) (88,055,137) (92,794,435) Net increase/(decrease) in net assets resulting from capital share transactions ...... 39,999,994 (2,638,955) (21,366,927) (5,190,869) (31,037,208) Total increase/(decrease) in net assets ...... 35,539,572 (4,579,335) (21,036,908) (43,356,250) (115,434,437) Net assets at the beginning of the year ...... 0 16,668,201 21,036,908 287,334,009 432,021,493 Currency translation adjustment ...... Net assets at the end of the year ...... 35,539,572 12,088,866 0 243,977,759 316,587,056

1 For the period from 9 December 2019 (commencement of operations) to 31 March 2020. 2 For the period from 1 April 2019 to 11 October 2019. The Sub-Fund was liquidated on 11 October 2019.

The accompanying notes are an integral part of these financial statements.

124 | Wells Fargo (Lux) Worldwide Fund

Statement of operations and changes in net assets for the year ended 31 March 2020

EUR EUR Global Global Global Global Investment Short Equity Factor Global Investment Long/ Grade Duration Global Absolute Enhanced Focused Grade Short Credit Credit Equity Return Equity Equity Credit Equity Fund Fund Fund Fund Fund Fund3 Fund4 Fund EUR EUR USD USD USD USD USD USD

0 0 2,261,036 1,299,459 566,778 187,577 0 4,191,369 1,561,047 354,692 0 0 0 0 351,085 0 0 0 0 0 0 0 0 0 0 0 0 547,013 0 0 0 349,018 1,561,047 354,692 2,261,036 1,846,472 566,778 187,577 351,085 4,540,387

44,270 36,945 49,069 29,787 23,700 9,518 7,915 69,037 342,790 106,365 1,095,494 209,533 44,203 47,776 47,796 1,470,973 156,883 126,867 84,670 161,688 44,225 12,960 54,644 236,382 20,138 45,618 33,551 22,805 25,379 11,136 16,725 29,590 6,591 7,911 7,501 7,502 7,924 5,711 1,558 7,501 0 0 0 790,660 0 0 0 1,115,434 0 0 0 0 0 0 0 0 5,116 6,033 5,906 5,564 3,483 0 5,435 4,971 11,125 45,327 11,175 0 3,042 529 2,013 19,700 0 0 0 9,819 2,353 7,331 3,551 9,085 26,885 46,351 16,616 37,206 35,712 15,647 17,092 41,884 19,684 32,667 23,612 29,575 34,022 36,372 16,273 34,806 42,421 47,938 46,739 35,651 44,281 20,558 22,182 45,583 675,903 502,022 1,374,333 1,339,790 268,324 167,538 195,184 3,084,946

(174,816) (300,709) (66) (231,728) (192,668) (103,016) (123,488) (35,231) 501,087 201,313 1,374,267 1,108,062 75,656 64,522 71,696 3,049,715 1,059,960 153,379 886,769 738,410 491,122 123,055 279,389 1,490,672

1,942,568 (1,643,012) 29,004,613 (711,347) 441,324 (651,800) 24,438 (4,448,759) 6,923,940 287,916 112 (4,167,097) 664 63,040 403,015 (1,342,446) 31,993 (172,051) 0 0 (176,746) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,464,614 0 0 0 11,477,372 0 0 0 0 0 0 0 0 (13,069) 19,866 (29,878) 38,547 324 (105) (6,726) (18,799) 8,885,432 (1,507,281) 28,974,847 (2,375,283) 265,566 (588,865) 420,727 5,667,368

(6,293,259) (13,008,629) (27,229,530) (5,154,743) (5,812,199) (239,720) (2,157,708) (25,675,201) (1,652,345) (95,135) 33 1,492,965 (212) 27,057 (265,547) 263,881 (149,216) 10,546 0 0 45,610 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (534,502) 0 0 0 (485,635) 0 0 0 0 0 0 0 0 809 1,595 256 (2,895) (1,655) (145) (19) (67,179) (8,094,011) (13,091,623) (27,229,241) (4,199,175) (5,768,456) (212,808) (2,423,274) (25,964,134) 791,421 (14,598,904) 1,745,606 (6,574,458) (5,502,890) (801,673) (2,002,547) (20,296,766)

1,851,381 (14,445,525) 2,632,375 (5,836,048) (5,011,768) (678,618) (1,723,158) (18,806,094) (19,215) (49,340) 0 0 0 0 (217,894) (109,322)

1,227,504 270,266,810 46,755,993 12,188,684 10,962,441 0 42,022,905 26,530,161 0 0 0 0 0 0 0 0 (15,854,714) (48,697,257) (220,987,429) (110,703,521) (457,800) (12,089,095) 0 (69,755,465)

(14,627,210) 221,569,553 (174,231,436) (98,514,837) 10,504,641 (12,089,095) 42,022,905 (43,225,304) (12,795,044) 207,074,688 (171,599,061) (104,350,885) 5,492,873 (12,767,713) 40,081,853 (62,140,720) 109,230,544 12,149,056 220,688,174 114,822,652 19,894,223 12,767,713 0 204,667,325

96,435,500 219,223,744 49,089,113 10,471,767 25,387,096 0 40,081,853 142,526,605

3 For the period from 1 April 2019 to 29 August 2019. The Sub-Fund was liquidated on 29 August 2019. 4 For the period from 8 November 2019 (commencement of operations) to 31 March 2020.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 125

Statement of operations and changes in net assets for the year ended 31 March 2020 (continued)

Global Global Global Low Multi- Global Small Small Volatility Asset Opportunity Cap Cap Equity Income Bond Equity Innovation Fund Fund Fund Fund5 Fund5 USD USD USD USD USD Income Dividends ...... 371,864 1,638,228 0 14,342 2,076 Interest ...... 0 2,693,904 614,055 0 0 Interest on reverse repurchase agreements ...... 0 0 0 0 0 Interest on contracts for difference ...... 0 0 0 0 0 Total income ...... 371,864 4,332,132 614,055 14,342 2,076

Expenses Management company fees ...... 22,694 41,218 23,880 2,230 2,230 Investment management fees ...... 73,264 516,216 83,341 3,844 3,722 Depositary bank and administration fees ...... 41,455 197,914 87,326 17,324 22,946 Registrar, transfer agent and paying agent fees ...... 20,628 22,134 29,786 2,925 2,925 Directors fees and expenses ...... 7,501 7,484 7,484 1,688 1,688 Dividend expense on contracts for difference ...... 0 0 0 0 0 Interest expense on swap contracts ...... 0 0 0 0 0 Audit fees and tax services ...... 5,484 8,680 6,976 5,756 5,756 Subscription tax ...... 1,367 10,107 2,558 95 94 Amortisation of formation expenses ...... 10,166 7,922 0 571 885 Legal expenses ...... 39,840 76,592 30,067 3,090 3,090 Shareholder report expenses ...... 27,817 34,831 24,067 1,808 1,808 Other expenses ...... 40,191 42,941 37,214 6,073 6,072 Total expenses ...... 290,407 966,039 332,699 45,404 51,216

Less Waived fees and/or reimbursed expenses ...... (212,123) (346,991) (224,064) (41,025) (46,974) Net expenses ...... 78,284 619,048 108,635 4,379 4,242 Net investment profit/(loss) ...... 293,580 3,713,084 505,420 9,963 (2,166)

Realised and unrealised profit/(loss) Net realised profit/(loss) on Investments ...... 330,472 85,290 412,698 (224,069) (157,662) Forward foreign currency contracts ...... 223 104,895 (380,394) 211 587 Futures contracts ...... 0 (267,066) 0 0 0 Written option contracts ...... 0 (1,513,257) 0 0 0 Contracts for difference ...... 0 0 0 0 0 Swap contracts ...... 0 0 0 0 0 Foreign currency on other transactions ...... (5,941) (565) 49,720 255 4,209 Net realised profit/(loss) ...... 324,754 (1,590,703) 82,024 (223,603) (152,866) Net change in unrealised appreciation/(depreciation) on Investments ...... (2,412,724) (13,582,151) 296,275 (966,644) (1,217,499) Forward foreign currency contracts ...... (193) (277,805) 534,087 1 64 Futures contracts ...... 0 160,197 0 0 0 Written option contracts ...... 0 57,644 0 0 0 Contracts for difference ...... 0 0 0 0 0 Swap contracts ...... 0 0 0 0 0 Foreign currency on other transactions ...... (1,036) (17,912) (3,626) 132 830 Net change in unrealised appreciation/(depreciation) .... (2,413,953) (13,660,027) 826,736 (966,511) (1,216,605) Net realised and unrealised profit/(loss) ...... (2,089,199) (15,250,730) 908,760 (1,190,114) (1,369,471) Net increase/(decrease) in net assets as a result of operations ...... (1,795,619) (11,537,646) 1,414,180 (1,180,151) (1,371,637) Distributions to shareholders from net investment income ... 0 (4,840,612) 0 0 0

Capital share transactions Receipts from shares issued ...... 626,481 25,964,020 4,829,506 4,999,995 4,999,990 Reinvestment of distributions ...... 0 0 0 0 0 Payments from shares redeemed ...... (4,470,956) (24,070,500) (371,581) 0 0 Net increase/(decrease) in net assets resulting from capital share transactions ...... (3,844,475) 1,893,520 4,457,925 4,999,995 4,999,990 Total increase/(decrease) in net assets ...... (5,640,094) (14,484,738) 5,872,105 3,819,844 3,628,353 Net assets at the beginning of the year ...... 15,357,006 103,916,479 19,223,577 0 0 Currency translation adjustment ...... Net assets at the end of the year ...... 9,716,912 89,431,741 25,095,682 3,819,844 3,628,353

5 For the period from 20 February 2020 (commencement of operations) to 31 March 2020.

The accompanying notes are an integral part of these financial statements.

126 | Wells Fargo (Lux) Worldwide Fund

Statement of operations and changes in net assets for the year ended 31 March 2020 (continued)

3,335,560 0 746,752 2,979,205 0 364,445 0 0 40,549,897 0 9,123,964 0 0 10,023,166 0 7,993,218 10,011,787 43,208,431 0 0 0 0 0 0 5,694,142 0 5,694,142 0 0 0 0 0 0 0 0 896,031 3,335,560 9,123,964 746,752 2,979,205 10,023,166 364,445 13,687,360 10,011,787 90,348,501

198,253 58,955 49,164 83,968 83,703 22,754 109,873 91,854 1,340,481 6,983,499 1,041,824 929,121 2,653,655 1,237,051 235,721 2,983,830 808,230 29,356,906 296,971 164,857 43,083 101,684 132,803 65,557 304,246 247,306 3,402,220 91,825 48,883 41,335 26,298 45,020 30,913 51,900 47,690 853,337 7,434 7,461 7,501 7,483 7,483 7,484 7,484 7,501 170,462 0 0 0 0 0 0 0 0 2,130,122 0 0 0 0 0 0 0 0 13,117 5,478 6,974 5,778 5,691 6,976 5,484 15,712 4,761 154,336 169,774 15,173 14,801 34,798 23,965 2,491 74,644 27,969 559,411 0 0 0 0 0 9,440 0 12,098 74,669 17,719 19,966 18,053 16,686 22,311 20,133 150,332 26,878 808,388 35,671 26,996 30,780 32,287 25,275 34,443 27,601 32,849 675,903 71,460 37,571 38,891 93,396 44,942 43,977 111,100 44,460 1,311,982 7,878,084 1,428,660 1,178,507 3,055,946 1,629,529 478,397 3,836,722 1,351,596 40,851,334

(64,573) (43,352) (238) (70,599) (166,794) (170,300) (853,393) (148,820) (4,044,089) 7,813,511 1,385,308 1,178,269 2,985,347 1,462,735 308,097 2,983,329 1,202,776 36,807,245 (4,477,951) 7,738,656 (431,517) (6,142) 8,560,431 56,348 10,704,031 8,809,011 53,541,256

53,062,791 (3,103,683) 6,632,529 (4,171,343) (356,202) (2,682,852) 29,755 7,261,012 64,675,691 (114,533) (75,156) 75 (562) (2,325,659) (24,219) 0 (5,193,457) (5,245,439) 0 0 0 0 0 0 0 0 (1,147,977) 0 0 0 0 0 0 0 0 (1,513,257) 0 0 0 0 0 0 0 0 10,930,347 0 0 0 0 0 0 0 0 (560,847) (15,252) (6,882) (2,935) 5 2,284 (46) 0 (3,820) (291,683) 52,933,006 (3,185,721) 6,629,669 (4,171,900) (2,679,577) (2,707,117) 29,755 2,063,735 66,846,835

(99,218,493) (8,053,043) (2,973,003) (76,800,786) (12,883,574) (4,676,928) 0 1,860,505 (425,860,037) 34,314 25,307 36 214 685,884 7,407 0 1,507,553 1,664,475 0 0 0 0 0 0 0 0 (9,533) 0 0 0 0 0 0 0 0 57,644 0 0 0 0 0 0 0 0 (902,980) 0 0 0 0 0 0 0 0 (68,659) 201 0 0 0 (1,743) (5) 0 (24) (341,416) (99,183,978) (8,027,736) (2,972,967) (76,800,572) (12,199,433) (4,669,526) 0 3,368,034 (425,460,506) (46,250,972) (11,213,457) 3,656,702 (80,972,472) (14,879,010) (7,376,643) 29,755 5,431,769 (358,613,671)

(50,728,923) (3,474,801) 3,225,185 (80,978,614) (6,318,579) (7,320,295) 10,733,786 14,240,780 (305,072,415) 0 (222,830) 0 0 (1,168,372) 0 (10,733,786) (7,141,183) (26,544,296)

300,111,767 17,749,111 18,411,509 3,079,683 104,911,578 137,611 2,059,963,141 75,691,063 3,247,151,240 0 94 0 0 848,894 0 10,925,081 0 12,325,596 (247,989,224) (138,648,765) (15,175,706) (38,769,980) (171,342,206) (7,614,410) (1,858,253,998) (90,639,284) (3,291,850,962)

52,122,543 (120,899,560) 3,235,803 (35,690,297) (65,581,734) (7,476,799) 212,634,224 (14,948,221) (32,374,126) 1,393,620 (124,597,191) 6,460,988 (116,668,911) (73,068,685) (14,797,094) 212,634,224 (7,848,624) (363,990,837) 707,262,516 180,745,290 114,010,491 257,723,756 266,115,744 32,168,880 631,101,597 275,757,702 4,072,002,547 (4,034,608) 708,656,136 56,148,099 120,471,479 141,054,845 193,047,059 17,371,786 843,735,821 267,909,078 3,703,977,102

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 127

Statistics

31 March 2020 31 March 2019 31 March 2018 Alternative Risk Premia Fund1 in CCY in CCY in CCY

Total net assets (USD) ...... 35,539,572 N/A N/A Total net assets Class I (CHF) Shares-acc. (hedged) ...... 8,716 N/A N/A Class I (EUR) Shares-acc. (hedged) ...... 7,928 N/A N/A Class I (GBP) Shares-acc. (hedged) ...... 6,703 N/A N/A Class I (USD) Shares-acc...... 35,513,345 N/A N/A Net asset value per share Class I (CHF) Shares-acc. (hedged) ...... 88.04 N/A N/A Class I (EUR) Shares-acc. (hedged) ...... 88.09 N/A N/A Class I (GBP) Shares-acc. (hedged) ...... 88.20 N/A N/A Class I (USD) Shares-acc...... 88.85 N/A N/A

China Equity Fund

Total net assets (USD) ...... 12,088,866 16,668,201 61,887,228 Total net assets Class A (SEK) Shares-acc...... 114,005,429 141,157,738 175,576,575 Class A (USD) Shares-acc...... 456,753 1,032,413 1,120,690 Class I (EUR) Shares-acc...... 34,398 41,647 61,391 Class I (GBP) Shares-acc...... 6,664 257,970 269,021 Class I (USD) Shares-acc...... 8,466 9,659 39,215,469 Class Z (GBP) Shares-acc...... 42,982 46,764 49,684 Net asset value per share Class A (SEK) Shares-acc...... 1,519.89 1,640.32 1,567.62 Class A (USD) Shares-acc...... 277.83 319.04 339.50 Class I (EUR) Shares-acc...... 273.00 306.23 295.15 Class I (GBP) Shares-acc...... 214.96 233.88 229.54 Class I (USD) Shares-acc...... 302.37 344.97 363.16 Class Z (GBP) Shares-acc...... 208.65 227.01 222.80

Dynamic Credit Fund2

Total net assets (EUR) ...... N/A 21,036,908 N/A Total net assets Class A (EUR) Shares-acc...... N/A 50,024 N/A Class I (CHF) Shares-distr. (hedged) ...... N/A 10,336 N/A Class I (EUR) Shares-acc...... N/A 14,680,037 N/A Class I (EUR) Shares-distr...... N/A 4,903,242 N/A Class I (USD) Shares-acc. (hedged) ...... N/A 1,563,524 N/A Net asset value per share Class A (EUR) Shares-acc...... N/A 1,042.17 N/A Class I (CHF) Shares-distr. (hedged) ...... N/A 1,148.45 N/A Class I (EUR) Shares-acc...... N/A 1,118.82 N/A Class I (EUR) Shares-distr...... N/A 1,088.40 N/A Class I (USD) Shares-acc. (hedged) ...... N/A 1,133.81 N/A

1 The Sub-Fund commenced operations on 9 December 2019. 2 The Sub-Fund commenced operations on 2 July 2018 and liquidated on 11 October 2019.

The accompanying notes are an integral part of these financial statements.

128 | Wells Fargo (Lux) Worldwide Fund

Statistics (continued)

31 March 2020 31 March 2019 31 March 2018 Emerging Markets Equity Fund in CCY in CCY in CCY Total net assets (USD) ...... 243,977,759 287,334,009 313,426,397 Total net assets Class A (GBP) Shares-acc...... N/A N/A 8,163 Class A (USD) Shares-acc...... 370,513 381,048 4,609,427 Class I (AUD) Shares-distr...... 4,438 22,535 22,370 Class I (CHF) Shares-acc. (hedged) ...... 7,972 N/A N/A Class I (EUR) Shares-acc...... 94,299,838 105,465,486 112,901,094 Class I (GBP) Shares-acc...... 64,315,347 100,084,761 99,167,501 Class I (USD) Shares-acc...... 59,675,095 38,275,789 30,744,359 Class Z (CHF) Shares-acc. (hedged) ...... 7,972 N/A N/A Class Z (EUR) Shares-acc...... 7,430 N/A N/A Class Z (GBP) Shares-acc...... 6,547 N/A N/A Class Z (USD) Shares-acc...... 8,183 N/A N/A Net asset value per share Class A (GBP) Shares-acc...... N/A N/A 81.63 Class A (USD) Shares-acc...... 91.08 106.26 114.50 Class I (AUD) Shares-distr...... 184.90 186.24 184.87 Class I (CHF) Shares-acc. (hedged) ...... 81.35 N/A N/A Class I (EUR) Shares-acc...... 88.77 101.02 98.50 Class I (GBP) Shares-acc...... 78.83 87.03 86.40 Class I (USD) Shares-acc...... 97.97 113.40 121.28 Class Z (CHF) Shares-acc. (hedged) ...... 81.35 N/A N/A Class Z (EUR) Shares-acc...... 80.76 N/A N/A Class Z (GBP) Shares-acc...... 85.02 N/A N/A Class Z (USD) Shares-acc...... 81.83 N/A N/A

Emerging Markets Equity Income Fund Total net assets (USD) ...... 316,587,056 432,021,493 411,149,496 Total net assets Class A (USD) Shares-acc...... 737,948 1,416,648 2,298,009 Class A (USD) Shares-gross distr...... 5,334,165 576,157 916,475 Class I (AUD) Shares-distr...... 21,547,915 25,862,332 31,538,256 Class I (CHF) Shares-distr. (hedged) ...... 7,735 N/A N/A Class I (EUR) Shares-acc...... 1,329,022 8,647,003 11,652 Class I (EUR) Shares-distr...... 7,191 N/A N/A Class I (GBP) Shares-distr...... 6,366 N/A N/A Class I (USD) Shares-acc...... 261,806,177 376,171,453 377,538,931 Class I (USD) Shares-gross distr...... 8,085 N/A N/A Class X (GBP) Shares-acc...... 8,619 9,272 N/A Class Y (EUR) Shares-gross distr...... 520,248 9,512 N/A Class Y (GBP) Shares-gross distr...... 26,821,710 19,760,681 4,388,536 Class Y (USD) Shares-gross distr...... 9,926 13,124 N/A Class Z (CHF) Shares-distr. (hedged) ...... 7,735 N/A N/A Class Z (EUR) Shares-distr...... 7,191 N/A N/A Class Z (GBP) Shares-acc...... 11,391 9,423 9,418 Class Z (GBP) Shares-distr...... 6,365 N/A N/A Class Z (USD) Shares-distr...... 7,943 N/A N/A Net asset value per share Class A (USD) Shares-acc...... 99.32 126.43 137.17 Class A (USD) Shares-gross distr...... 84.75 111.81 126.76 Class I (AUD) Shares-distr...... 128.98 145.41 147.77 Class I (CHF) Shares-distr. (hedged) ...... 78.93 N/A N/A Class I (EUR) Shares-acc...... 95.62 118.74 116.52 Class I (EUR) Shares-distr...... 78.16 N/A N/A Class I (GBP) Shares-distr...... 82.67 N/A N/A Class I (USD) Shares-acc...... 105.47 133.21 143.40 Class I (USD) Shares-gross distr...... 103.65 N/A N/A Class X (GBP) Shares-acc...... 82.09 98.64 N/A Class Y (EUR) Shares-gross distr...... 75.86 97.06 N/A Class Y (GBP) Shares-gross distr...... 71.63 89.29 92.20 Class Y (USD) Shares-gross distr...... 70.40 93.08 N/A Class Z (CHF) Shares-distr. (hedged) ...... 78.93 N/A N/A Class Z (EUR) Shares-distr...... 78.16 N/A N/A Class Z (GBP) Shares-acc...... 85.01 102.42 102.37 Class Z (GBP) Shares-distr...... 82.66 N/A N/A Class Z (USD) Shares-distr...... 79.43 N/A N/A

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 129

Statistics (continued)

31 March 2020 31 March 2019 31 March 2018 EUR Investment Grade Credit Fund in CCY in CCY in CCY

Total net assets (EUR) ...... 96,435,500 109,230,544 103,124,603 Total net assets Class A (EUR) Shares-distr...... 8,423 N/A N/A Class I (CHF) Shares-acc. (hedged) ...... 101,126,235 119,760,072 118,947,367 Class I (EUR) Shares-acc...... 1,148,683 9,250 9,142 Class I (EUR) Shares-distr...... 8,729 1,999,780 1,996,613 Class Z (EUR) Shares-distr...... 8,427 N/A N/A Net asset value per share Class A (EUR) Shares-distr...... 91.55 N/A N/A Class I (CHF) Shares-acc. (hedged) ...... 97.71 101.84 101.16 Class I (EUR) Shares-acc...... 99.05 102.78 101.58 Class I (EUR) Shares-distr...... 96.99 101.05 100.89 Class Z (EUR) Shares-distr...... 91.60 N/A N/A

EUR Short Duration Credit Fund3

Total net assets (EUR) ...... 219,223,744 12,149,056 N/A Total net assets Class A (EUR) Shares-acc...... 8,667 N/A N/A Class A (EUR) Shares-distr...... 8,667 N/A N/A Class I (EUR) Shares-acc...... 17,876,368 486,051 N/A Class I (EUR) Shares-distr...... 8,337,432 9,060,174 N/A Class I (GBP) Shares-acc. (hedged) ...... 1,148 2,240,736 N/A Class X (EUR) Shares-acc...... 183,168,956 N/A N/A Class X (EUR) Shares-distr...... 2,187,698 N/A N/A Class X (GBP) Shares-distr. (hedged) ...... 7,464 N/A N/A Class X (USD) Shares-acc. (hedged) ...... 9,910 N/A N/A Class X1 (EUR) Shares-acc...... 7,594,798 N/A N/A Class X1 (USD) Shares-acc. (hedged) ...... 9,900 N/A N/A Class Z (EUR) Shares-acc...... 8,672 N/A N/A Class Z (EUR) Shares-distr...... 8,672 N/A N/A Net asset value per share Class A (EUR) Shares-acc...... 94.21 N/A N/A Class A (EUR) Shares-distr...... 94.21 N/A N/A Class I (EUR) Shares-acc...... 1,189.30 1,236.77 N/A Class I (EUR) Shares-distr...... 995.99 1,041.16 N/A Class I (GBP) Shares-acc. (hedged) ...... 1,148.26 1,181.20 N/A Class X (EUR) Shares-acc...... 96.30 N/A N/A Class X (EUR) Shares-distr...... 94.64 N/A N/A Class X (GBP) Shares-distr. (hedged) ...... 96.94 N/A N/A Class X (USD) Shares-acc. (hedged) ...... 99.10 N/A N/A Class X1 (EUR) Shares-acc...... 96.20 N/A N/A Class X1 (USD) Shares-acc. (hedged) ...... 99.00 N/A N/A Class Z (EUR) Shares-acc...... 94.26 N/A N/A Class Z (EUR) Shares-distr...... 94.26 N/A N/A

Global Equity Fund

Total net assets (USD) ...... 49,089,113 220,688,174 140,899,284 Total net assets Class A (USD) Shares-acc...... 152,159 171,958 169,905 Class I (EUR) Shares-acc. (hedged) ...... 7,024 N/A N/A Class I (USD) Shares-acc...... 48,762,831 220,296,288 140,504,413 Class Z (GBP) Shares-acc...... 132,824 169,951 159,878 Net asset value per share Class A (USD) Shares-acc...... 127.33 152.31 149.96 Class I (EUR) Shares-acc. (hedged) ...... 76.35 N/A N/A Class I (USD) Shares-acc...... 139.58 165.69 161.85 Class Z (GBP) Shares-acc...... 205.61 232.81 211.20

3 The Sub-Fund commenced operations on 2 July 2018.

The accompanying notes are an integral part of these financial statements.

130 | Wells Fargo (Lux) Worldwide Fund

Statistics (continued)

31 March 2020 31 March 2019 31 March 2018 Global Equity Absolute Return Fund4 in CCY in CCY in CCY

Total net assets (USD) ...... 10,471,767 114,822,652 N/A Total net assets Class IP (EUR) Shares-acc. (hedged) ...... N/A 10,313,974 N/A Class IP (USD) Shares-acc...... 9,988,214 9,518 N/A Class Y (EUR) Shares-acc. (hedged) ...... 430,850 91,764,950 N/A Class ZP (GBP) Shares-acc. (hedged) ...... 7,101 235,031 N/A Net asset value per share Class IP (EUR) Shares-acc. (hedged) ...... N/A 97.32 N/A Class IP (USD) Shares-acc...... 91.33 95.18 N/A Class Y (EUR) Shares-acc. (hedged) ...... 86.17 92.99 N/A Class ZP (GBP) Shares-acc. (hedged) ...... 91.04 96.88 N/A

Global Factor Enhanced Equity Fund5

Total net assets (USD) ...... 25,387,096 19,894,223 N/A Total net assets Class A (USD) Shares-acc...... 8,001 N/A N/A Class I (CHF) Shares-acc. (hedged) ...... 7,796 N/A N/A Class I (EUR) Shares-acc. (hedged) ...... 7,316 N/A N/A Class I (GBP) Shares-acc...... 6,419 N/A N/A Class I (USD) Shares-acc...... 25,321,785 19,894,030 N/A Class Z (CHF) Shares-acc. (hedged) ...... 7,796 N/A N/A Class Z (EUR) Shares-acc. (hedged) ...... 7,316 N/A N/A Class Z (GBP) Shares-acc...... 6,419 N/A N/A Class Z (USD) Shares-acc...... 8,002 N/A N/A Net asset value per share Class A (USD) Shares-acc...... 80.01 N/A N/A Class I (CHF) Shares-acc. (hedged) ...... 79.55 N/A N/A Class I (EUR) Shares-acc. (hedged) ...... 79.52 N/A N/A Class I (GBP) Shares-acc...... 83.36 N/A N/A Class I (USD) Shares-acc...... 82.29 99.97 N/A Class Z (CHF) Shares-acc. (hedged) ...... 79.55 N/A N/A Class Z (EUR) Shares-acc. (hedged) ...... 79.52 N/A N/A Class Z (GBP) Shares-acc...... 83.36 N/A N/A Class Z (USD) Shares-acc...... 80.02 N/A N/A

Global Focused Equity Fund6

Total net assets (USD) ...... N/A 12,767,713 13,796,326 Total net assets Class I (EUR) Shares-acc...... N/A 11,393 11,223 Class I (GBP) Shares-acc...... N/A 9,813 9,843 Class I (USD) Shares-acc...... N/A 12,728,880 13,754,760 Class Z (GBP) Shares-acc...... N/A 9,813 9,843 Net asset value per share Class I (EUR) Shares-acc...... N/A 113.93 112.23 Class I (GBP) Shares-acc...... N/A 98.13 98.43 Class I (USD) Shares-acc...... N/A 127.80 138.10 Class Z (GBP) Shares-acc...... N/A 98.13 98.43

4 The Sub-Fund commenced operations on 26 April 2018. 5 The Sub-Fund commenced operations on 15 March 2019. 6 The Sub-Fund liquidated on 29 August 2019.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 131

Statistics (continued)

31 March 2020 31 March 2019 31 March 2018 Global Investment Grade Credit Fund7 in CCY in CCY in CCY

Total net assets (USD) ...... 40,081,853 N/A N/A Total net assets Class I (CHF) Shares-distr. (hedged) ...... 9,438 N/A N/A Class I (EUR) Shares-distr. (hedged) ...... 8,595 N/A N/A Class I (GBP) Shares-distr. (hedged) ...... 1,461,827 N/A N/A Class I (USD) Shares-distr...... 38,209,017 N/A N/A Class Z (CHF) Shares-distr. (hedged) ...... 9,438 N/A N/A Class Z (EUR) Shares-distr. (hedged) ...... 8,595 N/A N/A Class Z (GBP) Shares-distr. (hedged) ...... 7,387 N/A N/A Class Z (USD) Shares-distr...... 9,569 N/A N/A Net asset value per share Class I (CHF) Shares-distr. (hedged) ...... 94.38 N/A N/A Class I (EUR) Shares-distr. (hedged) ...... 94.45 N/A N/A Class I (GBP) Shares-distr. (hedged) ...... 94.77 N/A N/A Class I (USD) Shares-distr...... 95.69 N/A N/A Class Z (CHF) Shares-distr. (hedged) ...... 94.38 N/A N/A Class Z (EUR) Shares-distr. (hedged) ...... 94.45 N/A N/A Class Z (GBP) Shares-distr. (hedged) ...... 94.70 N/A N/A Class Z (USD) Shares-distr...... 95.69 N/A N/A

Global Long/Short Equity Fund

Total net assets (USD) ...... 142,526,605 204,667,325 221,269,693 Total net assets Class AP (USD) Shares-acc...... 1,364,083 3,900,866 8,733,054 Class IP (CHF) Shares-acc. (hedged) ...... 9,158 N/A N/A Class IP (EUR) Shares-acc. (hedged) ...... 19,341,672 11,920,502 7,772 Class IP (EUR) Shares-distr...... 938,126 7,853,555 10,163,434 Class IP (GBP) Shares-acc...... 2,808,903 6,004,362 7,057,916 Class IP (USD) Shares-acc...... 115,255,939 170,762,921 190,116,082 Class ZP (CHF) Shares-acc. (hedged) ...... 9,158 N/A N/A Class ZP (EUR) Shares-acc. (hedged) ...... 8,592 N/A N/A Class ZP (GBP) Shares-acc...... 7,639 N/A N/A Class ZP (USD) Shares-acc...... 9,488 N/A N/A Net asset value per share Class AP (USD) Shares-acc...... 86.68 96.94 100.91 Class IP (CHF) Shares-acc. (hedged) ...... 94.41 N/A N/A Class IP (EUR) Shares-acc. (hedged) ...... 78.78 90.19 95.95 Class IP (EUR) Shares-distr...... 83.02 91.70 86.31 Class IP (GBP) Shares-acc...... 73.68 78.00 74.53 Class IP (USD) Shares-acc...... 92.55 102.74 106.13 Class ZP (CHF) Shares-acc. (hedged) ...... 94.41 N/A N/A Class ZP (EUR) Shares-acc. (hedged) ...... 94.42 N/A N/A Class ZP (GBP) Shares-acc...... 97.94 N/A N/A Class ZP (USD) Shares-acc...... 94.88 N/A N/A

7 The Sub-Fund commenced operations on 8 November 2019.

The accompanying notes are an integral part of these financial statements.

