Emerging Markets Equity Income Fund MARKETING COMMUNICATION

WELLS FARGO (LUX) WORLDWIDE FUND | QUARTERLY COMMENTARY Q2 2021 | All information is as of 30 Jun 2021 unless otherwise indicated.

Quarterly review GENERAL FUND INFORMATION ● The Emerging Markets Equity Income Fund underperformed the MSCI Emerging Portfolio managers: Alison Shimada, Markets Index (Net) but outperformed the MSCI Emerging Markets High Dividend and Elaine Tse Yield Index (Net) for the quarter that ended 30 June 2021. ● Positioning in communication services, utilities, South Africa and the Philippines Sub-adviser: Wells Capital contributed to relative attribution but was outweighed by negative stock selection in Management, Incorporated information technology (IT), industrials, China/Hong Kong and Taiwan. Benchmark: MSCI Emerging Markets Index (Net) Market review Fund inception: 29 Jun 2012 The MSCI Emerging Markets Index (Net) advanced 5.05% during the second quarter, INVESTMENT OBJECTIVES the fifth consecutive quarter of positive returns, taking the year-to-date return to AND PROCESS 7.45% and the one-year return to 40.90%. The MSCI Emerging Markets High Dividend ● The fund seeks long-term capital Yield Index (Net) underperformed, returning 2.31% during the second quarter. Ten out appreciation and current income. of eleven sectors generated positive returns during the quarter, including health care, ● The fund invests at least 80% of its industrials and energy. Real estate was the only sector that posted a negative return. At assets in dividend-paying emerging the country level, 17 out of 27 countries advanced, including Brazil, Poland, Hungary, market equity securities (companies the Czech Republic, Russia, the United Arab Emirates (UAE) and Saudi Arabia. tied economically to emerging markets Brazil was the best-performing country in the index and the largest contributor to index countries as defined by the MSCI returns as it raised its 2021 gross domestic product forecast to 4.6%, up from 3.6% in Emerging Markets Index), directly March, driven by an increase in demand for commodities and government spending. through equity securities or indirectly The central bank took up its policy rate by 75 basis points (bps; 100 bps = 1.00%) twice though notes, convertibles or during the quarter to 4.25%, benefitting the currency, and the lower house approved a certificates. bill that would dilute the government’s stake in Eletrobras from 60% to 45%, a win for ● The fund's sub-adviser uses a the Bolsonaro administration’s privatisation agenda. top-down and bottom-up strategy to identify companies with sustainable Calendar year performance (%) high dividend yields and strong YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 earnings growth to construct a Emerging Markets Equity 8.66 8.40 17.05 -11.47 26.10 6.10 -9.49 1.31 -1.63 portfolio with the potential for Income Fund - Class I maximum portfolio dividend yield (USD) within a controlled level of risk. The fund may invest: MSCI Emerging Markets 7.45 18.31 18.42 -14.57 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 ● in equity securities, participatory notes, Index (Net) convertible securities, equity linked Past performance is not indicative of future performance. notes/certificates, depositary receipts Fund performance calculations are net of all applicable fees and are calculated on an NAV-to-NAV basis in US dollars (with income re-invested). Share class inception date: 29 Jun 2012 and US$-denominated equities issued MSCI Emerging Markets Index (Net) is a reference benchmark, selected as the most appropriate comparison for this fund, and by non-US issuers may change without notice. ● in an aggregate of up to 10% of fund Key risks assets both directly and indirectly in Market risk: securities may decline in value due to factors affecting securities markets generally, and China A shares equity securities generally have greater price volatility than debt securities. Smaller company ● by using futures/derivatives for securities risk: securities of companies with smaller market capitalisations tend to be more volatile hedging or efficient portfolio and less liquid than securities of larger companies. Emerging market risk: emerging markets may be more sensitive than more mature markets to a variety of economic factors and may be less liquid than management purposes markets in the developed world. FOR PROFESSIONAL/QUALIFIED INVESTOR USE ONLY. CM705 07-21 (See pages 9-10 for important information.) QUARTERLY COMMENTARY Q2 2021 | All information is as of 30 Jun 2021 unless otherwise indicated.

