UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-21507
Wells Fargo Global Dividend Opportunity Fund
(Exact name of registrant as specified in charter)
525 Market Street, 12th Floor, San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market Street, 12th Floor, San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: October 31
Registrant is making a filing for Wells Fargo Global Dividend Opportunity Fund.
Date of reporting period: January 31, 2018
ITEM 1. INVESTMENTS
| Wells Fargo Global Dividend Opportunity Fund | Portfolio of investments — January 31, 2018 (unaudited) |
| Security name | Shares | Value | ||||||
| Common Stocks : 69.58% |
| |||||||
| France : 2.88% |
| |||||||
| Veolia Environnement SA (Utilities, Multi-Utilities) |
334,399 | $ | 8,423,860 | |||||
|
|
|
|||||||
| Germany : 6.41% |
| |||||||
| Deutsche Post AG (Industrials, Air Freight & Logistics) |
300,000 | 14,179,739 | ||||||
| Telefonica Deutschland Holding AG (Telecommunication Services, Diversified Telecommunication Services) |
900,000 | 4,547,797 | ||||||
| 18,727,536 | ||||||||
|
|
|
|||||||
| Italy : 16.76% |
| |||||||
| Assicurazioni Generali SpA (Financials, Insurance) |
200,000 | 3,965,510 | ||||||
| Enel SpA (Utilities, Electric Utilities) |
4,000,000 | 25,377,276 | ||||||
| Eni SpA (Energy, Oil, Gas & Consumable Fuels) |
50,000 | 899,254 | ||||||
| Hera SpA (Utilities, Multi-Utilities) |
2,000,000 | 7,300,312 | ||||||
| Poste Italiane SpA (Financials, Insurance) |
650,000 | 5,377,897 | ||||||
| Terna SpA (Utilities, Electric Utilities) |
1,000,000 | 6,019,033 | ||||||
| 48,939,282 | ||||||||
|
|
|
|||||||
| Spain : 11.34% |
| |||||||
| Enagás SA (Energy, Oil, Gas & Consumable Fuels) |
600,000 | 16,351,210 | ||||||
| Endesa SA (Utilities, Electric Utilities) |
180,000 | 4,044,969 | ||||||
| Red Electrica Corporacion SA (Utilities, Electric Utilities) |
600,000 | 12,715,952 | ||||||
| 33,112,131 | ||||||||
|
|
|
|||||||
| Taiwan : 1.90% |
| |||||||
| Chunghwa Telecom Company Limited ADR (Telecommunication Services, Diversified Telecommunication Services) |
150,000 | 5,557,500 | ||||||
|
|
|
|||||||
| United Kingdom : 3.77% |
| |||||||
| National Grid plc (Utilities, Multi-Utilities) |
600,366 | 6,859,499 | ||||||
| Severn Trent plc (Utilities, Water Utilities) |
150,000 | 4,160,514 | ||||||
| 11,020,013 | ||||||||
|
|
|
|||||||
| United States : 26.52% |
| |||||||
| Chatham Lodging Trust (Real Estate, Equity REITs) |
200,000 | 4,480,000 | ||||||
| City Office REIT Incorporated (Real Estate, Equity REITs) |
200,000 | 2,336,000 | ||||||
| Colony NorthStar Incorporated (Real Estate, Equity REITs) |
53,647 | 1,233,881 | ||||||
| Condor Hospitality Trust Incorporated (Real Estate, Equity REITs) |
475,000 | 4,864,000 | ||||||
| CorEnergy Infrastructure Trust Incorporated (Real Estate, Equity REITs) |
18,000 | 689,940 | ||||||
| Crown Castle International Corporation (Real Estate, Equity REITs) |
1,500 | 169,155 | ||||||
| DDR Corporation (Real Estate, Equity REITs) |
6,500 | 162,240 | ||||||
| Edison International (Utilities, Electric Utilities) |
100,000 | 6,253,000 | ||||||
| Entergy Corporation (Utilities, Electric Utilities) |
100,000 | 7,869,000 | ||||||
| Exelon Corporation (Utilities, Electric Utilities) |
150,000 | 5,776,500 | ||||||
| Kimbell Royalty Partners LP (Energy, Oil, Gas & Consumable Fuels) |
213,000 | 4,115,160 | ||||||
| Kimco Realty Corporation (Real Estate, Equity REITs) |
10,000 | 232,200 | ||||||
| Landmark Infrastructure Partners LP (Real Estate, Real Estate Management & Development) |
10,000 | 181,000 | ||||||
| Monmouth Real Estate Investment Corporation (Real Estate, Equity REITs) |
116,024 | 2,819,383 | ||||||
| Newtek Business Services Corporation (Financials, Capital Markets) |
30,000 | 512,700 | ||||||
| PG&E Corporation (Utilities, Electric Utilities) |
78,125 | 3,314,844 | ||||||
| Physicians Realty Trust (Real Estate, Equity REITs) |
150,000 | 2,445,000 | ||||||
| Saul Centers Incorporated (Real Estate, Equity REITs) |
5,000 | 123,350 | ||||||
| Sempra Energy (Utilities, Multi-Utilities) |
75,000 | 8,026,500 | ||||||
| Shenandoah Telecommunications Company (Telecommunication Services, Wireless Telecommunication Services) |
400,000 | 13,600,000 | ||||||