132 | Wells Fargo (Lux) Worldwide Fund

Statistics (continued)

31 March 2020 31 March 2019 31 March 2018 Global Low Volatility Equity Fund in CCY in CCY in CCY

Total net assets (USD) ...... 9,716,912 15,357,006 172,384,331 Total net assets Class A (USD) Shares-acc...... 9,398 N/A N/A Class I (CHF) Shares-acc. (hedged) ...... 8,246 N/A N/A Class I (EUR) Shares-acc...... 8,378,440 13,654,587 11,424,609 Class I (GBP) Shares-acc...... 7,192 8,235 112,847,384 Class I (USD) Shares-acc...... 460,780 11,310 10,833 Class Z (CHF) Shares-acc. (hedged) ...... 8,246 N/A N/A Class Z (EUR) Shares-acc. (hedged) ...... 8,074 N/A N/A Class Z (GBP) Shares-acc...... 6,868 N/A N/A Class Z (USD) Shares-acc...... 8,547 N/A N/A Net asset value per share Class A (USD) Shares-acc...... 85.44 N/A N/A Class I (CHF) Shares-acc. (hedged) ...... 85.01 N/A N/A Class I (EUR) Shares-acc...... 9.19 10.81 9.44 Class I (GBP) Shares-acc...... 14.47 16.57 14.73 Class I (USD) Shares-acc...... 12.43 14.96 14.33 Class Z (CHF) Shares-acc. (hedged) ...... 85.01 N/A N/A Class Z (EUR) Shares-acc. (hedged) ...... 84.99 N/A N/A Class Z (GBP) Shares-acc...... 88.05 N/A N/A Class Z (USD) Shares-acc...... 85.47 N/A N/A

Global Multi-Asset Income Fund8

Total net assets (USD) ...... 89,431,741 103,916,479 N/A Total net assets Class A (EUR) Shares-distr. (hedged) ...... 7,573 9,053 N/A Class I (EUR) Shares-distr. (hedged) ...... 8,551,055 9,057 N/A Class I (GBP) Shares-distr. (hedged) ...... 9,820,863 8,261 N/A Class I (USD) Shares-distr...... 67,787,078 103,878,432 N/A Class Z (USD) Shares-distr...... 8,848 10,392 N/A Net asset value per share Class A (EUR) Shares-distr. (hedged) ...... 86.06 102.87 N/A Class I (EUR) Shares-distr. (hedged) ...... 86.65 102.92 N/A Class I (GBP) Shares-distr. (hedged) ...... 87.41 103.26 N/A Class I (USD) Shares-distr...... 88.43 103.92 N/A Class Z (USD) Shares-distr...... 88.48 103.92 N/A

Global Opportunity Bond Fund

Total net assets (USD) ...... 25,095,682 19,223,577 19,060,573 Total net assets Class A (EUR) Shares-acc. (hedged) ...... 121,243 116,557 117,768 Class A (USD) Shares-acc...... 215,814 115,823 53,251 Class I (EUR) Shares-acc. (hedged) ...... 8,523 8,157 14,439 Class I (GBP) Shares-acc. (hedged) ...... 3,803,158 3,596,482 3,575,605 Class I (USD) Shares-acc...... 20,013,068 14,283,389 13,817,738 Class Z (USD) Shares-acc...... N/A N/A 11,001 Net asset value per share Class A (EUR) Shares-acc. (hedged) ...... 84.08 80.83 81.67 Class A (USD) Shares-acc...... 119.83 111.69 109.57 Class I (EUR) Shares-acc. (hedged) ...... 85.23 81.57 82.04 Class I (GBP) Shares-acc. (hedged) ...... 72.87 68.91 68.51 Class I (USD) Shares-acc...... 124.55 115.51 112.75 Class Z (USD) Shares-acc...... N/A N/A 112.25

8 The Sub-Fund commenced operations on 14 December 2018.

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 133

Statistics (continued)

31 March 2020 31 March 2019 31 March 2018 Global Small Cap Equity Fund9 in CCY in CCY in CCY Total net assets (USD) ...... 3,819,844 N/A N/A Total net assets Class I (CHF) Shares-acc. (hedged) ...... 7,449 N/A N/A Class I (EUR) Shares-acc...... 6,950 N/A N/A Class I (GBP) Shares-acc...... 6,180 N/A N/A Class I (USD) Shares-acc...... 3,796,583 N/A N/A Net asset value per share Class I (CHF) Shares-acc. (hedged) ...... 76.01 N/A N/A Class I (EUR) Shares-acc...... 74.73 N/A N/A Class I (GBP) Shares-acc...... 79.23 N/A N/A Class I (USD) Shares-acc...... 76.39 N/A N/A

Small Cap Innovation Fund9 Total net assets (USD) ...... 3,628,353 N/A N/A Total net assets Class I (CHF) Shares-acc. (hedged) ...... 7,071 N/A N/A Class I (EUR) Shares-acc. (hedged) ...... 6,699 N/A N/A Class I (GBP) Shares-acc...... 5,870 N/A N/A Class I (USD) Shares-acc...... 3,584,464 N/A N/A Class Z (EUR) Shares-acc. (hedged) ...... 6,699 N/A N/A Class Z (GBP) Shares-acc...... 5,870 N/A N/A Class Z (USD) Shares-acc...... 7,256 N/A N/A Net asset value per share Class I (CHF) Shares-acc. (hedged) ...... 72.15 N/A N/A Class I (EUR) Shares-acc. (hedged) ...... 72.03 N/A N/A Class I (GBP) Shares-acc...... 75.25 N/A N/A Class I (USD) Shares-acc...... 72.56 N/A N/A Class Z (EUR) Shares-acc. (hedged) ...... 72.03 N/A N/A Class Z (GBP) Shares-acc...... 75.25 N/A N/A Class Z (USD) Shares-acc...... 72.56 N/A N/A

U.S. All Cap Growth Fund Total net assets (USD) ...... 708,656,136 707,262,516 621,511,119 Total net assets Class A (EUR) Shares-acc. (hedged) ...... 825,582 10,851 N/A Class A (GBP) Shares-acc...... 791,558 816,511 720,212 Class A (SGD) Shares-acc. (hedged) ...... 11,976 N/A N/A Class A (USD) Shares-acc...... 85,882,554 97,209,790 108,443,786 Class I (CHF) Shares-acc. (hedged) ...... 8,364 N/A N/A Class I (EUR) Shares-acc...... 61,614,414 17,809,928 5,996,157 Class I (EUR) Shares-acc. (hedged) ...... 2,697,803 N/A N/A Class I (GBP) Shares-acc...... 3,032,110 3,566,911 3,574,764 Class I (USD) Shares-acc...... 438,925,940 443,591,554 363,368,268 Class Z (EUR) Shares-acc. (hedged) ...... 3,215,731 174,906 9,757 Class Z (GBP) Shares-acc...... 13,632,948 14,918,430 15,495,846 Class Z (GBP) Shares-distr...... 622,010 944,886 362,227 Class Z (USD) Shares-acc...... 30,798,441 29,512,623 30,516,956 Class Z (USD) Shares-distr...... 55,187,863 90,390,125 83,512,346 Net asset value per share Class A (EUR) Shares-acc. (hedged) ...... 99.72 108.51 N/A Class A (GBP) Shares-acc...... 387.07 389.00 323.11 Class A (SGD) Shares-acc. (hedged) ...... 86.16 N/A N/A Class A (USD) Shares-acc...... 299.16 315.26 282.07 Class I (CHF) Shares-acc. (hedged) ...... 86.23 N/A N/A Class I (EUR) Shares-acc...... 299.24 307.46 248.70 Class I (EUR) Shares-acc. (hedged) ...... 84.23 N/A N/A Class I (GBP) Shares-acc...... 424.19 422.72 348.18 Class I (USD) Shares-acc...... 330.02 344.88 306.00 Class Z (EUR) Shares-acc. (hedged) ...... 98.83 106.65 97.57 Class Z (GBP) Shares-acc...... 412.32 411.01 338.67 Class Z (GBP) Shares-distr...... 412.20 410.82 338.53 Class Z (USD) Shares-acc...... 317.68 332.11 294.79 Class Z (USD) Shares-distr...... 318.06 332.50 295.13

9 The Sub-Fund commenced operations on 20 February 2020.

The accompanying notes are an integral part of these financial statements.

134 | Wells Fargo (Lux) Worldwide Fund

Statistics (continued)

31 March 2020 31 March 2019 31 March 2018 U.S. High Yield Bond Fund in CCY in CCY in CCY

Total net assets (USD) ...... 56,148,099 180,745,290 261,867,030 Total net assets Class A (USD) Shares-acc...... 597,190 920,905 923,388 Class A (USD) Shares-gross distr...... 452,848 292,216 450,105 Class I (CHF) Shares-distr. (hedged) ...... 8,493 N/A N/A Class I (EUR) Shares-acc...... 40,548,234 36,243,232 15,162,895 Class I (EUR) Shares-acc. (hedged) ...... 8,887 1,617,352 1,595,535 Class I (EUR) Shares-distr. (hedged) ...... 7,970 N/A N/A Class I (GBP) Shares-acc. (hedged) ...... 86,272 N/A N/A Class I (GBP) Shares-distr. (hedged) ...... 6,829 N/A N/A Class I (USD) Shares-acc...... 10,095,383 133,187,144 233,997,180 Class I (USD) Shares-gross distr...... 31,996 3,813,993 5,831,456 Class X (GBP) Shares-acc...... 21,240 7,991 N/A Class Z (EUR) Shares-distr. (hedged) ...... 7,970 N/A N/A Class Z (GBP) Shares-acc...... 45,151 37,721 33,550 Class Z (GBP) Shares-distr. (hedged) ...... 6,829 N/A N/A Class Z (USD) Shares-distr...... 8,796 N/A N/A Net asset value per share Class A (USD) Shares-acc...... 172.20 189.02 182.56 Class A (USD) Shares-gross distr...... 124.58 144.59 161.27 Class I (CHF) Shares-distr. (hedged) ...... 87.56 N/A N/A Class I (EUR) Shares-acc...... 172.65 184.79 161.34 Class I (EUR) Shares-acc. (hedged) ...... 150.62 169.02 166.74 Class I (EUR) Shares-distr. (hedged) ...... 87.58 N/A N/A Class I (GBP) Shares-acc. (hedged) ...... 87.32 N/A N/A Class I (GBP) Shares-distr. (hedged) ...... 87.55 N/A N/A Class I (USD) Shares-acc...... 190.02 206.83 198.09 Class I (USD) Shares-gross distr...... 148.82 171.40 174.49 Class X (GBP) Shares-acc...... 104.12 107.99 N/A Class Z (EUR) Shares-distr. (hedged) ...... 87.58 N/A N/A Class Z (GBP) Shares-acc...... 166.61 173.03 153.90 Class Z (GBP) Shares-distr. (hedged) ...... 87.55 N/A N/A Class Z (USD) Shares-distr...... 87.96 N/A N/A

U.S. Large Cap Growth Fund

Total net assets (USD) ...... 120,471,479 114,010,491 111,014,926 Total net assets Class A (USD) Shares-acc...... 6,535,532 5,310,353 2,248,669 Class I (EUR) Shares-acc...... 97,109,126 96,516,542 87,939,866 Class I (EUR) Shares-acc. (hedged) ...... 7,907 N/A N/A Class I (USD) Shares-acc...... 6,747,173 350,427 488,845 Class Z (GBP) Shares-acc...... 63,493 62,273 53,214 Net asset value per share Class A (USD) Shares-acc...... 249.21 242.87 212.62 Class I (EUR) Shares-acc...... 250.40 237.93 188.30 Class I (EUR) Shares-acc. (hedged) ...... 85.95 N/A N/A Class I (USD) Shares-acc...... 276.15 266.89 231.68 Class Z (GBP) Shares-acc...... 364.90 336.61 271.50

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 135

Statistics (continued)

31 March 2020 31 March 2019 31 March 2018 U.S. Select Equity Fund in CCY in CCY in CCY

Total net assets (USD) ...... 141,054,845 257,723,756 260,967,793 Total net assets Class A (EUR) Shares-acc...... 15,863 37,614 24,779 Class A (USD) Shares-acc...... 138,360 5,136,865 6,313,467 Class I (EUR) Shares-acc. (hedged) ...... 6,431 10,442 10,884 Class I (GBP) Shares-acc...... 5,502 N/A N/A Class I (USD) Shares-acc...... 123,277,266 222,179,795 226,984,127 Class X (EUR) Shares-acc. (hedged) ...... N/A N/A 8,761 Class X (GBP) Shares-distr...... N/A N/A 9,123 Class X (USD) Shares-acc...... N/A N/A 10,546 Class X (USD) Shares-distr...... 17,593,470 30,348,569 27,594,900 Class Z (EUR) Shares-acc. (hedged) ...... 6,284 N/A N/A Class Z (GBP) Shares-acc...... 5,502 N/A N/A Net asset value per share Class A (EUR) Shares-acc...... 78.92 122.92 114.19 Class A (USD) Shares-acc...... 77.21 122.01 124.32 Class I (EUR) Shares-acc. (hedged) ...... 72.26 117.33 122.29 Class I (GBP) Shares-acc...... 71.46 N/A N/A Class I (USD) Shares-acc...... 80.42 126.31 127.64 Class X (EUR) Shares-acc. (hedged) ...... N/A N/A 87.61 Class X (GBP) Shares-distr...... N/A N/A 138.23 Class X (USD) Shares-acc...... N/A N/A 128.61 Class X (USD) Shares-distr...... 81.40 127.53 128.59 Class Z (EUR) Shares-acc. (hedged) ...... 68.30 N/A N/A Class Z (GBP) Shares-acc...... 71.46 N/A N/A

U.S. Short-Term High Yield Bond Fund

Total net assets (USD) ...... 193,047,059 266,115,744 311,724,518 Total net assets Class A (USD) Shares-acc...... 1,105,706 1,755,587 1,936,003 Class I (EUR) Shares-distr. (hedged) ...... 9,365 3,799,350 3,871,314 Class I (GBP) Shares-distr. (hedged) ...... 18,247,280 18,993,452 17,835,755 Class I (USD) Shares-acc...... 158,737,188 229,703,584 275,667,840 Class I (USD) Shares-gross distr...... 10,506,329 5,645,174 4,336,188 Class X (GBP) Shares-acc...... 11,852 11,411 N/A Class Z (EUR) Shares-distr. (hedged) ...... 8,628 N/A N/A Net asset value per share Class A (USD) Shares-acc...... 111.35 114.46 110.73 Class I (EUR) Shares-distr. (hedged) ...... 66.42 72.33 73.70 Class I (GBP) Shares-distr. (hedged) ...... 60.65 65.24 65.69 Class I (USD) Shares-acc...... 118.72 121.02 116.10 Class I (USD) Shares-gross distr...... 102.98 109.21 108.72 Class X (GBP) Shares-acc...... 110.77 107.65 N/A Class Z (EUR) Shares-distr. (hedged) ...... 94.81 N/A N/A

U.S. Small Cap Value Fund

Total net assets (USD) ...... 17,371,786 32,168,880 66,105,631 Total net assets Class I (GBP) Shares-acc...... 66,190 326,928 30,334,937 Class I (USD) Shares-acc...... 17,260,472 27,646,084 20,366,908 Class X (GBP) Shares-acc. (hedged) ...... 4,989 382,600 N/A Class Z (GBP) Shares-acc. (hedged) ...... 7,183 14,097 15,589 Class Z (USD) Shares-acc...... 13,207 3,579,585 3,158,295 Net asset value per share Class I (GBP) Shares-acc...... 69.60 94.08 92.25 Class I (USD) Shares-acc...... 90.19 127.91 135.12 Class X (GBP) Shares-acc. (hedged) ...... 65.65 95.65 N/A Class Z (GBP) Shares-acc. (hedged) ...... 63.01 92.14 99.29 Class Z (USD) Shares-acc...... 90.46 127.92 135.12

The accompanying notes are an integral part of these financial statements.

136 | Wells Fargo (Lux) Worldwide Fund

Statistics (continued)

31 March 2020 31 March 2019 31 March 2018 USD Government Money Market Fund in CCY in CCY in CCY

Total net assets (USD) ...... 843,735,821 631,101,597 653,926,661 Total net assets Class A (USD) Shares-distr...... N/A N/A 526,329,100 Class I (USD) Shares-distr...... 49,140,364 136,646,521 127,849,970 Service Class (USD) Shares-distr...... 794,595,457 494,455,077 51,498 Net asset value per share Class A (USD) Shares-distr...... N/A N/A 1.00 Class I (USD) Shares-distr...... 1.00 1.00 1.00 Service Class (USD) Shares-distr...... 1.00 1.00 1.00

USD Investment Grade Credit Fund

Total net assets (USD) ...... 267,909,078 275,757,702 308,738,615 Total net assets Class A (USD) Shares-acc...... 2,335,550 587,658 10,504 Class A (USD) Shares-distr...... 9,424 N/A N/A Class I (CHF) Shares-distr. (hedged) ...... 9,180 N/A N/A Class I (EUR) Shares-distr. (hedged) ...... 70,336,044 70,221,093 64,808,502 Class I (GBP) Shares-distr. (hedged) ...... 7,206 N/A N/A Class I (JPY) Shares-acc. (hedged) ...... 1,042,194,949 870,677,746 N/A Class I (SGD) Shares-acc. (hedged) ...... 10,016 N/A N/A Class I (USD) Shares-acc...... 56,744,288 51,966,778 53,379,720 Class I (USD) Shares-distr...... 82,560,266 101,745,362 111,108,707 Class Y (EUR) Shares-gross distr. (hedged) ...... 1,971,668 4,803,383 20,547,886 Class Y (GBP) Shares-gross distr. (hedged) ...... 295,413 594,941 9,368,956 Class Y (USD) Shares-gross distr...... 36,399,325 28,666,617 26,066,223 Class Z (EUR) Shares-distr. (hedged) ...... 8,615 N/A N/A Class Z (GBP) Shares-distr. (hedged) ...... 7,206 N/A N/A Class Z (USD) Shares-distr...... 9,428 N/A N/A Net asset value per share Class A (USD) Shares-acc...... 116.69 109.74 105.04 Class A (USD) Shares-distr...... 94.24 N/A N/A Class I (CHF) Shares-distr. (hedged) ...... 93.67 N/A N/A Class I (EUR) Shares-distr. (hedged) ...... 97.79 97.70 99.23 Class I (GBP) Shares-distr. (hedged) ...... 93.58 N/A N/A Class I (JPY) Shares-acc. (hedged) ...... 10,732.66 10,379.05 N/A Class I (SGD) Shares-acc. (hedged) ...... 100.16 N/A N/A Class I (USD) Shares-acc...... 118.63 111.01 105.72 Class I (USD) Shares-distr...... 107.03 103.47 102.07 Class Y (EUR) Shares-gross distr. (hedged) ...... 92.78 95.19 97.20 Class Y (GBP) Shares-gross distr. (hedged) ...... 78.84 96.55 97.51 Class Y (USD) Shares-gross distr...... 106.66 103.64 102.52 Class Z (EUR) Shares-distr. (hedged) ...... 93.64 N/A N/A Class Z (GBP) Shares-distr. (hedged) ...... 93.58 N/A N/A Class Z (USD) Shares-distr...... 94.28 N/A N/A

The accompanying notes are an integral part of these financial statements.

Wells Fargo (Lux) Worldwide Fund | 137

Notes to financial statements

1. ORGANISATION Wells Fargo (Lux) Worldwide Fund (the “Fund”) was incorporated for an unlimited period on 20 March 2008 as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as an open-ended Société d’Investissement à Capital Variable under part I of the Grand Duchy of Luxembourg law dated 17 December 2010 concerning undertakings for collective investment in transferable securities, as amended. The Fund is registered with the Registre de Commerce et des Sociétés of Luxembourg under Number B 137.479. The Fund has adopted an umbrella structure, which allows its capital to be divided into different portfolios of securities and other assets permitted by law with specific investment objectives and various risks or other characteristics (each a “Sub-Fund”, collectively the “Sub-Funds”). Since 21 March 2019, USD Government Money Market Fund qualifies as a money market fund within the meaning of Regulation (EU) 2017/1131 of 14 June 2017 on money market funds and more specifically as a short-term public debt constant net asset value (“NAV”) per share money market fund. During the year ended 31 March 2020, the following Sub-Funds commenced operations:

Sub-Fund Commencement date Alternative Risk Premia Fund 9/12/2019 Global Investment Grade Credit Fund 8/11/2019 Global Small Cap Equity Fund 20/2/2020 Small Cap Innovation Fund 20/2/2020

During the year ended 31 March 2020, the following Sub-Funds liquidated:

Sub-Fund Liquidation date Dynamic Credit Fund 11/10/2019 Global Focused Equity Fund 29/8/2019

The liquidated Sub-Funds retained cash to pay post liquidation expense invoices. As at 31 March 2020, Dynamic Credit Fund and Global Focused Equity Fund held EUR 65,538 and USD 82,394, respectively. During the year ended 31 March 2020, the following share classes were launched:

Sub-Fund Share class Launch date Alternative Risk Premia Fund Class I (CHF) Shares-acc. (hedged) 9/12/2019 Class I (EUR) Shares-acc. (hedged) 9/12/2019 Class I (GBP) Shares-acc. (hedged) 9/12/2019 Class I (USD) Shares-acc. 9/12/2019 Emerging Markets Equity Fund Class I (CHF) Shares-acc. (hedged) 26/2/2020 Class Z (CHF) Shares-acc. (hedged) 26/2/2020 Class Z (EUR) Shares-acc. 26/2/2020 Class Z (GBP) Shares-acc. 26/2/2020 Class Z (USD) Shares-acc. 26/2/2020 Emerging Markets Equity Income Fund Class I (CHF) Shares-distr. (hedged) 24/2/2020 Class I (EUR) Shares-distr. 24/2/2020 Class I (GBP) Shares-distr. 24/2/2020 Class I (USD) Shares - gross distr.1 2/8/2019 Class Z (CHF) Shares-distr. (hedged) 24/2/2020 1 Class commenced operations on 29 February 2016, closed on 13 November 2017 and reopened on 2 August 2019.

138 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

Sub-Fund Share class Launch date Emerging Markets Equity Income Fund (continued) Class Z (EUR) Shares-distr. 24/2/2020 Class Z (GBP) Shares-distr. 24/2/2020 Class Z (USD) Shares-distr. 24/2/2020 EUR Investment Grade Credit Fund Class A (EUR) Shares-distr. 24/2/2020 Class Z (EUR) Shares-distr. 24/2/2020 EUR Short Duration Credit Fund Class A (EUR) Shares-acc. 26/2/2020 Class A (EUR) Shares-distr. 26/2/2020 Class X (EUR) Shares-distr. 6/12/2019 Class Z (EUR) Shares-acc. 26/2/2020 Class Z (EUR) Shares-distr. 26/2/2020 Global Equity Fund Class I (EUR) Shares-acc. (hedged) 24/2/2020 Global Factor Enhanced Equity Fund Class A (USD) Shares-acc. 26/2/2020 Class I (CHF) Shares-acc. (hedged) 26/2/2020 Class I (EUR) Shares-acc. (hedged) 26/2/2020 Class I (GBP) Shares-acc. 26/2/2020 Class Z (CHF) Shares-acc. (hedged) 26/2/2020 Class Z (EUR) Shares-acc. (hedged) 26/2/2020 Class Z (GBP) Shares-acc. 26/2/2020 Class Z (USD) Shares-acc. 26/2/2020 Global Investment Grade Credit Fund Class I (CHF) Shares-distr. (hedged) 8/11/2019 Class I (EUR) Shares-distr. (hedged) 8/11/2019 Class I (GBP) Shares-distr. (hedged) 8/11/2019 Class I (USD) Shares-distr. 8/11/2019 Class Z (CHF) Shares-distr. (hedged) 8/11/2019 Class Z (EUR) Shares-distr. (hedged) 8/11/2019 Class Z (GBP) Shares-distr. (hedged) 8/11/2019 Class Z (USD) Shares-distr. 8/11/2019 Global Long/Short Equity Fund Class IP (CHF) Shares-acc. (hedged) 28/2/2020 Class ZP (CHF) Shares-acc. (hedged) 28/2/2020 Class ZP (EUR) Shares-acc. (hedged) 28/2/2020 Class ZP (GBP) Shares-acc. 28/2/2020 Class ZP (USD) Shares-acc. 28/2/2020 Global Low Volatility Equity Fund Class A (USD) Shares-acc. 28/2/2020 Class I (CHF) Shares-acc. (hedged) 28/2/2020 Class Z (CHF) Shares-acc. (hedged) 28/2/2020

Wells Fargo (Lux) Worldwide Fund | 139

Notes to financial statements (continued)

Sub-Fund Share class Launch date Global Low Volatility Equity Fund (continued) Class Z (EUR) Shares-acc. (hedged) 28/2/2020 Class Z (GBP) Shares-acc. 28/2/2020 Class Z (USD) Shares-acc. 28/2/2020 Global Small Cap Equity Fund Class I (CHF) Shares-acc. (hedged) 20/2/2020 Class I (EUR) Shares-acc. 20/2/2020 Class I (GBP) Shares-acc. 20/2/2020 Class I (USD) Shares-acc. 20/2/2020 Small Cap Innovation Fund Class I (CHF) Shares-acc. (hedged) 20/2/2020 Class I (EUR) Shares-acc. (hedged) 20/2/2020 Class I (GBP) Shares-acc. 20/2/2020 Class I (USD) Shares-acc. 20/2/2020 Class Z (EUR) Shares-acc. (hedged) 20/2/2020 Class Z (GBP) Shares-acc. 20/2/2020 Class Z (USD) Shares-acc. 20/2/2020 U.S. All Cap Growth Fund Class A (SGD) Shares-acc. (hedged) 28/2/2020 Class I (CHF) Shares-acc. (hedged)1 28/2/2020 Class I (EUR) Shares-acc. (hedged) 6/12/2019 U.S. High Yield Bond Fund Class I (CHF) Shares-distr. (hedged) 28/2/2020 Class I (EUR) Shares-distr. (hedged) 28/2/2020 Class I (GBP) Shares-acc. (hedged) 31/10/2019 Class I (GBP) Shares-distr. (hedged) 28/2/2020 Class Z (EUR) Shares-distr. (hedged) 28/2/2020 Class Z (GBP) Shares-distr. (hedged) 28/2/2020 Class Z (USD) Shares-distr. 28/2/2020 U.S. Large Cap Growth Fund Class I (EUR) Shares-acc. (hedged) 26/2/2020 U.S. Select Equity Fund Class I (GBP) Shares-acc. 26/2/2020 Class Z (EUR) Shares-acc. (hedged) 26/2/2020 Class Z (GBP) Shares-acc. 26/2/2020 U.S. Short-Term High Yield Bond Fund Class Z (EUR) Shares-distr. (hedged) 28/2/2020 USD Investment Grade Credit Fund Class A (USD) Shares-distr. 24/2/2020 Class I (CHF) Shares-distr. (hedged) 24/2/2020 Class I (GBP) Shares-distr. (hedged) 24/2/2020 Class I (SGD) Shares-acc. (hedged) 2/8/2019 Class Z (EUR) Shares-distr. (hedged) 24/2/2020 Class Z (GBP) Shares-distr. (hedged) 24/2/2020 Class Z (USD) Shares-distr. 24/2/2020 1 Class commenced operations on 29 May 2015, closed on 21 September 2017 and reopened on 28 February 2020.

140 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

During the year ended 31 March 2020, the following share classes were redeemed and closed:

Date share Sub-Fund Share class class closed

Dynamic Credit Fund Class A (EUR) Shares-acc. 11/10/2019 Class I (CHF) Shares-distr. (hedged) 16/9/2019 Class I (EUR) Shares-acc. 11/10/2019 Class I (EUR) Shares-distr. 16/9/2019 Class I (USD) Shares-acc. (hedged) 9/9/2019 Global Equity Absolute Return Fund Class IP (EUR) Shares-acc. (hedged) 29/10/2019 Global Focused Equity Fund Class I (EUR) Shares-acc. 29/8/2019 Class I (GBP) Shares-acc. 29/8/2019 Class I (USD) Shares-acc. 29/8/2019 Class Z (GBP) Shares-acc. 29/8/2019

As at 31 March 2020, the Fund had twenty-four Sub-Funds with the following classes available:

Emerging EUR EUR Global Alternative Emerging Markets Investment Short Equity Risk China Markets Equity Grade Duration Global Absolute Premia Equity Equity Income Credit Credit Equity Return Fund Fund Fund Fund Fund Fund Fund Fund Class A (EUR) Shares-acc. N/A N/A N/A N/A N/A ✓ N/A N/A Class A (EUR) Shares-distr. N/A N/A N/A N/A ✓ ✓ N/A N/A Class A (SEK) Shares-acc. N/A ✓ N/A N/A N/A N/A N/A N/A Class A (USD) Shares-acc. N/A ✓ ✓ ✓ N/A N/A ✓ N/A Class A (USD) Shares-gross distr. N/A N/A N/A ✓ N/A N/A N/A N/A Class I (AUD) Shares-distr. N/A N/A ✓ ✓ N/A N/A N/A N/A Class I (CHF) Shares-acc. (hedged) ✓ N/A ✓ N/A ✓ N/A N/A N/A Class I (CHF) Shares-distr. (hedged) N/A N/A N/A ✓ N/A N/A N/A N/A Class I (EUR) Shares-acc. N/A ✓ ✓ ✓ ✓ ✓ N/A N/A Class I (EUR) Shares-acc. (hedged) ✓ N/A N/A N/A N/A N/A ✓ N/A Class I (EUR) Shares-distr. N/A N/A N/A ✓ ✓ ✓ N/A N/A Class I (GBP) Shares-acc. N/A ✓ ✓ N/A N/A N/A N/A N/A Class I (GBP) Shares-acc. (hedged) ✓ N/A N/A N/A N/A ✓ N/A N/A Class I (GBP) Shares-distr. N/A N/A N/A ✓ N/A N/A N/A N/A Class I (USD) Shares-acc. ✓ ✓ ✓ ✓ N/A N/A ✓ N/A Class I (USD) Shares-gross distr. N/A N/A N/A ✓ N/A N/A N/A N/A Class IP (USD) Shares-acc. N/A N/A N/A N/A N/A N/A N/A ✓ Class X (EUR) Shares-acc. N/A N/A N/A N/A N/A ✓ N/A N/A Class X (EUR) Shares-distr. N/A N/A N/A N/A N/A ✓ N/A N/A Class X (GBP) Shares-acc. N/A N/A N/A ✓ N/A N/A N/A N/A Class X (GBP) Shares-distr. (hedged) N/A N/A N/A N/A N/A ✓ N/A N/A Class X (USD) Shares-acc. (hedged) N/A N/A N/A N/A N/A ✓ N/A N/A Class X1 (EUR) Shares-acc. N/A N/A N/A N/A N/A ✓ N/A N/A Class X1 (USD) Shares-acc. (hedged) N/A N/A N/A N/A N/A ✓ N/A N/A

Wells Fargo (Lux) Worldwide Fund | 141

Notes to financial statements (continued)

Global Global Global Global Global Global Factor Investment Long/ Low Multi- Global Small Small Enhanced Grade Short Volatility Asset Opportunity Cap Cap Equity Credit Equity Equity Income Bond Equity Innovation Fund Fund Fund Fund Fund Fund Fund Fund Class A (EUR) Shares-acc. (hedged) N/A N/A N/A N/A N/A ✓ N/A N/A Class A (EUR) Shares-distr. (hedged) N/A N/A N/A N/A ✓ N/A N/A N/A Class A (USD) Shares-acc. ✓ N/A N/A ✓ N/A ✓ N/A N/A Class AP (USD) Shares-acc. N/A N/A ✓ N/A N/A N/A N/A N/A Class I (CHF) Shares-acc. (hedged) ✓ N/A N/A ✓ N/A N/A ✓ ✓ Class I (CHF) Shares-distr. (hedged) N/A ✓ N/A N/A N/A N/A N/A N/A Class I (EUR) Shares-acc. N/A N/A N/A ✓ N/A N/A ✓ N/A Class I (EUR) Shares-acc. (hedged) ✓ N/A N/A N/A N/A ✓ N/A ✓ Class I (EUR) Shares-distr. (hedged) N/A ✓ N/A N/A ✓ N/A N/A N/A Class I (GBP) Shares-acc. ✓ N/A N/A ✓ N/A N/A ✓ ✓ Class I (GBP) Shares-acc. (hedged) N/A N/A N/A N/A N/A ✓ N/A N/A Class I (GBP) Shares-distr. (hedged) N/A ✓ N/A N/A ✓ N/A N/A N/A Class I (USD) Shares-acc. ✓ N/A N/A ✓ N/A ✓ ✓ ✓ Class I (USD) Shares-distr. N/A ✓ N/A N/A ✓ N/A N/A N/A Class IP (CHF) Shares-acc. (hedged) N/A N/A ✓ N/A N/A N/A N/A N/A Class IP (EUR) Shares-acc. (hedged) N/A N/A ✓ N/A N/A N/A N/A N/A Class IP (EUR) Shares-distr. N/A N/A ✓ N/A N/A N/A N/A N/A Class IP (GBP) Shares-acc. N/A N/A ✓ N/A N/A N/A N/A N/A Class IP (USD) Shares-acc. N/A N/A ✓ N/A N/A N/A N/A N/A Class Z (CHF) Shares-acc. (hedged) ✓ N/A N/A ✓ N/A N/A N/A N/A Class Z (CHF) Shares-distr. (hedged) N/A ✓ N/A N/A N/A N/A N/A N/A Class Z (EUR) Shares-acc. (hedged) ✓ N/A N/A ✓ N/A N/A N/A ✓ Class Z (EUR) Shares-distr. (hedged) N/A ✓ N/A N/A N/A N/A N/A N/A Class Z (GBP) Shares-acc. ✓ N/A N/A ✓ N/A N/A N/A ✓ Class Z (GBP) Shares-distr. (hedged) N/A ✓ N/A N/A N/A N/A N/A N/A