Emerging Markets Equity Income Fund

Portfolio positioning Emerging Markets Equity Income Fund versus MSCI Emerging Markets Index (Net) Quarterly sector attribution and Value added from Value added from Total value added (%) analysis sector weight (%) share selection (%) ● Stock selection in the communication 1.0 services and utilities sectors resulted in positive attribution but was offset by positioning in IT and industrials. ● The leading contributor in the utilities 0.0 sector was Kunlun Energy, a mid-stream and downstream gas transmission and distribution platform in China, which reported 2020 net profit up 9% year over -1.0 year, representing a strong turnaround Cash & Energy staples Utilities Materials Financials Consumer Consumer

from a 25% decline in the first half of Industrials technology Real estate Health care equivalents Information 2020, as retail gas volume grew 34.7% discretionary year over year. Looking forward, Comm. services management expects retail gas volume to grow 15% year over year and we expect the company to experience sustainable growth given China’s

decarbonisation goals and expectations Comm. services Consumer discretionary Consumer staples Energy Financials Health care Industrials Information technology Materials Real estate Utilities Cash & equivalents for natural gas to grow to approximately Sector weights (average % weight during the quarter) 12% of the country’s primary energy mix in 2030 versus 8.7% in 2020. Emerging Markets 5.75 14.69 4.34 1.50 22.43 1.50 4.89 25.93 6.21 4.01 4.92 3.82 Equity Income ● The IT sector underperformed during the Fund quarter, resulting in negative allocation effects from an average overweight. MSCI Emerging 11.55 17.18 5.66 4.89 18.17 4.75 4.52 20.68 8.53 2.07 1.99 0.00 Stock selection was also negative, driven Markets Index by a position in Lenovo, the world’s (Net) largest PC maker, which underperformed Over/underweight -5.80 -2.49 -1.32 -3.39 4.26 -3.25 0.37 5.25 -2.32 1.94 2.93 3.82 despite reporting a 46% year-over-year increase in PC revenues driven by continued strength in work-from-home Sector returns (%) and gaming demand as well as rising Fund sector return 6.19 2.23 9.82 10.18 3.04 5.25 0.84 1.46 14.14 -6.81 10.46 -0.42 traction in e-commerce primarily due to concerns of rising component costs given Index sector return 1.93 3.55 4.50 12.44 4.16 14.10 13.17 3.84 8.19 -6.01 2.00 0.00 the ongoing chip shortage, which is Relative return 4.26 -1.32 5.32 -2.26 -1.12 -8.85 -12.33 -2.38 5.95 -0.80 8.46 -0.42 expected to persist for the next 12 to 18 months, per company management. Based on the returns calculated over a three-month period. Source: FactSet. Returns shown are gross and not adjusted for share class level expenses. Past performance is not indicative of future performance.

2 QUARTERLY COMMENTARY Q2 2021 | All information is as of 30 Jun 2021 unless otherwise indicated.

Emerging Markets Equity Income Fund

Portfolio positioning Emerging Markets Equity Income Fund versus MSCI Emerging Markets Index (Net) Trailing 12-month sector Value added from Value added from Total value added (%) attribution analysis sector weight (%) share selection (%) ● An overweight to IT and stock selection 3.0 in the consumer discretionary sector 2.0 contributed to relative returns but were partially offset by holdings in financials 1.0 and an overweight to real estate. 0.0 ● Chow Tai Fook Jewellery, a leading jewelry retailer in mainland China, Hong -1.0 Kong and Macau, was the leading contributor in the consumer -2.0 discretionary sector as it reported a Cash & Energy staples Utilities Materials Financials Consumer Consumer

strong beat with fiscal-year 2021 Industrials technology Real estate Health care equivalents Information revenue up 23.6% year over year and net discretionary profit up 107.7% due to strong Comm. services same-store sales growth and store expansion in mainland China with solid operating leverage. Looking forward, the company targets to open 700+ (net)

stores in China this fiscal year with Comm. services Consumer discretionary Consumer staples Energy Financials Health care Industrials Information technology Materials Real estate Utilities Cash & equivalents sustainable growth coming from a Sector weights (average % weight during the past 12 months) preference for local products, including the HUA Collection, which features Emerging Markets 7.26 14.11 4.56 2.75 20.50 1.42 4.81 25.66 7.28 4.27 3.74 3.63 traditional Chinese heritage Equity Income craftsmanship with modern design and Fund accounted for 39.5% of the company’s MSCI Emerging 12.26 18.57 5.85 5.14 17.88 4.47 4.42 19.63 7.59 2.20 2.00 0.00 fiscal-year 2021 gold and jewelry retail Markets Index sales value in China, up from 29% the (Net) previous year. Over/underweight -5.00 -4.46 -1.29 -2.39 2.62 -3.05 0.39 6.03 -0.31 2.07 1.74 3.63 ● Ping An Insurance, the second-largest life insurer in China, which also offers other financial services in the areas of non-life Sector returns (%) insurance, banking and investments, was Fund sector return 24.15 52.99 21.97 18.35 28.05 32.19 47.04 78.36 85.64 6.61 60.77 -3.36 the leading relative detractor within financials given investor skepticism over Index sector return 23.06 36.93 23.67 32.25 33.01 32.37 44.81 75.54 71.06 6.57 20.29 0.00 plans to acquire a 51.1%–70% stake in Relative return 1.09 16.06 -1.70 -13.90 -4.96 -0.18 2.23 2.82 14.58 0.04 40.48 -3.36 New Founder Group, which is a new entity incorporated through the “asset Based on the returns calculated over a 12-month period. Source: FactSet. sale and takeover” of Founder Group with Returns shown are gross and not adjusted for share class level expenses. key assets in four segments, including Past performance is not indicative of future performance. health care, technology, finance and education.