| Spark Energy Incorporated Class A (Utilities, Electric Utilities) |
300,000 | 2,970,000 | ||||||
| Summit Hotel Properties Incorporated (Real Estate, Equity REITs) |
125,000 | 1,936,250 | ||||||
| UMH Properties Incorporated (Real Estate, Equity REITs) |
10,000 | 243,100 | ||||||
1
| Portfolio of investments — January 31, 2018 (unaudited) | Wells Fargo Global Dividend Opportunity Fund |
| Security name | Shares | Value | ||||||||||||||
| United States (continued) |
| |||||||||||||||
| Visa Incorporated Class A (Information Technology, IT Services) |
|
25,000 | $ | 3,105,750 | ||||||||||||
| 77,458,953 | ||||||||||||||||
|
|
|
|||||||||||||||
| Total Common Stocks (Cost $170,782,483) |
|
203,239,275 | ||||||||||||||
|
|
|
|||||||||||||||
| Interest rate | Maturity date | Principal | ||||||||||||||
| Corporate Bonds and Notes : 20.79% |
| |||||||||||||||
| United States : 20.79% |
| |||||||||||||||
| Advanced Disposal Services Incorporated (Industrials, Commercial Services & Supplies) 144A |
5.63 | % | 11-15-2024 | $ | 700,000 | 722,750 | ||||||||||
| Allison Transmission Incorporated (Consumer Discretionary, Auto Components ) 144A |
4.75 | 10-1-2027 | 125,000 | 124,375 | ||||||||||||
| Allison Transmission Incorporated (Consumer Discretionary, Auto Components) 144A |
5.00 | 10-1-2024 | 700,000 | 707,000 | ||||||||||||
| Altice US Finance I Corporation (Consumer Discretionary, Media) 144A |
5.38 | 7-15-2023 | 325,000 | 332,719 | ||||||||||||
| AmeriGas Partners LP (Utilities, Gas Utilities ) |
5.75 | 5-20-2027 | 50,000 | 51,188 | ||||||||||||
| Aramark Services Incorporated (Industrials, Commercial Services & Supplies ) 144A |
5.00 | 2-1-2028 | 50,000 | 50,719 | ||||||||||||
| Aramark Services Incorporated (Industrials, Commercial Services & Supplies) |
5.13 | 1-15-2024 | 175,000 | 180,469 | ||||||||||||
| Archrock Partners LP (Energy, Oil, Gas & Consumable Fuels ) |
6.00 | 10-1-2022 | 200,000 | 203,000 | ||||||||||||
| Asbury Automotive Group Incorporated (Consumer Discretionary, Specialty Retail) |
6.00 | 12-15-2024 | 625,000 | 650,000 | ||||||||||||
| B&G Foods Incorporated (Consumer Staples, Food Products) |
5.25 | 4-1-2025 | 217,000 | 217,271 | ||||||||||||
| Berry Plastics Corporation (Materials, Containers & Packaging) |
6.00 | 10-15-2022 | 115,000 | 119,888 | ||||||||||||
| BreitBurn Energy Partners LP (Energy, Oil, Gas & Consumable Fuels ) † |
8.63 | 10-15-2020 | 4,180,000 | 282,150 | ||||||||||||
| Bristow Group Incorporated (Energy, Energy Equipment & Services) |
6.25 | 10-15-2022 | 625,000 | 528,125 | ||||||||||||
| Cardtronics Incorporated (Information Technology, IT Services ) |
5.13 | 8-1-2022 | 50,000 | 48,375 | ||||||||||||
| Cardtronics Incorporated (Information Technology, IT Services) 144A |
5.50 | 5-1-2025 | 425,000 | 394,188 | ||||||||||||
| Carrizo Oil & Gas Incorporated (Energy, Oil, Gas & Consumable Fuels) |
8.25 | 7-15-2025 | 125,000 | 137,813 | ||||||||||||
| CCM Merger Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A |
6.00 | 3-15-2022 | 700,000 | 717,500 | ||||||||||||
| CCO Holdings LLC (Consumer Discretionary, Media ) 144A |
4.00 | 3-1-2023 | 25,000 | 24,555 | ||||||||||||
| CCO Holdings LLC (Consumer Discretionary, Media ) 144A |
5.00 | 2-1-2028 | 25,000 | 24,188 | ||||||||||||
| CCO Holdings LLC (Consumer Discretionary, Media) |
5.13 | 2-15-2023 | 200,000 | 203,875 | ||||||||||||
| CCO Holdings LLC (Consumer Discretionary, Media) 144A |
5.13 | 5-1-2023 | 1,780,000 | 1,814,488 | ||||||||||||
| CDK Global Incorporated (Information Technology, Software) 144A |
4.88 | 6-1-2027 | 25,000 | 25,040 | ||||||||||||
| CDK Global Incorporated (Information Technology, Software) |
5.00 | 10-15-2024 | 100,000 | 103,000 | ||||||||||||
| Central Garden & Pet Company (Consumer Staples, Household Products ) |
5.13 | 2-1-2028 | 25,000 | 24,875 | ||||||||||||
| Cequel Communications Holdings I LLC (Consumer Discretionary, Media) 144A |
7.75 | 7-15-2025 | 500,000 | 543,750 | ||||||||||||
| Change Healthcare Holdings Incorporated (Health Care, Health Care Technology) 144A |
5.75 | 3-1-2025 | 425,000 | 432,438 | ||||||||||||
| Cheniere Energy Incorporated (Energy, Oil, Gas & Consumable Fuels ) 144A |
5.25 | 10-1-2025 | 1,200,000 | 1,222,500 | ||||||||||||