142 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

U.S. Short- U.S. U.S. U.S. Term U.S. USD USD All High Large U.S. High Small Government Investment Cap Yield Cap Select Yield Cap Money Grade Growth Bond Growth Equity Bond Value Market Credit Fund Fund Fund Fund Fund Fund Fund Fund Class A (EUR) Shares-acc. N/A N/A N/A ✓ N/A N/A N/A N/A Class A (EUR) Shares-acc. (hedged) ✓ N/A N/A N/A N/A N/A N/A N/A Class A (GBP) Shares-acc. ✓ N/A N/A N/A N/A N/A N/A N/A Class A (SGD) Shares-acc. (hedged) ✓ N/A N/A N/A N/A N/A N/A N/A Class A (USD) Shares-acc. ✓ ✓ ✓ ✓ ✓ N/A N/A ✓ Class A (USD) Shares-distr. N/A N/A N/A N/A N/A N/A N/A ✓ Class A (USD) Shares-gross distr. N/A ✓ N/A N/A N/A N/A N/A N/A Class I (CHF) Shares-acc. (hedged) ✓ N/A N/A N/A N/A N/A N/A N/A Class I (CHF) Shares-distr. (hedged) N/A ✓ N/A N/A N/A N/A N/A ✓ Class I (EUR) Shares-acc. ✓ ✓ ✓ N/A N/A N/A N/A N/A Class I (EUR) Shares-acc. (hedged) ✓ ✓ ✓ ✓ N/A N/A N/A N/A Class I (EUR) Shares-distr. (hedged) N/A ✓ N/A N/A ✓ N/A N/A ✓ Class I (GBP) Shares-acc. ✓ N/A N/A ✓ N/A ✓ N/A N/A Class I (GBP) Shares-acc. (hedged) N/A ✓ N/A N/A N/A N/A N/A N/A Class I (GBP) Shares-distr. (hedged) N/A ✓ N/A N/A ✓ N/A N/A ✓ Class I (JPY) Shares-acc. (hedged) N/A N/A N/A N/A N/A N/A N/A ✓ Class I (SGD) Shares-acc. (hedged) N/A N/A N/A N/A N/A N/A N/A ✓ Class I (USD) Shares-acc. ✓ ✓ ✓ ✓ ✓ ✓ N/A ✓ Class I (USD) Shares-distr. N/A N/A N/A N/A N/A N/A ✓ ✓ Class I (USD) Shares-gross distr. N/A ✓ N/A N/A ✓ N/A N/A N/A Class X (GBP) Shares-acc. N/A ✓ N/A N/A ✓ N/A N/A N/A Class X (GBP) Shares-acc. (hedged) N/A N/A N/A N/A N/A ✓ N/A N/A Class X (USD) Shares-distr. N/A N/A N/A ✓ N/A N/A N/A N/A Class Y (EUR) Shares-gross distr. (hedged) N/A N/A N/A N/A N/A N/A N/A ✓ Class Y (GBP) Shares-gross distr. (hedged) N/A N/A N/A N/A N/A N/A N/A ✓ Class Y (USD) Shares-gross distr. N/A N/A N/A N/A N/A N/A N/A ✓ Class Z (EUR) Shares-acc. (hedged) ✓ N/A N/A ✓ N/A N/A N/A N/A Class Z (EUR) Shares-distr. (hedged) N/A ✓ N/A N/A ✓ N/A N/A ✓ Class Z (GBP) Shares-acc. ✓ ✓ ✓ ✓ N/A N/A N/A N/A Class Z (GBP) Shares-acc. (hedged) N/A N/A N/A N/A N/A ✓ N/A N/A Class Z (GBP) Shares-distr. ✓ N/A N/A N/A N/A N/A N/A N/A

Wells Fargo (Lux) Worldwide Fund | 143

Notes to financial statements (continued)

2. SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements have been prepared in accordance with Luxembourg legal and regulatory requirements relating to undertakings for collective investment in transferable securities and with generally accepted accounting principles. The financial statements are expressed in the base currency of the Fund, which is USD. The base currency of each Sub-Fund, except Dynamic Credit Fund, EUR Investment Grade Credit Fund and EUR Short Duration Credit Fund, is USD. The base currency for Dynamic Credit Fund, EUR Investment Grade Credit Fund and EUR Short Duration Credit Fund is EUR. The NAV per share as calculated on 31 March 2020 is based on the last available market prices of the investments in which the respective Sub-Funds are invested as at 31 March 2020. Investment valuations Investments generally are valued each business day as of the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. U.S. Eastern Time). The USD Government Money Market Fund is subject to the valuation principles as set out under the heading “Money Market Funds” in the Fund’s prospectus. Equity securities, options and futures contracts that are listed on an exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the primary exchange or market for the security that day, fair value price will be determined in accordance with the Fund’s Pricing and Valuation Policies & Procedures. Unlisted securities, for which over-the-counter market quotations are readily available (including listed securities for which the primary market is believed to be the over-the-counter market), are valued at a price equal to the last reported price as supplied by the recognised quotation services or broker-dealers. Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source each business day. Many securities markets and exchanges outside the U.S. close prior to the close of the NYSE and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the non-U.S. securities are traded, but before the close of the NYSE. If such trading or events are expected to materially affect the value of securities, then fair value pricing procedures approved by the Board of Directors of the Fund (the “Board of Directors”) are applied. These procedures take into account multiple factors, including movements in U.S. securities markets after non-U.S. exchanges close. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer. Short-term securities, with remaining maturities of 60 days or less at the time of purchase, generally are valued at amortised cost which approximates fair value. The amortised cost method involves valuing a security at its cost, plus accretion of discount or minus amortisation of premium over the period until maturity. The values of securities not denominated in the base currency of each Sub-Fund are converted to the applicable currency at rates provided by an independent currency pricing source. Investments which are not valued using any of the methods discussed above are valued at their fair value, in accordance with the Fund’s Pricing and Valuation Policies & Procedures established in good faith and approved by the Board of Directors. Cash, bills and demand notes, accounts receivable, prepaid expenses, cash dividends, bank interest, dividends and bonds are valued at nominal value.

144 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

Repurchase agreements and reverse repurchase agreements Certain Sub-Funds may enter into repurchase agreements and reverse repurchase agreements. Repurchase agreements are similar to secured borrowings of cash valued not more than the sales price of a portfolio of securities representing the collateral. The underlying securities are accounted for in the investment portfolio of a Sub-Fund, which remains exposed to the risk of depreciation in value.

Reverse repurchase agreements are similar to secured lending of cash and must be fully collateralised based on values that are marked to market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the responsibility of the Fund’s depositary bank and administrator to value the collateral daily and to take action to obtain additional collateral as necessary to maintain a market value equal to or greater than the resale price. The reverse repurchase agreements are fully collateralised by U.S. Government obligations and cash deposits. There could be potential loss to a Sub-Fund in the event that the Sub-Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Sub-Fund seeks to assert its rights.

The value of reverse repurchase agreements and repurchase agreements are recorded in the Statement of assets and liabilities as an asset or liability, respectively. The interest on repurchase agreements and reverse repurchase agreements, if any, is included in the Statement of operations and changes in net assets. Futures contracts Certain Sub-Funds may invest in futures contracts and may be subject to interest rate risk, equity price risk or foreign currency risk in the normal course of pursuing their investment objectives. A Sub-Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values and foreign exchange rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Sub-Fund and the prices of futures contracts, and the possibility of an illiquid market. The aggregate principal amounts of the futures contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of assets and liabilities as an asset or liability as unrealised and in the Statement of operations and changes in net assets as a net change in unrealised appreciation/(depreciation) until the futures contracts are closed, at which point they are recorded as net realised profits or losses on futures contracts. Variation margin on futures contracts is located in the Statement of assets and liabilities as either a receivable or payable for variation margin on futures contracts. With futures contracts, there is minimal counterparty risk to the Sub-Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Forward foreign currency contracts Certain Sub-Funds may invest in forward foreign currency contracts and may be subject to foreign currency risk in the normal course of pursuing their investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Sub-Fund enters into forward foreign currency contracts to facilitate transactions in non-USD or non-EUR denominated securities and to attempt to minimise the risk to the Sub-Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked to market daily. When the contracts are closed, realised profits and losses arising from such transactions are recorded as net realised profit or loss on forward foreign currency contracts. The Sub-Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavourably. The Sub-Fund’s maximum risk of loss from counterparty credit risk is the unrealised appreciation on the forward foreign currency contracts. This risk may be mitigated if there is a master netting arrangement between the Sub-Fund and the counterparty. The unrealised appreciation and unrealised depreciation of the forward foreign currency contracts are recorded in the Statement of assets and liabilities as an asset or liability, respectively, and in the Statement of operations and changes in net assets as unrealised appreciation/(depreciation) until the forward foreign currency contracts are closed, at which point they are recorded as net realised profits or losses on forward foreign currency contracts. Contracts for difference Certain Sub-Funds may purchase or sell contracts for difference and may be subject to equity risk in the normal course of pursuing its investment objectives to gain exposure to an underlying security. A contract for difference is an agreement where one party pays the other an amount determined by the difference between the opening and the closing price of the underlying security. The buyer of the contract for difference pays the seller the positive difference and the seller of the contract for difference pays the buyer the negative difference. The value of the contract for difference is marked to market daily based upon quotations from an independent pricing service or an independent broker-dealer, and any change in value is recorded as an

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unrealised appreciation or depreciation until the contract for difference is closed, at which point it is recorded as a net realised profit or loss. Any interest accrued or dividends recorded on any underlying security during the period of the contract for difference is recorded as income for a purchase contract and as expense for a sell contract. The Sub-Fund could be exposed to risks if the counterparty defaults on its obligation to perform, or if there are unfavourable changes in the fluctuation in the price of the underlying security. Options Certain Sub-Funds are subject to equity price risk in the normal course of pursuing their investment objectives. A Sub-Fund may write covered call options or secured put options on individual securities and/or indexes. When a Sub-Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognised as net realised profit on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a net realised loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the net realised profit or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. A Sub-Fund, as a writer of an option, bears the market risk of an unfavourable change in the price of the security and/or index underlying the written option.

A Sub-Fund may also purchase call or put options. Premiums paid are included in the Statement of assets and liabilities as investments, the values of which are subsequently adjusted based on the current market values of the options. Premiums paid for purchased options that expire are recognised as realised losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the net realised profit or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardised. Purchased options traded over-the-counter expose a Sub-Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Sub-Fund and the counterparty and by having the counterparty post collateral to cover the Sub-Fund’s exposure to the counterparty. Total return basket swaps Certain Sub-Funds may enter into total return basket swap contracts to obtain exposure to a custom basket of long and short securities without owning such securities. The Sub-Fund has the ability to trade in and out of the long and short positions within the swap and receives the economic benefits and risks equivalent to direct investments in these positions. Under the terms of the contract, the Sub-Fund and the counterparty exchange periodic payments based on the total return of reference assets within a basket for a specified interest rate. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. To the extent the total return of the reference assets exceeds or falls short of the offsetting interest rate obligation, the Sub-Fund will receive a payment from, or make a payment to, the counterparty. Positions within the swap are reset periodically. During a reset, any unrealised appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Sub-Fund and the counterparty. The amounts that are available for cash settlement are recorded as realised profit or loss on swap contracts in the Statement of operations and changes in net assets. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Sub-Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

The Sub-Fund is exposed to risks if the counterparty defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the reference securities in the basket. In addition to counterparty credit risk, the Sub-Fund is subject to liquidity risk if there is no market for the contracts and is exposed to the market risk associated with the reference securities in the basket. Securities transactions and income recognition Securities transactions are recorded on a trade date basis. Net realised profit or loss is based on the average cost of the securities.

Dividend income is recognised on the ex-dividend rate, net of any withholding tax. Interest income is accrued daily and bond discounts and premiums are amortised daily.

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Notes to financial statements (continued)

Foreign currency Transactions expressed in currencies other than each Sub-Fund’s base currency are translated into each Sub-Fund’s base currency at the exchange rates at the date of the transactions. Assets and liabilities in currencies other than the base currency of each Sub-Fund are translated into each Sub-Fund’s base currency at the exchange rates at the end of the period. The combined figures of the Fund are expressed in USD and include the total amounts of the financial statements of each Sub-Fund. A currency translation adjustment is included in the Statement of operations and changes in net assets in determining the results for the accounting period. For each Sub-Fund, except Global Factor Enhanced Equity Fund and Global Low Volatility Equity Fund, transactions are translated at exchange rates as of the NYSE close. For Global Factor Enhanced Equity Fund and Global Low Volatility Equity Fund, transactions are translated at exchange rates as of the London Stock Exchange (“LSE”) close.

The reference currency of the Fund as reflected in the financial statements is USD. As at 31 March 2020, the USD currency exchange rates applied to each Sub-Fund except EUR Investment Grade Credit Fund, EUR Short Duration Credit Fund, Global Factor Enhanced Equity Fund and Global Low Volatility Equity Fund were as follows:

USD exchange rate as of NYSE Currency close

AED Emirati Dirham 3.6732 AUD Australian Dollar 1.6258 BRL Brazilian Real 5.1961 CAD Canadian Dollar 1.4073 CHF Swiss Franc 0.9625 CLP Chilean Peso 855.9000 CNH Chinese Yuan Renminbi (Offshore) 7.0942 CNY Chinese Yuan Renminbi 7.0931 COP Colombian Peso 4,062.0000 DKK Danish Krone 6.7691 EUR Euro 0.9067 GBP British Pound 0.8051 HKD Hong Kong Dollar 7.7528 HUF Hungarian Forint 327.0925 IDR Indonesian Rupiah 16,310.0000 INR Indian Rupee 75.6513 JPY Japanese Yen 107.5250 KRW South Korean Won 1,217.3500 MXN Mexican Peso 23.7225 MYR Malaysian Ringgit 4.3200 NOK Norwegian Krone 10.3965 NZD New Zealand Dollar 1.6759 PEN Peruvian Sol 3.4321 PHP Philippine Peso 50.8600 PLN Polish Zloty 4.1366 QAR Qatari Rial 3.6410 RON Romanian New Leu 4.3830 RUB Russian Ruble 78.5400 SAR Saudi Arabia Riyal 3.7570 SEK Swedish Krona 9.8926 SGD Singapore Dollar 1.4214 THB Thailand Baht 32.8175

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Notes to financial statements (continued)

USD exchange rate as of NYSE Currency close

TRY Turkish Lira 6.6133 TWD Taiwan Dollar 30.2415 ZAR South African Rand 17.8855

As at 31 March 2020, the EUR currency exchange rates for EUR Investment Grade Credit Fund and EUR Short Duration Credit Fund were as follows:

EUR exchange rate as of NYSE Currency close

CHF Swiss Franc 1.0615 GBP British Pound 0.8879 USD United States Dollar 1.1029

As at 31 March 2020, the USD currency exchange rates for Global Factor Enhanced Equity Fund and Global Low Volatility Equity Fund were as follows:

USD exchange rate as of LSE Currency close

AUD Australian Dollar 1.6339 BRL Brazilian Real 5.1866 CAD Canadian Dollar 1.4234 CHF Swiss Franc 0.9676 CLP Chilean Peso 852.3200 COP Colombian Peso 4,060.1000 CZK Czech Koruna 24.9684 DKK Danish Krone 6.8008 EGP Egyptian Pound 15.7400 EUR Euro 0.9114 GBP British Pound 0.8065 HKD Hong Kong Dollar 7.7509 HUF Hungarian Forint 328.7355 IDR Indonesian Rupiah 16,310.0000 ILS Israeli Shekel 3.5375 JPY Japanese Yen 107.9550 KRW South Korean Won 1,217.3500 MXN Mexican Peso 23.4593 MYR Malaysian Ringgit 4.3200 NOK Norwegian Krone 10.5010 NZD New Zealand Dollar 1.6868 PHP Philippine Peso 50.8600 PLN Polish Zloty 4.1535 SEK Swedish Krona 9.9077 SGD Singapore Dollar 1.4239 THB Thailand Baht 32.8175 TRY Turkish Lira 6.5903 ZAR South African Rand 17.8600

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Notes to financial statements (continued)

Formation expenses Initial costs and expenses of the formation of the Fund were borne by the Fund and fully amortised. The formation costs of new Sub-Funds are borne by the relevant Sub-Fund and amortised over a period not exceeding five years.

3. MANAGEMENT FEES AND TRANSACTIONS WITH RELATED PARTIES Management company fees Wells Fargo Asset Management Luxembourg S.A. (the “Management Company” and “Principal Distributor”), a wholly owned subsidiary of Wells Fargo & Company and an affiliate of Wells Fargo Funds Management, LLC (the “Investment Adviser”, and with the ultimate parent, Wells Fargo & Company, and its affiliates, collectively referred to herein as the “Group”), has been appointed as the management company of the Fund. The Fund pays the Management Company a monthly fee which does not exceed 0.04% per annum of the net assets of the Fund. The fee is subject to a minimum monthly fee of EUR 1,700 per Sub-Fund.

The list of funds managed by the Management Company may be obtained, on simple request, at the registered office of the Management Company. Investment management fees The Management Company also receives an investment management fee from each Sub-Fund, payable monthly in arrears, which does not exceed a percentage per annum of the net assets of each class as follows:

Class A Class AP Class I Class IP Class Z Class ZP Service Class Alternative Risk Premia Fund N/A N/A 0.60% N/A N/A N/A N/A China Equity Fund 1.50% N/A 0.85 N/A 0.85% N/A N/A Dynamic Credit Fund1 0.80 N/A 0.30 N/A N/A N/A N/A Emerging Markets Equity Fund 1.90 N/A 1.15 N/A 1.15 N/A N/A Emerging Markets Equity Income Fund 1.85 N/A 1.10 N/A 1.10 N/A N/A EUR Investment Grade Credit Fund 0.80 N/A 0.30 N/A 0.30 N/A N/A EUR Short Duration Credit Fund 0.70 N/A 0.20 N/A 0.20 N/A N/A Global Equity Fund 1.60 N/A 0.85 N/A 0.85 N/A N/A Global Equity Absolute Return Fund N/A N/A N/A 0.75% N/A 0.75% N/A Global Factor Enhanced Equity Fund 0.25 N/A 0.15 N/A 0.15 N/A N/A Global Focused Equity Fund2 N/A N/A 0.90 N/A 0.90 N/A N/A Global Investment Grade Credit Fund N/A N/A 0.30 N/A 0.30 N/A N/A Global Long/Short Equity Fund N/A 1.50% N/A 0.75 N/A 0.75 N/A Global Low Volatility Equity Fund 0.95 N/A 0.50 N/A 0.50 N/A N/A Global Multi-Asset Income Fund 1.00 N/A 0.50 N/A 0.50 N/A N/A Global Opportunity Bond Fund 0.85 N/A 0.35 N/A N/A N/A N/A Global Small Cap Equity Fund N/A N/A 0.85 N/A N/A N/A N/A Small Cap Innovation Fund N/A N/A 0.85 N/A 0.85 N/A N/A U.S. All Cap Growth Fund 1.60 N/A 0.80 N/A 0.80 N/A N/A U.S. High Yield Bond Fund 1.45 N/A 0.65 N/A 0.65 N/A N/A U.S. Large Cap Growth Fund 1.50 N/A 0.70 N/A 0.75 N/A N/A U.S. Select Equity Fund 1.90 N/A 1.10 N/A 1.10 N/A N/A U.S. Short-Term High Yield Bond Fund 1.30 N/A 0.50 N/A 0.60 N/A N/A U.S. Small Cap Value Fund N/A N/A 0.853 N/A 0.853 N/A N/A USD Government Money Market Fund N/A N/A 0.20 N/A N/A N/A 0.45% USD Investment Grade Credit Fund 0.80 N/A 0.30 N/A 0.30 N/A N/A 1 The Sub-Fund liquidated on 11 October 2019. 2 The Sub-Fund liquidated on 29 August 2019. 3 Prior to 20 February 2020, the Management Company received an investment management fee at an annual rate of 0.90% of the net assets of the class.

Class X Shares may be purchased by retail investors, and Class Y Shares may be purchased by institutional investors, provided they or their financial intermediaries have an agreement with the Principal Distributor/Management Company or the Investment Adviser expressly providing them access to Class X Shares or Class Y Shares, as applicable. Successive Class X Shares

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Notes to financial statements (continued)

and Class Y Shares may be issued in one or different Sub-Funds, numbered 1, 2, 3 etc. and named X1, X2, X3, etc. and Y1, Y2, Y3, etc. for the first, second and third Class X Shares and Class Y Shares launched, respectively. The investment management fees for these classes are based on designed to accommodate an alternative charging structure and the fees are stipulated in a separate negotiated agreements and may include performance fees. The Investment Adviser manages the investment and reinvestment of the assets of each Sub-Fund in accordance with the investment objectives and restrictions of each Sub-Fund, under the overall responsibility of the Board of Directors, and is remunerated for such services by the Management Company. The Investment Adviser has delegated certain of its functions to sub-advisers within the Group (each a “Sub-Adviser”, collectively the “Sub-Advisers”). Each Sub-Adviser serves to assist in the day-to-day asset management of the respective Sub-Funds. The fees of the Sub-Advisers are borne by the Investment Adviser. The Sub-Adviser for each Sub-Fund is as follows:

Sub-Adviser Alternative Risk Premia Fund Wells Capital Management Incorporated China Equity Fund Wells Capital Management Incorporated Emerging Markets Equity Fund Wells Capital Management Incorporated Emerging Markets Equity Income Fund Wells Capital Management Incorporated EUR Investment Grade Credit Fund Wells Fargo Asset Management (International) Limited EUR Short Duration Credit Fund Wells Fargo Asset Management (International) Limited Global Equity Fund Wells Capital Management Incorporated Global Equity Absolute Return Fund Wells Capital Management Incorporated Global Factor Enhanced Equity Fund Wells Capital Management Incorporated Global Investment Grade Credit Fund Wells Capital Management Incorporated Wells Fargo Asset Management (International) Limited Global Long/Short Equity Fund Wells Capital Management Incorporated Global Low Volatility Equity Fund Wells Capital Management Incorporated Global Multi-Asset Income Fund Wells Capital Management Incorporated Wells Fargo Asset Management (International) Limited1 Global Opportunity Bond Fund Wells Fargo Asset Management (International) Limited1 Global Small Cap Equity Fund Wells Capital Management Incorporated Small Cap Innovation Fund Wells Capital Management Incorporated U.S. All Cap Growth Fund Wells Capital Management Incorporated U.S. High Yield Bond Fund Wells Capital Management Incorporated U.S. Large Cap Growth Fund Wells Capital Management Incorporated U.S. Select Equity Fund Wells Capital Management Incorporated U.S. Short-Term High Yield Bond Fund Wells Capital Management Incorporated U.S. Small Cap Value Fund Wells Capital Management Incorporated USD Government Money Market Fund Wells Capital Management Incorporated USD Investment Grade Credit Fund Wells Capital Management Incorporated 1 As at 1 August 2019, Wells Fargo Asset Management (International) LLC, the prior Sub-Adviser to the Sub-Fund, consolidated into Wells Fargo Asset Management (International) Limited. Performance fee Class AP, Class IP and Class ZP Shares of Global Equity Absolute Return Fund and Global Long/Short Equity Fund each pay a performance fee to the Management Company. The Management Company may pay part or all of the performance fee to the Investment Adviser and the Investment Adviser may in turn pay part or all of any portion of the performance fee it receives from the Management Company to the Sub-Advisers. The performance fee is calculated in the Sub-Funds’ base currency, USD, for all share classes including those not denominated in USD. Under this method of performance fee calculation, unhedged non- base currency denominated classes may incur a performance fee at times when the NAV of this Share Class is lower than, and has depreciated over the time period of the performance fee, relative to the NAV of a comparable Share Class calculated in a Sub-Fund’s base currency. Conversely, a performance fee may not be incurred on an unhedged non-base currency denominated

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Share Class when the NAV of this Share Class has increased and appreciated over the time period of the performance fee relative to the NAV of a base currency denominated Share Class. The performance fee is equal to 20% of the appreciation of the NAV per share (prior to the deduction of the performance fee) calculated in USD at the end of each fiscal year when the NAV per share exceeds the high watermark after deduction of the hurdle rate. The high watermark is the highest end of fiscal year NAV per share for the relevant class since inception of the Sub-Fund when the performance fee is paid. The first high watermark will be the initial NAV per share for the relevant class. The hurdle rate applied to the Global Equity Absolute Return Fund is 4% per annum. The hurdle rate applied to the Global Long/Short Equity Fund is 50% MSCI World Index/50% 3 Month LIBOR. Both indexes are expressed in USD. The performance fee is calculated and accrued daily and paid annually in arrears at the end of the fiscal year, except that, when a redemption is made on any valuation day other than the fiscal year end, a performance fee (if accrued as of the date of such redemption) shall be crystalised in respect of the shares being redeemed and paid to the Management Company on a quarterly basis. Transactions with related parties The Management Company also acts as the principal distributor of the Fund. The Principal Distributor has entered into sub-distribution agreements with the following affiliated entities (each an “Affiliated Sub-Distributor”, collectively the “Affiliated Sub-Distributors”) pursuant to which each Affiliated Sub-Distributor has been appointed as a non-exclusive sub-distributor in respect of the promotion, marketing and sale of shares of one or more of the Sub-Funds:

▪ Wells Fargo Funds Distributor, LLC ▪ Wells Fargo Clearing Services, LLC (d/b/a Wells Fargo Advisors) ▪ Wells Fargo Securities, LLC ▪ Wells Capital Management Incorporated ▪ Wells Fargo Securities Asia Limited ▪ Wells Fargo Bank, National Association ▪ Wells Fargo Bank, National Association - Singapore Branch ▪ Wells Fargo Asset Management (International) Limited

Each Affiliated Sub-Distributor is an affiliate of the Principal Distributor and may receive compensation from the Principal Distributor for the services it provides, if any, in connection with the promotion, marketing and sale of shares. The Directors who are also officers and/or directors of the Investment Adviser and/or its affiliates do not receive separate remuneration from the Fund. Richard Goddard, Jürgen Meisch and Yves Wagner, who are Directors with no affiliation with the Investment Adviser and/or its affiliates, each receive remuneration at a flat rate with no variable element. The accrued aggregate Directors’ remuneration relating to the Fund amounted to USD 167,346 for the year ended 31 March 2020. No transactions of the Fund were effected through a broker who is an affiliate of the Fund, the Management Company/ Principal Distributor, the Investment Adviser, the Sub-Advisers or the Directors of the Fund. All transactions with connected persons were entered into in the ordinary course of business and under normal commercial terms.

4. DEPOSITARY BANK AND ADMINISTRATION FEES Brown Brothers Harriman (Luxembourg) S.C.A. has been appointed as the depositary bank and administrator for the Fund. The depositary bank fee is calculated based on an agreed upon schedule. Under the depositary agreement, Brown Brothers Harriman (Luxembourg) S.C.A. receives annual safekeeping and servicing fees with rates varying according to the country of investment. Under the administrative agreement, Brown Brothers Harriman (Luxembourg) S.C.A. receives a fee for its services according to an agreed upon schedule and is reimbursed for out-of-pocket expenses. The depositary bank and administration fees are accrued on each valuation day based on the previous day’s NAV and are paid at the end of each month.

5. REGISTRAR, TRANSFER AGENT AND PAYING AGENT FEES Brown Brothers Harriman (Luxembourg) S.C.A. also serves as the registrar, transfer agent and paying agent of the Fund. For these services, Brown Brothers Harriman (Luxembourg) S.C.A. is responsible for the maintenance of the register of shareholders and for the distribution of documents (statements, reports and notices) to shareholders and is paid by the Fund. The registrar, transfer agent and paying agent fees are payable monthly in arrears in accordance with relevant agreements.

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Notes to financial statements (continued)

6. OTHER EXPENSES The other expenses of each Sub-Fund represented on the Statement of operations and changes in net assets primarily consist of printing expenses, legal expenses, registration fees, tax expenses and other miscellaneous expenses of the Sub-Funds.

7. WAIVED FEES AND REIMBURSED EXPENSES The waived fees and/or reimbursed expenses represent amounts exceeding the total expense ratio caps of each Sub-Fund during the financial period. These amounts are reimbursed by the Investment Adviser to each relevant Sub-Fund when the actual total expense ratio of each class exceeds the following rates:

Class A Class AP Class I Class IP Class Z Class ZP Service Class

Alternative Risk Premia Fund N/A N/A 0.70% N/A N/A N/A N/A China Equity Fund 1.80% N/A 1.15 N/A 1.15% N/A N/A Dynamic Credit Fund1 0.95 N/A 0.45 N/A N/A N/A N/A Emerging Markets Equity Fund 2.20 N/A 1.45 N/A 1.45 N/A N/A Emerging Markets Equity Income Fund 2.15 N/A 1.40 N/A 1.40 N/A N/A EUR Investment Grade Credit Fund 0.95 N/A 0.45 N/A 0.45 N/A N/A EUR Short Duration Credit Fund 0.85 N/A 0.35 N/A 0.35 N/A N/A Global Equity Fund 1.90 N/A 1.15 N/A 1.15 N/A N/A Global Equity Absolute Return Fund N/A N/A N/A 1.00% N/A 1.00% N/A Global Factor Enhanced Equity Fund 0.40 N/A 0.25 N/A 0.25 N/A N/A Global Focused Equity Fund2 N/A N/A 1.20 N/A 1.20 N/A N/A Global Investment Grade Credit Fund N/A N/A 0.45 N/A 0.45 N/A N/A Global Long/Short Equity Fund N/A 1.75% N/A 1.00 N/A 1.00 N/A Global Low Volatility Equity Fund 1.10 N/A 0.65 N/A 0.65 N/A N/A Global Multi-Asset Income Fund 1.20 N/A 0.60 N/A 0.60 N/A N/A Global Opportunity Bond Fund 1.00 N/A 0.50 N/A N/A N/A N/A Global Small Cap Equity Fund N/A N/A 0.95 N/A N/A N/A N/A Small Cap Innovation Fund N/A N/A 0.95 N/A 0.95 N/A N/A U.S. All Cap Growth Fund 1.90 N/A 1.10 N/A 1.10 N/A N/A U.S. High Yield Bond Fund 1.75 N/A 0.95 N/A 0.95 N/A N/A U.S. Large Cap Growth Fund 1.80 N/A 1.00 N/A 1.05 N/A N/A U.S. Select Equity Fund 2.20 N/A 1.40 N/A 1.40 N/A N/A U.S. Short-Term High Yield Bond Fund 1.60 N/A 0.80 N/A 0.90 N/A N/A U.S. Small Cap Value Fund N/A N/A 0.953 N/A 0.953 N/A N/A USD Government Money Market Fund N/A N/A 0.20 N/A N/A N/A 0.45% USD Investment Grade Credit Fund 0.95 N/A 0.45 N/A 0.45 N/A N/A 1 The Sub-Fund liquidated on 11 October 2019. 2 The Sub-Fund liquidated on 29 August 2019. 3 Prior to 20 February 2020, amounts were reimbursed when the actual total expense ratio exceeded 1.20%.

The total expense caps for Class X Shares and Class Y Shares are based on separate negotiated agreements.

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Notes to financial statements (continued)

8. DERIVATIVE TRANSACTIONS During the year ended 31 March 2020, the Sub-Funds entered into written options, forward foreign currency contracts, futures contracts, contracts for difference and total return basket swaps.

As at 31 March 2020, Global Multi-Asset Income Fund had the following written options outstanding:

USD USD USD Number of notional exercise USD Expiration market Description Counterparty contracts amount price commitment date value Call MXEA Index Morgan Stanley & Company (30) (89,100) 1,850 0 3/4/2020 (1) SPX Index Morgan Stanley & Company (7) (21,840) 3,150 0 3/4/2020 0 SPX Index Morgan Stanley & Company (5) (100) 3,525 0 3/4/2020 0 MXEA Index Morgan Stanley & Company (15) (24,000) 1,675 360,713 9/4/2020 (12,387) SPX Index Morgan Stanley & Company (20) (163,000) 2,740 825,883 9/4/2020 (24,150) MXEA Index Morgan Stanley & Company (18) (45,900) 1,500 1,837,858 17/4/2020 (186,443) MXEA Index Morgan Stanley & Company (10) (4,900) 1,600 650,810 17/4/2020 (44,231) SPX Index Morgan Stanley & Company (11) (59,400) 2,570 1,544,056 17/4/2020 (109,290) MXEA Index Morgan Stanley & Company (17) (20,400) 1,700 524,078 24/4/2020 (26,771) SPX Index Morgan Stanley & Company (19) (30,400) 2,940 227,469 24/4/2020 (6,861) (410,134)

As at 31 March 2020, Global Multi-Asset Income Fund had segregated cash of USD 560,000 for open written option contracts. This amount is included in Cash at banks in the Statement of assets and liabilities.