3 QUARTERLY COMMENTARY Q2 2021 | All information is as of 30 Jun 2021 unless otherwise indicated.

Emerging Markets Equity Income Fund

Portfolio positioning Emerging Markets Equity Income Fund versus MSCI Emerging Markets Index (Net) Quarterly country attribution and Value added from Value added from Total value added (%) analysis country weight (%) share selection (%) ● At the country level, stock selection 1.0 within South Africa and the Philippines drove positive attribution but was offset 0.0 by negative selection effects in China and Taiwan. ● Brazil was the best-performing market in -1.0 the index during the second quarter, returning 22.91%, resulting in modest negative allocation effects from a small -2.0 India Kong Brazil Korea

average underweight. Stock selection Russia Cash & Taiwan Mexico was positive, driven in part by Petrobras Thailand equivalents Saudi Arabia South Africa

Distribuidora, Brazil's largest fuel China & Hong distributor, which outperformed as Petrobras launched a secondary share offering to divest its remaining 37% stake in the company, which is a favourable event for minority

shareholders given the company will be a Brazil China & Hong Kong India Korea Mexico Russia Saudi Arabia South Africa Taiwan Thailand Cash & equivalents true private corporation after the Country weights (average % weight during the quarter) transaction with 100% float, no longer deserving any governance nor liquidity Emerging Markets 4.53 31.88 9.95 14.55 1.69 5.21 1.59 4.75 14.34 2.21 3.82 discounts. Equity Income Fund ● Midea Group, the largest appliance manufacturer by revenue globally, was MSCI Emerging 4.89 37.35 9.70 13.37 1.78 3.19 2.81 3.79 13.94 1.75 0.00 the largest relative detractor in China and Markets Index the portfolio during the quarter. The (Net) company reported largely in-line Over/underweight -0.36 -5.47 0.25 1.18 -0.09 2.02 -1.22 0.96 0.40 0.46 3.82 first-quarter results with revenue up 42.3% year over year and net profit up 34.5%, which was down from 79.8% in Country returns (%) the fourth quarter due to margin Emerging Markets 26.01 -1.04 6.78 3.55 11.74 12.52 13.00 6.47 2.35 -8.94 -0.42 pressure from both cost inflation and Equity Income renminbi appreciation. The company has Fund been taking measures to mitigate cost pressures by raising domestic prices and MSCI Emerging 22.91 2.27 6.91 4.83 9.14 14.03 10.04 -1.45 7.09 -4.87 0.00 renegotiating export prices, the positive Markets Index impacts of which we expect to be (Net) gradually reflected in the coming Relative Return 3.10 -3.31 -0.13 -1.28 2.60 -1.51 2.96 7.92 -4.74 -4.07 -0.42 quarters. Based on the returns calculated over a three-month period. Source: FactSet. Returns shown are gross and not adjusted for share class level expenses. Past performance is not indicative of future performance.

4 QUARTERLY COMMENTARY Q2 2021 | All information is as of 30 Jun 2021 unless otherwise indicated.

Emerging Markets Equity Income Fund

Portfolio positioning Emerging Markets Equity Income Fund versus MSCI Emerging Markets Index (Net) Trailing 12-month country Value added from Value added from Total value added (%) attribution analysis country weight (%) share selection (%) ● Stock selection in China/Hong Kong and 3.0 Korea contributed to relative returns but 2.0 was partially offset by holdings in India and Mexico. 1.0 ● Bosideng, a leading down apparel 0.0 company in China, was a strong contributor as the company announced a -1.0 positive fiscal-year 2021 profit outlook at the beginning of the second quarter -2.0 India Kong Brazil Korea