| Cinemark USA Incorporated (Consumer Discretionary, Media ) |
4.88 | 6-1-2023 | 25,000 | 25,313 | ||||||||||||
| CommScope Technologies Finance LLC (Information Technology, Communications Equipment) 144A |
6.00 | 6-15-2025 | 125,000 | 131,524 | ||||||||||||
| Community Health Systems Incorporated (Health Care, Health Care Equipment & Supplies ) |
5.13 | 8-1-2021 | 325,000 | 303,063 | ||||||||||||
| Continental Resources Incorporated (Energy, Oil, Gas & Consumable Fuels ) 144A |
4.38 | 1-15-2028 | 50,000 | 49,820 | ||||||||||||
| Continental Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) |
3.80 | 6-1-2024 | 382,000 | 374,360 | ||||||||||||
| Cooper Tire & Rubber Company (Consumer Discretionary, Auto Components) |
7.63 | 3-15-2027 | 475,000 | 535,563 | ||||||||||||
| Cooper Tire & Rubber Company (Consumer Discretionary, Auto Components ) |
8.00 | 12-15-2019 | 175,000 | 189,875 | ||||||||||||
| CoreCivic Incorporated (Real Estate, Equity REITs ) |
4.63 | 5-1-2023 | 250,000 | 255,000 | ||||||||||||
| CoreCivic Incorporated (Real Estate, Equity REITs) |
5.00 | 10-15-2022 | 3,000 | 3,120 | ||||||||||||
| Cott Beverages Incorporated (Consumer Staples, Beverages) 144A |
5.50 | 4-1-2025 | 275,000 | 280,156 | ||||||||||||
2
| Wells Fargo Global Dividend Opportunity Fund | Portfolio of investments — January 31, 2018 (unaudited) |
|
Security name |
Interest rate | Maturity date | Principal | Value | ||||||||||
| United States (continued) |
| |||||||||||||
| Covanta Holding Corporation (Industrials, Commercial Services & Supplies) |
5.88 | % | 3-1-2024 | $ | 750,000 | $ | 761,250 | |||||||
| Covanta Holding Corporation (Industrials, Commercial Services & Supplies ) |
5.88 | 7-1-2025 | 25,000 | 25,438 | ||||||||||
| Crown Americas LLC (Materials, Containers & Packaging ) 144A |
4.75 | 2-1-2026 | 125,000 | 125,938 | ||||||||||
| Crown Cork & Seal Company Incorporated (Materials, Containers & Packaging) |
7.38 | 12-15-2026 | 279,000 | 321,548 | ||||||||||
| DCP Midstream Operating LP (Energy, Oil, Gas & Consumable Fuels) |
2.70 | 4-1-2019 | 125,000 | 124,531 | ||||||||||
| Dell International LLC (Information Technology, Technology Hardware, Storage & Peripherals) 144A |
5.88 | 6-15-2021 | 1,325,000 | 1,372,210 | ||||||||||
| Denbury Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) |
6.38 | 8-15-2021 | 875,000 | 739,375 | ||||||||||
| Diamond Offshore Drilling Incorporated (Energy, Energy Equipment & Services ) |
4.88 | 11-1-2043 | 250,000 | 191,250 | ||||||||||
| EMI Music Publishing Group (Consumer Discretionary, Media) 144A |
7.63 | 6-15-2024 | 218,000 | 239,800 | ||||||||||
| Equinix Incorporated (Real Estate, Equity REITs ) |
5.75 | 1-1-2025 | 25,000 | 26,375 | ||||||||||
| Equinix Incorporated (Real Estate, Equity REITs) |
5.88 | 1-15-2026 | 400,000 | 425,000 | ||||||||||
| Era Group Incorporated (Energy, Energy Equipment & Services) |
7.75 | 12-15-2022 | 500,000 | 485,000 | ||||||||||
| ESH Hospitality Incorporated (Real Estate, Equity REITs) 144A |
5.25 | 5-1-2025 | 725,000 | 730,438 | ||||||||||
| Exterran Partners LP (Energy, Oil, Gas & Consumable Fuels) |
6.00 | 4-1-2021 | 500,000 | 506,250 | ||||||||||
| First Data Corporation (Information Technology, IT Services) 144A |
7.00 | 12-1-2023 | 800,000 | 842,504 | ||||||||||
| FirstCash Incorporated (Financials, Consumer Finance) 144A |
5.38 | 6-1-2024 | 375,000 | 392,813 | ||||||||||
| Gartner Incorporated (Information Technology, IT Services) 144A |
5.13 | 4-1-2025 | 600,000 | 623,820 | ||||||||||
| Gray Television Incorporated (Consumer Discretionary, Media) 144A |
5.13 | 10-15-2024 | 850,000 | 854,250 | ||||||||||
| Group 1 Automotive Incorporated (Consumer Discretionary, Specialty Retail ) |
5.00 | 6-1-2022 | 75,000 | 77,123 | ||||||||||
| Group 1 Automotive Incorporated (Consumer Discretionary, Specialty Retail) 144A |
5.25 | 12-15-2023 | 250,000 | 257,500 | ||||||||||
| Gulfport Energy Corporation (Energy, Oil, Gas & Consumable Fuels ) |
6.00 | 10-15-2024 | 300,000 | 302,250 | ||||||||||
| HCA Incorporated (Health Care, Health Care Providers & Services) |
6.50 | 2-15-2020 | 375,000 | 399,844 | ||||||||||
| Hilcorp Energy Company (Energy, Energy Equipment & Services) 144A |