As at 31 March 2020, the following Sub-Funds had forward foreign currency contracts outstanding:

Value of unrealised Contract Maturity Contracts to Market appreciation/ type Purpose Counterparty date receive/deliver Cost value (depreciation)

Alternative Risk Premia Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 8,659 CHF 9,004 USD 9,008 USD 4 USD Currency hedging Brown Brothers Harriman 27/4/2020 7,930 EUR 8,714 USD 8,754 USD 40 USD Currency hedging Brown Brothers Harriman 27/4/2020 6,683 GBP 8,204 USD 8,306 USD 102 USD Economic hedging Barclays Bank PLC 8/4/2020 384,000 AUD 253,339 USD 236,203 USD (17,136) USD Economic hedging Barclays Bank PLC 8/4/2020 3,504,000 AUD 2,148,041 USD 2,155,355 USD 7,314 USD Economic hedging Barclays Bank PLC 8/4/2020 3,210,000 AUD 1,888,829 USD 1,974,512 USD 85,683 USD Economic hedging Barclays Bank PLC 8/4/2020 934,000 BRL 197,046 USD 179,676 USD (17,370) USD Economic hedging Barclays Bank PLC 8/4/2020 5,109,000 CAD 3,810,547 USD 3,630,565 USD (179,982) USD Economic hedging Barclays Bank PLC 8/4/2020 2,196,000 CAD 1,561,683 USD 1,560,525 USD (1,158) USD Economic hedging Barclays Bank PLC 8/4/2020 1,846,000 CHF 1,999,165 USD 1,918,392 USD (80,773) USD Economic hedging Barclays Bank PLC 8/4/2020 1,400,000 CHF 1,428,279 USD 1,454,902 USD 26,623 USD Economic hedging Barclays Bank PLC 8/4/2020 178,742,000 CLP 214,757 USD 208,864 USD (5,893) USD Economic hedging Barclays Bank PLC 8/4/2020 79,837,000 CLP 94,025 USD 93,291 USD (734) USD Economic hedging Barclays Bank PLC 8/4/2020 11,572,000 CZK 518,937 USD 465,536 USD (53,401) USD Economic hedging Barclays Bank PLC 8/4/2020 6,311,000 CZK 277,949 USD 253,889 USD (24,060) USD Economic hedging Barclays Bank PLC 8/4/2020 6,350,000 EUR 7,288,750 USD 7,004,608 USD (284,142) USD Economic hedging Barclays Bank PLC 8/4/2020 3,082,000 GBP 3,984,759 USD 3,828,429 USD (156,330) USD Economic hedging Barclays Bank PLC 8/4/2020 1,743,000 GBP 2,287,492 USD 2,165,137 USD (122,355) USD Economic hedging Barclays Bank PLC 8/4/2020 501,773,000 HUF 1,714,560 USD 1,534,264 USD (180,296) USD Economic hedging Barclays Bank PLC 8/4/2020 193,220,000 HUF 601,911 USD 590,806 USD (11,105) USD Economic hedging Barclays Bank PLC 8/4/2020 59,333,000 HUF 181,870 USD 181,422 USD (448) USD

Wells Fargo (Lux) Worldwide Fund | 153

Notes to financial statements (continued)

Value of unrealised Contract Maturity Contracts to Market appreciation/ type Purpose Counterparty date receive/deliver Cost value (depreciation) Alternative Risk Premia Fund (continued) Buy Economic hedging Barclays Bank PLC 8/4/2020 32,035,948,000 IDR 2,226,574 USD 1,963,159 USD (263,415) USD Economic hedging Barclays Bank PLC 8/4/2020 203,602,000 INR 2,743,925 USD 2,688,886 USD (55,039) USD Economic hedging Barclays Bank PLC 8/4/2020 37,606,000 INR 496,823 USD 496,647 USD (176) USD Economic hedging Barclays Bank PLC 8/4/2020 155,672,000 JPY 1,526,148 USD 1,448,024 USD (78,124) USD Economic hedging Barclays Bank PLC 8/4/2020 172,335,000 JPY 1,556,022 USD 1,603,020 USD 46,998 USD Economic hedging Barclays Bank PLC 8/4/2020 713,065,000 KRW 594,221 USD 585,855 USD (8,366) USD Economic hedging Barclays BankPLC 8/4/2020 40,847,000 MXN 2,055,949 USD 1,719,550 USD (336,399) USD Economic hedging Barclays Bank PLC 8/4/2020 4,857,000 MXN 207,226 USD 204,467 USD (2,759) USD Economic hedging Barclays Bank PLC 8/4/2020 8,256,000 NOK 790,714 USD 794,163 USD 3,449 USD Economic hedging Barclays Bank PLC 8/4/2020 28,904,000 NOK 2,552,208 USD 2,780,341 USD 228,133 USD Economic hedging Barclays Bank PLC 8/4/2020 6,917,000 NZD 4,393,708 USD 4,127,017 USD (266,691) USD Economic hedging Barclays Bank PLC 8/4/2020 3,370,000 PLN 892,649 USD 814,628 USD (78,021) USD Economic hedging Barclays Bank PLC 8/4/2020 108,418,000 RUB 1,613,781 USD 1,379,161 USD (234,620) USD Economic hedging Barclays Bank PLC 8/4/2020 39,581,000 RUB 498,859 USD 503,501 USD 4,642 USD Economic hedging Barclays Bank PLC 8/4/2020 4,380,000 SEK 463,242 USD 442,821 USD (20,421) USD Economic hedging Barclays Bank PLC 8/4/2020 443,000 SEK 47,158 USD 44,787 USD (2,371) USD Economic hedging Barclays Bank PLC 8/4/2020 7,767,000 TRY 1,259,434 USD 1,172,703 USD (86,731) USD Economic hedging Barclays Bank PLC 8/4/2020 5,785,000 TRY 896,784 USD 873,450 USD (23,334) USD Economic hedging Barclays Bank PLC 8/4/2020 17,375,000 ZAR 1,112,055 USD 970,560 USD (141,495) USD Economic hedging Barclays Bank PLC 8/4/2020 8,908,000 ZAR 506,302 USD 497,597 USD (8,705) USD Sell Economic hedging Barclays Bank PLC 8/4/2020 (8,640,000) AUD 5,702,577 USD 5,314,575 USD 388,002 USD Economic hedging Barclays Bank PLC 8/4/2020 (2,617,000) BRL 562,137 USD 503,439 USD 58,698 USD Economic hedging Barclays Bank PLC 8/4/2020 (2,091,000) CAD 1,461,827 USD 1,485,910 USD (24,083) USD Economic hedging Barclays Bank PLC 8/4/2020 (1,223,000) CHF 1,280,312 USD 1,270,961 USD 9,351 USD Economic hedging Barclays Bank PLC 8/4/2020 (5,684,000) CHF 5,991,312 USD 5,906,903 USD 84,409 USD Economic hedging Barclays Bank PLC 8/4/2020 (86,181,000) CLP 102,292 USD 100,704 USD 1,588 USD Economic hedging Barclays Bank PLC 8/4/2020 (318,441,000) CLP 386,420 USD 372,104 USD 14,316 USD Economic hedging Barclays Bank PLC 8/4/2020 (7,067,000) CZK 277,197 USD 284,302 USD (7,105) USD Economic hedging Barclays Bank PLC 8/4/2020 (7,163,000) CZK 289,366 USD 288,164 USD 1,202 USD Economic hedging Barclays Bank PLC 8/4/2020 (2,618,000) EUR 2,810,693 USD 2,887,884 USD (77,191) USD Economic hedging Barclays Bank PLC 8/4/2020 (616,000) EUR 682,046 USD 679,502 USD 2,544 USD Economic hedging Barclays Bank PLC 8/4/2020 (1,916,000) GBP 2,273,742 USD 2,380,035 USD (106,293) USD Economic hedging Barclays Bank PLC 8/4/2020 (114,000) GBP 141,232 USD 141,610 USD (378) USD Economic hedging Barclays Bank PLC 8/4/2020 (767,249,000) HUF 2,552,109 USD 2,346,005 USD 206,104 USD Economic hedging Barclays Bank PLC 8/4/2020 (12,513,831,000) IDR 765,873 USD 766,846 USD (973) USD Economic hedging Barclays Bank PLC 8/4/2020 (7,872,506,000) IDR 487,827 USD 482,426 USD 5,401 USD Economic hedging Barclays Bank PLC 8/4/2020 (12,171,637,000) IDR 828,284 USD 745,876 USD 82,408 USD Economic hedging Barclays Bank PLC 8/4/2020 (15,444,000) INR 203,930 USD 203,963 USD (33) USD Economic hedging Barclays Bank PLC 8/4/2020 (168,542,000) INR 2,243,189 USD 2,225,864 USD 17,325 USD Economic hedging Barclays Bank PLC 8/4/2020 (378,720,000) JPY 3,505,631 USD 3,522,765 USD (17,134) USD Economic hedging Barclays Bank PLC 8/4/2020 (429,958,000) JPY 4,033,412 USD 3,999,368 USD 34,044 USD Economic hedging Barclays Bank PLC 8/4/2020 (196,103,000) JPY 1,866,408 USD 1,824,104 USD 42,304 USD Economic hedging Barclays Bank PLC 8/4/2020 (101,330,000) KRW 81,204 USD 83,253 USD (2,049) USD Economic hedging Barclays Bank PLC 8/4/2020 (472,186,000) KRW 386,306 USD 387,948 USD (1,642) USD Economic hedging Barclays Bank PLC 8/4/2020 (610,388,000) KRW 513,600 USD 501,495 USD 12,105 USD Economic hedging Barclays Bank PLC 8/4/2020 (5,302,000) MXN 221,018 USD 223,200 USD (2,182) USD

154 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

Sell Economic hedging ING Bank NV 28/5/2020 (2,900,000) GBP 3,184,304 EUR 3,262,378 EUR (78,074) EUR Economic hedging JPMorgan 28/5/2020 (3,200,000) USD 2,954,152 EUR 2,895,050 EUR 59,102 EUR EUR Short Duration Credit Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 1,056 GBP 1,143 EUR 1,188 EUR 45 EUR Currency hedging Brown Brothers Harriman 27/4/2020 7,401 GBP 8,012 EUR 8,331 EUR 319 EUR Currency hedging Brown Brothers Harriman 27/4/2020 9,866 USD 9,123 EUR 8,937 EUR (186) EUR Currency hedging Brown Brothers Harriman 27/4/2020 9,856 USD 9,113 EUR 8,927 EUR (186) EUR

Sell Economic hedging ING Bank NV 28/5/2020 (4,000,000) GBP 4,387,885 EUR 4,499,833 EUR (111,948) EUR Economic hedging JPMorgan 28/5/2020 (100,000) GBP 107,639 EUR 112,495 EUR (4,856) EUR Economic hedging JPMorgan 28/5/2020 (750,000) USD 696,227 EUR 678,527 EUR 17,700 EUR Global Equity Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 6,960 EUR 7,651 USD 7,684 USD 33 USD Global Equity Absolute Return Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 428,500 EUR 471,027 USD 473,067 USD 2,040 USD Currency hedging Brown Brothers Harriman 27/4/2020 7,068 GBP 8,678 USD 8,785 USD 107 USD Global Factor Enhanced Equity Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 7,647 CHF 7,989 USD 7,915 USD (74) USD Currency hedging Brown Brothers Harriman 27/4/2020 7,647 CHF 7,989 USD 7,915 USD (74) USD Currency hedging Brown Brothers Harriman 27/4/2020 7,195 EUR 7,935 USD 7,903 USD (32) USD Currency hedging Brown Brothers Harriman 27/4/2020 7,195 EUR 7,935 USD 7,903 USD (32) USD

Wells Fargo (Lux) Worldwide Fund | 155

Notes to financial statements (continued)

Value of unrealised Contract Maturity Contracts to Market appreciation/ type Purpose Counterparty date receive/deliver Cost value (depreciation) Global Investment Grade Credit Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 9,310 CHF 9,682 USD 9,685 USD 3 USD Currency hedging Brown Brothers Harriman 27/4/2020 9,310 CHF 9,682 USD 9,686 USD 4 USD Currency hedging Brown Brothers Harriman 27/4/2020 8,477 EUR 9,317 USD 9,359 USD 42 USD Currency hedging Brown Brothers Harriman 27/4/2020 8,477 EUR 9,317 USD 9,359 USD 42 USD Currency hedging Brown Brothers Harriman 27/4/2020 7,328 GBP 8,995 USD 9,107 USD 112 USD Currency hedging Brown Brothers Harriman 27/4/2020 1,447,159 GBP 1,776,484 USD 1,798,523 USD 22,039 USD

Sell Economic hedging JPMorgan 28/5/2020 (1,121,456) CAD 789,415 USD 797,318 USD (7,903) USD Economic hedging JPMorgan 28/5/2020 (8,970,000) EUR 9,707,464 USD 9,914,845 USD (207,381) USD Economic hedging JPMorgan 28/5/2020 (1,300,000) GBP 1,543,986 USD 1,616,491 USD (72,505) USD Global Long/Short Equity Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 8,646 EUR 9,507 USD 9,546 USD 39 USD Currency hedging Brown Brothers Harriman 27/4/2020 19,534,657 EUR 21,476,916 USD 21,566,409 USD 89,493 USD Global Low Volatility Equity Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 8,158 CHF 8,522 USD 8,443 USD (79) USD Currency hedging Brown Brothers Harriman 27/4/2020 8,158 CHF 8,522 USD 8,444 USD (78) USD Currency hedging Brown Brothers Harriman 27/4/2020 7,988 EUR 8,810 USD 8,774 USD (36) USD Global Multi-Asset Income Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 7,599 EUR 8,354 USD 8,390 USD 36 USD Currency hedging Brown Brothers Harriman 27/4/2020 8,537,267 EUR 9,385,295 USD 9,425,206 USD 39,911 USD Currency hedging Brown Brothers Harriman 27/4/2020 9,808,202 GBP 12,043,149 USD 12,189,586 USD 146,437 USD Economic hedging ING Bank NV 28/5/2020 266,390 EUR 290,000 USD 294,450 USD 4,450 USD Economic hedging State Street Bank 8/6/2020 3,150,000 CZK 138,809 USD 126,851 USD (11,958) USD Economic hedging State Street Bank 9/6/2020 6,600,000 THB 209,053 USD 201,171 USD (7,882) USD

Sell Economic hedging ING Bank NV 28/5/2020 (700,000) GBP 831,362 USD 870,419 USD (39,057) USD Economic hedging JPMorgan 28/5/2020 (13,000,000) EUR 14,063,604 USD 14,369,340 USD (305,736) USD Economic hedging JPMorgan 28/5/2020 (634,491) EUR 700,000 USD 701,325 USD (1,325) USD Economic hedging State StreetBank 11/5/2020 (1,075,000) ZAR 68,876 USD 59,751 USD 9,125 USD Economic hedging State Street Bank 26/5/2020 (5,200,000) MXN 260,263 USD 217,421 USD 42,842 USD Global Opportunity Bond Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 8,447 EUR 9,283 USD 9,326 USD 43 USD Currency hedging Brown Brothers Harriman 27/4/2020 120,139 EUR 132,026 USD 132,634 USD 608 USD Currency hedging Brown Brothers Harriman 27/4/2020 3,769,981 GBP 4,627,194 USD 4,685,314 USD 58,120 USD Economic hedging State Street Bank 7/4/2020 9,250,000 MXN 486,781 USD 389,488 USD (97,293) USD Economic hedging State Street Bank 7/4/2020 1,325,000 MXN 55,551 USD 55,792 USD 241 USD Economic hedging State Street Bank 9/4/2020 580,000 GBP 754,220 USD 720,479 USD (33,741) USD Economic hedging State Street Bank 16/4/2020 323,000 SGD 239,606 USD 227,300 USD (12,306) USD Economic hedging State Street Bank 27/4/2020 8,250,000 NOK 891,183 USD 793,682 USD (97,501) USD Economic hedging State Street Bank 28/4/2020 160,000 NZD 92,386 USD 95,452 USD 3,066 USD Economic hedging State Street Bank 28/4/2020 670,000 NZD 391,166 USD 399,702 USD 8,536 USD Economic hedging State Street Bank 28/4/2020 1,905,000 PLN 489,856 USD 460,421 USD (29,435) USD Economic hedging State Street Bank 11/5/2020 925,000 DKK 133,335 USD 136,855 USD 3,520 USD Economic hedging State Street Bank 11/5/2020 875,000 ZAR 50,069 USD 48,635 USD (1,434) USD Economic hedging State Street Bank 26/5/2020 860,000 CAD 640,949 USD 611,423 USD (29,526) USD Economic hedging State Street Bank 9/6/2020 845,000 EUR 959,177 USD 934,420 USD (24,757) USD Economic hedging State Street Bank 9/6/2020 450,000 EUR 504,734 USD 497,620 USD (7,114) USD

156 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

Value of unrealised Contract Maturity Contracts to Market appreciation/ type Purpose Counterparty date receive/deliver Cost value (depreciation)

Global Opportunity Bond Fund (continued) Sell Economic hedging State Street Bank 7/4/2020 (13,735,000) MXN 714,401 USD 578,337 USD 136,064 USD Economic hedging State Street Bank 9/4/2020 (590,000) GBP 725,585 USD 732,901 USD (7,316) USD Economic hedging State Street Bank 9/4/2020 (580,000) GBP 749,475 USD 720,479 USD 28,996 USD Economic hedging State Street Bank 16/4/2020 (135,000) CAD 102,095 USD 95,944 USD 6,151 USD Economic hedging State Street Bank 16/4/2020 (700,000) CAD 535,421 USD 497,486 USD 37,935 USD Economic hedging State Street Bank 16/4/2020 (323,000) SGD 240,003 USD 227,299 USD 12,704 USD Economic hedging State Street Bank 27/4/2020 (1,050,000) NOK 113,070 USD 101,014 USD 12,056 USD Economic hedging State Street Bank 27/4/2020 (7,200,000) NOK 801,738 USD 692,668 USD 109,070 USD Economic hedging State Street Bank 28/4/2020 (960,000) NZD 627,519 USD 572,707 USD 54,812 USD Economic hedging State Street Bank 28/4/2020 (1,905,000) PLN 494,006 USD 460,421 USD 33,585 USD Economic hedging State Street Bank 29/4/2020 (460,000) NZD 302,293 USD 274,421 USD 27,872 USD Economic hedging State Street Bank 11/5/2020 (10,740,000) DKK 1,609,200 USD 1,589,003 USD 20,197 USD Economic hedging State Street Bank 11/5/2020 (6,635,000) ZAR 428,298 USD 368,793 USD 59,505 USD Economic hedging State Street Bank 21/5/2020 (80,000) AUD 53,130 USD 49,217 USD 3,913 USD Economic hedging State Street Bank 21/5/2020 (490,000) AUD 328,848 USD 301,456 USD 27,392 USD Economic hedging State Street Bank 26/5/2020 (1,700,000) CAD 1,278,980 USD 1,208,627 USD 70,353 USD Economic hedging State Street Bank 26/5/2020 (9,725,000) MXN 501,358 USD 406,619 USD 94,739 USD Economic hedging State Street Bank 29/5/2020 (46,000,000) JPY 415,126 USD 428,900 USD (13,774) USD Economic hedging State Street Bank 29/5/2020 (22,825,000) JPY 207,689 USD 212,818 USD (5,129) USD Economic hedging State Street Bank 29/5/2020 (15,000,000) JPY 136,129 USD 139,858 USD (3,729) USD Economic hedging State Street Bank 29/5/2020 (78,330,000) JPY 743,199 USD 730,341 USD 12,858 USD Economic hedging State Street Bank 9/6/2020 (450,000) EUR 507,260 USD 497,620 USD 9,640 USD Economic hedging State Street Bank 9/6/2020 (845,000) EUR 948,377 USD 934,420 USD 13,957 USD Global Small Cap Equity Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 7,286 CHF 7,579 USD 7,580 USD 1 USD Small Cap Innovation Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 7,000 CHF 7,281 USD 7,282 USD 1 USD Currency hedging Brown Brothers Harriman 27/4/2020 6,585 EUR 7,238 USD 7,269 USD 31 USD Currency hedging Brown Brothers Harriman 27/4/2020 6,585 EUR 7,238 USD 7,270 USD 32 USD U.S. All Cap Growth Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 8,195 CHF 8,524 USD 8,525 USD 1 USD Currency hedging Brown Brothers Harriman 27/4/2020 813,135 EUR 893,802 USD 897,708 USD 3,906 USD 2,932,859 Currency hedging Brown Brothers Harriman 27/4/2020 2,656,558 EUR 2,920,071 USD USD 12,788 USD Currency hedging Brown Brothers Harriman 27/4/2020 3,167,698 EUR 3,482,326 USD 3,497,162 USD 14,836 USD Currency hedging Brown Brothers Harriman 27/4/2020 11,825 SGD 8,249 USD 8,324 USD 75 USD U.S. High Yield Bond Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 8,316 CHF 8,649 USD 8,652 USD 3 USD Currency hedging Brown Brothers Harriman 27/4/2020 7,815 EUR 8,589 USD 8,627 USD 38 USD Currency hedging Brown Brothers Harriman 27/4/2020 7,815 EUR 8,589 USD 8,627 USD 38 USD Currency hedging Brown Brothers Harriman 27/4/2020 8,733 EUR 9,599 USD 9,642 USD 43 USD Currency hedging Brown Brothers Harriman 27/4/2020 6,722 GBP 8,253 USD 8,355 USD 102 USD Currency hedging Brown Brothers Harriman 27/4/2020 6,722 GBP 8,253 USD 8,355 USD 102 USD Currency hedging Brown Brothers Harriman 27/4/2020 84,967 GBP 104,311 USD 105,596 USD 1,285 USD

Wells Fargo (Lux) Worldwide Fund | 157

Notes to financial statements (continued)

Value of unrealised Contract Maturity Contracts to Market appreciation/ type Purpose Counterparty date receive/deliver Cost value (depreciation)

U.S. Large Cap Growth Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 7,696 EUR 8,460 USD 8,496 USD 36 USD U.S. Select Equity Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 6,208 EUR 6,824 USD 6,854 USD 30 USD Currency hedging Brown Brothers Harriman 27/4/2020 6,331 EUR 6,959 USD 6,990 USD 31 USD U.S. Short-Term High Yield Bond Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 8,486 EUR 9,327 USD 9,369 USD 42 USD Currency hedging Brown Brothers Harriman 27/4/2020 9,229 EUR 10,144 USD 10,189 USD 45 USD Currency hedging Brown Brothers Harriman 27/4/2020 18,025,735 GBP 22,129,091 USD 22,402,295 USD 273,204 USD U.S. Small Cap Value Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 4,827 GBP 5,926 USD 5,999 USD 73 USD Currency hedging Brown Brothers Harriman 27/4/2020 6,986 GBP 8,577 USD 8,683 USD 106 USD USD Investment Grade Credit Fund Buy Currency hedging Brown Brothers Harriman 27/4/2020 9,009 CHF 9,369 USD 9,372 USD 3 USD Currency hedging Brown Brothers Harriman 27/4/2020 8,481 EUR 9,321 USD 9,363 USD 42 USD Currency hedging Brown Brothers Harriman 27/4/2020 1,938,577 EUR 2,130,640 USD 2,140,202 USD 9,562 USD Currency hedging Brown Brothers Harriman 27/4/2020 69,149,014 EUR 75,999,902 USD 76,341,010 USD 341,108 USD Currency hedging Brown Brothers Harriman 27/4/2020 7,118 GBP 8,738 USD 8,846 USD 108 USD Currency hedging Brown Brothers Harriman 27/4/2020 7,118 GBP 8,738 USD 8,846 USD 108 USD Currency hedging Brown Brothers Harriman 27/4/2020 290,600 GBP 356,754 USD 361,157 USD 4,403 USD Currency hedging Brown Brothers Harriman 27/4/2020 1,024,414,327 JPY 9,463,628 USD 9,539,666 USD 76,038 USD Currency hedging Brown Brothers Harriman 27/4/2020 9,868 SGD 6,884 USD 6,945 USD 61 USD

As at 31 March 2020, Alternative Risk Premia Fund, Global Investment Grade Credit Fund and Global Multi-Asset Income Fund had segregated cash of USD 350,000, USD 320,000 and USD 310,000, respectively, for open forward foreign currency contracts. As at 31 March 2020, EUR Investment Grade Credit Fund received cash of EUR 10,000 for open forward foreign currency contracts. These amounts are included in Cash at banks in the Statement of assets and liabilities.

As at 31 March 2020, the following Sub-Funds had open futures contracts:

Value of unrealised Contract Maturity Commitment appreciation/ type Type Counterparty date amount (depreciation)

Alternative Risk Premia Fund 6 Short CAC40 10 Euro Futures Goldman Sachs & Company LLC 17/4/2020 (289,743) USD (38,874) USD 2 Short Hang Seng Index Futures Goldman Sachs & Company LLC 28/4/2020 (296,850) USD (9,855) USD 89 Short Euro-Bund Futures Goldman Sachs & Company LLC 8/6/2020 (10,509,983) USD 11,710 USD 3 Short TOPIX Index Futures Goldman Sachs & Company LLC 11/6/2020 (394,792) USD (22,181) USD 2 Short S&P/TSX 60 Index Futures Goldman Sachs & Company LLC 18/6/2020 (225,226) USD (21,767) USD 4 Short SPI 200 Futures Goldman Sachs & Company LLC 18/6/2020 (319,298) USD 14,079 USD 122 Short Canadian 10 Year Bond Futures Goldman Sachs & Company LLC 19/6/2020 (9,600,662) USD (78,070) USD 1 Short DAX Index Futures Goldman Sachs & Company LLC 19/6/2020 (269,135) USD (19,789) USD 10 Short Euro STOXX 50 Futures Goldman Sachs & Company LLC 19/6/2020 (299,327) USD (26,226) USD 5 Short FTSE 100 Index Futures Goldman Sachs & Company LLC 19/6/2020 (344,962) USD (23,302) USD 6 Short MSCI Emerging Markets Index Futures Goldman Sachs & Company LLC 19/6/2020 (250,620) USD 8,523 USD 2 Short S&P 500 E-Mini Futures Goldman Sachs & Company LLC 19/6/2020 (261,120) USD (11,406) USD

158 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

Value of unrealised Contract Maturity Commitment appreciation/ type Type Counterparty date amount (depreciation) Alternative Risk Premia Fund (continued) 149 Long Australian 10 Year Bond Futures Goldman Sachs & Company LLC 15/6/2020 9,095,335 USD 107,203 USD 10 Long Japanese 10 Year Bond (OSE) Futures Goldman Sachs & Company LLC 15/6/2020 9,464,311 USD (201,218) USD 31 Long 10 Year U.S. Treasury Note Goldman Sachs & Company LLC 19/6/2020 3,455,047 USD 14,000 USD 14 Long E-Mini Russell 2000 Index Futures Goldman Sachs & Company LLC 19/6/2020 808,080 USD 28,329 USD 2 Long NASDAQ 100 E-Mini Futures Goldman Sachs & Company LLC 19/6/2020 314,190 USD 23,399 USD 20 Long Long Gilt Futures Goldman Sachs & Company LLC 26/6/2020 3,627,329 USD (2,437) USD EUR Investment Grade Credit Fund 2 Short Euro-BOBL Futures Société Générale International 8/6/2020 (211,668) EUR 1,820 EUR 24 Short 10 Year U.S. Treasury Note Société Générale International 19/6/2020 (2,425,311) EUR (130,395) EUR 4 Long Euro-Bund Futures Société Générale International 8/6/2020 428,288 EUR (9,660) EUR 65 Long Euro-Schatz Futures Société Générale International 8/6/2020 6,587,750 EUR (14,950) EUR 11 Long 5 Year U.S. Treasury Note Société Générale International 30/6/2020 1,035,785 EUR 40,051 EUR EUR Short Duration Credit Fund 98 Short Euro-BOBL Futures Société Générale International 8/6/2020 (10,371,732) EUR 78,780 EUR 1 Short Euro-Bund Futures Société Générale International 8/6/2020 (107,072) EUR 2,150 EUR 9 Short Long Gilt Futures Société Générale International 26/6/2020 (1,480,005) EUR (19,664) EUR 210 Long Euro-Schatz Futures Société Générale International 8/6/2020 21,283,500 EUR (48,300) EUR Global Factor Enhanced Equity Fund 6 Long MSCI World Index Futures Goldman Sachs & Company LLC 19/6/2020 560,310 USD 44,500 USD Global Multi-Asset Income Fund 45 Short E-mini Russell 2000 Index Futures Goldman Sachs & Company LLC 19/6/2020 (2,597,400) USD (329,954) USD 28 Long NASDAQ 100 E-Mini Futures Goldman Sachs & Company LLC 19/6/2020 4,398,660 USD 391,697 USD 7 Long S&P 500 E-Mini Futures Goldman Sachs & Company LLC 19/6/2020 913,920 USD 100,440 USD

As at 31 March 2020, Alternative Risk Premia Fund, Global Factor Enhanced Equity Fund and Global Multi-Asset Income Fund had segregated cash of USD 61,000, USD 351,500 and USD 173,000, respectively, for open futures contracts. These amounts are included in Cash at banks in the Statement of assets and liabilities. As at 31 March 2020, Alternative Risk Premia Fund had segregated securities of USD 3,515,742 as collateral for open futures contracts. These securities are included in the Portfolio of investments.