and subsequently reported results Russia Cash & Taiwan Mexico including a 42% year-over-year increase Thailand equivalents Saudi Arabia South Africa

in net profit. This was driven in large part China & Hong by reducing its branded down apparel network by 716 stores, including small, non-performing stores and small concessionary outlets operated by distributors, in an effort to lift its brand

image by focusing on self-operated Brazil China & Hong Kong India Korea Mexico Russia Saudi Arabia South Africa Taiwan Thailand Cash & equivalents stores and direct sales channels. Country weights (average % weight during the past 12 months) ● Despite China being the largest contributor during the period, Shimao Emerging Markets 5.45 35.06 9.24 13.48 1.47 4.64 1.15 4.06 14.12 2.11 3.63 Equity Income Group, a leading national property Fund developer in China, was the biggest relative detractor in the portfolio. The MSCI Emerging 4.85 39.90 8.90 12.72 1.70 3.02 2.62 3.63 13.16 1.84 0.00 company reported fiscal-year 2020 core Markets Index profit up 17% year over year, stable gross (Net) margins of 29.3%, a strong balance sheet Over/underweight 0.60 -4.84 0.34 0.76 -0.23 1.62 -1.47 0.43 0.96 0.27 3.63 with 50.3% net gearing and a 24% year-over-year increase in dividends per share. However, the stock Country returns (%) underperformed given investor concerns Emerging Markets 47.80 36.46 43.84 75.73 36.75 40.11 46.64 42.21 74.43 -0.43 -3.36 regarding management’s 10%+ contract Equity Income sales guidance for fiscal-year 2021 as Fund well as medium-term margin pressure from higher land and raw material MSCI Emerging 46.55 27.39 56.36 66.20 55.86 38.64 49.38 39.89 70.46 7.01 0.00 costs. We continue to hold the name Markets Index given expectations that its 2021 growth (Net) target is sustainable and a belief that it is Relative Return 1.25 9.07 -12.52 9.53 -19.11 1.47 -2.74 2.32 3.97 -7.44 -3.36 one of a handful of large developers expected to gain market share under the Based on the returns calculated over a 12-month period. Source: FactSet. Returns shown are gross and not adjusted for share class level expenses. “three red lines” rule given its solid Past performance is not indicative of future performance. balance sheet.

5 QUARTERLY COMMENTARY Q2 2021 | All information is as of 30 Jun 2021 unless otherwise indicated.

Emerging Markets Equity Income Fund

Portfolio positioning Top contributors and detractors to fund performance Contributors Detractors Outlook ● Chow Tai Fook Jewellery Group Ltd. ● Midea Group Co. Ltd. ● During the second quarter, the team continued to add to areas exhibiting ● Bosideng International Holdings Ltd. ● Ping An Insurance (Group) Company Of China, Ltd. structural growth as well as deeper value ● Banco Btg Pactual S.A. ● Lenovo Group Ltd. cyclicals whilst reducing exposure to China amid liquidity tightening and cost ● Kunlun Energy Co. Ltd. ● Gree Electric Appliances, Inc. Of Zhuhai input inflation. ● Petrobras Distribuidora Sa ● Shimao Group Holdings Ltd. ● In terms of country positioning, the The holdings identified do not represent all of the securities purchased or sold during the time period shown and should not strategy’s largest overweight positions as be construed as a recommendation to purchase or sell a particular security. Information on calculation methodology and a list of the end of the second quarter were showing the overall contribution of each holding in the fund for the time period shown are available upon request. Russia (2.7%), Korea (1.1%) and Chile (0.7%). The biggest underweight Share class availability* positions by country were China/Hong Gross TER Net TER Capped Annual Kong (-8.0%), Saudi Arabia (-1.1%) and excluding including expense management Kuwait (-0.5%). In terms of sector ISIN waiver waiver ratio fee allocations, the strategy is overweight Class A (USD)** LU0791590937 2.07 2.07 2.15 1.85 financials (5.5%), IT (4.9%) and utilities (3.0%) and underweight communication Class I (USD)** LU0791591158 1.29 1.29 1.40 1.10 services (-6.0%), health care (-3.6%) and * Expenses based upon the fund's latest audited accounts energy (-3.5%). **Accumulation share type ● Overall, we expect the rotation to Share class and currency availability varies by jurisdiction. Performance may differ from share class shown. Contact your value/cyclicals from growth/momentum WFAM representative or visit wellsfargoassetmanagement.com for more information. Fund inception dates are: 29 Jun 2012 to have legs. We continue to see for Class A (USD) and Class I (USD). opportunities in the reflation trade and for sustainable dividend yield to return to favour amid consolidation in equity market performance whilst long-duration growth stocks face headwinds from rising rates and regulatory tightening. We believe the best strategy is our barbell approach with a mix of structural growth, a strong balance sheet and high-quality and sustainable earnings coupled with value/cyclicals, including financials, which benefit from economic recovery and rising interest rates. We look to widespread vaccine deployment in emerging markets for mobility to return to pre-pandemic levels and for emerging market economic growth to recover from a 2% decline in 2020 to growth in 2021. Valuations remain compelling at below 15x forward earnings and 2.1x book.