5.00 | 12-1-2024 | 125,000 | 125,625 | ||||||||||
| Hilcorp Energy Company (Energy, Energy Equipment & Services) 144A |
5.75 | 10-1-2025 | 475,000 | 489,250 | ||||||||||
| Hill-Rom Holdings Incorporated (Health Care, Health Care Equipment & Supplies) 144A |
5.75 | 9-1-2023 | 255,000 | 265,519 | ||||||||||
| Hologic Incorporated (Health Care, Health Care Equipment & Supplies ) 144A |
4.63 | 2-1-2028 | 25,000 | 25,000 | ||||||||||
| Hologic Incorporated (Health Care, Health Care Equipment & Supplies ) 144A |
4.38 | 10-15-2025 | 491,000 | 491,000 | ||||||||||
| Hornbeck Offshore Services Incorporated (Energy, Energy Equipment & Services) |
1.50 | 9-1-2019 | 1,125,000 | 843,535 | ||||||||||
| Hub International Limited (Financials, Insurance) 144A |
7.88 | 10-1-2021 | 950,000 | 988,000 | ||||||||||
| Infor U.S. Incorporated (Information Technology, Internet Software & Services) |
6.50 | 5-15-2022 | 215,000 | 221,719 | ||||||||||
| Iron Mountain Incorporated (Real Estate, Equity REITs ) 144A |
5.25 | 3-15-2028 | 100,000 | 97,250 | ||||||||||
| Iron Mountain Incorporated (Real Estate, Equity REITs) 144A |
5.38 | 6-1-2026 | 800,000 | 800,000 | ||||||||||
| KAR Auction Services Incorporated (Industrials, Commercial Services & Supplies) 144A |
5.13 | 6-1-2025 | 925,000 | 937,719 | ||||||||||
| Kinetics Concepts Incorporated (Health Care, Health Care Equipment & Supplies) 144A |
7.88 | 2-15-2021 | 500,000 | 518,750 | ||||||||||
| Lamar Media Corporation (Consumer Discretionary, Media) |
5.38 | 1-15-2024 | 400,000 | 412,000 | ||||||||||
| Lamb Weston Holdings Incorporated (Consumer Staples, Food Products) 144A |
4.63 | 11-1-2024 | 175,000 | 177,625 | ||||||||||
| Lamb Weston Holdings Incorporated (Consumer Staples, Food Products) 144A |
4.88 | 11-1-2026 | 150,000 | 153,000 | ||||||||||
| Level 3 Financing Incorporated (Telecommunication Services, Diversified Telecommunication Services ) |
5.13 | 5-1-2023 | 25,000 | 25,063 | ||||||||||
| Level 3 Financing Incorporated (Telecommunication Services, Diversified Telecommunication Services) |
5.38 | 8-15-2022 | 44,000 | 44,660 | ||||||||||
| Level 3 Financing Incorporated (Telecommunication Services, Diversified Telecommunication Services) |
5.38 | 5-1-2025 | 350,000 | 350,690 | ||||||||||
| Level 3 Financing Incorporated (Telecommunication Services, Diversified Telecommunication Services) |
5.63 | 2-1-2023 | 250,000 | 253,125 | ||||||||||
| Levi Strauss & Company (Consumer Discretionary, Specialty Retail) |
5.00 | 5-1-2025 | 350,000 | 362,250 | ||||||||||
| Lithia Motors Incorporated (Consumer Discretionary, Specialty Retail) 144A |
5.25 | 8-1-2025 | 625,000 | 643,750 | ||||||||||
3
| Portfolio of investments — January 31, 2018 (unaudited) | Wells Fargo Global Dividend Opportunity Fund |
| Security name | Interest rate | Maturity date | Principal | Value | ||||||||||||
| United States (continued) |
||||||||||||||||
| Live Nation Entertainment Incorporated (Consumer Discretionary, Media) 144A |
5.38 | % | 6-15-2022 | $ | 316,000 | $ | 325,480 | |||||||||
| LKQ Corporation (Consumer Discretionary, Distributors) |
4.75 | 5-15-2023 | 340,000 | 348,075 | ||||||||||||
| LPL Holdings Incorporated (Financials, Diversified Financial Services) 144A |
5.75 | 9-15-2025 | 1,330,000 | 1,357,012 | ||||||||||||
| Mednax Incorporated (Health Care, Health Care Providers & Services) 144A |
5.25 | 12-1-2023 | 250,000 | 255,313 | ||||||||||||
| MGM Growth Properties LLC (Real Estate, Equity REITs ) 144A |
4.50 | 1-15-2028 | 75,000 | 73,172 | ||||||||||||
| MPH Acquisition Holdings LLC (Health Care, Health Care Providers & Services) 144A |
7.13 | 6-1-2024 | 475,000 | 510,031 | ||||||||||||
| MPT Operating Partnership LP (Health Care, Health Care Providers & Services) |
5.25 | 8-1-2026 | 100,000 | 103,000 | ||||||||||||
| MPT Operating Partnership LP (Health Care, Health Care Providers & Services) |
6.38 | 3-1-2024 | 575,000 | 612,950 | ||||||||||||
| Murphy Oil Corporation (Energy, Oil, Gas & Consumable Fuels ) |
5.75 | 8-15-2025 | 30,000 | 30,750 | ||||||||||||
| Murphy Oil Corporation (Energy, Oil, Gas & Consumable Fuels) |
6.88 | 8-15-2024 | 400,000 | 427,264 | ||||||||||||
| Nabors Industries Limited (Energy, Oil, Gas & Consumable Fuels) |