As at 31 March 2020, the following Sub-Funds had contracts for difference outstanding:

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund USD 1-800-Flowers.com Incorporated 1,643 21,737 1,150 USD Acuity Brands Incorporated 833 71,355 7,605 USD Adecco Group AG 1,922 75,740 5,620 USD Adevinta ASA (1,992) (18,034) (5,330) USD ADO Properties SA (1,004) (22,658) (6,323) USD ADT Incorporated (5,759) (24,879) (2,592) USD AEON Fantasy Company Limited 1,000 13,439 1,154 USD Afterpay Limited (1,893) (22,013) (8,232) USD Agenus Incorporated 5,347 13,100 2,834 USD Agilysys Incorporated 705 11,774 1,819 USD AGNC Investment Corporation 3,640 38,511 2,730

Wells Fargo (Lux) Worldwide Fund | 159

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Agnico Eagle Mines Limited (2,700) (107,785) 1,595 USD AIA Group Limited (13,200) (118,201) (7,691) USD Air Lease Corporation (952) (21,077) (5,322) USD Air Water Incorporated 7,500 102,711 10,244 USD Airbus SE (978) (63,063) 3,663 USD Aker ASA (391) (8,775) (2,303) USD Akorn Incorporated 18,216 10,223 364 USD Alcoa Corporation (2,222) (13,688) (1,511) USD Alcon Incorporated (2,538) (130,024) (18,200) USD Algonquin Power & Utilities Corporation 8,900 119,843 19,430 USD Allegion plc 856 78,769 7,858 USD Alliant Energy Corporation 1,746 84,314 13,252 USD Allogene Therapeutics Incorporated (1,533) (29,802) (291) USD Alnylam Pharmaceuticals Incorporated (1,216) (132,362) (6,080) USD Alony Hetz Properties & Investments 2,244 25,782 4,026 USD Alps Alpine Company Limited 100 964 (290) USD Altice Europe NV 16,533 63,809 15,173 USD AMAG Pharmaceuticals Incorporated 2,913 18,002 1,923 USD Amazon.com Incorporated 5 9,749 117 USD American Equity Investment Life Holding Company (1,598) (30,042) (11,266) USD American Public Education Incorporated 1,020 24,409 704 USD AMP Limited (131,826) (107,655) (6,596) USD Analog Devices Incorporated (964) (86,423) 2,656 USD Anheuser-Busch InBev SA (410) (18,110) (566) USD ANI Pharmaceuticals Incorporated 637 25,951 2,414 USD Anika Therapeutics Incorporated 961 27,783 3,046 USD Ansell Limited 2,251 37,276 8,415 USD Antero Midstream Corporation (4,285) (8,999) 857 USD Aoyama Trading Company Limited (2,900) (24,810) 6,216 USD Aozora Bank Limited 100 1,908 (262) USD Apache Corporation (9,395) (39,271) 9,160 USD Appfolio Incorporated 224 24,853 5,230 USD Apple Incorporated 106 26,955 741 USD Aramark 1,647 32,891 889 USD Arata Corporation 700 29,930 1,265 USD Arch Capital Group Limited 2,717 77,326 6,765 USD Arena Pharmaceuticals Incorporated 692 29,064 2,678 USD Ares Commercial Real Estate Corporation 1,822 12,736 1,731 USD Armada Hoffler Properties Incorporated 4,896 52,387 12,240 USD ARTERIA Networks Corporation 1,300 22,005 2,225 USD Asahi Holdings Incorporated 1,300 27,257 2,710 USD Ascendas Real Estate Investment Trust 59,200 117,217 11,363

160 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD ASKUL Corporation 700 20,626 3,879 USD ASM Pacific Technology Limited 7,300 67,688 927 USD ASML Holding NV (524) (138,134) (17,618) USD Atara Biotherapeutics Incorporated (2,822) (24,015) (1,157) USD Atco Limited 3,600 99,689 15,312 USD Atlas Arteria Limited (9,507) (32,111) (2,847) USD Atmos Energy Corporation 1,106 109,748 14,411 USD Atos SE 1,733 115,462 20,430 USD Aurora Cannabis Incorporated (77,100) (69,030) (15,113) USD Aurubis AG 724 29,463 3,440 USD Austal Limited 9,606 17,349 2,340 USD Australia & New Zealand Banking Group Limited (13,064) (137,007) (14,534) USD Auto Trader Group plc 15,287 82,608 14,973 USD AXA SA (2,346) (39,722) (5,291) USD Bandai Namco Holdings Incorporated 1,300 63,054 3,963 USD Bank Leumi Le-Israel BM 16,901 93,191 17,301 USD Barrett Business Services Incorporated 848 33,615 5,944 USD Barrick Gold Corporation (4,900) (90,041) (12,582) USD Basilea Pharmaceutica AG 693 29,926 3,146 USD Bavarian Nordic AS 731 11,542 0 USD Bayer AG (1,699) (97,350) (6,295) USD Bayerische Motoren Werke AG 159 6,742 408 USD BeiGene Limited ADR (856) (105,382) 20,463 USD Bendigo & Adelaide Bank Limited 21,043 80,844 1,417 USD Benefit One Incorporated (1,600) (20,740) (2,002) USD Benesse Holdings Incorporated 3,600 91,613 6,831 USD Best Buy Company Incorporated 1,383 78,831 1,597 USD Beyond Meat Incorporated (436) (29,038) (3,754) USD Big Lots Incorporated 2,241 31,867 4,751 USD BioDelivery Sciences International Incorporated 5,306 20,110 2,918 USD Biogen Incorporated 519 164,201 14,441 USD Biohaven Pharmaceutical Holding Company Limited (612) (20,826) (2,717) USD Bio-Rad Laboratories Incorporated 353 123,748 7,607 USD BioSpecifics Technologies Corporation 615 34,791 7,442 USD BioTelemetry Incorporated (681) (26,225) (4,944) USD Blackmores Limited 508 22,744 2,948 USD Bluebird Bio Incorporated (641) (29,460) 1,692 USD Blueprint Medicines Corporation (526) (30,760) (2,635) USD BlueScope Steel Limited 16,698 87,423 (9,111) USD Boise Cascade Company 1,029 24,470 3,221 USD Booz Allen Hamilton Holding Corporation 1,733 118,953 18,526 USD Borussia Dortmund GmbH & Company 2,130 12,626 1,356

Wells Fargo (Lux) Worldwide Fund | 161

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Briggs & Stratton Corporation 6,491 11,749 (4,284) USD British Land Company plc (29,810) (124,313) 1,913 USD Broadcom Incorporated (488) (115,705) (21,901) USD Broadleaf Company Limited 5,100 22,145 1,307 USD Broadridge Financial Solutions Incorporated 759 71,976 3,082 USD Bunge Limited 2,376 97,487 21,978 USD BW LPG Limited 3,492 10,527 1,379 USD Calbee Incorporated 4,500 121,441 13,461 USD Cameco Corporation (18,700) (142,579) (28,807) USD Campbell Soup Company 2,404 110,969 2,067 USD Canadian Apartment Properties Real Estate Investment Trust 3,700 111,975 (1,028) USD Canadian Utilities Limited 5,700 136,252 23,276 USD Canon Incorporated (6,300) (136,905) (10,986) USD Canopy Growth Corporation (5,900) (85,777) (16,185) USD Capital & Counties Properties (7,459) (15,184) (2,638) USD Cardlytics Incorporated 334 11,677 1,526 USD CarMax Incorporated 1,125 60,559 5,361 USD Catalyst Pharmaceuticals Incorporated 2,948 11,350 2,653 USD Cato Corporation 1,616 17,243 (986) USD Cboe Global Markets Incorporated 1,110 99,068 10,612 USD CBRE Group Incorporated 1,368 51,587 4,720 USD CDK Global Incorporated 1,990 65,372 3,721 USD CDW Corporation 706 65,849 9,679 USD Cenovus Energy Incorporated (33,200) (66,999) (8,956) USD Central Garden & Pet Company 582 16,005 1,379 USD Central Japan Railway Company (600) (96,163) (2,422) USD CenturyLink Incorporated (8,142) (77,023) (2,931) USD Ceridian HCM Holding Incorporated (555) (27,789) (1,282) USD Chart Industries Incorporated (726) (21,039) (8,959) USD Chemours Company (2,324) (20,614) 604 USD Cheniere Energy Incorporated (2,101) (70,384) (2,112) USD Chocoladefabriken Lindt & Spruengli AG 6 50,361 6,240 USD Chr Hansen Holding AS (1,970) (145,372) (14,296) USD Chuy’s Holdings Incorporated 1,284 12,930 2,157 USD CI Financial Corporation 9,800 97,283 8,449 USD Cimarex Energy Company (1,016) (17,099) (2,062) USD Citrix Systems Incorporated 922 130,509 20,487 USD City Office Real Estate Investment Trust Incorporated 1,411 10,202 (254) USD CK Infrastructure Holdings Limited (7,500) (39,704) (1,999) USD Clear Channel Outdoor Holdings Incorporated (15,555) (9,955) (1,475) USD Clearway Energy Incorporated 1,111 19,076 (922) USD CLP Holdings Limited (18,000) (164,880) (3,047)

162 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Coca-Cola Amatil Limited 21,029 113,499 6,682 USD Coca-Cola Consolidated Incorporated 158 32,948 2,522 USD Cochlear Limited 703 80,122 14,356 USD Coherus Biosciences Incorporated 1,171 18,994 2,787 USD Coles Group Limited 18,271 170,159 (9,256) USD Coloplast AS 1,022 148,217 (2,751) USD ComfortDelGro Corporation Limited 91,000 96,900 5,152 USD Computacenter plc 843 14,946 4,543 USD Computer Programs & Systems Incorporated 1,880 41,830 8,629 USD Constellation Brands Incorporated (914) (131,031) (21,625) USD Construction Partners Incorporated 1,777 30,014 3,554 USD Contura Energy Incorporated 4,913 11,546 (5,060) USD Copart Incorporated 1,065 72,974 8,914 USD Corteva Incorporated (4,787) (112,495) (4,643) USD Cosmo Energy Holdings Company Limited 1,100 15,352 (1,779) USD Coty Incorporated (23,301) (120,233) (15,845) USD Coupa Software Incorporated (73) (10,200) 123 USD Covivio 953 53,521 (561) USD Cranswick plc 437 20,005 4,177 USD Credit Acceptance Corporation (103) (26,336) 277 USD Credit Suisse Group AG (10,628) (85,782) (9,915) USD Cree Incorporated (1,008) (35,744) (1,079) USD Crown Holdings Incorporated 1,358 78,818 15,047 USD CSL Limited 659 119,458 7,726 USD CSR Limited 18,582 35,608 (1,799) USD CSW Industrials Incorporated 719 46,627 4,544 USD Cullen/Frost Bankers Incorporated (435) (24,269) (1,179) USD Curo Group Holdings Corporation 2,948 15,624 3,361 USD Cutera Incorporated 1,504 19,642 5,820 USD CVS Group plc 1,495 15,320 1,072 USD Cyberdyne Incorporated (4,100) (15,149) (2,613) USD Cybozu Incorporated 900 15,782 4,283 USD Daicel Corporation 10,900 79,298 3,858 USD Daily Mail & General Trust plc 2,758 22,968 2,490 USD Daimler AG (2,698) (80,574) (15,131) USD Dairy Farm International Holdings Limited (21,400) (98,429) (13,471) USD De’ Longhi SpA (1,190) (19,781) 129 USD Deutsche Bank AG (12,207) (77,601) (5,454) USD Diamond Hill Investment Group Incorporated 508 45,842 1,824 USD Digital Realty Trust Incorporated (21) (2,917) (333) USD Digital Turbine Incorporated 5,200 22,412 2,080 USD Discovery Incorporated 1,667 32,406 1,134

Wells Fargo (Lux) Worldwide Fund | 163

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Discovery Incorporated Class C 3,756 65,880 2,517 USD DMC Global Incorporated 325 7,478 (293) USD Dollar Tree Incorporated (1,222) (89,780) (1,790) USD Domino’s Pizza Incorporated 267 86,527 6,440 USD DR Horton Incorporated 1,720 58,480 4,506 USD Duke Realty Corporation 2,338 75,704 12,602 USD DuPont de Nemours Incorporated (3,041) (103,698) (7,998) USD DXC Technology Company (4,150) (54,158) (436) USD Eagle Pharmaceuticals Incorporated 767 35,282 7,003 USD Easterly Government Properties Incorporated 1,016 25,034 1,605 USD Eaton Vance Corporation 2,237 72,143 9,955 USD Eckert & Ziegler Strahlen- und Medizintechnik AG 77 11,959 2,668 USD Edion Corporation 3,200 26,397 1,383 USD Eidos Therapeutics Incorporated 762 37,330 3,239 USD Elastic NV (539) (30,082) (3,153) USD Elders Limited 4,991 23,073 817 USD Electricite de France SA (3,909) (30,566) (1,588) USD Elisa Oyj 2,612 161,222 15,033 USD Emera Incorporated 800 31,550 2,771 USD Ennis Incorporated 3,455 64,885 10,330 USD Enova International Incorporated 923 13,374 4,154 USD Epiroc AB 2,947 29,048 4,997 USD Equitrans Midstream Corporation (3,130) (15,744) 1,252 USD Equity LifeStyle Properties Incorporated 1,493 85,818 12,944 USD Etsy Incorporated (796) (30,598) (5,373) USD Eurofins Scientific SE 164 80,032 (1,371) USD EverQuote Incorporated 700 18,375 (441) USD Evraz plc 20,266 57,984 4,641 USD Exact Sciences Corporation (1,770) (102,660) (9,673) USD Exor NV (692) (35,665) (7,528) USD Extended Stay America Incorporated (2,544) (18,597) (585) USD Exterran Corporation 3,573 17,150 (786) USD Extraction Oil & Gas Incorporated 40,099 16,922 (16,761) USD Exxon Mobil Corporation (2,010) (76,320) (10,512) USD EZCORP Incorporated 4,465 18,619 1,473 USD FactSet Research Systems Incorporated 344 89,674 9,125 USD FamilyMart Company Limited (2,200) (39,503) (7,671) USD FANUC Corporation (700) (93,538) (9,677) USD Fast Retailing Company Limited (200) (81,608) (7,443) USD FedEx Corporation (841) (101,980) (8,578) USD FIH Mobile Limited 92,000 10,198 (712) USD First Capital Real Estate Investment Trust 9,800 94,915 8,051

164 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD First Solar Incorporated (1,010) (36,421) (2,394) USD FirstEnergy Corporation 1,712 68,600 9,912 USD Five Below Incorporated (366) (25,759) (6,559) USD Fixstars Corporation 1,800 16,946 2,368 USD Flex Limited 9,343 78,248 16,023 USD Flight Centre Travel Group Limited 2,458 15,518 1,264 USD Floor & Decor Holdings Incorporated (849) (27,244) (2,988) USD Fortescue Metals Group Limited 15,272 93,590 1,091 USD Fortive Corporation (1,870) (103,205) (14,857) USD Fox Corporation Class A 2,736 64,652 7,223 USD Fox Corporation Class B 2,515 57,543 7,117 USD Freeport-McMoRan Incorporated (10,222) (68,999) (12,573) USD Fresh Del Monte Produce Incorporated 934 25,788 (6,258) USD Fuchs Petrolub SE 3,356 119,711 (3,283) USD Fuji Seal International Incorporated (1,400) (24,667) (2,104) USD Fujitsu Limited 1,000 90,069 13,353 USD Galenica AG 615 41,963 3,133 USD GATX Corporation (474) (29,653) (3,636) USD Gecina SA 940 123,694 15,397 USD General Electric Company (9,217) (73,183) (13,088) USD Genus plc 557 22,508 4,907 USD Gibson Energy Incorporated 500 5,773 850 USD Global Blood Therapeutics Incorporated (688) (35,150) (4,149) USD Global Medical Real Estate Investment Trust Incorporated 4,185 42,352 2,720 USD GMO Payment Gateway Incorporated (900) (63,077) (4,010) USD GoDaddy Incorporated (2,513) (143,517) (22,780) USD Goosehead Insurance Incorporated 167 7,453 (62) USD Graco Incorporated (613) (29,871) (4,628) USD GRENKE AG (308) (17,749) (1,259) USD Grifols SA 3,069 102,681 (145) USD Group 1 Automotive Incorporated 423 18,722 1,062 USD Guardant Health Incorporated (382) (26,587) (2,120) USD Gulfport Energy Corporation 14,169 6,301 (3,704) USD Gurunavi Incorporated 3,600 18,421 (4,223) USD H Lundbeck AS 2,495 73,259 (3,175) USD Hakuhodo DY Holdings Incorporated 7,700 77,693 3,390 USD Hammerson plc (8,267) (7,883) 2,105 USD Hanesbrands Incorporated 6,723 52,910 (7,463) USD Hang Lung Group Limited (14,000) (29,260) (2,444) USD Harmonic Drive Systems Incorporated (300) (12,962) (1,619) USD Harmonic Incorporated 7,279 41,927 5,969 USD Harvey Norman Holdings Limited 64,666 118,737 16,562

Wells Fargo (Lux) Worldwide Fund | 165

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Haverty Furniture Companies Incorporated 2,670 31,746 (614) USD HealthEquity Incorporated (660) (33,389) (4,145) USD Helmerich & Payne Incorporated (987) (15,447) (2,458) USD Henry Schein Incorporated 1,501 75,831 8,271 USD Hershey Company 749 99,243 11,063 USD Hess Corporation (2,187) (72,827) (2,788) USD Hibbett Sports Incorporated 1,658 18,130 1,799 USD Hilltop Holdings Incorporated 1,554 23,496 2,797 USD Hino Motors Limited 6,400 34,132 3,906 USD Hiscox Limited (1,409) (16,046) 481 USD Hitachi Chemical Company Limited 2,400 102,128 7,015 USD Hitachi High-Tech Corporation 1,400 103,421 3,208 USD Hitachi Metals Limited 9,100 95,520 2,857 USD Hitachi Zosen Corporation 8,800 28,117 1,930 USD HollyFrontier Corporation 2,530 62,010 5,642 USD Hong Kong Exchanges & Clearing Limited (5,800) (173,764) (9,956) USD Hosiden Corporation 2,300 15,971 (4,591) USD House Foods Group Incorporated (1,000) (32,540) (3,011) USD Howard Hughes Corporation (497) (25,108) (5,020) USD HubSpot Incorporated (292) (38,891) (4,497) USD Huntington Ingalls Industries Incorporated 449 81,812 10,278 USD Hurricane Energy plc (96,140) (12,682) 692 USD Hysan Development Company (8,000) (25,835) (1,860) USD iA Financial Corporation Incorporated 3,800 119,457 21,887 USD IAA Incorporated (772) (23,129) (2,046) USD ICADE 1,349 105,881 321 USD IDOM Incorporated 3,900 14,164 1,885 USD II-VI Incorporated (1,134) (32,319) (3,266) USD Immunomedics Incorporated (1,239) (16,702) (3,382) USD Implenia AG 412 14,321 2,403 USD Indivior plc 17,993 10,180 (220) USD Industria de Diseno Textil SA (66) (1,710) (187) USD Industrivarden AB 6,281 120,265 5,559 USD Ingevity Corporation (250) (8,800) (1,760) USD Ingles Markets Incorporated 760 27,482 (1,444) USD Ingredion Incorporated 1,062 80,181 9,824 USD Inovalon Holdings Incorporated 1,532 25,523 4,213 USD Insurance Australia Group Limited (32,905) (124,152) (16,578) USD Interactive Brokers Group Incorporated (639) (27,586) (3,368) USD Interpublic Group of Companies Incorporated 2,363 38,257 4,572 USD INTL FCStone Incorporated 753 27,304 3,645 USD Intrum AB (1,040) (13,775) (778)

166 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Intu Properties plc (71,314) (3,818) (154) USD Intuitive Surgical Incorporated (233) (115,384) (23,538) USD iRobot Corporation (639) (26,135) (1,425) USD Israel Discount Bank Limited 26,731 77,944 13,903 USD iStar Incorporated 2,676 28,392 9,179 USD ITOCHU Corporation 5,500 113,820 12,832 USD Itochu Techno-Solutions Corporation 3,000 85,441 6,942 USD Ivanhoe Mines Limited (9,900) (16,461) (1,436) USD Iwatani Corporation 1,100 36,832 674 USD Japan Airport Terminal Company Limited 1,400 53,805 (2,955) USD Japan Hotel Real Estate Investment Trust Investment Company (77) (22,478) (2,704) USD Japan Lifeline Company Limited (1,800) (22,555) (3,947) USD Japan Post Bank Company Limited (12,900) (119,133) (2,113) USD Japan Post Holdings Company Limited (18,900) (147,847) (5,179) USD Jazz Pharmaceuticals plc 1,158 115,499 4,180 USD JB Hi-Fi Limited 1,143 19,680 1,232 USD JB Hunt Transport Services Incorporated 946 87,250 10,974 USD JC Penney Company Incorporated 23,210 8,356 (2,070) USD Jefferies Financial Group Incorporated 3,090 42,240 4,110 USD Jeol Limited 700 16,923 (3,887) USD Jeronimo Martins SGPS SA 5,990 108,114 7,905 USD John B Sanfilippo & Son Incorporated 658 58,825 9,449 USD Johnson Outdoors Incorporated 722 45,269 7,494 USD Jones Lang LaSalle Incorporated 541 54,630 6,232 USD Juniper Networks Incorporated 3,352 64,157 2,832 USD JXTG Holdings Incorporated 22,700 77,348 10,362 USD Kakaku.com Incorporated 2,500 45,724 (4,158) USD Kamigumi Company Limited 6,200 104,653 (2,311) USD Kanematsu Corporation 2,100 21,410 1,306 USD Karyopharm Therapeutics Incorporated 945 18,153 1,229 USD KAZ Minerals plc (4,628) (20,070) (2,927) USD Keppel DC Real Estate Investment Trust 20,400 32,740 5,833 USD Kering SA (87) (45,363) (6,303) USD Keyence Corporation (300) (96,454) (7,538) USD Kforce Incorporated 846 21,632 905 USD Kimberly-Clark Corporation 593 75,827 1,189 USD Kinnevik AB (8,960) (146,132) (16,369) USD KLAB Incorporated 2,400 15,027 1,529 USD Kloeckner & Company SE 4,901 17,854 1,727 USD Knight-Swift Transportation Holdings Incorporated 2,803 91,938 6,839 USD Kogan.com Limited 5,845 18,964 3,366 USD Koppers Holdings Incorporated 1,379 17,058 3,958

Wells Fargo (Lux) Worldwide Fund | 167

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Kraft Heinz Company (6,093) (150,741) (14,989) USD Kroger Company 3,040 91,565 (12,175) USD Krosaki Harima Corporation 400 15,065 305 USD Kuehne + Nagel International AG 1,005 136,902 850 USD Kurita Water Industries Limited 100 2,294 (610) USD L Brands Incorporated (2,089) (24,149) (3,718) USD L E Lundbergforetagen AB 1,985 80,467 6,111 USD Land Securities Group plc (15,239) (105,087) 4,270 USD Lands’ End Incorporated 498 2,659 (642) USD Lannett Company Incorporated 3,386 23,533 (1,287) USD LEAR Corporation 855 69,469 4,677 USD Learning Technologies Group 7,790 12,927 1,688 USD Leidos Holdings Incorporated 1,026 94,033 19,638 USD LeMaitre Vascular Incorporated 938 23,375 3,311 USD Lendlease Group 16,390 102,762 (1,305) USD Levi Strauss & Company 1,629 20,248 1,580 USD Lexicon Pharmaceuticals Incorporated 5,454 10,635 (327) USD Liberty Global plc (6,007) (94,370) 3,574 USD Lincoln National Corporation (4,201) (110,570) (28,798) USD Littelfuse Incorporated (298) (39,759) (6,058) USD LiveRamp Holdings Incorporated (1,112) (36,607) (4,937) USD LVMH Moet Hennessy Louis Vuitton SE (123) (45,110) (4,190) USD Lydall Incorporated 1,923 12,423 2,635 USD Macerich Company (1,957) (11,018) 3,405 USD Madrigal Pharmaceuticals Incorporated (397) (26,504) 1,227 USD MAG Silver Corporation (2,800) (21,607) 184 USD ManpowerGroup Incorporated 1,107 58,660 (1,539) USD ManTech International Corporation 306 22,237 4,538 USD Mapletree Commercial Trust 75,300 96,578 4,540 USD Maruichi Steel Tube Limited 2,000 47,900 3,649 USD Marvell Technology Group Limited (5,371) (121,546) (21,269) USD Match Group Incorporated 1,457 96,220 27,231 USD Matrix Service Company 2,271 21,506 2,294 USD Matsui Securities Company Limited (4,900) (35,925) 3,533 USD McDonald’s Holdings Company Japan Limited 200 9,020 (406) USD Mebuki Financial Group Incorporated 1,400 2,840 385 USD Media Do Holdings Company Limited 600 16,823 2,408 USD Meidensha Corporation 1,400 20,852 (2,409) USD Menicon Company Limited 600 26,772 2,135 USD Mercari Incorporated (3,500) (67,974) (15,772) USD METRO AG 3,440 29,299 2,679 USD Microchip Technology Incorporated (1,337) (90,649) (7,601)

168 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Microsoft Corporation 86 13,563 1,007 USD Minth Group Limited (6,000) (12,757) 2,123 USD Mirvac Group 77,470 98,425 9,341 USD Mitek Systems Incorporated 2,974 23,435 5,413 USD Mitsubishi Chemical Holdings Corporation 16,100 96,248 9,265 USD Mitsubishi Gas Chemical Company Incorporated 6,000 64,745 (409) USD Mitsubishi UFJ Lease & Finance Company Limited 14,800 72,443 1,560 USD Mitsui Chemicals Incorporated 4,600 86,582 (5,619) USD Mitsui OSK Lines Limited 4,300 68,921 6,710 USD Mizrahi Tefahot Bank Limited 4,083 75,151 12,860 USD Mizuho Financial Group Incorporated (116,000) (133,084) 10,482 USD Model N Incorporated 1,341 29,784 5,136 USD MongoDB Incorporated (756) (103,224) (10,074) USD Monolithic Power Systems Incorporated (210) (35,167) (6,770) USD Mosaic Company (7,667) (82,957) (17,289) USD Motorola Solutions Incorporated 542 72,043 (2,000) USD Murphy USA Incorporated 142 11,979 (1,294) USD Myriad Genetics Incorporated 1,299 18,589 2,208 USD Natera Incorporated 947 28,277 4,508 USD National Fuel Gas Company (756) (28,191) (2,495) USD National Instruments Corporation (1,114) (36,851) (6,751) USD National Oilwell Varco Incorporated (5,537) (54,429) 1,993 USD NEC Networks & System Integration Corporation 700 28,375 2,235 USD Netflix Incorporated (197) (73,974) (8,406) USD NETGEAR Incorporated 101 2,307 465 USD Network International Holdings plc (3,396) (16,513) (1,615) USD New Relic Incorporated (810) (37,454) (6,496) USD New Senior Investment Group Incorporated 4,463 11,425 2,098 USD Newell Brands Incorporated (5,592) (74,262) (5,005) USD Next plc 342 17,158 1,096 USD NH Foods Limited 3,300 114,842 10,774 USD Nibe Industrier AB (2,440) (35,293) (5,499) USD Nichiigakkan Company Limited 1,900 18,110 (4,644) USD Nidec Corporation (1,600) (82,455) (4,681) USD Nielsen Holdings plc (7,811) (97,950) 8,436 USD Nihon M&A Center Incorporated (500) (13,618) 1,740 USD Nikkiso Company Limited 2,300 16,969 2,318 USD Nippon Electric Glass Company Limited (1,700) (22,639) (2,327) USD Nippon Express Company Limited 1,700 82,924 8,210 USD Nippon Shinyaku Company Limited 200 15,661 2,205 USD Nippon Steel Trading Corporation 800 26,971 (5,103) USD Nissan Chemical Corporation (3,500) (126,761) (34,697)

Wells Fargo (Lux) Worldwide Fund | 169

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Nissan Motor Company Limited (27,900) (93,345) (574) USD Nobina AB 3,203 17,308 3,552 USD Noble Energy Incorporated (16,411) (99,122) (32,986) USD Nokia Oyj (40,311) (124,152) (14,709) USD Nomura Holdings Incorporated (18,100) (76,384) (8,968) USD Nomura Real Estate Holdings Incorporated 5,200 84,140 (1,226) USD Nordea Bank Abp (22,949) (129,098) (6,354) USD Nordson Corporation (304) (41,061) (8,460) USD NTT Data Corporation 8,500 81,367 11,520 USD Nucor Corporation 2,185 78,704 11,777 USD Nutanix Incorporated (1,923) (30,383) (2,308) USD Nutrien Limited (4,800) (164,093) (30,567) USD nVent Electric plc (1,219) (20,565) (3,169) USD NVIDIA Corporation (326) (85,934) (18,859) USD NVR Incorporated 45 115,610 10,900 USD Occidental Petroleum Corporation (5,107) (59,139) (6,894) USD OCI NV (1,629) (19,467) (1,501) USD Okta Incorporated (885) (108,200) (6,027) USD Olin Corporation (2,130) (24,857) 149 USD Ollie’s Bargain Outlet Holdings Incorporated (518) (24,004) (3,916) USD One Real Estate Investment Trust Incorporated 9 20,388 4,745 USD Onex Corporation 2,100 76,864 16,438 USD Open Door Incorporated (1,500) (10,155) 165 USD Oriental Land Company Limited (600) (76,594) (2,408) USD Orion Oyj 2,604 105,973 11,765 USD Orpea (267) (27,724) (847) USD Overstock.com Incorporated 1,071 5,344 1,317 USD OVS SpA 32,841 28,177 (1,333) USD Owens & Minor Incorporated 3,080 28,182 9,979 USD Owens Corning 668 25,925 5,104 USD PACCAR Incorporated 1,646 100,620 9,325 USD Packaging Corporation of America 823 71,461 782 USD Pandora AS 2,987 95,976 8,881 USD Papa John’s International Incorporated 499 26,632 1,183 USD Par Pacific Holdings Incorporated 3,986 28,301 (1,953) USD Park Hotels & Resorts Incorporated (2,330) (18,430) (2,819) USD Parkland Fuel Corporation 3,400 59,940 3,720 USD Parsley Energy Incorporated (2,894) (16,583) (1,736) USD Pasona Group Incorporated 300 2,379 320 USD PayPal Holdings Incorporated (1,120) (107,229) (10,147) USD PC Connection Incorporated 682 28,105 4,658 USD PDL BioPharma Incorporated 7,045 19,867 2,043

170 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Pebblebrook Hotel Trust (2,239) (24,383) (5,374) USD Perficient Incorporated 610 16,525 (872) USD Perseus Mining Limited 25,615 14,557 2,415 USD Persol Holdings Company Limited 3,000 30,018 2,053 USD PetMed Express Incorporated 1,088 31,313 3,166 USD Pharma Mar SA 3,984 18,759 3,203 USD Pharming Group NV 17,194 18,260 4,001 USD Phibro Animal Health Corporation 1,780 43,023 11,214 USD Phillips 66 1,194 64,058 6,328 USD Pilbara Minerals Limited (109,944) (11,275) (659) USD Pinterest Incorporated (6,135) (94,724) (13,773) USD PKSHA Technology Incorporated (800) (11,500) (798) USD Planet Fitness Incorporated (619) (30,145) (9,143) USD Polaris Incorporated 1,299 62,547 (442) USD Porsche Automobil Holding SE (2,302) (96,225) (18,759) USD Prestige Consumer Healthcare Incorporated 770 28,244 5,005 USD Prima Meat Packers Limited 1,200 27,167 3,861 USD Prosperity Bancshares Incorporated (405) (19,541) 77 USD Prosus NV (179) (12,467) (2,106) USD Proximus SADP 3,350 76,931 7,696 USD Prudential plc (10,559) (132,303) (30,645) USD PulteGroup Incorporated 2,012 44,908 5,131 USD Pure Storage Incorporated (3,453) (42,472) (8,874) USD QAD Incorporated 1,206 48,156 9,744 USD QBE Insurance Group Limited (21,216) (110,514) (8,954) USD Quad/Graphics Incorporated 5,162 13,008 (3,820) USD Quebecor Incorporated 7,900 174,639 21,726 USD Quest Diagnostics Incorporated 863 69,299 4,367 USD Raksul Incorporated (800) (17,268) (2,875) USD Ramelius Resources Limited 21,452 13,178 2,884 USD Randstad NV 1,670 58,938 (338) USD Ratos AB 6,730 13,845 2,308 USD RBC Bearings Incorporated (437) (49,289) (12,188) USD Recordati SpA 2,197 92,565 10,779 USD Red Robin Gourmet Burgers Incorporated 1,642 13,990 3,235 USD Regis Corporation 2,397 14,166 (1,486) USD Relia Incorporated 2,000 19,365 2,709 USD RenaissanceRe Holdings Limited 541 80,782 10,831 USD Renesas Electronics Corporation (14,300) (50,866) (6,492) USD Rent-A-Center Incorporated 1,536 21,719 768 USD ResMed Incorporated 787 115,917 25,932 USD Resources Connection Incorporated 179 1,964 260

Wells Fargo (Lux) Worldwide Fund | 171

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Restaurant Brands International Incorporated (3,600) (145,069) (33,643) USD REV Group Incorporated 2,099 8,753 (2,414) USD Revolve Group Incorporated 2,719 23,492 2,665 USD RH (221) (22,204) (4,053) USD Rhythm Pharmaceuticals Incorporated (1,207) (18,371) (1,316) USD Rigel Pharmaceuticals Incorporated 11,756 18,339 2,821 USD Rio Tinto Limited 1,702 87,686 6,175 USD RioCan Real Estate Investment Trust 13,400 153,586 11,039 USD Robert Half International Incorporated 1,574 59,419 4,329 USD Rolls-Royce Holdings plc (18,100) (76,499) (197) USD RPM International Incorporated 1,377 81,931 13,853 USD RR Donnelley & Sons Company 9,165 8,785 (472) USD Rubius Therapeutics Incorporated (4,371) (19,451) (1,748) USD RWE AG (4,821) (126,077) (13,290) USD Sage Therapeutics Incorporated (662) (19,013) (1,403) USD Salesforce.com Incorporated (584) (84,084) (2,704) USD Sanrio Company Limited (2,000) (26,525) (590) USD Saras SpA 30,281 27,989 4,149 USD Sarepta Therapeutics Incorporated (1,221) (119,438) (13,199) USD SATS Limited 42,800 95,139 7,654 USD Schindler Holding AG 275 57,577 1,756 USD Schindler Holding AG part C 161 35,223 718 USD Schnitzer Steel Industries Incorporated 1,612 21,020 1,789 USD Seagate Technology plc 2,245 109,556 18,117 USD SecureWorks Corporation 1,912 22,007 2,887 USD Securitas AB 8,857 95,146 9,832 USD Segro plc 12,952 122,440 16,430 USD SEI Investments Company 1,307 60,566 10,168 USD Sembcorp Industries Limited 92,700 101,763 (1,301) USD Semtech Corporation (1,485) (55,688) (6,905) USD Service Stream Limited 17,816 19,914 783 USD Seven Bank Limited 1,000 2,581 103 USD Seven Group Holdings Limited (3,083) (21,214) 238 USD Shangri-La Asia Limited (24,000) (16,133) 2,429 USD Shimamura Company Limited 200 12,087 (1,774) USD Shinsei Bank Limited 200 2,649 (385) USD Shopify Incorporated (300) (125,692) (22,540) USD Showa Denko KK 3,500 71,806 8,743 USD Siegfried Holding AG 44 17,708 905 USD Simon Property Group Incorporated (1,010) (55,409) (6,787) USD Sims Metal Management Limited 5,281 19,648 (131) USD Simulations Plus Incorporated 688 24,025 3,688