6 QUARTERLY COMMENTARY Q2 2021 | All information is as of 30 Jun 2021 unless otherwise indicated.

Emerging Markets Equity Income Fund

Top holdings1 Annualised performance (%) Shares % of net assets 3 1 3 5 10 month YTD year year year year Taiwan Semiconductor Manufacturing Co., Ltd. 6.84 Emerging Markets Equity 2.90 8.66 42.59 9.86 9.32 Samsung Electronics Co., Ltd. 4.86 Income Fund-Inst (USD) China Construction Bank Corporation Class H 1.96 MSCI Emerging Markets Index 5.05 7.45 40.90 11.27 13.03 (Net) Infosys Limited ADR 1.90 Morningstar Global Emerging Samsung Electronics Co Ltd Pfd Non-Voting 1.85 4.44 7.30 41.06 10.69 11.84 3.59 Markets Equity Average Baidu Inc ADR Class A 1.81 Past performance is not indicative of future performance. Fund performance calculations are net of all applicable fees and are calculated on an Ping An Insurance (Group) Company of China, Ltd. Class H 1.79 NAV-to-NAV basis in US dollars (with income re-invested). Share class inception date: 29 Jun 2012 Midea Group Co. Ltd. Class A 1.60 Chow Tai Fook Jewellery Group Limited 1.34 Rankings and ratings KB Financial Group Inc. 1.33 Morningstar total return rankings—Institutional Class (as of 30 Jun 2021) Morningstar Category Global emerging markets equity 1 year 1,305 out of 3,024 1 Portfolio characteristics (USD) 3 year 1,646 out of 2,392 MSCI Emerging 5 year 1,541 out of 1,828 Fund Markets Index (Net) 10 year N/A Weighted average market cap $98.24bn $166.28bn Overall Morningstar Rating ™ ★★ Weighted median market cap $19.31bn $45.54bn The Overall Morningstar Rating, a weighted average of the 3-, 5-, and 10-year (if applicable) ratings, is out of 2,392 funds in the Global emerging markets equity category, based on EPS Growth (3- to 5-year forecast) 16.01% 19.06% risk-adjusted returns as of 30 Jun 2021. Ratings and awards are not an indication, promise, or guarantee of future performance. Ratings and awards should not be relied upon when making P/E ratio (trailing 12-month) 14.93x 18.70x an investment decision.

P/B ratio 1.86x 2.24x Performance and volatility measures P/S ratio 1.96x 2.58x Fund Number of equity holdings 106 1412 Alpha -1.13 Sources: FactSet and Wells Fargo Asset Management Beta 1.00 Fund facts—Class I (USD) Sharpe ratio 0.45 Fund inception date 29 Jun 2012 Standard deviation 19.16% Net expense ratio—Inst (USD) 1.29% R-squared 0.93 Assets—all share classes $174.33m Information ratio -0.28 Upside capture 88.78% Downside capture 96.08% Tracking error 5.09% Sources: FactSet and Wells Fargo Asset Management Past performance is not indicative of future performance.

1. Portfolio holdings and characteristics are subject to change and may have changed since the date specified. Holdings typically include the underlying ordinary shares combined with any depositary receipts. The holdings listed should not be considered recommendations to purchase or sell a particular security. 7 QUARTERLY COMMENTARY Q2 2021 | All information is as of 30 Jun 2021 unless otherwise indicated.