0.75 | 1-15-2024 | 225,000 | 180,855 | ||||||||||||
| National CineMedia LLC (Consumer Discretionary, Media) |
6.00 | 4-15-2022 | 375,000 | 380,156 | ||||||||||||
| Navient Corporation (Financials, Consumer Finance) |
8.00 | 3-25-2020 | 200,000 | 216,190 | ||||||||||||
| NCR Corporation (Information Technology, Technology Hardware, Storage & Peripherals) |
5.88 | 12-15-2021 | 225,000 | 230,906 | ||||||||||||
| NCR Corporation (Information Technology, Technology Hardware, Storage & Peripherals) |
6.38 | 12-15-2023 | 725,000 | 761,250 | ||||||||||||
| Nexstar Broadcasting Group Incorporated (Consumer Discretionary, Media) 144A |
6.13 | 2-15-2022 | 400,000 | 412,000 | ||||||||||||
| NextEra Energy Incorporated (Utilities, Electric Utilities ) 144A |
4.25 | 9-15-2024 | 25,000 | 25,125 | ||||||||||||
| NGPL PipeCo LLC (Energy, Energy Equipment & Services) 144A |
4.38 | 8-15-2022 | 50,000 | 50,515 | ||||||||||||
| NGPL PipeCo LLC (Energy, Energy Equipment & Services) 144A |
4.88 | 8-15-2027 | 75,000 | 77,063 | ||||||||||||
| NGPL PipeCo LLC (Energy, Energy Equipment & Services) 144A |
7.77 | 12-15-2037 | 1,025,000 | 1,278,688 | ||||||||||||
| Nielsen Finance LLC (Consumer Discretionary, Media) 144A |
5.00 | 4-15-2022 | 350,000 | 355,688 | ||||||||||||
| NSG Holdings LLC (Utilities, Independent Power & Renewable Electricity Producers) 144A |
7.75 | 12-15-2025 | 512,513 | 563,764 | ||||||||||||
| OneMain Financial Group LLC (Financials, Consumer Finance) 144A |
7.25 | 12-15-2021 | 750,000 | 776,250 | ||||||||||||
| Outfront Media Capital Corporation (Consumer Discretionary, Media) |
5.88 | 3-15-2025 | 450,000 | 468,297 | ||||||||||||
| Owens-Brockway Glass Container Incorporated (Materials, Containers & Packaging) 144A |
5.88 | 8-15-2023 | 100,000 | 106,250 | ||||||||||||
| Owens-Illinois Incorporated (Materials, Containers & Packaging) 144A |
5.38 | 1-15-2025 | 575,000 | 603,750 | ||||||||||||
| Owens-Illinois Incorporated (Materials, Containers & Packaging) 144A |
6.38 | 8-15-2025 | 200,000 | 221,000 | ||||||||||||
| Pattern Energy Group Incorporated (Utilities, Independent Power & Renewable Electricity Producers) 144A |
5.88 | 2-1-2024 | 1,000,000 | 1,052,500 | ||||||||||||
| Penske Auto Group Incorporated (Consumer Discretionary, Specialty Retail ) |
3.75 | 8-15-2020 | 85,000 | 85,425 | ||||||||||||
| Penske Auto Group Incorporated (Consumer Discretionary, Specialty Retail) |
5.75 | 10-1-2022 | 700,000 | 720,790 | ||||||||||||
| PHI Incorporated (Energy, Energy Equipment & Services) |
5.25 | 3-15-2019 | 700,000 | 694,750 | ||||||||||||
| Pilgrim’s Pride Corporation (Consumer Staples, Food Products ) 144A |
5.75 | 3-15-2025 | 75,000 | 75,750 | ||||||||||||
| Pilgrim’s Pride Corporation (Consumer Staples, Food Products ) 144A |
5.88 | 9-30-2027 | 50,000 | 50,125 | ||||||||||||
| Polaris Intermediate Corporation (Health Care, Health Care Providers & Services ) 144A |
8.50 | 12-1-2022 | 100,000 | 104,125 | ||||||||||||
| Quintiles IMS Holdings Incorporated (Health Care, Health Care Technology ) 144A |
4.88 | 5-15-2023 | 100,000 | 103,500 | ||||||||||||
| RBS Global & Rexnord LLC (Industrials, Aerospace & Defense ) 144A |
4.88 | 12-15-2025 | 275,000 | 278,438 | ||||||||||||
| Rockies Express Pipeline LLC (Energy, Oil, Gas & Consumable Fuels) 144A |
5.63 | 4-15-2020 | 950,000 | 997,500 | ||||||||||||
| Rockies Express Pipeline LLC (Energy, Oil, Gas & Consumable Fuels) 144A |
6.88 | 4-15-2040 | 350,000 | 409,938 | ||||||||||||
| Rose Rock Midstream LP (Energy, Oil, Gas & Consumable Fuels) |
5.63 | 7-15-2022 | 550,000 | 555,500 | ||||||||||||
| Rose Rock Midstream LP (Energy, Oil, Gas & Consumable Fuels) |
5.63 | 11-15-2023 | 265,000 | 261,356 | ||||||||||||
| Sabine Pass Liquefaction LLC (Energy, Oil, Gas & Consumable Fuels) |
5.63 | 2-1-2021 | 625,000 | 666,130 | ||||||||||||
| Sabra Health Care REIT Incorporated (Real Estate, Equity REITs) |
5.50 | 2-1-2021 | 335,000 | 343,794 | ||||||||||||
| Salem Media Group Incorporated (Consumer Discretionary, Media) 144A |
6.75 | 6-1-2024 | 500,000 | 488,750 | ||||||||||||
| SBA Communications Corporation (Telecommunication Services, Wireless Telecommunication Services) |
4.88 | 7-15-2022 | 155,000 | 158,681 | ||||||||||||