172 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Six Flags Entertainment Corporation (1,203) (15,086) (890) USD Skanska AB 84 1,264 (6) USD SMC Corporation (200) (83,849) (10,680) USD SNC-Lavalin Group Incorporated (1,700) (25,078) (2,022) USD Societe BIC SA (692) (38,436) (6,709) USD Softbank Group Corporation (1,200) (42,483) (7,645) USD Sohgo Security Services Company Limited 100 4,854 322 USD Sojitz Corporation (11,400) (26,729) 6,422 USD Sonic Automotive Incorporated 1,380 18,326 3,133 USD Sonic Healthcare Limited 6,910 103,856 16,228 USD South32 Limited (90,100) (99,462) (6,136) USD Southern Company 1,513 81,914 4,834 USD SP Plus Corporation 529 10,977 1,137 USD Spartan Motors Incorporated 1,516 19,572 2,365 USD Spirit Airlines Incorporated (1,194) (15,391) (5,015) USD Splunk Incorporated (1,051) (132,668) (18,345) USD S-Pool Incorporated 2,600 13,178 2,957 USD Square Enix Holdings Company Limited 1,100 49,143 4,416 USD Square Incorporated (1,850) (96,903) (26,437) USD Standard Life Aberdeen plc (58,427) (161,247) (27,500) USD Steel Dynamics Incorporated 3,189 71,880 11,895 USD Stewart Information Services Corporation 664 17,709 2,165 USD Suez 7,218 73,331 (6,492) USD Sumitomo Heavy Industries Limited 200 3,578 (1,208) USD Sumitomo Rubber Industries Limited 300 2,818 (538) USD Suncorp Group Limited (15,855) (88,047) (11,408) USD Sundrug Company Limited 2,700 86,519 6,926 USD Sunrun Incorporated (2,295) (23,180) (3,993) USD Swatch Group AG 919 35,579 (1,637) USD Swiss Re AG (1,724) (132,746) (31,556) USD Synopsys Incorporated 726 93,502 8,846 USD Systena Corporation 1,500 20,271 2,549 USD T Rowe Price Group Incorporated 615 60,055 (2,924) USD Takeda Pharmaceutical Company Limited (2,500) (76,120) (2,589) USD Take-Two Interactive Software Incorporated 826 97,972 15,248 USD Tama Home Company Limited 200 2,250 317 USD Taubman Centers Incorporated (922) (38,613) 1,254 USD TechTarget Incorporated 1,545 31,842 2,905 USD Teijin Limited 6,900 116,713 4,331 USD Teleperformance 461 95,481 8,737 USD Teradyne Incorporated 1,484 80,388 14,662 USD Tesla Incorporated (143) (74,932) (13,795)

Wells Fargo (Lux) Worldwide Fund | 173

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Teva Pharmaceutical Industries Limited (22,767) (204,448) (20,149) USD T-Gaia Corporation 1,300 24,580 2,056 USD TimkenSteel Corporation 3,539 11,431 (602) USD Tokyu Fudosan Holdings Corporation 16,000 76,850 13,648 USD Tosoh Corporation 7,600 85,888 4,916 USD Toyo Suisan Kaisha Limited 2,400 115,998 16,739 USD Toyoda Gosei Company Limited 3,400 57,864 (5,558) USD Trade Desk Incorporated (147) (28,371) (3,381) USD Trainline plc (2,117) (8,789) (3,190) USD Transocean Limited (9,325) (10,817) (1,119) USD Transurban Group (20,911) (155,758) (29,885) USD Triple-S Management Corporation 1,638 23,096 6,585 USD TrueBlue Incorporated 2,866 36,570 (1,118) USD Tsuruha Holdings Incorporated 300 39,554 3,474 USD Twilio Incorporated (1,466) (131,192) (7,843) USD Tyler Technologies Incorporated 298 88,375 10,668 USD Tyson Foods Incorporated 1,094 63,310 4,650 USD Uber Technologies Incorporated (2,648) (73,932) (17,450) USD Ultra Clean Holdings Incorporated 1,431 19,748 1,946 USD Under Armour Incorporated 1,871 17,232 1,946 USD Unilever plc 2,637 132,984 (5,578) USD Uniper SE 5,648 138,733 (410) USD UNITED Incorporated 1,800 13,319 1,673 USD United Natural Foods Incorporated 2,832 25,998 (5,777) USD Uniti Group Incorporated (2,277) (13,730) (1,867) USD Universal Display Corporation (225) (29,651) (4,016) USD Universal Entertainment (1,000) (15,056) (1,533) USD Upwork Incorporated (1,704) (10,991) (443) USD Vanda Pharmaceuticals Incorporated 2,191 22,699 4,229 USD Vectrus Incorporated 587 24,308 5,395 USD Ventas Incorporated (3,449) (92,433) (18,745) USD Venture Corporation Limited 3,000 28,578 (384) USD Veoneer Incorporated (3,313) (24,251) (4,738) USD Vera Bradley Incorporated 5,462 22,503 2,021 USD Veracyte Incorporated 1,216 29,561 7,199 USD Vericel Corporation 2,258 20,706 2,777 USD Verso Corporation 1,721 19,413 17 USD VICI Properties Incorporated 3,198 53,215 13,847 USD Viper Energy Partners LP (1,928) (12,783) (1,716) USD VMware Incorporated 714 86,465 12,313 USD Vodafone Group plc (80,522) (111,398) (5,125) USD voestalpine AG 6,146 124,005 15,262

174 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Alternative Risk Premia Fund (continued) USD Vornado Realty Trust 1,349 48,847 8,836 USD WABCO Holdings Incorporated 505 68,200 1,957 USD Weir Group plc (8,266) (73,519) 2,170 USD Welcia Holdings Company Limited 200 14,043 1,234 USD West Pharmaceutical Services Incorporated 845 128,651 18,251 USD Western Asset Mortgage Capital Corporation 2,509 5,746 (3,538) USD Western Digital Corporation (2,581) (107,421) (27,281) USD Western Union Company 4,124 74,768 (990) USD Westinghouse Air Brake Technologies Corporation (2,015) (96,982) (10,347) USD Westpac Banking Corporation (133) (1,366) (139) USD WEX Incorporated (243) (25,406) (4,782) USD Wheaton Precious Metals Corporation (4,000) (110,083) (13,726) USD Whirlpool Corporation 842 72,244 1,275 USD Whiting Petroleum Corporation 10,096 6,768 (6,457) USD Williams Companies Incorporated (6,341) (89,725) (16,613) USD WisdomTree Investments Incorporated (5,858) (13,649) 936 USD Workday Incorporated (932) (121,365) (4,865) USD World Fuel Services Corporation 668 16,820 (901) USD Worley Limited 20,343 75,490 6,918 USD WR Berkley Corporation 1,232 64,273 5,654 USD WR Grace & Company (979) (34,852) (3,719) USD XPO Logistics Incorporated 1,289 62,839 10,388 USD Yakult Honsha Company Limited (1,300) (76,583) (7,130) USD Yamazaki Baking Company Limited 4,500 93,792 3,988 USD Yangzijiang Shipbuilding Holdings Limited 115,800 67,192 418 USD Yokohama Rubber Company Limited 200 2,479 (531) USD Yokowo Company Limited 800 16,003 (3,008) USD Zendesk Incorporated (582) (37,254) (4,149) USD Zillow Group Incorporated (1,925) (69,339) (17,218) USD ZOZO Incorporated 100 1,342 37 USD Zscaler Incorporated (551) (33,534) (3,977)

117,157 Global Equity Absolute Return Fund USD Advantest Corporation 1,600 63,728 4,523 USD Airbus SE (986) (63,579) 12,337 USD Albemarle Corporation (1,481) (83,484) 3,836 USD Alcon Incorporated (2,045) (104,767) (5,458) USD Alnylam Pharmaceuticals Incorporated (976) (106,238) (10,297) USD Altice Europe NV (6,541) (25,245) (5,859) USD Altria Group Incorporated (2,022) (78,191) (910) USD American Airlines Group Incorporated (4,209) (51,308) 15,700 USD American Financial Group Incorporated (1,367) (95,799) (12,811)

Wells Fargo (Lux) Worldwide Fund | 175

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Global Equity Absolute Return Fund (continued) USD Annaly Capital Management Incorporated (18,842) (95,529) 29,205 USD Apache Corporation (6,595) (27,567) 1,580 USD Aptiv plc (1,769) (87,106) 3,326 USD ArcelorMittal SA (8,969) (84,671) (12,754) USD Arthur J Gallagher & Company (1,878) (153,076) (3,117) USD Asahi Group Holdings Limited 2,000 64,886 6,595 USD Bausch Health Companies Incorporated (9,600) (148,778) (8,743) USD BeiGene Limited ADR (890) (109,568) 15,032 USD BioMarin Pharmaceutical Incorporated (1,430) (120,835) (15,272) USD BlackBerry Limited (20,800) (85,281) (14,501) USD Brother Industries Limited 6,400 96,937 10,564 USD Cameco Corporation (17,900) (136,479) (24,254) USD Cheniere Energy Incorporated (2,819) (94,436) 4,990 USD Chugoku Electric Power Company Incorporated 11,200 156,265 23,729 USD Coca-Cola Bottlers Japan Holdings Incorporated (5,900) (121,088) (23,343) USD Concho Resources Incorporated (1,269) (54,377) (3,502) USD Constellation Brands Incorporated (769) (110,244) (14,311) USD Continental AG (1,278) (91,119) (4,900) USD Dentsu Group Incorporated (4,300) (83,084) (1,085) USD Devon Energy Corporation (5,568) (38,475) 3,675 USD Eisai Company Limited (1,000) (73,147) (10,167) USD Electric Power Development Company Limited 700 14,029 1,262 USD Exact Sciences Corporation (1,867) (108,286) (29,107) USD FedEx Corporation (1,123) (136,175) (34,555) USD FinecoBank Banca Fineco SpA (15,126) (136,090) (7,713) USD First Quantum Minerals Limited (10,700) (54,667) (5,482) USD Fletcher Building Limited (21,379) (44,496) 1,369 USD Freeport-McMoRan Incorporated (10,651) (71,894) (5,432) USD General Motors Company (2,512) (52,199) 553 USD Grubhub Incorporated (2,011) (81,908) (8,808) USD Halliburton Company (6,375) (43,669) (5,801) USD Helmerich & Payne Incorporated (3,150) (49,297) (3,434) USD Hess Corporation (1,654) (55,078) (3,722) USD Hitachi Limited 3,900 112,033 5,685 USD Hitachi Metals Limited (8,100) (85,023) (3,397) USD Incorporateditec Pivot Limited (64,731) (80,294) (8,221) USD Inpex Corporation 2,400 13,464 1,474 USD IPG Photonics Corporation (865) (95,392) (4,256) USD Ipsen SA (2,505) (128,406) (14,417) USD Kakaku.com Incorporated 2,400 43,895 1,970 USD KDDI Corporation 3,100 91,570 13,811 USD Liberty Global plc Class A (3,058) (50,487) (2,844)

176 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Global Equity Absolute Return Fund (continued) USD Liberty Global plc Class C (7,328) (115,123) (7,035) USD Live Nation Entertainment Incorporated (2,558) (116,287) (23,406) USD Marui Group Company Limited 1,900 31,785 (1,701) USD Mazda Motor Corporation (17,000) (89,775) 1,231 USD MercadoLibre Incorporated (147) (71,821) (3,125) USD Methanex Corporation (4,800) (58,427) 2,619 USD Millicom International Cellular SA (3,109) (86,379) (13,797) USD MongoDB Incorporated (705) (96,261) (26,487) USD Mosaic Company (7,102) (76,844) (6,179) USD Mylan NV (6,890) (102,730) 3,339 USD National Oilwell Varco Incorporated (2,405) (23,641) (2,333) USD Netflix Incorporated (184) (69,092) (14,105) USD News Corporation (13,191) (118,389) 15,368 USD Nokia Oyj (36,877) (113,576) (22,945) USD Nomura Research Institute Limited 5,600 118,287 18,412 USD Nordea Bank Abp (16,691) (93,894) (7,852) USD Occidental Petroleum Corporation (4,265) (49,389) 1,877 USD Okta Incorporated (1,041) (127,273) (27,253) USD Otsuka Corporation 2,800 119,365 20,227 USD Pearson plc (16,490) (112,891) (11,519) USD Perrigo Company plc (3,308) (159,082) (8,249) USD Persol Holdings Company Limited 300 3,002 298 USD Pinterest Incorporated (4,779) (73,788) (18,160) USD PrairieSky Royalty Limited (21,000) (110,872) 9,379 USD Roku Incorporated (859) (75,145) (20,307) USD Rolls-Royce Holdings plc (19,589) (82,792) 20,772 USD Sarepta Therapeutics Incorporated (870) (85,103) (11,006) USD Schlumberger Limited (4,480) (60,435) 4,122 USD Seattle Genetics Incorporated (876) (101,073) (17,196) USD Sekisui House Limited 5,400 89,057 8,317 USD Shopify Incorporated (300) (125,692) (27,355) USD Singapore Airlines Limited (29,300) (118,932) 16,161 USD SNC-Lavalin Group Incorporated (3,200) (47,205) (1,338) USD Softbank Corporation 11,900 151,590 (7,669) USD Spark New Zealand Limited (23,776) (57,865) (325) USD Splunk Incorporated (877) (110,704) (26,766) USD Suzuki Motor Corporation (2,000) (47,622) 8,597 USD Svenska Handelsbanken AB (17,084) (140,894) (10,693) USD Taisho Pharmaceutical Holdings Company Limited (1,400) (85,931) (12,067) USD Teck ResourcesLimited (6,300) (47,766) 1,081 USD Tesla Incorporated (108) (56,592) (8,524) USD thyssenkrupp AG (13,127) (69,142) (10,934)

Wells Fargo (Lux) Worldwide Fund | 177

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation) Global Equity Absolute Return Fund (continued) USD Tokyo Electron Limited 600 111,824 9,323 USD Trend Micro Incorporated 2,300 113,579 17,239 USD Twilio Incorporated (1,280) (114,547) (22,771) USD voestalpine AG (5,774) (116,500) (31,002) USD Walt Disney Company (731) (70,615) (1,162) USD Wayfair Incorporated (698) (37,301) (16,040) USD Weir Group plc (6,229) (55,401) 6,357 USD Welcia Holdings Company Limited 2,000 140,432 34,681 USD West Fraser Timber Company Limited (3,100) (59,123) 12,724 USD Wheaton Precious Metals Corporation (3,200) (88,066) (9,091) USD Workday Incorporated (944) (122,928) (9,468) USD Wynn Resorts Limited (977) (58,806) (5,267) USD Yamato Holdings Company Limited (6,500) (101,537) (19,370)

(397,630) Global Long/Short Equity Fund USD Advantest Corporation 23,200 924,055 132,354 USD American Airlines Group Incorporated (36,173) (440,949) (70,176) USD Apache Corporation (125,513) (524,644) 197,683 USD ArcelorMittal SA (127,819) (1,206,669) (217,509) USD Cameco Corporation (76,800) (585,564) (108,614) USD Concho Resources Incorporated (14,612) (626,124) 28,420 USD Continental AG (18,824) (1,342,119) (170,131) USD Dentsu Group Incorporated (41,000) (792,201) 22,693 USD Devon Energy Corporation (10,833) (74,856) 4,821 USD Exact Sciences Corporation (29,218) (1,694,644) (315,847) USD First Quantum Minerals Limited (224,200) (1,145,455) (278,902) USD Freeport-McMoRan Incorporated (213,658) (1,442,192) (245,523) USD Grubhub Incorporated (34,412) (1,401,601) (364,767) USD Halliburton Company (127,019) (870,080) (198,485) USD Helmerich & Payne Incorporated (54,912) (859,373) (83,466) USD Hitachi Limited 56,100 1,611,552 266,612 USD Hitachi Metals Limited (26,400) (277,112) 6,534 USD Husky Energy Incorporated (167,400) (421,087) 2,938 USD Ipsen SA (12,158) (623,217) (61,799) USD KDDI Corporation 70,700 2,088,379 (78,018) USD Live National Entertainment Incorporated (15,490) (704,176) (125,934) USD Methanex Corporation (101,600) (1,236,700) (72,498) USD MongoDB Incorporated (11,227) (1,532,935) (123,160) USD Mosaic Company (109,555) (1,185,385) (175,288) USD National Oilwell Varco Incorporated (14,423) (141,778) 20,409 USD Nomura Research Institute Limited 73,500 1,552,522 94,428 USD Norsk Hydro ASA (474,588) (1,023,289) (131,795) USD Occidental Petroleum Corporation (70,722) (818,961) (133,665)

178 | Wells Fargo (Lux) Worldwide Fund

Notes to financial statements (continued)

USD value of USD unrealised market appreciation/ Currency Security Shares value (depreciation)

Global Long/Short Equity Fund (continued) USD Otsuka Corporation 39,700 1,692,432 203,998 USD Pinterest Incorporated (48,025) (741,506) (140,233) USD Roku Incorporated (15,065) (1,317,886) 30,227 USD Rolls-Royce Holdings plc (288,232) (1,218,198) 84,347 USD Sarepta Therapeutics Incorporated (18,895) (1,848,309) (109,068) USD Schlumberger Limited (84,035) (1,133,632) 66,127 USD Seattle Genetics Incorporated (5,887) (679,242) (94,840) USD Shopify Incorporated (3,200) (1,340,712) (124,549) USD Softbank Corporation 160,600 2,045,834 (20,673) USD Splunk Incorporated (7,012) (885,125) (89,683) USD Sundrug Company Limited 39,900 1,278,565 189,293 USD Teck Resources Limited (148,600) (1,126,670) (12,552) USD Tesla Incorporated (2,197) (1,151,228) (144,152) USD thyssenkrupp AG (38,154) (200,964) (41,095) USD Tokyo Electron Limited 8,100 1,509,626 248,446 USD Toppan Printing Company Limited 91,100 1,390,917 114,241 USD Trend Micro Incorporated 33,300 1,644,429 312,610 USD Twilio Incorporated (19,364) (1,732,884) 4,841 USD Wayfair Incorporated (11,275) (602,536) (259,324) USD Weir Groupplc (53,094) (472,225) (39,616) USD Welcia Holdings Company Limited 12,000 842,595 61,814 USD West Fraser Timber CompanyLimited (82,800) (1,579,160) (56,565) USD Wynn Resorts Limited (13,227) (796,133) 149,664 (1,845,427)

As at 31 March 2020, Alternative Risk Premia Fund, Global Equity Absolute Return Fund and Global Long/Short Equity Fund had segregated securities as collateral of USD 8,167,403, USD 5,751,846 and USD 81,121,926, respectively, for open contracts for difference. These securities are included in the Portfolio of investments. As at 31 March 2020, the following Sub-Fund had commodity swap outstanding:

USD value of USD unrealised Payment Maturity notional appreciation/ Currency Reference asset/index frequency date amount (depreciation)

Alternative Risk Premia Fund USD Goldman Sachs Synthetic Total Return Swap 1 month 22/3/2021 11,340,000 (68,659)

9. TAX STATUS The Fund is not liable for any Luxembourg tax on income, profits or gains, but it is liable in Luxembourg for an annual subscription tax (taxe d’abonnement), which is calculated and paid quarterly. USD Government Money Market Fund is liable in Luxembourg for a taxe d’abonnement at a rate of 0.01% per annum of its net assets. Each institutional class of USD Government Money Market Fund is exempt from a taxe d’abonnement to the extent its weighted residual portfolio maturity does not exceed 90 days and it has obtained the highest possible rating from a recognised credit rating agency. Each Sub-Fund, except USD Government Money Market Fund, is liable in Luxembourg for a taxe d’abonnement at a rate of (i) 0.05% per annum of the net assets of each class which is available to all investors and (ii) 0.01% per annum of the net assets of each class which is restricted to institutional investors. Each Sub-Fund is liable for value added taxes applicable to certain services, which are applied and incorporated in the fees incurred by each Sub-Fund. No stamp duty or other tax is payable in Luxembourg on the issue or redemption of shares. Tax is not applicable on investment on undertakings for collective investment in Luxembourg.

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Notes to financial statements (continued)

No Luxembourg tax is payable on the realised capital gains or unrealised capital appreciation of the assets of the Fund. Dividends and interest received by the Sub-Funds on their investments are in many cases subject to irrecoverable withholding taxes at their source.

10. DISTRIBUTION POLICY Under normal circumstances, the Board of Directors does not intend to declare and make distributions with respect to the net investment income and realised capital gains, if any, attributable to the Accumulation Classes, which are represented with the suffix “acc.”. Accordingly, the net investment income of the Accumulation Classes will neither be declared nor distributed. However, the NAV per share of these Accumulation Classes will reflect any net investment income or capital gains. Under normal circumstances, the Board of Directors intends to make distributions at least annually as at the end of the financial year, or at other time(s) to be determined by the Board of Directors, with respect to the net income, if any, attributable to certain Distribution Classes and with respect to gross income, if any, attributable to certain other Distribution Classes. With respect to USD Government Money Market Fund, distributions made by Distribution Classes may include realised gains less realised losses in addition to net income. With respect to the Global Multi-Asset Income Fund, distributions made by Distribution Classes will include net income and, if necessary, net realised gains in seeking to pay a targeted monthly yield. Distribution Classes that distribute net income will be represented with the suffix “distr.” and Distribution Classes that distribute gross income will be represented with the suffix “gross distr.”. A Sub-Fund will re-invest all distributions in additional shares of the same class of shares of the Sub-Fund giving rise to the distribution, and not distribute cash to shareholders in connection with any distributions, unless otherwise expressly requested by the relevant shareholder. The frequency of distributions for each Sub-Fund is available under wellsfargoworldwidefund.com. Distribution Classes that distribute gross income may result in shareholders receiving a higher dividend than they would have otherwise received and therefore may be subject to a higher income tax liability as a result. Shareholders should seek their own professional tax advice in this regard. Also, with respect to such gross income Distribution Classes, since fees and expenses are applied to capital rather than to income, the potential for future appreciation of NAV of such shares may be eroded, and, under normal circumstances, the NAV of a gross income Distribution Class will typically be smaller than the NAV of a net income Distribution Class. A smaller NAV can result in performance variance when comparing gross income versus net income Distribution Classes. With respect to the Alternative Risk Premia Fund and the Global Investment Grade Credit Fund, the Sub-Funds use an accounting practice known as equalisation, by which a portion of the proceeds from the subscription of shares, conversion of shares and the costs from redemption of shares, equivalent on a per share basis to the amount of undistributed net investment income on the date of the transaction, is credited or charged to undistributed net income. As a result, issues, conversions and redemptions of shares do not impact undistributed net investment income per share. With respect to the Global Multi-Asset Income Fund, the Sub-Fund also uses equalisation, by which a portion of the proceeds from the subscription of shares, conversion of shares and the costs from redemption of shares, equivalent on a per share basis to the amount of undistributed net investment income and also net realised gains on the date of the transaction, is credited or charged to undistributed net income and net realised gains. As a result, issues, conversions and redemptions of shares do not impact undistributed net investment income and net realised gains per share. The Board of Directors may amend this policy at any time upon notice without prior shareholder approval. No distribution may be made which would result in the net assets of the Fund falling below the minimum provided for by Luxembourg law. Dividends not claimed within five years from their payment date will lapse and revert to the relevant Sub-Fund.

11. SOFT COMMISSION ARRANGEMENTS To the extent not prohibited by applicable laws or regulations, each Sub-Adviser may, in circumstances in which two or more broker-dealers are in a position to offer comparable results for a portfolio transaction, give preference to a broker-dealer that has provided statistical or other research services to the Sub-Adviser. In selecting a broker-dealer under these circumstances, each Sub-Adviser will consider, in addition to the factors listed above, the quality of the research provided by the broker-dealer. Each Sub-Adviser may cause a Sub-Fund to pay higher commissions than those obtainable from other broker-dealers in exchange for such research services. The research services generally include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the advisability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto. By allocating transactions in this manner, each Sub-Adviser is able to supplement its research and analysis with the views and information of securities firms. Information so received will be in addition to, and not in lieu of, the services required to be performed by the Sub-Advisers under the sub-advisory contracts, and the expenses of each Sub-Adviser will not necessarily be reduced as a result of the receipt of this supplemental research information.

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Notes to financial statements (continued)

Furthermore, research services furnished by broker-dealers through which each Sub-Adviser places securities transactions for a Sub-Fund may be used by the Sub-Advisers in servicing its other accounts, and although not all of these services may be used by the Sub-Advisers in connection with advising the Sub-Fund, they will always be in the interest of the Sub-Fund. During the year ended 31 March 2020, the following Sub-Funds participated in soft commission arrangements:

Soft commission Number of soft amount commission transactions USD

China Equity Fund 328 27,016 Emerging Markets Equity Fund 334 40,242 Emerging Markets Equity Income Fund 869 676,955 Global Equity Fund 790 66,132 Global Focused Equity Fund1 76 2,776 Global Multi-Asset Income Fund 448 48,495 Global Small Cap Equity Fund2 467 2,410 Small Cap Innovation Fund2 42 326 U.S. All Cap Growth Fund 2,055 187,968 U.S. Large Cap Growth Fund 143 9,638 U.S. Select Equity Fund 1,254 280,821 U.S. Small Cap Value Fund 3,625 35,281 1 The Sub-Fund liquidated on 29 August 2019. 2 The Sub-Fund commenced operations on 20 February 2020.

12. TRANSACTION COSTS Transaction costs incurred by the Sub-Funds relate to the purchase or sale of transferable securities, derivatives or other eligible assets. Transaction costs include commission costs, settlement fees and broker fees. Any depositary transaction costs of each Sub-Fund are included on the Statement of operations and changes in net assets under “Depositary bank and administration fees”. Not all transaction costs are separately identifiable. For fixed income investments, forward currency contracts and other derivative contracts, transaction costs are included in the purchase and sales price of the investment. These transactions costs are captured within the performance of each Sub-Fund. The transaction costs incurred by the Sub-Funds during the year ended 31 March 2020 are as follows:

USD

China Equity Fund 60,383 Emerging Markets Equity Fund 164,040 Emerging Markets Equity Income Fund 1,670,258 Global Equity Fund 163,317 Global Equity Absolute Return Fund 102,499 Global Factor Enhanced Equity Fund 16,605 Global Focused Equity Fund1 11,374 Global Long/Short Equity Fund 253,877 Global Low Volatility Equity Fund 13,565 Global Multi-Asset Income Fund 147,708 Global Opportunity Bond Fund 241 Global Small Cap Equity Fund2 7,273 Small Cap Innovation Fund2 2,187 U.S. All Cap Growth Fund 318,717 U.S. Large Cap Growth Fund 14,943 U.S. Select Equity Fund 419,931 U.S. Small Cap Value Fund 63,339 1 The Sub-Fund liquidated on 29 August 2019. 2 The Sub-Fund commenced operations on 20 February 2020.

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Notes to financial statements (continued)

13. PARTIAL SWING PRICING If on any valuation day the aggregate transactions in shares of a Sub-Fund result in a net increase or decrease in net assets which exceeds a certain percentage of total net assets (the “threshold”), as established by the Board of Directors, the NAV of the relevant Sub-Fund will be adjusted by an amount not exceeding 1.50% (the “adjustment factor”) of that NAV, which reflects the estimated dealing costs (including brokerage fees, taxes, and pricing/market impacts) that may be incurred by the Sub- Fund and the estimated bid/offer spread of the assets in which the Sub-Fund invests. This adjustment acts as a counter to the dilution effect on the relevant Sub-Fund arising from large net cash inflows and outflows and aims to enhance the protection of the existing shareholders in the relevant Sub-Fund. Where a Sub-Fund invests substantially in government bonds or money market securities, the Board of Directors may decide that it is not appropriate to apply an adjustment. The adjustment up or down will be determined mechanically based on the predetermined threshold and adjustment factors. The adjustment will be an addition when the net movement results in a net increase in total net assets of the Sub-Fund and as a result, investors who subscribe for shares on that valuation day will effectively contribute an additional amount to offset the estimated dealing costs. The adjustment will be a deduction when the net movement results in a net decrease in total net assets of the Sub-Fund and as a result, shareholders who redeem their shares on that valuation day will effectively receive a lesser amount to offset the estimated dealing costs. The adjusted NAV will be applicable to all subscriptions, redemptions or switches in shares of the relevant Sub-Fund on that valuation day and will not take into account the specific circumstances of any individual investor transaction. The threshold is set by the Board of Directors taking into account factors such as prevailing market conditions, estimated dilution costs and the size of the relevant Sub-Fund. The adjustment factor for each Sub-Fund is established by the Board of Directors based on the historical liquidity and costs of trading assets of the type held by the relevant Sub-Fund and may be different between Sub-Funds. The dealing costs actually incurred following an adjustment are compared to the estimated dealing costs on at least a quarterly basis and a recommendation to change the threshold or adjustment factor for a Sub-Fund may be made if the difference between the actual and estimated costs exceed a certain percentage for two consecutive quarters. Any changes in the threshold or adjustment factor for a Sub-Fund must be approved by the Board of Directors. All Sub-Funds participate in swing pricing except USD Government Money Market Fund. During the year ended 31 March 2020, Dynamic Credit Fund, Emerging Markets Equity Fund, EUR Short Duration Credit Fund, Global Equity Absolute Return Fund, Global Equity Fund, Global Factor Enhanced Equity Fund, Global Low Volatility Equity Fund, Global Opportunity Bond Fund, U.S. High Yield Bond Fund, U.S. Short-Term High Yield Bond Fund and U.S. Small Cap Value Fund applied swing pricing adjustments. As at 31 March 2020, the NAV of each share class of each Sub-Fund was not subject to a swing pricing adjustment.

14. CORONAVIRUS (COVID-19) PANDEMIC On 11 March 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may be short term or may last for an extended period of time. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets. The value of the Sub-Funds and the securities in which the Sub-Funds invest have generally been adversely affected by impacts caused by COVID-19. Each Sub-Fund has been operating without any disruption and managed in line with its investment objectives.

15. SUBSEQUENT EVENTS Effective 8 May 2020, the Board of Directors of the Fund approved the liquidations of the Sub-Funds of Global Equity Absolute Return Fund and Global Multi-Asset Income Fund. The Sub-Funds were each liquidated on 12 May 2020.

There were no other significant events occurring after the date of the Statement of assets and liabilities which would require revision of the figures or disclosure in the financial statements.

182 | Wells Fargo (Lux) Worldwide Fund

Directors, Administration and Management

Registered Office Principal Distributor 80, route d’Esch Wells Fargo Asset Management Luxembourg S.A. L-1470 Luxembourg 33, rue de Gasperich Grand Duchy of Luxembourg H2O Building Floor 2 L-5826 Hesperange Board of Directors Grand Duchy of Luxembourg Nancy Wiser Chairperson of the Board of Directors Legal Advisers Global Head of Fund Operations and Governance, Elvinger Hoss Prussen, Société anonyme Wells Fargo Asset Management 2, Place Winston Churchill L-1340 Luxembourg Martijn de Vree Grand Duchy of Luxembourg Senior Solutions Manager, Wells Fargo Assets Management Depositary Bank, Administrator, Domiciliary, Listing Agent, Paying Agent, Registrar and Transfer Agent Brown Brothers Harriman (Luxembourg) S.C.A. Jürgen Meisch 80, route d’Esch Achalm Capital GmbH L-1470 Luxembourg Grand Duchy of Luxembourg Yves Wagner The Directors’ Office S.A. Cabinet de Révision Agréé Deloitte Audit, Société à responsabilité limitée Richard Goddard 20, boulevard de Kockelscheuer The Directors’ Office S.A. L-1821 Luxembourg Grand Duchy of Luxembourg Management Company Wells Fargo Asset Management Luxembourg S.A. Austrian Paying Agent 33, rue de Gasperich UniCredit Bank Austria AG H2O Building Floor 2 Schottengasse 6-8 L-5826 Hesperange 1010 Vienna Grand Duchy of Luxembourg Austria

Investment Adviser Belgian Financial Services Agent Wells Fargo Funds Management, LLC ABN AMRO Private Banking 525 Market Street Kortrijsesteenweg 302 San Francisco, CA 94105 900 Gent United States of America Belgium

Sub-Advisers French Representative and Paying Agent Wells Fargo Asset Management (International) CACEIS Bank France Limited 1-3 Place Valhubert 33 King William Street 75103 Paris London EC4R 9AT France United Kingdom German Paying and Information Agent Wells Fargo Asset Management (International) LLC Marcard, Stein & Co AG (until 31 July 2019) Ballindamm 36 33 King William Street 20095 Hamburg London EC4R 9AT Germany United Kingdom Hong Kong Representative Wells Capital Management Incorporated Brown Brothers Harriman (Hong Kong) Limited 525 Market Street 13/F Man Yee Building San Francisco, CA 94105 68 Des Voeux Road Central United States of America Hong Kong

Wells Fargo (Lux) Worldwide Fund | 183

Directors, Administration and Management

Irish Facilities Agent UK Representative Société Générale, Dublin Branch Wells Fargo Securities International Limited IFSC House, 3rd Floor 33 King William Street IFSC London EC4R 9AT Dublin 1 United Kingdom Ireland

Italian Paying Agent Société Générale Securities Services SpA Via Benigno Crespi 19/A – MAC 2 20159 Milan Italy

BNP Paribas Securities Services Piazza Lina Bo Bardi n.3 20124 Milan Italy

Portuguese Paying Agent Banco Electronico de Servico Total S.A. Praça Marquês de Pombal 3 1250-096 Lisbon Portugal

Singapore Representative RBC Investor Services Trust Singapore Limited 8 Marina View #26-01 Asia Square Tower 1 Singapore 018960 Singapore

Spanish Representative Agent Allfunds Bank S.A. Estafeta, 6, La Moraleja Complejo Plaza de la Fuente Edificio 3 28109, Alcobendas Madrid Spain

Swedish Paying Agent Skandinaviska Enskilda Banken AB Sergels Torg H1, SE-106 40 Stockholm Sweden

Swiss Paying and Representative Agent BNP Paribas Securities Services, Paris* Succursale de Zurich Selnaustrasse 16 8002 Zurich Switzerland

* BNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, 8002 Zurich has been authorised by the Swiss Financial Market Supervisory Authority (FINMA) as Swiss Paying and Representative Agent of Wells Fargo (Lux) Worldwide Fund. Wells Fargo (Lux) Worldwide Fund’s prospectus, key investor information documents, articles of incorporation, and annual and unaudited semi-annual reports, as well as the list of subscriptions and redemptions, are available at the office of the Swiss Paying and Representative Agent, free of charge.