Emerging Markets Equity Income Fund

Benchmark descriptions: Attribution analysis:

The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) is a free- Performance attribution and sector and country returns are calculated using float-adjusted market-capitalisation-weighted index that is designed to measure equity market the Brinson-Fachler attribution model. As a result, performance attribution calculations may performance of emerging markets. differ from the fund’s actual investment results. Common sources of attribution dispersion from official returns include: the use of end of day holdings and prices, the exclusion of fees, and The Morgan Stanley Capital International Emerging Markets (MSCI Emerging Markets) Index the use of myriad pricing sources to accommodate different benchmark providers. (Net) captures large- and mid-cap representation across 24 emerging market countries, as of 31 May 2017. With 845 constituents, the index covers approximately 85% of the free-float- adjusted market capitalisation in each country. You cannot invest directly in an index. Definition of terms: Source: 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 Alpha measures the difference between a fund’s actual returns and its expected performance further redistributed or used as a basis for other indexes or any securities or financial products. given its level of risk (as measured by beta). This report is not approved, reviewed, or produced by MSCI. Beta measures fund volatility relative to general market movements. It is a standardised The Morningstar Category average is the average return for the peer group based on the returns measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by of each individual fund within the group. The total return of the Morningstar Category average definition. does not include the effect of sales charges. You cannot invest directly in a Morningstar Downside capture measures a fund’s replication of its benchmark during periods of Category average. negative returns. During periods of negative benchmark returns, a downside capture ratio less The Morningstar Rating for funds, or star rating, is calculated for managed products (including than 100% reflects product performance greater than the benchmark and a downside capture mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end ratio greater than 100% reflects performance less than the benchmark. funds, and separate accounts) with at least a three-year history. Exchange-traded funds and Information ratio measures the consistency of excess return (return in excess of a open-ended mutual funds are considered a single population for comparative purposes. It is benchmark). This value is determined by taking the annualised excess return over a benchmark calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a (style benchmark by default) and dividing it by the standard deviation of excess return. managed product's monthly excess performance, placing more emphasis on downward R-squared is a measurement of how similar a fund’s historical performance has been to that variations and rewarding consistent performance. The Morningstar Rating does not include any of the benchmark. The measure ranges from 0.0, which means that the fund’s performance adjustment for sales loads. The top 10% of products in each product category receive 5 stars, bears no relationship to the performance of the index, to 1.0, which means that the fund’s the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and performance was perfectly synchronised with the performance of the benchmark. the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10- Sharpe ratio measures the potential reward offered by a mutual fund relative to its risk year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 level. The ratio uses a fund’s standard deviation and its excess return to determine reward per months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total unit of risk. The higher the Sharpe ratio, the better the fund’s historical risk-adjusted returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months performance. of total returns. While the 10-year overall star rating formula seems to give the most weight to Standard deviation represents the degree to which an investment’s performance has the 10-year period, the most recent 3-year period actually has the greatest impact because it is varied from its average performance over a particular time period. included in all three rating periods. Tracking error measures the extent to which a manager’s performance mimics that of a The Emerging Markets Equity Income Fund received 3 stars among 2,392 funds and 2 stars benchmark. The value is the standard deviation of the difference between a fund’s performance among 1,828 funds for the 3- and 5-year periods, respectively. The Morningstar Rating is for and a benchmark’s performance. the Institutional Class only; other classes may have different performance characteristics. Upside capture measures a fund’s replication of its benchmark during periods of positive The Morningstar absolute ranking is based on the fund’s total return rank relative to all funds returns. During periods of positive benchmark returns, an upside capture ratio greater than that have the same category for the same time period. Morningstar rankings do not include the 100% reflects product performance greater than the benchmark and an upside capture ratio less effect of sales charges. Past performance is no guarantee of future results. than 100% reflects performance less than the benchmark. © 2021 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