| Sealed Air Corporation (Materials, Containers & Packaging) 144A |
5.13 | 12-1-2024 | 350,000 | 370,125 | ||||||||||||
| Select Medical Corporation (Health Care, Health Care Providers & Services) |
6.38 | 6-1-2021 | 400,000 | 409,000 | ||||||||||||
| SemGroup Corporation (Energy, Oil, Gas & Consumable Fuels ) 144A |
7.25 | 3-15-2026 | 225,000 | 232,875 | ||||||||||||
4
| Wells Fargo Global Dividend Opportunity Fund | Portfolio of investments — January 31, 2018 (unaudited) |
| Security name | Interest rate | Maturity date | Principal | Value | ||||||||||
| United States (continued) |
| |||||||||||||
| Service Corporation International (Consumer Discretionary, Diversified Consumer Services ) |
4.63 | % | 12-15-2027 | $ | 100,000 | $ | 99,125 | |||||||
| Service Corporation International (Consumer Discretionary, Diversified Consumer Services) |
7.50 | 4-1-2027 | 20,000 | 23,800 | ||||||||||
| Service Corporation International (Consumer Discretionary, Diversified Consumer Services) |
8.00 | 11-15-2021 | 850,000 | 988,125 | ||||||||||
| Silgan Holdings Incorporated (Materials, Containers & Packaging) |
5.00 | 4-1-2020 | 9,000 | 9,023 | ||||||||||
| Sonic Automotive Incorporated (Consumer Discretionary, Specialty Retail) |
5.00 | 5-15-2023 | 475,000 | 461,938 | ||||||||||
| Southern Star Central Corporation (Energy, Oil, Gas & Consumable Fuels) 144A |
5.13 | 7-15-2022 | 250,000 | 257,500 | ||||||||||
| Southwestern Energy Company (Energy, Oil, Gas & Consumable Fuels ) |
7.50 | 4-1-2026 | 50,000 | 52,313 | ||||||||||
| Southwestern Energy Company (Energy, Oil, Gas & Consumable Fuels ) |
7.75 | 10-1-2027 | 50,000 | 51,875 | ||||||||||
| Spectrum Brands Incorporated (Consumer Staples, Household Products) |
5.75 | 7-15-2025 | 50,000 | 52,625 | ||||||||||
| Springleaf Finance Corporation (Financials, Consumer Finance) |
8.25 | 12-15-2020 | 106,000 | 116,865 | ||||||||||
| Springleaf Finance Corporation (Financials, Consumer Finance ) |
8.25 | 10-1-2023 | 100,000 | 110,000 | ||||||||||
| Sprint Capital Corporation (Telecommunication Services, Wireless Telecommunication Services ) |
7.63 | 2-15-2025 | 200,000 | 207,500 | ||||||||||
| SS&C Technologies Incorporated (Information Technology, Software) |
5.88 | 7-15-2023 | 500,000 | 524,375 | ||||||||||
| Surgery Center Holdings Incorporated (Health Care, Health Care Equipment & Supplies) 144A |
6.75 | 7-1-2025 | 100,000 | 96,375 | ||||||||||
| Surgery Center Holdings Incorporated (Health Care, Health Care Equipment & Supplies) 144A |
8.88 | 4-15-2021 | 250,000 | 260,938 | ||||||||||
| Symantec Corporation (Information Technology, Software ) 144A |
5.00 | 4-15-2025 | 50,000 | 50,991 | ||||||||||
| T-Mobile USA Incorporated (Telecommunication Services, Wireless Telecommunication Services ) |
4.75 | 2-1-2028 | 25,000 | 25,094 | ||||||||||
| T-Mobile USA Incorporated (Telecommunication Services, Wireless Telecommunication Services) |
6.50 | 1-15-2026 | 1,500,000 | 1,625,625 | ||||||||||
| T-Mobile USA Incorporated (Telecommunication Services, Wireless Telecommunication Services ) |
4.50 | 2-1-2026 | 25,000 | 25,129 | ||||||||||
| Tallgrass Energy Partners LP (Energy, Oil, Gas & Consumable Fuels) 144A |
5.50 | 9-15-2024 | 1,025,000 | 1,050,625 | ||||||||||
| Tempo Acquisition LLC (Financials, Diversified Financial Services) 144A |
6.75 | 6-1-2025 | 350,000 | 357,000 | ||||||||||
| Tenet Healthcare Corporation (Health Care, Health Care Providers & Services) 144A |
4.63 | 7-15-2024 | 130,000 | 127,725 | ||||||||||
| TerraForm Power Operating LLC (Utilities, Independent Power & Renewable Electricity Producers ) 144A |
5.00 | 1-31-2028 | 100,000 | 98,625 | ||||||||||
| TerraForm Power Operating LLC (Utilities, Independent Power & Renewable Electricity Producers ) 144A |
4.25 | 1-31-2023 | 600,000 | 594,000 | ||||||||||
| Tesoro Logistics LP (Energy, Oil, Gas & Consumable Fuels) |
6.38 | 5-1-2024 | 375,000 | 406,406 | ||||||||||
| The E.W. Scripps Company (Consumer Discretionary, Media) 144A |
5.13 | 5-15-2025 | 517,000 | 510,538 | ||||||||||
| The Geo Group Incorporated (Real Estate, Equity REITs) |
5.13 | 4-1-2023 | 150,000 | 151,125 | ||||||||||
| The Geo Group Incorporated (Real Estate, Equity REITs) |
5.88 | 1-15-2022 | 24,000 | 24,630 | ||||||||||