184 | Wells Fargo (Lux) Worldwide Fund

To the Shareholders of Wells Fargo (Lux) Worldwide Fund 80, rue d’Esch L-1470 Luxembourg Grand Duchy of Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Wells Fargo (Lux) Worldwide Fund (the “Fund”) and of each of its Sub-Funds, which comprise the statement of assets and liabilities and the portfolio of investments as at 31 March 2020, and the statement of operations and changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund and of each of its Sub-Funds as at 31 March 2020, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements. Basis for Opinion We conducted our audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF). Our responsibilities under the EU Regulation No 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the Réviseur D’Entreprises Agréé for the Audit of the Financial Statements” section of our report. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of the audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to communicate in our report. Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our report of the Réviseur D’Entreprises Agréé thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report this fact. We have nothing to report in this regard. Responsibilities of the Board of Directors of the for the Financial Statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Wells Fargo (Lux) Worldwide Fund | 185

Responsibilities of the Réviseur D’Entreprises Agréé for the Audit of the Financial Statements The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the Réviseur D’Entreprises Agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU Regulation N°537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: ▪ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; ▪ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control; ▪ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund; ▪ Conclude on the appropriateness of the Board of Directors of the Fund use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the Réviseur D’Entreprises Agréé to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the Réviseur D’Entreprises Agréé. However, future events or conditions may cause the Fund to cease to continue as a going concern; ▪ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our report unless law or regulation precludes public disclosure about the matter. Report on Other Legal and Regulatory Requirements We have been appointed as Réviseur D’Entreprises Agréé by the General Meeting of the Shareholders on 22 July 2019 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 2 years. We confirm that the prohibited non-audit services referred to in the EU Regulation N° 537/2014 were not provided and that we remained independent of the Fund in conducting the audit. During the year ended 31 March 2020, in addition to the statutory audit, Deloitte Audit provided the Fund with an agreed-upon procedures engagement based on the request from the Board of Directors of the Fund. For Deloitte Audit, Cabinet de Révision Agréé

Ladislas de Crouy-Chanel, Réviseur D’Entreprises Agréé Partner 25 June 2020

186 | Wells Fargo (Lux) Worldwide Fund

General Information (unaudited)

Current Prospectus The Fund’s most recent prospectus and KIIDs may be obtained upon request and free of charge from the Investment Adviser, the Administrator and the registered office of the Fund or under www.wellsfargoworldwidefund.com. Publication of Prices and Notices to Shareholders Notice of general meetings and notices to shareholders are given in accordance with Luxembourg law and regulations. The issue and redemption prices are available from the registered office on each dealing day. Purchases and Sales A detailed list of investments purchased and sold for each Sub-Fund during the financial year is available upon request, free of charge, from the registered office of the Fund. Reports and Articles of Incorporation of the Fund Copies of the articles of incorporation of the Fund, this annual report including audited financial statements and the latest unaudited semi-annual report may also be obtained free of charge from the registered office of the Fund. Remuneration The Management Company, Wells Fargo Asset Management Luxembourg S.A. (“WFAML”), has implemented a remuneration policy in line with current laws and regulations on UCITS funds. The remuneration policy, which has been approved by WFAML’s Board of Directors, includes measures to avoid conflicts of interest and seeks to promote sound and effective risk management. The Fund’s prospectus contains a detailed description of the remuneration policy. An electronic version of the remuneration policy is available at the link below: https://www.wellsfargoassetmanagement.com/assets/edocs/lux/legal/remuneration-policy.pdf A paper version may be obtained free of charge at WFAML’s registered office. The amount of remuneration for the financial year ending 31 December 2019 paid by WFAML (inclusive of its branches) to its staff totaled EUR 3,746,960 attributable as follows: Fixed remuneration: EUR 2,217,847 Variable remuneration: EUR 1,529,113 Number of beneficiaries: 26 The aggregate amount of remuneration for the financial year ending 31 December 2019 paid by WFAML to identified staff/risk takers was as follows: Identified staff/risk takers: EUR 2,571,283 Other risk takers: nil The Fund did not pay remuneration to the staff of WFAML, and neither the Fund nor WFAML paid any remuneration to staff of any delegate of WFAML. Portfolio management is outsourced to WFAML affiliates located in the UK or in the US. The amount of remuneration received by team members of affiliated entities performing portfolio management activities for the UCITS for the financial year ending 31 December 2019 totaled USD 2,756,800, attributable as follows: Fixed remuneration: USD 526,100 Variable remuneration: USD 2,230,700 Number of beneficiaries: 46 Please note that the amount for each beneficiary, as aggregated to produce the totals above, has been prorated based on the assets under management in the applicable UCITS for which such beneficiary has responsibility in comparison to the total assets under management across all accounts for which such beneficiary has responsibility. The total amount of remuneration is based on a combination of the assessment of the performance of the individual and the results of Wells Fargo & Company, WFAML, the Wells Fargo Asset Management (“WFAM”) line of business, and/or the investment funds. Financial as well as non-financial criteria are taken into account. WFAML’s remuneration policy is subject to annual review by WFAML’s Board of Directors. Any update to the policy is performed by relevant personnel of Wells Fargo & Company, WFAML and WFAM and is presented for review and approval by WFAML’s Board of Directors. The policy is also subject to annual review by the independent audit function of WFAML. No irregularities were identified in the recent reviews. The policy was last updated in August 2019, with no material changes.

Wells Fargo (Lux) Worldwide Fund | 187

Appendix I (unaudited)

Total expense ratios Total expense ratio (TER) is calculated by dividing the expenses, excluding the bank interest, dividend expense and accrued transaction costs, by the average net assets of each class of shares and is then annualised. The total expense ratios of hedged shares classes include additional custodial fees associated with administering the hedge programs and as a result reflect higher Gross TER and Waiver amounts than the non-hedged share classes. The ratios are annualised and in the process of the average net assets calculation, week-ends are included. The TER excludes the transaction costs disclosed in Note 12 in the Notes to financial statements.

The TER of each Sub-Fund for the year ended 31 March 2020 and the capped expense ratios as at 31 March 2020 are included below for each active share class.

Alternative Risk Premia Fund1 Capped Gross TER Waiver Net TER Expense Ratio

Class I (CHF) Shares-acc. (hedged) 124.30% (123.60)% 0.70% 0.70% Class I (EUR) Shares-acc. (hedged) 126.62% (125.92)% 0.70% 0.70% Class I (GBP) Shares-acc. (hedged) 128.85% (128.15)% 0.70% 0.70% Class I (USD) Shares-acc. 1.27% (0.57)% 0.70% 0.70% 1 The Sub-Fund and each class commenced operations on 9 December 2019. Data for the TER calculation is based on information for the period from 9 December 2019 to 31 March 2020 and annualised.

China Equity Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (SEK) Shares-acc. 3.21% (1.48)% 1.73% 1.80% Class A (USD) Shares-acc. 3.20% (1.46)% 1.74% 1.80% Class I (EUR) Shares-acc. 2.52% (1.45)% 1.07% 1.15% Class I (GBP) Shares-acc. 2.61% (1.46)% 1.15% 1.15% Class I (USD) Shares-acc. 2.49% (1.42)% 1.07% 1.15% Class Z (GBP) Shares-acc. 2.56% (1.49)% 1.07% 1.15%

Emerging Markets Equity Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (USD) Shares-acc. 2.12% 0.00% 2.12% 2.20% Class I (AUD) Shares-distr. 1.29% 0.00% 1.29% 1.45% Class I (CHF) Shares-acc. (hedged)2 1.39% (0.01)% 1.38% 1.45% Class I (EUR) Shares-acc. 1.33% 0.00% 1.33% 1.45% Class I (GBP) Shares-acc. 1.33% 0.00% 1.33% 1.45% Class I (USD) Shares-acc. 1.33% 0.00% 1.33% 1.45% Class Z (CHF) Shares-acc. (hedged)2 1.48% (0.09)% 1.39% 1.45% Class Z (EUR) Shares-acc.2 1.45% (0.09)% 1.36% 1.45% Class Z (GBP) Shares-acc.2 1.45% (0.09)% 1.36% 1.45% Class Z (USD) Shares-acc.2 1.45% (0.09)% 1.36% 1.45% 2 Class commenced operations on 26 February 2020. Data for the TER calculation is based on information for the period from 26 February 2020 to 31 March 2020 and annualised.

188 | Wells Fargo (Lux) Worldwide Fund

Appendix I (unaudited)

Total expense ratios (continued)

Emerging Markets Equity Income Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (USD) Shares-acc. 2.07% 0.00% 2.07% 2.15% Class A (USD) Shares-gross distr. 2.09% 0.00% 2.09% 2.15% Class I (AUD) Shares-distr. 1.29% 0.00% 1.29% 1.40% Class I (CHF) Shares-distr. (hedged)3 1.32% (0.01)% 1.31% 1.40% Class I (EUR) Shares-acc. 1.29% 0.00% 1.29% 1.40% Class I (EUR) Shares-distr.3 1.28% (0.01)% 1.27% 1.40% Class I (GBP) Shares-distr.3 1.28% (0.01)% 1.27% 1.40% Class I (USD) Shares-acc. 1.29% 0.00% 1.29% 1.40% Class I (USD) Shares-gross distr.4 1.24% 0.00% 1.24% 1.40% Class X (GBP) Shares-acc. 1.06% 0.00% 1.06% N/A* Class Y (EUR) Shares-gross distr. 0.90% 0.00% 0.90% N/A* Class Y (GBP) Shares-gross distr. 0.89% 0.00% 0.89% N/A* Class Y (USD) Shares-gross distr. 0.86% 0.00% 0.86% N/A* Class Z (CHF) Shares-distr. (hedged)3 1.42% (0.08)% 1.34% 1.40% Class Z (EUR) Shares-distr.3 1.38% (0.09)% 1.29% 1.40% Class Z (GBP) Shares-acc. 1.31% 0.00% 1.31% 1.40% Class Z (GBP) Shares-distr.3 1.38% (0.09)% 1.29% 1.40% Class Z (USD) Shares-distr.3 1.38% (0.09)% 1.29% 1.40% 3 Class commenced operations on 24 February 2020. Data for the TER calculation is based on information for the period from 24 February 2020 to 31 March 2020 and annualised. 4 Class commenced operations on 2 August 2019. Data for the TER calculation is based on information for the period from 2 August 2019 to 31 March 2020 and annualised. * The capped expense ratio is based on a separately negotiated agreements.

EUR Investment Grade Credit Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (EUR) Shares-distr.5 1.19% (0.24)% 0.95% 0.95% Class I (CHF) Shares-acc. (hedged) 0.59% (0.15)% 0.44% 0.45% Class I (EUR) Shares-acc. 0.54% (0.11)% 0.43% 0.45% Class I (EUR) Shares-distr. 0.55% (0.10)% 0.45% 0.45% Class Z (EUR) Shares-distr.5 0.70% (0.25)% 0.45% 0.45% 5 Class commenced operations on 24 February 2020. Data for the TER calculation is based on information for the period from 24 February 2020 to 31 March 2020 and annualised.

Wells Fargo (Lux) Worldwide Fund | 189

Appendix I (unaudited)

Total expense ratios (continued)

EUR Short Duration Credit Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (EUR) Shares-acc.6 1.02% (0.30)% 0.72% 0.85% Class A (EUR) Shares-distr.6 1.02% (0.30)% 0.72% 0.85% Class I (EUR) Shares-acc. 0.61% (0.26)% 0.35% 0.35% Class I (EUR) Shares-distr. 0.85% (0.50)% 0.35% 0.35% Class I (GBP) Shares-acc. (hedged) 2.02% (1.67)% 0.35% 0.35% Class X (EUR) Shares-acc. 0.45% (0.25)% 0.20% N/A* Class X (EUR) Shares-distr.7 0.42% (0.22)% 0.20% N/A* Class X (GBP) Shares-distr. (hedged) 121.16% (120.96)% 0.20% N/A* Class X (USD) Shares-acc. (hedged) 116.86% (116.66)% 0.20% N/A* Class X1 (EUR) Shares-acc. 0.62% (0.32)% 0.30% N/A* Class X1 (USD) Shares-acc. (hedged) 117.01% (116.71)% 0.30% N/A* Class Z (EUR) Shares-acc.6 0.52% (0.30)% 0.22% 0.35% Class Z (EUR) Shares-distr.6 0.52% (0.30)% 0.22% 0.35% 6 Class commenced operations on 26 February 2020. Data for the TER calculation is based on information for the period from 26 February 2020 to 31 March 2020 and annualised. 7 Class commenced operations on 6 December 2019. Data for the TER calculation is based on information for the period from 6 December 2019 to 31 March 2020 and annualised. * The capped expense ratio is based on a separately negotiated agreements.

Global Equity Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (USD) Shares-acc. 1.87% 0.00% 1.87% 1.90% Class I (EUR) Shares-acc. (hedged)8 1.32% (0.17)% 1.15% 1.15% Class I (USD) Shares-acc. 1.06% 0.00% 1.06% 1.15% Class Z (GBP) Shares-acc. 1.12% 0.00% 1.12% 1.15% 8 Class commenced operations on 24 February 2020. Data for the TER calculation is based on information for the period from 24 February 2020 to 31 March 2020 and annualised.

Global Equity Absolute Return Fund Capped Gross TER Waiver Net TER Expense Ratio

Class IP (USD) Shares-acc. 3.07% (2.37)% 0.70% 1.00% Class Y (EUR) Shares-acc. (hedged) 0.74% (0.19)% 0.55% N/A* Class ZP (GBP) Shares-acc. (hedged) 8.45% (7.45)% 1.00% 1.00% * The capped expense ratio is based on a separately negotiated agreements.

190 | Wells Fargo (Lux) Worldwide Fund

Appendix I (unaudited)

Total expense ratios (continued)

Global Factor Enhanced Equity Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (USD) Shares-acc.9 0.60% (0.20)% 0.40% 0.40% Class I (CHF) Shares-acc. (hedged)9 0.47% (0.22)% 0.25% 0.25% Class I (EUR) Shares-acc. (hedged)9 0.47% (0.22)% 0.25% 0.25% Class I (GBP) Shares-acc.9 0.40% (0.15)% 0.25% 0.25% Class I (USD) Shares-acc. 0.91% (0.66)% 0.25% 0.25% Class Z (CHF) Shares-acc. (hedged)9 0.57% (0.32)% 0.25% 0.25% Class Z (EUR) Shares-acc. (hedged)9 0.57% (0.32)% 0.25% 0.25% Class Z (GBP) Shares-acc.9 0.49% (0.24)% 0.25% 0.25% Class Z (USD) Shares-acc.9 0.49% (0.24)% 0.25% 0.25% 9 Class commenced operations on 26 February 2020. Data for the TER calculation is based on information for the period from 26 February 2020 to 31 March 2020 and annualised.

Global Investment Grade Credit Fund10 Capped Gross TER Waiver Net TER Expense Ratio

Class I (CHF) Shares-distr. (hedged) 118.47% (118.02)% 0.45% 0.45% Class I (EUR) Shares-distr. (hedged) 120.84% (120.39)% 0.45% 0.45% Class I (GBP) Shares-distr. (hedged) 2.65% (2.20)% 0.45% 0.45% Class I (USD) Shares-distr. 1.05% (0.60)% 0.45% 0.45% Class Z (CHF) Shares-distr. (hedged) 118.53% (118.08)% 0.45% 0.45% Class Z (EUR) Shares-distr. (hedged) 120.89% (120.44)% 0.45% 0.45% Class Z (GBP) Shares-distr. (hedged) 119.97% (119.52)% 0.45% 0.45% Class Z (USD) Shares-distr. 1.10% (0.65)% 0.45% 0.45% 10 The Sub-Fund and each class commenced operations on 8 November 2019. Data for the TER calculation is based on information for the period from 8 November 2019 to 31 March 2020 and annualised.

Global Long/Short Equity Fund Capped Gross TER Waiver Net TER Expense Ratio

Class AP (USD) Shares-acc. 1.78% (0.04)% 1.74% 1.75% Class IP (CHF) Shares-acc. (hedged)11 1.11% (0.11)% 1.00% 1.00% Class IP (EUR) Shares-acc. (hedged) 1.11% (0.12)% 0.99% 1.00% Class IP (EUR) Shares-distr. 1.00% 0.00% 1.00% 1.00% Class IP (GBP) Shares-acc. 1.01% (0.01)% 1.00% 1.00% Class IP (USD) Shares-acc. 0.99% 0.00% 0.99% 1.00% Class ZP (CHF) Shares-acc. (hedged)11 1.23% (0.23)% 1.00% 1.00% Class ZP (EUR) Shares-acc. (hedged)11 1.22% (0.22)% 1.00% 1.00% Class ZP (GBP) Shares-acc.11 1.19% (0.19)% 1.00% 1.00% Class ZP (USD) Shares-acc.11 1.19% (0.19)% 1.00% 1.00% 11 Class commenced operations on 28 February 2020. Data for the TER calculation is based on information for the period from 28 February 2020 to 31 March 2020 and annualised.

Wells Fargo (Lux) Worldwide Fund | 191

Appendix I (unaudited)

Total expense ratios (continued)

Global Low Volatility Equity Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (USD) Shares-acc.12 4.42% (3.32)% 1.10% 1.10% Class I (CHF) Shares-acc. (hedged)12 3.95% (3.30)% 0.65% 0.65% Class I (EUR) Shares-acc. 1.97% (1.44)% 0.53% 0.65% Class I (GBP) Shares-acc. 2.01% (1.51)% 0.50% 0.65% Class I (USD) Shares-acc. 2.17% (1.74)% 0.43% 0.65% Class Z (CHF) Shares-acc. (hedged)12 4.06% (3.41)% 0.65% 0.65% Class Z (EUR) Shares-acc. (hedged)12 4.06% (3.41)% 0.65% 0.65% Class Z (GBP) Shares-acc.12 4.04% (3.39)% 0.65% 0.65% Class Z (USD) Shares-acc.12 4.05% (3.40)% 0.65% 0.65% 12 Class commenced operations on 28 February 2020. Data for the TER calculation is based on information for the period from 28 February 2020 to 31 March 2020 and annualised.

Global Multi-Asset Income Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (EUR) Shares-distr. (hedged) 124.34% (123.14)% 1.20% 1.20% Class I (EUR) Shares-distr. (hedged) 1.13% (0.54)% 0.59% 0.60% Class I (GBP) Shares-distr. (hedged) 1.10% (0.51)% 0.59% 0.60% Class I (USD) Shares-distr. 0.87% (0.28)% 0.59% 0.60% Class Z (USD) Shares-distr. 0.89% (0.30)% 0.59% 0.60%

Global Opportunity Bond Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (EUR) Shares-acc. (hedged) 10.87% (9.87)% 1.00% 1.00% Class A (USD) Shares-acc. 1.76% (0.80)% 0.96% 1.00% Class I (EUR) Shares-acc. (hedged) 129.74% (129.24)% 0.50% 0.50% Class I (GBP) Shares-acc. (hedged) 1.57% (1.11)% 0.46% 0.50% Class I (USD) Shares-acc. 1.25% (0.79)% 0.46% 0.50%

Global Small Cap Equity Fund13 Capped Gross TER Waiver Net TER Expense Ratio

Class I (CHF) Shares-acc. (hedged) 151.83% (150.89)% 0.94% 0.95% Class I (EUR) Shares-acc. 9.72% (8.77)% 0.95% 0.95% Class I (GBP) Shares-acc. 9.72% (8.77)% 0.95% 0.95% Class I (USD) Shares-acc. 9.73% (8.78)% 0.95% 0.95% 13 The Sub-Fund and each class commenced operations on 20 February 2020. Data for the TER calculation is based on information for the period from 20 February 2020 to 31 March 2020 and annualised.

192 | Wells Fargo (Lux) Worldwide Fund

Appendix I (unaudited)

Total expense ratios (continued)

Small Cap Innovation Fund14 Capped Gross TER Waiver Net TER Expense Ratio

Class I (CHF) Shares-acc. (hedged) 157.55% (156.61)% 0.94% 0.95% Class I (EUR) Shares-acc. (hedged) 157.73% (156.79)% 0.94% 0.95% Class I (GBP) Shares-acc. 10.75% (9.80)% 0.95% 0.95% Class I (USD) Shares-acc. 10.78% (9.83)% 0.95% 0.95% Class Z (EUR) Shares-acc. (hedged) 157.81% (156.87)% 0.94% 0.95% Class Z (GBP) Shares-acc. 10.83% (9.88)% 0.95% 0.95% Class Z (USD) Shares-acc. 10.83% (9.88)% 0.95% 0.95% 14 The Sub-Fund and each class commenced operations on 20 February 2020. Data for the TER calculation is based on information for the period from 20 February 2020 to 31 March 2020 and annualised.

U.S. All Cap Growth Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (EUR) Shares-acc. (hedged) 4.27% (2.37)% 1.90% 1.90% Class A (GBP) Shares-acc. 1.74% 0.00% 1.74% 1.90% Class A (SGD) Shares-acc. (hedged)15 1.87% (0.11)% 1.76% 1.90% Class A (USD) Shares-acc. 1.74% 0.00% 1.74% 1.90% Class I (CHF) Shares-acc. (hedged)15 0.96% 0.00% 0.96% 1.10% Class I (EUR) Shares-acc. 0.90% 0.00% 0.90% 1.10% Class I (EUR) Shares-acc. (hedged)16 0.93% 0.00% 0.93% 1.10% Class I (GBP) Shares-acc. 0.90% 0.00% 0.90% 1.10% Class I (USD) Shares-acc. 0.90% 0.00% 0.90% 1.10% Class Z (EUR) Shares-acc. (hedged) 2.40% (1.30)% 1.10% 1.10% Class Z (GBP) Shares-acc. 0.94% 0.00% 0.94% 1.10% Class Z (GBP) Shares-distr. 0.94% 0.00% 0.94% 1.10% Class Z (USD) Shares-acc. 0.94% 0.00% 0.94% 1.10% Class Z (USD) Shares-distr. 0.94% 0.00% 0.94% 1.10% 15 Class commenced operations on 28 February 2020. Data for the TER calculation is based on information for the period from 28 February 2020 to 31 March 2020 and annualised. 16 Class commenced operations on 6 December 2019. Data for the TER calculation is based on information for the period from 6 December 2019 to 31 March 2020 and annualised.

Wells Fargo (Lux) Worldwide Fund | 193

Appendix I (unaudited)

Total expense ratios (continued)

U.S. High Yield Bond Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (USD) Shares-acc. 1.72% 0.00% 1.72% 1.75% Class A (USD) Shares-gross distr. 1.72% 0.00% 1.72% 1.75% Class I (CHF) Shares-distr. (hedged)17 1.20% (0.25)% 0.95% 0.95% Class I (EUR) Shares-acc. 0.88% 0.00% 0.88% 0.95% Class I (EUR) Shares-acc. (hedged) 1.63% (0.68)% 0.95% 0.95% Class I (EUR) Shares-distr. (hedged)17 1.20% (0.25)% 0.95% 0.95% Class I (GBP) Shares-acc. (hedged)18 14.07% (13.12)% 0.95% 0.95% Class I (GBP) Shares-distr. (hedged)17 1.21% (0.26)% 0.95% 0.95% Class I (USD) Shares-acc. 0.88% 0.00% 0.88% 0.95% Class I (USD) Shares-gross distr. 0.90% 0.00% 0.90% 0.95% Class X (GBP) Shares-acc. 0.80% 0.00% 0.80% N/A* Class Z (EUR) Shares-distr. (hedged)17 1.32% (0.37)% 0.95% 0.95% Class Z (GBP) Shares-acc. 0.92% 0.00% 0.92% 0.95% Class Z (GBP) Shares-distr. (hedged)17 1.33% (0.38)% 0.95% 0.95% Class Z (USD) Shares-distr.17 1.27% (0.32)% 0.95% 0.95% 17 Class commenced operations on 28 February 2020. Data for the TER calculation is based on information for the period from 28 February 2020 to 31 March 2020 and annualised. 18 Class commenced operations on 31 October 2019. Data for the TER calculation is based on information for the period from 31 October 2019 to 31 March 2020 and annualised. * The capped expense ratio is based on a separately negotiated agreements.

U.S. Large Cap Growth Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (USD) Shares-acc. 1.73% 0.00% 1.73% 1.80% Class I (EUR) Shares-acc. 0.89% 0.00% 0.89% 1.00% Class I (EUR) Shares-acc. (hedged)19 0.98% (0.01)% 0.97% 1.00% Class I (USD) Shares-acc. 0.88% 0.00% 0.88% 1.00% Class Z (GBP) Shares-acc. 0.98% 0.00% 0.98% 1.05% 19 Class commenced operations on 26 February 2020. Data for the TER calculation is based on information for the period from 26 February 2020 to 31 March 2020 and annualised.

U.S. Select Equity Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (EUR) Shares-acc. 2.08% 0.00% 2.08% 2.20% Class A (USD) Shares-acc. 2.08% 0.00% 2.08% 2.20% Class I (EUR) Shares-acc. (hedged) 109.29% (107.91)% 1.38% 1.40% Class I (GBP) Shares-acc.20 1.24% (0.01)% 1.23% 1.40% Class I (USD) Shares-acc. 1.24% 0.00% 1.24% 1.40% Class X (USD) Shares-distr. 1.03% 0.00% 1.03% N/A* Class Z (EUR) Shares-acc. (hedged)20 1.38% (0.10)% 1.28% 1.40% Class Z (GBP) Shares-acc.20 1.33% (0.10)% 1.23% 1.40% 20 Class commenced operations on 26 February 2020. Data for the TER calculation is based on information for the period from 26 February 2020 to 31 March 2020 and annualised. * The capped expense ratio is based on a separately negotiated agreements.

194 | Wells Fargo (Lux) Worldwide Fund

Appendix I (unaudited)

Total expense ratios (continued)

U.S. Short-Term High Yield Bond Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (USD) Shares-acc. 1.48% 0.00% 1.48% 1.60% Class I (EUR) Shares-distr. (hedged) 1.22% (0.42)% 0.80% 0.80% Class I (GBP) Shares-distr. (hedged) 0.75% 0.00% 0.75% 0.80% Class I (USD) Shares-acc. 0.64% 0.00% 0.64% 0.80% Class I (USD) Shares-gross distr. 0.64% 0.00% 0.64% 0.80% Class X (GBP) Shares-acc. 0.55% 0.00% 0.55% N/A* Class Z (EUR) Shares-distr. (hedged)21 0.89% (0.10)% 0.79% 0.90% 21 Class commenced operations on 28 February 2020. Data for the TER calculation is based on information for the period from 28 February 2020 to 31 March 2020 and annualised. * The capped expense ratio is based on a separately negotiated agreements.

U.S. Small Cap Value Fund Capped Gross TER Waiver Net TER Expense Ratio

Class I (GBP) Shares-acc. 1.76% (0.59)% 1.17% 0.95%22 Class I (USD) Shares-acc. 1.72% (0.55)% 1.17% 0.95%22 Class X (GBP) Shares-acc. (hedged) 11.76% (11.06)% 0.70% N/A* Class Z (GBP) Shares-acc. (hedged) 84.53% (83.36)% 1.17% 0.95%22 Class Z (USD) Shares-acc. 1.88% (0.71)% 1.17% 0.95%22 22 Prior to 20 February 2020, the capped expense ratio was 1.20%. * The capped expense ratio is based on a separately negotiated agreements.

USD Government Money Market Fund Capped Gross TER Waiver Net TER Expense Ratio

Class I (USD) Shares-distr. 0.31% (0.11)% 0.20% 0.20% Service Class (USD) Shares-distr. 0.57% (0.12)% 0.45% 0.45%

Wells Fargo (Lux) Worldwide Fund | 195

Appendix I (unaudited)

Total expense ratios (continued)

USD Investment Grade Credit Fund Capped Gross TER Waiver Net TER Expense Ratio

Class A (USD) Shares-acc. 1.01% (0.07)% 0.94% 0.95% Class A (USD) Shares-distr.23 1.04% (0.09)% 0.95% 0.95% Class I (CHF) Shares-distr. (hedged)23 0.47% (0.02)% 0.45% 0.45% Class I (EUR) Shares-distr. (hedged) 0.53% (0.09)% 0.44% 0.45% Class I (GBP) Shares-distr. (hedged)23 0.47% (0.02)% 0.45% 0.45% Class I (JPY) Shares-acc. (hedged) 0.65% (0.20)% 0.45% 0.45% Class I (SGD) Shares-acc. (hedged)24 161.87% (161.42)% 0.45% 0.45% Class I (USD) Shares-acc. 0.46% (0.02)% 0.44% 0.45% Class I (USD) Shares-distr. 0.46% (0.02)% 0.44% 0.45% Class Y (EUR) Shares-gross distr. (hedged) 0.74% (0.34)% 0.40% N/A* Class Y (GBP) Shares-gross distr. (hedged) 2.98% (2.58)% 0.40% N/A* Class Y (USD) Shares-gross distr. 0.41% (0.02)% 0.39% N/A* Class Z (EUR) Shares-distr. (hedged)23 0.57% (0.12)% 0.45% 0.45% Class Z (GBP) Shares-distr. (hedged)23 0.57% (0.12)% 0.45% 0.45% Class Z (USD) Shares-distr.23 0.54% (0.09)% 0.45% 0.45% 23 Class commenced operations on 24 February 2020. Data for the TER calculation is based on information for the period from 24 February 2020 to 31 March 2020 and annualised. 24 Class commenced operations on 2 August 2019. Data for the TER calculation is based on information for the period from 2 August 2019 to 31 March 2020 and annualised. * The capped expense ratio is based on a separately negotiated agreements.

196 | Wells Fargo (Lux) Worldwide Fund

Appendix II (unaudited)

Performance Past performance is no guarantee of future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. Income may fluctuate in accordance with market conditions and taxation arrangements. Investors may not get back the amount originally invested. The performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of shares. Levels and bases of taxation may change from time to time. Subscriptions may be made only on the basis of the current prospectus, of which the most current unaudited interim report and accounts form an integral part, and key investor information documents of the Fund. Copies are available from the registered office of the Fund. Calculation methodology is based on industry standards. Returns for periods of less than one year are not annualised. All returns are as at 31 March 2020 unless otherwise noted.