8 QUARTERLY COMMENTARY Q2 2021 | All information is as of 30 Jun 2021 unless otherwise indicated.

Emerging Markets Equity Income Fund

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France: this UCITS is managed by WFAML and is licensed and supervised by the CSSF and governed by MiFID II (and any applicable implementing local laws and regulations), its prospectus and its KIIDs. If a recipient of this material is not a Professional Client pursuant to MiFID II, they must return it immediately. This UCITS is authorised by the CSSF and notified to the French regulator (L’Autorité des marchés financiers, or the AMF) for marketing purposes only. No regulator or government authority, including the AMF, has reviewed the merits, accuracy or information provided. WFAML has appointed CACEIS Bank France to act as centralising correspondent in France in compliance with Article 411-135 of the General Regulations of the AMF. The prospectus, KIIDs and any other relevant material (such as the annual and semi-annual reports) are available free of charge at the registered office of the Fund, 80 Route d’Esch, L-1420 Luxembourg, or from wellsfargoassetmanagement.com, in English, except for the KIIDs, which are in French per French regulations. A French prospectus is prepared for information purposes only. WFAML expresses no views as to the suitability of the investments described herein to the individual circumstances of any recipient. Prospective investors shall have the financial ability and willingness to accept the risks with regards to their investment in this UCITS. WFAML does not undertake to guarantee any risk (including capital losses) related to a potential investment in this UCITS. Germany: the prospectus and the KIIDs are available free of charge at Brown Brothers Harriman, 80, Route D’Esch, L-1470 Luxembourg, or from wellsfargoassetmanagement.com. The prospectus is in English and the KIIDs are in German. Italy: this document is for the exclusive use of Professional Clients/Investors, as defined in article 6, paragraphs 2-quinquies and 2-sexies, of Legislative Decree no. 58/1998 (as amended) by reference to Annex 3 of CONSOB Regulation no. 20307 of 2018, which, at turn, transposes Annex II of MiFID II in Italy with regards to private Professional Clients. Luxembourg: the prospectus, KIIDs and any other relevant material (such as the annual and semi-annual reports) are available free of charge at the registered office of the Fund, c/o Brown Brothers Harriman (Luxembourg) S.C.A., 80 Route d’Esch, L-1470 Luxembourg, or can be downloaded from wellsfargoassetmanagement.com. Documents are in English (the prospectus and annual and semi-annual reports are also available in French and German). The Netherlands: the Fund is registered in the Netherlands in the register kept by the Autoriteit Financiële Markten (AFM) (see www.afm.nl/register). The prospectus and the KIIDs are available from wellsfargoassetmanagement.com. Spain: the Fund has been registered with the Securities Market Commission (Comisión Nacional del Mercado de Valores, or CNMV). The prospectus, articles of incorporation and annual and semi-annual reports of the Fund are available in English from Spanish-authorised distributors and the KIIDs are available in Spanish. All Spanish-authorised distributors of the Fund are on the website: cnmv.es. WFAMI Ltd. has been authorised to render cross-border services in Spain and is registered with the CNMV under no. 715. Sweden: historical performance is not a guarantee for future performance. Investments made in the Fund may increase as well as decrease in value, and it cannot be guaranteed that your initial investment will be returned in its entirety. Switzerland: the information provided herein does not constitute an offer of this UCITS in Switzerland pursuant to the Swiss Federal Law on Financial Services (FinSA) and its implementing ordinance. This is solely an advertisement pursuant to FinSA and its implementing ordinance for this UCITS. Copies of the prospectus, KIIDs, the articles of association and the annual and semi-annual reports are available free of charge from the Swiss Representative and Paying Agent: BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002. United Kingdom: the prospectus, KIIDs and any other relevant material (including the annual and semi-annual reports) are available free of charge in English from the fund’s administrator.