| The Geo Group Incorporated (Real Estate, Equity REITs) |
5.88 | 10-15-2024 | 500,000 | 513,750 | ||||||||||
| The Geo Group Incorporated (Real Estate, Equity REITs ) |
6.00 | 4-15-2026 | 100,000 | 102,000 | ||||||||||
| The William Carter Company (Consumer Discretionary, Textiles, Apparel & Luxury Goods ) |
5.25 | 8-15-2021 | 275,000 | 280,500 | ||||||||||
| Ultra Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) 144A |
6.88 | 4-15-2022 | 250,000 | 250,000 | ||||||||||
| Ultra Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) 144A |
7.13 | 4-15-2025 | 250,000 | 249,688 | ||||||||||
| USIS Merger Subordinate Incorporated (Financials, Insurance) 144A |
6.88 | 5-1-2025 | 208,000 | 214,240 | ||||||||||
| Vantiv LLC (Financials, Diversified Financial Services ) 144A |
4.38 | 11-15-2025 | 75,000 | 74,438 | ||||||||||
| Vizient Incorporated (Health Care, Health Care Providers & Services) 144A |
10.38 | 3-1-2024 | 575,000 | 648,313 | ||||||||||
| Waste Pro USA Incorporated (Industrials, Commercial Services & Supplies ) 144A%% |
5.50 | 2-15-2026 | 50,000 | 50,875 | ||||||||||
| Wolverine World Wide Company (Consumer Discretionary, Textiles, Apparel & Luxury Goods) 144A |
5.00 | 9-1-2026 | 325,000 | 328,250 | ||||||||||
| Wrangler Buyer Corporation (Industrials, Commercial Services & Supplies ) 144A |
6.00 | 10-1-2025 | 50,000 | 51,625 | ||||||||||
| Zayo Group LLC (Information Technology, Internet Software & Services) 144A |
5.75 | 1-15-2027 | 25,000 | 25,408 | ||||||||||
5
| Portfolio of investments — January 31, 2018 (unaudited) | Wells Fargo Global Dividend Opportunity Fund |
| Security name | Interest rate | Maturity date | Principal | Value | ||||||||||||
| United States (continued) |
| |||||||||||||||
| Zayo Group LLC (Information Technology, Internet Software & Services) |
6.38 | % | 5-15-2025 | $ | 650,000 | $ | 681,688 | |||||||||
| Total Corporate Bonds and Notes (Cost $64,408,686) |
|
60,724,581 | ||||||||||||||
|
|
|
|||||||||||||||
| Loans : 0.52% |
| |||||||||||||||
| Advantage Sales & Marketing LLC (3 Month LIBOR +6.50%) (Industrials, Commercial Services & Supplies) ± |
8.27 | 7-25-2022 | 250,000 | 233,230 | ||||||||||||
| Ancestry.com Incorporated (1 Month LIBOR +3.25%) (Information Technology, Internet Software & Services ) ± |
4.83 | 10-19-2023 | 111,648 | 112,416 | ||||||||||||
| Emerald BidCo Incorporated (1 Month LIBOR +3.00%) (Health Care, Health Care Technology ) ± |
4.57 | 10-21-2023 | 149,622 | 151,118 | ||||||||||||
| Montreign Operating Company LLC (1 Month LIBOR +8.25%) (Consumer Discretionary, Hotels, Restaurants & Leisure) ±‡ |
9.82 | 12-7-2022 | 825,000 | 836,344 | ||||||||||||
| Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) (Financials, Diversified Financial Services ) ±‡ |
9.27 | 4-30-2023 | 175,000 | 177,406 | ||||||||||||
| Total Loans (Cost $1,517,903) |
|
1,510,514 | ||||||||||||||
|
|
|
|||||||||||||||
| Dividend yield | Shares | |||||||||||||||
| Preferred Stocks : 17.17% |
| |||||||||||||||
| Canada : 2.41% |
| |||||||||||||||
| Just Energy Group Incorporated (Utilities, Multi-Utilities) |
8.37 | 315,000 | 7,040,250 | |||||||||||||
|
|
|
|||||||||||||||
| Hong Kong : 1.63% |
| |||||||||||||||
| Seaspan Corporation (Industrials, Marine) |
7.13 | 200,000 | 4,756,000 | |||||||||||||
|
|
|
|||||||||||||||
| Monaco : 2.08% |
| |||||||||||||||
| Costamare Incorporated (Industrials, Marine) |
8.88 | 5,000 | 124,600 | |||||||||||||
| Navios Maritime Holdings Incorporated (Industrials, Marine) † |
0.00 | 59,000 | 932,200 | |||||||||||||
| Scorpio Tankers Incorporated (Energy, Oil, Gas & Consumable Fuels) |
6.75 | 40,000 | 982,000 | |||||||||||||
| Scorpio Tankers Incorporated (Energy, Oil, Gas & Consumable Fuels) |
8.25 | 160,000 | 4,048,000 | |||||||||||||
| 6,086,800 | ||||||||||||||||
|
|
|
|||||||||||||||
| United Kingdom : 1.43% |
| |||||||||||||||
| Diana Shipping Incorporated (Industrials, Marine) |
8.50 | 118,941 | 3,018,723 | |||||||||||||
| Safe Bulkers Incorporated (Industrials, Marine) |
8.00 | 50,000 | 1,148,605 | |||||||||||||
| 4,167,328 | ||||||||||||||||
|
|
|
|||||||||||||||
| United States : 9.62% |
| |||||||||||||||
| Annaly Capital Management Incorporated (Financials, Diversified Financial Services) † |