Returns excluding sales charges

1 year Since (from Actual inception 1/1/2019 to inception 1 year 5 years 10 years date 31/12/2019)1 date

Alternative Risk Premia Fund Class I (CHF) Shares-acc. (hedged) - - - (11.96)% 2.43% 9/12/2019 Class I (EUR) Shares-acc. (hedged) - - - (11.91)% 2.42% 9/12/2019 Class I (GBP) Shares-acc. (hedged) - - - (11.80)% 2.33% 9/12/2019 Class I (USD) Shares-acc. - - - (11.15)% 2.25% 9/12/2019 China Equity Fund Class A (SEK) Shares-acc.2 (7.25)% 5.25% - 12.89% 23.00% 28/6/2013 Class A (USD) Shares-acc.2 (12.84)% 2.37% 4.59% 9.59% 16.39% 30/1/2009 Class I (EUR) Shares-acc.2 (10.77)% 2.55% 7.47% 11.93% 19.66% 30/1/2009 Class I (GBP) Shares-acc.2 (8.00)% 6.80% 7.46% 10.58% 12.73% 2/4/2009 Class I (USD) Shares-acc.2 (12.26)% 3.16% 5.39% 10.43% 16.78% 30/1/2009 Class Z (GBP) Shares-acc.2 (8.00)% 6.80% - 10.80% 12.73% 31/10/2012 Emerging Markets Equity Fund Class A (USD) Shares-acc. (14.29)% 0.93% - (1.00)% 26.33% 15/12/2010 Class I (AUD) Shares-distr. (0.23)% 7.01% - 8.19% 27.84% 30/9/2011 Class I (CHF) Shares-acc. (hedged) - - - (18.65)% - 26/2/2020 Class I (EUR) Shares-acc. (12.13)% 1.21% - 1.81% 30.06% 15/12/2010 Class I (GBP) Shares-acc. (9.42)% 5.40% - 2.32% 22.52% 15/12/2010 Class I (USD) Shares-acc. (13.61)% 1.74% - (0.22)% 27.32% 15/12/2010 Class Z (CHF) Shares-acc. (hedged) - - - (18.65)% - 26/2/2020 Class Z (EUR) Shares-acc. - - - (19.24)% - 26/2/2020 Class Z (GBP) Shares-acc. - - - (14.98)% - 26/2/2020 Class Z (USD) Shares-acc. - - - (18.17)% - 26/2/2020 Emerging Markets Equity Income Fund Class A (USD) Shares-acc. (21.44)% (2.62)% - (0.09)% 16.13% 29/6/2012 Class A (USD) Shares-gross distr. (21.44)% - - 0.83% 16.12% 29/2/2016 Class I (AUD) Shares-distr. (8.63)% 2.44% - 5.20% 17.44% 2/6/2014 Class I (CHF) Shares-distr. (hedged) - - - (21.07)% - 24/2/2020 Class I (EUR) Shares-acc. (19.47)% (2.35)% - 2.49% 19.57% 29/6/2012

1 If a class is less than 1 year old as of 31 December 2019, then inception date through 31 December 2019 return is shown. 2 The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV reported within the financial statements in Statistics reflects certain adjustments made to the net assets of the Fund in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Wells Fargo (Lux) Worldwide Fund | 197

Appendix II (unaudited)

Performance (continued)

Returns excluding sales charges

1 year Since (from Actual inception 1/1/2019 to inception 1 year 5 years 10 years date 31/12/2019)1 date

Emerging Markets Equity Income Fund (continued)

Class I (EUR) Shares-distr. - - - (21.84)% - 24/2/2020 Class I (GBP) Shares-distr. - - - (17.33)% - 24/2/2020 Class I (USD) Shares-acc. (20.82)% (1.85)% - 0.69% 17.05% 29/6/2012 Class I (USD) Shares-gross distr. (20.80)% - - (17.87)% - 29/2/2016 Class X (GBP) Shares-acc. (16.78)% - - (10.00)% 12.90% 16/5/2018 Class Y (EUR) Shares-gross distr. (19.14)% - - (10.53)% 20.05% 16/5/2018 Class Y (GBP) Shares-gross distr. (16.67)% - - 1.92% 13.05% 29/5/2015 Class Y (USD) Shares-gross distr. (20.47)% - - (13.69)% 17.56% 16/5/2018 Class Z (CHF) Shares-distr. (hedged) - - - (21.07)% - 24/2/2020 Class Z (EUR) Shares-distr. - - - (21.84)% - 24/2/2020 Class Z (GBP) Shares-acc. (17.00)% 1.69% - 3.23% 12.61% 31/10/2012 Class Z (GBP) Shares-distr. - - - (17.34)% - 24/2/2020 Class Z (USD) Shares-distr. - - - (20.57)% - 24/2/2020 EUR Investment Grade Credit Fund

Class A (EUR) Shares-distr.2 - - - (8.42)% - 24/2/2020 Class I (CHF) Shares-acc. (hedged)2 (4.05)% - - (0.83)% 6.63% 19/6/2017 Class I (EUR) Shares-acc.2 (3.62)% - - (0.34)% 7.12% 19/6/2017 Class I (EUR) Shares-distr.2 (3.10)% - - (0.15)% 7.12% 19/6/2017 Class Z (EUR) Shares-distr. - - - (8.38)% - 24/2/2020 EUR Short Duration Credit Fund

Class A (EUR) Shares-acc. - - - (5.79)% - 26/2/2020 Class A (EUR) Shares-distr. - - - (5.79)% - 26/2/2020 Class I (EUR) Shares-acc. (3.84)% 0.17% - 2.08% 3.55% 2/7/2018 Class I (EUR) Shares-distr. (3.82)% 0.27% - 1.00% 3.58% 2/7/2018 Class I (GBP) Shares-acc. (hedged) (2.79)% 0.99% - 1.93% 4.78% 2/7/2018 Class X (EUR) Shares-acc. (3.70)% - - (3.68)% 1.83% 29/3/2019 Class X (EUR) Shares-distr. - - - (5.36)% 0.08% 6/12/2019 Class X (GBP) Shares-distr. (hedged) (2.65)% - - (2.63)% 2.73% 29/3/2019 Class X (USD) Shares-acc. (hedged) (0.90)% - - (0.90)% 4.10% 29/3/2019 Class X1 (EUR) Shares-acc. (3.80)% - - (3.78)% 1.75% 29/3/2019 Class X1 (USD) Shares-acc. (hedged) (1.00)% - - (0.99)% 4.02% 29/3/2019 Class Z (EUR) Shares-acc. - - - (5.74)% - 26/2/2020 Class Z (EUR) Shares-distr. - - - (5.74)% - 26/2/2020 1 If a class is less than 1 year old as of 31 December 2019, then inception date through 31 December 2019 return is shown. 2 The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV reported within the financial statements in Statistics reflects certain adjustments made to the net assets of the Fund in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

198 | Wells Fargo (Lux) Worldwide Fund

Appendix II (unaudited)

Performance (continued)

Returns excluding sales charges

1 year Since (from Actual 5 inception 1/1/2019 to inception 1 year years 10 years date 31/12/2019)1 date

Global Equity Fund3 Class A (USD) Shares-acc. (16.40)% 0.91% 5.09% 5.55% 24.10% 1/4/2008 Class I (EUR) Shares-acc. (hedged) - - - (23.65)% - 24/2/2020 Class I (USD) Shares-acc. (15.76)% 1.70% 5.90% 6.37% 25.09% 1/4/2008 Class Z (GBP) Shares-acc. (11.68)% 5.34% - 8.75% 20.31% 31/10/2012 Global Equity Absolute Return Fund Class IP (USD) Shares-acc.2 (3.99)% - - (4.57)% (3.13)% 26/4/2018 Class Y (EUR) Shares-acc. (hedged)2 (7.29)% - - (7.40)% (6.49)% 26/4/2018 Class ZP (GBP) Shares-acc. (hedged)2 (6.02)% - - (6.62)% (4.97)% 16/11/2018 Global Factor Enhanced Equity Fund Class A (USD) Shares-acc.2 - - - (19.95)% - 26/2/2020 Class I (CHF) Shares-acc. (hedged)2 - - - (20.40)% - 26/2/2020 Class I (EUR) Shares-acc. (hedged)2 - - - (20.44)% - 26/2/2020 Class I (GBP) Shares-acc.2 - - - (16.60)% - 26/2/2020 Class I (USD) Shares-acc.2 (17.65)% - - (17.00)% - 15/3/2019 Class Z (CHF) Shares-acc. (hedged)2 - - - (20.40)% - 26/2/2020 Class Z (EUR) Shares-acc. (hedged)2 - - - (20.44)% - 26/2/2020 Class Z (GBP) Shares-acc.2 - - - (16.60)% - 26/2/2020 Class Z (USD) Shares-acc.2 - - - (19.94)% - 26/2/2020 Global Investment Grade Credit Fund Class I (CHF) Shares-distr. (hedged) - - - (5.13)% 0.46% 8/11/2019 Class I (EUR) Shares-distr. (hedged) - - - (5.05)% 0.51% 8/11/2019 Class I (GBP) Shares-distr. (hedged) - - - (4.81)% 0.68% 8/11/2019 Class I (USD) Shares-distr. - - - (3.80)% 0.90% 8/11/2019 Class Z (CHF) Shares-distr. (hedged) - - - (5.13)% 0.46% 8/11/2019 Class Z (EUR) Shares-distr. (hedged) - - - (5.05)% 0.51% 8/11/2019 Class Z (GBP) Shares-distr. (hedged) - - - (4.80)% 0.68% 8/11/2019 Class Z (USD) Shares-distr. - - - (3.81)% 0.90% 8/11/2019 1 If a class is less than 1 year old as of 31 December 2019, then inception date through 31 December 2019 return is shown. 2 The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV reported within the financial statements in Statistics reflects certain adjustments made to the net assets of the Fund in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements. 3 Global Equity Fund was renamed and repositioned on 17 May 2010. Performance figures, excluding sales charges, include the performance of the Sub- Fund prior to its repositioning. The performance of each share class prior to and after the repositioning is as follows:

Returns excluding sales charges

Inception through 17/5/2010 through 16/5/2010 31/3/2020

Class A (USD) Shares-acc. (12.75)% 5.55% Class I (USD) Shares-acc. (12.09)% 6.37%

Wells Fargo (Lux) Worldwide Fund | 199

Appendix II (unaudited)

Performance (continued)

Returns excluding sales charges

1 year Since (from Actual inception 1/1/2019 to inception 1 year 5 years 10 years date 31/12/2019)1 date

Global Long/Short Equity Fund Class AP (USD) Shares-acc.2 (10.57)% - - (5.68)% 7.08% 20/10/2017 Class IP (CHF) Shares-acc. (hedged)2 - - - (5.57)% - 28/2/2020 Class IP (EUR) Shares-acc. (hedged)2 (12.64)% - - (10.44)% 4.69% 31/1/2018 Class IP (EUR) Shares-distr.2 (8.33)% - - (0.18)% 10.21% 31/7/2017 Class IP (GBP) Shares-acc.2 (5.53)% - - (1.85)% 4.17% 31/8/2017 Class IP (USD) Shares-acc.2 (9.91)% - - (2.86)% 7.89% 31/7/2017 Class ZP (CHF) Shares-acc. (hedged)2 - - - (5.57)% - 28/2/2020 Class ZP (EUR) Shares-acc. (hedged)2 - - - (5.56)% - 28/2/2020 Class ZP (GBP) Shares-acc.2 - - - (2.04)% - 28/2/2020 Class ZP (USD) Shares-acc.2 - - - (5.10)% - 28/2/2020 Global Low Volatility Equity Fund Class A (USD) Shares-acc.2 - - - (14.31)% - 28/2/2020 Class I (CHF) Shares-acc. (hedged)2 - - - (14.74)% - 28/2/2020 Class I (EUR) Shares-acc.2 (14.89)% - - (2.81)% 19.11% 28/4/2017 Class I (GBP) Shares-acc.2 (12.61)% 4.34% - 5.32% 12.42% 1/3/2013 Class I (USD) Shares-acc.2 (16.84)% 0.64% - 3.08% 16.86% 14/1/2013 Class Z (CHF) Shares-acc. (hedged)2 - - - (14.75)% - 28/2/2020 Class Z (EUR) Shares-acc. (hedged)2 - - - (14.76)% - 28/2/2020 Class Z (GBP) Shares-acc.2 - - - (11.70)% - 28/2/2020 Class Z (USD) Shares-acc.2 - - - (14.28)% - 28/2/2020 Global Multi-Asset Income Fund Class A (EUR) Shares-distr. (hedged) (13.81)% - - (8.52)% 6.35% 14/12/2018 Class I (EUR) Shares-distr. (hedged)2 (13.25)% - - (7.94)% 7.04% 14/12/2018 Class I (GBP) Shares-distr. (hedged)2 (12.60)% - - (7.18)% 8.19% 14/12/2018 Class I (USD) Shares-distr.2 (10.58)% - - (5.05)% 10.24% 14/12/2018 Class Z (USD) Shares-distr.2 (10.59)% - - (5.06)% 10.24% 14/12/2018 Global Opportunity Bond Fund Class A (EUR) Shares-acc. (hedged)2 4.02% (0.28)% - 0.49% 5.03% 29/6/2012 Class A (USD) Shares-acc.2 7.32% 1.89% - 2.37% 8.22% 29/6/2012 Class I (EUR) Shares-acc. (hedged)2 4.49% 0.20% - 0.98% 5.53% 29/6/2012 Class I (GBP) Shares-acc. (hedged)2 5.79% 1.21% - 1.72% 6.82% 29/6/2012 Class I (USD) Shares-acc.2 7.87% 2.40% - 2.88% 8.76% 29/6/2012 Global Small Cap Equity Fund Class I (CHF) Shares-acc. (hedged) - - - (23.99)% - 20/2/2020 Class I (EUR) Shares-acc. - - - (25.27)% - 20/2/2020 Class I (GBP) Shares-acc. - - - (20.77)% - 20/2/2020 Class I (USD) Shares-acc. - - - (23.61)% - 20/2/2020 1 If a class is less than 1 year old as of 31 December 2019, then inception date through 31 December 2019 return is shown. 2 The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV reported within the financial statements in Statistics reflects certain adjustments made to the net assets of the Fund in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

200 | Wells Fargo (Lux) Worldwide Fund

Appendix II (unaudited)

Performance (continued)

Returns excluding sales charges

1 year Since (from Actual inception 1/1/2019 to inception 1 year 5 years 10 years date 31/12/2019)1 date

Small Cap Innovation Fund Class I (CHF) Shares-acc. (hedged) - - - (27.85)% - 20/2/2020 Class I (EUR) Shares-acc. (hedged) - - - (27.97)% - 20/2/2020 Class I (GBP) Shares-acc. - - - (24.75)% - 20/2/2020 Class I (USD) Shares-acc. - - - (27.44)% - 20/2/2020 Class Z (EUR) Shares-acc. (hedged) - - - (27.97)% - 20/2/2020 Class Z (GBP) Shares-acc. - - - (24.75)% - 20/2/2020 Class Z (USD) Shares-acc. - - - (27.44)% - 20/2/2020 U.S. All Cap Growth Fund Class A (EUR) Shares-acc. (hedged) (8.10)% - - (0.20)% 32.07% 16/11/2018 Class A (GBP) Shares-acc. (0.50)% 11.50% 14.12% 17.02% 31.14% 2/4/2009 Class A (SGD) Shares-acc. (hedged) - - - (13.84)% - 28/2/2020 Class A (USD) Shares-acc. (5.11)% 7.61% 11.87% 9.64% 36.28% 2/5/2008 Class I (CHF) Shares-acc. (hedged) - - - (13.77)% - 20/2/2020 Class I (EUR) Shares-acc. (2.67)% 7.96% 15.08% 13.73% 40.37% 2/5/2008 Class I (EUR) Shares-acc. (hedged) - - - (15.77)% 1.85% 6/12/2019 Class I (GBP) Shares-acc. 0.35% 12.44% 15.07% 18.00% 32.25% 2/4/2009 Class I (USD) Shares-acc. (4.31)% 8.51% 12.81% 10.54% 37.42% 2/5/2008 Class Z (EUR) Shares-acc. (hedged) (7.33)% - - (0.54)% 32.68% 31/1/2018 Class Z (GBP) Shares-acc. 0.32% 12.40% - 15.46% 32.21% 31/10/2012 Class Z (GBP) Shares-distr. 0.34% 12.40% - 13.73% 32.23% 13/1/2014 Class Z (USD) Shares-acc. (4.34)% 8.47% - 11.45% 37.37% 31/10/2012 Class Z (USD) Shares-distr. (4.34)% - - 8.61% 37.37% 29/5/2015 U.S. High Yield Bond Fund Class A (USD) Shares-acc. (8.90)% 1.33% 3.99% 4.63% 12.04% 1/4/2008 Class A (USD) Shares-gross distr. (8.89)% - - 3.52% 12.01% 29/2/2016 Class I (CHF) Shares-distr. (hedged) - - - (12.44)% - 28/2/2020 Class I (EUR) Shares-acc. (6.57)% 1.71% 6.98% 8.63% 15.39% 1/4/2008 Class I (EUR) Shares-acc. (hedged) (10.89)% - - 0.39% 9.53% 29/4/2016 Class I (EUR) Shares-distr. (hedged) - - - (12.42)% - 28/2/2020 Class I (GBP) Shares-acc. (hedged) - - - (12.68)% 1.76% 31/10/2019 Class I (GBP) Shares-distr. (hedged) - - - (12.45)% - 28/2/2020 Class I (USD) Shares-acc. (8.13)% 2.18% 4.85% 5.50% 12.99% 1/4/2008 Class I (USD) Shares-gross distr. (7.95)% - - 4.57% 12.96% 29/2/2016 Class X (GBP) Shares-acc. (3.58)% - - 2.18% 8.82% 16/5/2018 Class Z (EUR) Shares-distr. (hedged) - - - (12.42)% - 28/2/2020 Class Z (GBP) Shares-acc. (3.71)% 5.84% - 6.99% 8.67% 31/10/2012 Class Z (GBP) Shares-distr. (hedged) - - - (12.45)% - 28/2/2020 Class Z (USD) Shares-distr. - - - (12.04)% - 28/2/2020 1 If a class is less than 1 year old as of 31 December 2019, then inception date through 31 December 2019 return is shown. 2 The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV reported within the financial statements in Statistics reflects certain adjustments made to the net assets of the Fund in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Wells Fargo (Lux) Worldwide Fund | 201

Appendix II (unaudited)

Performance (continued)

Returns excluding sales charges

1 year Since (from Actual inception 1/1/2019 to inception 1 year 5 years 10 years date 31/12/2019)1 date

U.S. Large Cap Growth Fund Class A (USD) Shares-acc. 2.61% 10.24% 11.89% 7.91% 36.91% 1/4/2008 Class I (EUR) Shares-acc. 5.24% 10.60% 15.16% 12.05% 41.02% 1/4/2008 Class I (EUR) Shares-acc. (hedged) - - - (14.05)% - 26/2/2020 Class I (USD) Shares-acc. 3.47% 11.16% 12.88% 8.84% 38.06% 1/4/2008 Class Z (GBP) Shares-acc. 8.40% 15.08% - 18.22% 32.73% 31/10/2012 U.S. Select Equity Fund Class A (EUR) Shares-acc. (35.80)% (6.71)% - (4.48)% 22.43% 30/1/2015 Class A (USD) Shares-acc. (36.72)% (6.19)% - (4.88)% 19.88% 30/1/2015 Class I (EUR) Shares-acc. (hedged) (38.41)% (7.41)% - (6.10)% 17.04% 30/1/2015 Class I (GBP) Shares-acc. - - - (28.54)% - 26/2/2020 Class I (USD) Shares-acc. (36.33)% (5.44)% - (4.13)% 20.87% 30/1/2015 Class X (USD) Shares-distr. (36.17)% (5.19)% - (3.87)% 21.18% 30/1/2015 Class Z (EUR) Shares-acc. (hedged) - - - (31.70)% - 26/2/2020 Class Z (GBP) Shares-acc. - - - (28.54)% - 26/2/2020 U.S. Short-Term High Yield Bond Fund Class A (USD) Shares-acc. (2.72)% 0.94% - 1.40% 5.72% 29/6/2012 Class I (EUR) Shares-distr. (hedged) (5.03)% (0.35)% - 0.44% 3.21% 31/7/2013 Class I (GBP) Shares-distr. (hedged) (3.93)% 0.60% - 1.16% 4.53% 31/7/2013 Class I (USD) Shares-acc. (1.90)% 1.79% - 2.24% 6.59% 29/6/2012 Class I (USD) Shares-gross distr. (1.95)% - - 2.03% 6.54% 29/2/2016 Class X (GBP) Shares-acc. 2.90% - - 5.61% 2.60% 16/5/2018 Class Z (EUR) Shares-distr. (hedged) - - - (5.19)% - 28/2/2020 U.S. Small Cap Value Fund Class I (GBP) Shares-acc.2 (26.02)% - - (10.62)% 16.84% 26/4/2017 Class I (USD) Shares-acc.2 (29.46)% - - (2.70)% 21.42% 30/6/2016 Class X (GBP) Shares-acc. (hedged) (31.36)% - - (24.92)% 19.62% 11/10/2018 Class Z (GBP) Shares-acc. (hedged)2 (31.63)% - - (4.58)% 19.09% 30/6/2016 Class Z (USD) Shares-acc.2 (29.49)% - - (2.72)% 21.37% 30/6/2016 USD Government Money Market Fund3 Class I (USD) Shares-distr. 1.72% 1.09% - 0.63% 1.98% 20/6/2011 Service Class (USD) Shares-distr. 1.47% 0.87% - 0.50% 1.73% 20/6/2011 USD Investment Grade Credit Fund Class A (USD) Shares-acc.2 6.33% - - 4.80% 14.63% 15/12/2016 Class A (USD) Shares-distr. 2 - - - (5.75)% - 24/2/2020 Class I (CHF) Shares-distr. (hedged) 2 - - - (6.32)% - 24/2/2020 Class I (EUR) Shares-distr. (hedged)2 3.39% - - 2.46% 11.78% 15/12/2016 1 If a class is less than 1 year old as of 31 December 2019, then inception date through 31 December 2019 return is shown. 2 The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV reported within the financial statements in Statistics reflects certain adjustments made to the net assets of the Fund in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

202 | Wells Fargo (Lux) Worldwide Fund

Appendix II (unaudited)

Performance (continued)

Returns excluding sales charges

1 year Since (from Actual inception 1/1/2019 to inception 1 year 5 years 10 years date 31/12/2019)1 date

USD Investment Grade Credit Fund (continued) Class I (GBP) Shares-distr. (hedged) 2 - - - (6.41)% - 24/2/2020 Class I (JPY) Shares-acc. (hedged) 3.41% - - 6.14% 10.84% 22/1/2019 Class I (SGD) Shares-acc. (hedged) - - - 0.16% 2.72% 2/8/2019 Class I (USD) Shares-acc.2 6.87% - - 5.33% 15.20% 15/12/2016 Class I (USD) Shares-distr.2 6.88% - - 5.33% 15.20% 15/12/2016 Class Y (EUR) Shares-gross distr. (hedged)2 3.43% - - 1.16% 11.85% 18/12/2017 Class Y (GBP) Shares-gross distr. (hedged) 4.43% - - 2.18% 12.83% 18/12/2017 Class Y (USD) Shares-gross distr.2 6.92% - - 4.23% 15.25% 24/8/2017 Class Z (EUR) Shares-distr. (hedged)2 - - - (6.35)% - 24/2/2020 Class Z (GBP) Shares-distr. (hedged)2 - - - (6.41)% - 24/2/2020 Class Z (USD) Shares-distr.2 - - - (5.71)% - 24/2/2020 1 If a class is less than 1 year old as of 31 December 2019, then inception date through 31 December 2019 return is shown. 2 The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV reported within the financial statements in Statistics reflects certain adjustments made to the net assets of the Fund in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements. 3 USD Government Money Market Fund was renamed and repositioned on 21 March 2019. Performance figures, excluding sales charges, include the performance of the Sub-Fund prior to its repositioning. The performance of each share class prior to and after the repositioning is as follows:

Returns excluding sales charges

Inception through 21/3/2019 through 20/3/2019 31/3/2020

Class I (USD) Shares-distr. 0.48% 1.73% Service Class (USD) Shares-distr. 0.37% 1.48%

USD Government Money Market Fund

Class I (USD) Service Class (USD) (As at 31 March 2020) Shares-distr. Shares-distr.

7-day current yield1 0.44% 0.14% 7-day compound yield 0.44% 0.14% 30-day simple yield 0.77% 0.51% 30-day compound yield 0.78% 0.51% 1 Without waived fees and/or reimbursed expenses, the Sub-Fund’s 7-day current yield would have been 0.42% and 0.03% for Class I (USD) Shares-distr. and Service Class (USD) Shares-distr., respectively.

Wells Fargo (Lux) Worldwide Fund | 203

Appendix III (unaudited)

Risk management The Fund and the Management Company employ a risk management process in accordance with ESMA Guidelines 10-788, CSSF Circular 11/512, or any amendment or replacement thereof and Chapter VI of CSSF Regulation 10-4 which enables them, with the Investment Adviser, to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each Sub-Fund. The Management Company employs a process for accurate and independent assessment of the value of OTC derivatives. It communicates to the CSSF regularly and, in accordance with the detailed rules defined by the latter, provides information regarding the types of derivative instruments, the underlying risks, the quantitative limits and the methods which are chosen in order to estimate the risks associated with transactions in derivative instruments.

The risk management approach and the Value at Risk (VaR) Limit are as follows:

Approach Used VaR Limit*

Alternative Risk Premia Fund Absolute VaR 20% China Equity Fund Commitment N/A Emerging Markets Equity Fund Commitment N/A Emerging Markets Equity Income Fund Commitment N/A EUR Investment Grade Credit Fund Commitment N/A EUR Short Duration Credit Fund Absolute VaR 20% Global Equity Fund Commitment N/A Global Equity Absolute Return Fund Absolute VaR 20% Global Factor Enhanced Equity Fund Commitment N/A Global Investment Grade Credit Fund Commitment N/A Global Long/Short Equity Fund Absolute VaR 20% Global Low Volatility Equity Fund Commitment N/A Global Multi-Asset Income Fund Commitment N/A Global Opportunity Bond Fund Commitment N/A Global Small Cap Equity Fund Commitment N/A Small Cap Innovation Fund Commitment N/A U.S. All Cap Growth Fund Commitment N/A U.S. High Yield Bond Fund Commitment N/A U.S. Large Cap Growth Fund Commitment N/A U.S. Select Equity Fund Commitment N/A U.S. Short-Term High Yield Bond Fund Commitment N/A U.S. Small Cap Value Fund Commitment N/A USD Government Money Market Fund Commitment N/A USD Investment Grade Credit Fund Commitment N/A * The VaR is determined on the basis of a 99% confidence interval and a holding period of 1 month/20 Luxembourg business days.

The expected leverage factor of each Sub-Fund that uses the Absolute Value at Risk approach is calculated as the sum of the absolute notional values of the derivatives used (the “Sum of Notionals Methodology”). In such calculation, all of the individual leverage factors created by each single derivative instrument used by the Sub-Fund are totaled. As the Sum of Notionals methodology does not make a distinction as to the intended use of a derivative, the expected level of leverage indicated below might give a false impression regarding the risk profile of a Sub-Fund, since certain derivative instruments may be used for hedging purposes and thus may actually reduce the global exposure of the portfolio of a Sub-Fund.

In order to achieve the investment objective, the relevant Sub-Adviser may use (without limitation) futures contracts, forward foreign currency contracts, options, swap agreements or other derivative instruments if and as provided in the relevant Sub- Fund Appendices of the Prospectus, subject to the restrictions contained in the main part of the Prospectus or under the heading “Money Market Funds” for USD Government Money Market Fund. Shareholders should consult the sections “TECHNIQUES AND INSTRUMENTS” and “RISK WARNINGS” of the Prospectus for more information on the use of derivatives.

204 | Wells Fargo (Lux) Worldwide Fund

Appendix III (unaudited)

Risk management (continued)

Expected Level of Leverage (Sum of Notionals Method)

Alternative Risk Premia Fund1 400-1200% EUR Short Duration Credit Fund 150% Global Equity Absolute Return Fund 70-100% Global Long/Short Equity Fund 30-60% 1 The Sub-Fund commenced operations on 9 December 2019.

The amounts shown above are estimates of the leverage levels of the Sub-Funds under normal market conditions. Higher levels of leverage are possible during periods when the expiration of certain derivatives contracts overlaps with the execution or extension of new contracts (e.g. currency forwards roll over transactions) and periods of high market volatility. As the Sum of Notionals Methodology does not make a distinction between derivatives used for investment purposes and those used for hedging purposes, the expected leverage factor of the relevant Sub-Funds is also calculated using the Commitment approach, in which certain derivatives used for hedging purposes are netted from the level shown in the table above.

Expected Level of Leverage (Commitment Approach)

Alternative Risk Premia Fund1 400-1200% EUR Short Duration Credit Fund 100% Global Equity Absolute Return Fund 70-100% Global Long/Short Equity Fund 30-60% 1 The Sub-Fund commenced operations on 9 December 2019.

Upon request of an investor, the Management Company will provide supplementary information relating to the quantitative limits and qualitative criteria that apply in the risk management of each Sub-Fund, to the methods chosen to this end and to the recent evolution of the risks and yields of the main categories of instruments.

The VaR utilization information for the applicable Sub-Fund is as follows:

Lowest Highest Average Utilisation Utilisation Utilisation

Alternative Risk Premia Fund1 1.26% 1.35% 1.32% EUR Short Duration Credit Fund 0.62% 1.63% 1.18% Global Equity Absolute Return Fund 1.58% 4.24% 3.12% Global Long/Short Equity Fund 3.33% 4.92% 3.85% 1 The Sub-Fund commenced operations on 9 December 2019.

The VaR utilisation information for the applicable Sub-Funds is as follows:

Systems: FactSet VaR Method: Monte Carlo Confidence Level: 99% Holding Period: 20 days Decay Factor for exponential smoothing of the historical market data: the decay factor of 0.9944 is used (125 day half-life) Period Covered: up to 250 days lookback

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Appendix IV (unaudited)

Securities financing transactions Regulation (EU) 2015/2365 of the European Parliament and the Council of 25 November 2015 on transparency of securities financing transactions and of reuse (“SFTR”) introduced reporting requirements for securities financing transactions (“SFTs”), total return swaps and any financial instruments received as collateral and that are intended to be reused. SFTs as defined as per Article 3(11) of the SFTR include:

▪ repurchase/reverse repurchase agreements, ▪ securities or commodities lending and securities or commodities borrowing, ▪ buy-sell back transactions or sell-buy back transactions and ▪ margin lending transactions As at 31 March 2020, Alternative Risk Premia Fund, Global Equity Absolute Return Fund and Global Long/Short Equity Fund held contracts for difference and USD Government Money Market Fund held reverse repurchase agreements, which are under the scope of the SFTR. Global data The amount of assets across all SFTs as at 31 March 2020 is as follows:

Description % of net assets

Net unrealised appreciation/(depreciation) USD

Contracts for difference Alternative Risk Premia Fund 117,157 0.33% Global Equity Absolute Return Fund (397,630) (3.80)% Global Long/Short Equity Fund (1,845,427) (1.29)% Total return swap Alternative Risk Premia Fund (68,659) (0.19)% Market value (USD)

Reverse repurchase agreements USD Government Money Market Fund 280,000,000 33.19% Concentration data Securities that are pledged as collateral are disclosed in the Portfolio of investments of the respective Sub-Funds. As at 31 March 2020, the aggregate value of these securities, notated with a “+” in its description on the Portfolio of investments of the respective Sub-Funds, amounted to USD 384,157,253.

The issuers for collateral securities received/pledged as at 31 March 2020, are as follows:

Collateral issuer Amount of collateral USD

Alternative Risk Premia Fund United States Government Securities 11,683,145 USD Government Money Market Fund United States Government Securities 285,600,336

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Appendix IV (unaudited)

Securities financing transactions (continued) The counterparties as at 31 March 2020 are as follows:

Counterparty Market value USD

Alternative Risk Premia Fund Goldman Sachs & Company LLC 117,157 Global Equity Absolute Return Fund Goldman Sachs & Company LLC (397,630) Global Long/Short Equity Fund Goldman Sachs & Company LLC (1,845,427) USD Government Money Market Fund Bank of America Securities 40,800,023 Bank of Montreal 40,800,008 Barclays Bank PLC 40,800,050 Canadian Imperial Bank 40,800,094 Citigroup Global Markets 40,800,011 Credit Agricole 40,800,150 Morgan Stanley & Company 40,800,000

Safekeeping of collateral received As at 31 March 2020, collateral received is as follow:

Depositary Amount of collateral USD

USD Government Money Market Fund Bank of New York Mellon Security collateral 285,600,336 Safekeeping of collateral pledged As at 31 March 2020, collateral pledged is as follow:

Depositary Amount of collateral USD

Alternative Risk Premia Fund Brown Brothers Harriman (Luxembourg) S.C.A. United States Government Securities 11,683,145 Global Equity Absolute Return Fund Brown Brothers Harriman (Luxembourg) S.C.A. Common Stock 5,751,846 Global Long/Short Equity Fund Brown Brothers Harriman (Luxembourg) S.C.A. Common Stock 81,121,926 Data on reuse of collateral There were no collateral securities reused during the year ended 31 March 2020.

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Appendix IV (unaudited)

Securities financing transactions (continued) Returns Returns of reverse repurchase agreement for the year ended 31 March 2020 are as follows:

Returns Amount USD % of overall returns

USD Government Money Market Fund Reverse repurchase agreements To Sub-Fund 5,694,142 100.00

The returns for the contracts for difference in Alternative Risk Premia Fund, Global Equity Absolute Return Fund and Global Long/Short Equity Fund are identified as the net realised profit/(loss) on contracts for difference and the net change in unrealised appreciation/ (depreciation) on contracts for difference during the reporting period. The transaction costs are not separately identifiable. Aggregate transaction data The aggregate transaction data for collateral positions as at 31 March 2020 is as follows:

Type of Amount of Quality of Maturity of Country of Settlement Counterparty collateral collateral Currency collateral collateral counterparty and clearing

Alternative Risk Premia Fund Goldman Sachs International U.S. Treasury Securities 11,683,145 USD N/A N/A United States Bilateral Global Equity Absolute Return Fund Goldman Sachs International Common Stock 5,751,846 USD N/A N/A United States Bilateral Global Long/Short Equity Fund Goldman Sachs International Common Stock 81,121,926 USD N/A N/A United States Bilateral USD Government Money Market Fund Bank of America Securities U.S. Treasury Securities 40,800,023 USD Aaa Above one year United States Triparty Bank of Montreal U.S. Treasury Securities 39,436,723 USD Aaa Above one year United States Triparty Bank of Montreal U.S. Treasury Securities 1,363,285 USD Aaa Below one year United States Triparty Barclays Bank PLC U.S. Treasury Securities 27,930,774 USD Aaa Above one year United States Triparty Barclays Bank PLC U.S. Treasury Securities 12,869,276 USD Aaa Below one year United States Triparty Canadian Imperial Bank U.S. Treasury Securities 38,768,406 USD Aaa Above one year United States Triparty Canadian Imperial Bank U.S. Treasury Securities 2,031,688 USD Aaa Below one year United States Triparty Citigroup Global Markets U.S. Treasury Securities 40,800,011 USD Aaa Above one year United States Triparty Credit Agricole U.S. Treasury Securities 40,800,150 USD Aaa Above one year United States Triparty Morgan Stanley & Company U.S. Treasury Securities 34,400,044 USD Aaa Above one year United States Triparty Morgan Stanley & Company U.S. Treasury Securities 6,399,956 USD Aaa Below one year United States Triparty

USD Government Money Market Fund’s reverse repurchase agreements held as at 31 March 2020 mature within one day to one week.

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More information about the Wells Fargo (Lux) Worldwide Fund is available free upon request at its registered office.