Emerging Markets Equity Income Fund

DISCLOSURES FOR SINGAPORE More information about the Wells Fargo (Lux) Worldwide Fund is available upon request. To obtain literature or a prospectus, please write to or call: RBC Investor Services Trust Singapore Limited (Singapore) 8 Marina View#26-01 Asia Square Tower 1 | Singapore 018960 +65 6230 1988 | wellsfargoassetmanagement.com. The information contained in this document is for professional clients and eligible counterparties only and must not be distributed to, read or relied upon by retail clients. This document has been prepared by Wells Fargo (Lux) Worldwide Fund and will be distributed in Singapore by appointed distributors duly licensed to market collective investment schemes or exempt from such licensing. The responsible person of the sub-funds is Wells Fargo (Lux) Worldwide Fund, the umbrella fund of the sub-funds. This document is intended for your general information only and must not be construed as an offer or solicitation of an offer to buy or sell any shares in a subfund or a recommendation to invest in any products, and neither does it take into account any investor’s particular circumstances, specific investment objectives, financial situation or needs. You may wish to seek advice from a financial adviser or consider whether a sub-fund is suitable for you before making a commitment to purchase any shares in a sub-fund. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. WFAM includes but is not limited to Wells Fargo Asset Management (International) Limited; Galliard Capital Management, Inc.; Wells Capital Management Inc.; Wells Fargo Asset Management (International), LLC; Wells Fargo Asset Management Luxembourg S.A.; Wells Fargo Funds Distributor, LLC; and Wells Fargo Funds Management, LLC. Investment involves risks, including the possible loss of the principal amount invested. The value of the shares in a sub-fund and the income accruing to the shares (if any) may fall or rise. Past performance of a sub-fund, the manager(s) of a sub-fund and/or any other person referred to herein and any opinions, assumptions or estimates made are not necessarily indicative of the future or likely performance of a sub-fund, the manager(s) of a sub-fund and/or any other person referred to herein. Investors should note that the sub-funds may invest in derivative instruments for efficient portfolio management and/or hedging purposes and the directors of the umbrella fund of the sub-funds do not expect the sub-funds to have a higher volatility as a result of such use of derivative instruments. Investors should read the Singapore prospectus of the sub-funds before deciding whether to invest in shares of a sub-fund. The Singapore prospectus of the sub-funds is available and may be obtained from any appointed distributors in Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore. © Wells Fargo Bank, NA, 2021. All rights reserved. DISCLOSURE FOR SOUTH KOREA More information about the Wells Fargo (Lux) Worldwide Fund is available upon request. To obtain literature or a prospectus, please write to or call: Wells Fargo Securities Asia Limited 27F | Three Pacific Place | 1 Queen's Road East | Hong Kong 852-3650-8000 wellsfargoassetmanagement.com. The information contained in this document is for professional clients and eligible counterparties only and must not be distributed to, read or relied upon by retail clients. This document has not been approved by the Securities and Futures Commission in Hong Kong, nor has any document been registered by the Registrar of Companies of Hong Kong. The fund interests have not been offered or sold in Hong Kong by means of any document, and each purchaser represents and agrees that it will not offer or sell any of these fund interests in Hong Kong, by means of any document, other than: (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. Wells Fargo (Lux) Worldwide Fund is a brand name, and the Wells Fargo (Lux) Worldwide Fund name is a trademark or registered trademark of the Wells Fargo group of companies. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. WFAM includes but is not limited to Wells Fargo Asset Management (International) Limited; Galliard Capital Management, Inc.; Wells Capital Management Inc.; Wells Fargo Asset Management (International), LLC; Wells Fargo Asset Management Luxembourg S.A.; Wells Fargo Funds Distributor, LLC; and Wells Fargo Funds Management, LLC. © Wells Fargo Securities Asia Limited, 2021. All rights reserved. DISCLOSURES FOR HONG KONG The Securities and Futures Commission (SFC) does not take any responsibility as to the accuracy of the statements made or opinions expressed in this material. SFC authorisation is not a recommendation or endorsement of a scheme, nor does it guarantee the commercial merits of a scheme or its performance. Offering documents should be read for further details, including for additional information regarding risk factors. Past performance information (where presented), is not indicative of future performance. The investment decision is yours, but you should not invest in this product unless the intermediary who sells it to you has advised you that it is suitable for you and has explained why, including how buying it would be consistent with your investment objectives. More information about the Wells Fargo (Lux) Worldwide Fund is available upon request. To obtain literature or a prospectus, please write to or call: Wells Fargo Securities Asia Limited 27F | Three Pacific Place | 1 Queen's Road East | Hong Kong 852-3650-8000 wellsfargoassetmanagement.com. The information contained in this document is for professional clients and eligible counterparties only and must not be distributed to, read or relied upon by retail clients. Hong Kong: This document is distributed in Hong Kong by Wells Fargo Securities Asia Limited ("WFSAL"), a Hong Kong incorporated investment firm licensed and regulated by the Securities and Futures Commission to carry on types 1, 4, 6 and 9 regulated activities (as defined in the Securities and Futures Ordinance (Cap. 571 The Laws of Hong Kong), "the SFO"). This report is not intended for, and should not be relied on by, any person other than professional investors (as defined in the SFO). Any securities and related financial instruments described herein are not intended for sale, nor will be sold, to any person other than professional investors (as defined in the SFO). The author or authors of this document is or are not licensed by the Securities and Futures Commission. This document has not been approved by the Securities and Futures Commission in Hong Kong, nor has any document been registered by the Registrar of Companies of Hong Kong. The fund interests have not been offered or sold in Hong Kong by means of any document, and each purchaser represents and agrees that it will not offer or sell any of these fund interests in Hong Kong, by means of any document, other than: (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. Wells Fargo (Lux) Worldwide Fund is a brand name, and the Wells Fargo (Lux) Worldwide Fund name is a trademark or registered trademark of the Wells Fargo group of companies. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. WFAM includes but is not limited to Wells Fargo Asset Management (International) Limited; Galliard Capital Management, Inc.; Wells Capital Management Inc.; Wells Fargo Asset Management (International), LLC; Wells Fargo Asset Management Luxembourg S.A.; Wells Fargo Funds Distributor, LLC; and Wells Fargo Funds Management, LLC. © Wells Fargo Securities Asia Limited, 2021. All rights reserved. PAR-0621-01071 (APAC)| PAR-0621-01075 (EMEA) CM705 07-21