0.00 | 15,000 | 369,150 | |||||||||||||
| Arlington Asset Investment Corporation (Financials, Capital Markets) |
6.63 | 100,040 | 2,413,155 | |||||||||||||
| Ashford Hospitality Prime Incorporated (Real Estate, Equity REITs) |
5.50 | 36,000 | 696,600 | |||||||||||||
| Capital Southwest Corporation (Financials, Capital Markets) |
5.95 | 4,000 | 102,520 | |||||||||||||
| DTE Energy Company (Utilities, Multi-Utilities) |
5.25 | 150,000 | 3,630,000 | |||||||||||||
| Eagle Point Credit Company Incorporated (Financials, Capital Markets) |
7.75 | 5,000 | 129,500 | |||||||||||||
| First Republic Bank (Financials, Banks) |
5.13 | 5,000 | 121,800 | |||||||||||||
| Gastar Exploration Incorporated Series B (Energy, Oil, Gas & Consumable Fuels) |
10.75 | 56,900 | 1,081,100 | |||||||||||||
| GreenHunter Resources Incorporated Series C (Energy, Energy Equipment & Services) †(a) |
0.00 | 61,786 | 0 | |||||||||||||
| M&T Bank Corporation (Financials, Banks) |
6.38 | 1,022 | 1,054,704 | |||||||||||||
| Maiden Holdings Limited (Financials, Insurance) |
6.70 | 5,000 | 91,300 | |||||||||||||
| Medley LLC (Financials, Diversified Financial Services) |
6.88 | 120,000 | 2,913,600 | |||||||||||||
| NuStar Energy LP (Energy, Oil, Gas & Consumable Fuels) |
8.02 | 35,000 | 882,700 | |||||||||||||
| Pennsylvania REIT (Real Estate, Equity REITs) |
6.88 | 5,000 | 117,250 | |||||||||||||
| Saratoga Investment Corporation (Financials, Capital Markets) |
6.75 | 187,011 | 4,806,183 | |||||||||||||
| SCE Trust VI (Utilities, Electric Utilities) |
5.00 | 107,972 | 2,445,566 | |||||||||||||
| Scorpio Bulkers Incorporated (Industrials, Marine) |
7.50 | 105,000 | 2,656,500 | |||||||||||||
| Seritage Growth Properties (Real Estate, Equity REITs) † |
0.00 | 5,000 | 115,000 | |||||||||||||
| Southern Company (Utilities, Electric Utilities) |
5.25 | 150,000 | 3,567,000 | |||||||||||||
6
| Wells Fargo Global Dividend Opportunity Fund | Portfolio of investments — January 31, 2018 (unaudited) |
| Security name | Dividend yield | Shares | Value | |||||||||||||
| United States (continued) |
| |||||||||||||||
| Spirit Realty Capital Incorporated (Real Estate, Equity REITs) |
6.00 | % | 10,000 | $ | 243,300 | |||||||||||
| TCF Financial Corporation (Financials, Banks) |
5.70 | 10,000 | 247,500 | |||||||||||||
| Teekay Offshore Partners LP (Energy, Oil, Gas & Consumable Fuels) |
7.88 | 15,000 | 374,550 | |||||||||||||
| The Carlyle Group LP (Financials, Capital Markets) |
5.88 | 2,500 | 60,375 | |||||||||||||
| 28,119,353 | ||||||||||||||||
|
|
|
|||||||||||||||
| Total Preferred Stocks (Cost $53,781,991) |
|
50,169,731 | ||||||||||||||
|
|
|
|||||||||||||||
| Expiration date | ||||||||||||||||
| Rights : 0.23% |
| |||||||||||||||
| United States : 0.23% |
| |||||||||||||||
| Safeway Casa Ley Contingent Value Rights (Consumer Staples, Food & Staples Retailing)†(a) |
1-30-2019 | 750,000 | 652,500 | |||||||||||||
| Safeway PDC LLC Contingent Value Rights (Consumer Staples, Food & Staples Retailing)†(a) |
1-31-2018 | 750,000 | 12,750 | |||||||||||||
| Total Rights (Cost $782,250) |
|
665,250 | ||||||||||||||
|
|
|
|||||||||||||||
| Warrants : 0.00% |
| |||||||||||||||
| United States : 0.00% |
| |||||||||||||||
| Energy & Exploration Partners Incorporated (Energy, Oil, Gas & Consumable Fuels)†(a) |
|
5-16-2023 | 9 | 0 | ||||||||||||
| GreenHunter Water LLC (Energy, Energy
Equipment & |
|
12-31-2049 | 96,112 | 0 | ||||||||||||
| Total Warrants (Cost $0) |
|
0 | ||||||||||||||
|
|
|
|||||||||||||||
| Interest rate | Maturity date | Principal | ||||||||||||||
| Yankee Corporate Bonds and Notes : 2.11% |
| |||||||||||||||
| Bermuda : 0.32% |
| |||||||||||||||
| Teekay Corporation (Energy, Oil, Gas & Consumable Fuels) |
8.50 | 1-15-2020 | $ | 900,000 | 936,540 | |||||||||||
|
|
|
|||||||||||||||
| Canada : 1.01% |
| |||||||||||||||
| Baytex Energy Corporation (Energy, Oil, Gas & Consumable Fuels) 144A |
5.63 | 6-1-2024 | 675,000 | 632,813 | ||||||||||||
| GFL Environmental Incorporated (Industrials, Commercial Services & Supplies) 144A |
9.88 | 2-1-2021 | 390,000 | 410,963 | ||||||||||||
| Ritchie Brothers Auctioneers Incorporated (Industrials, Commercial Services & Supplies) 144A |
5.38 | 1-15-2025 | 725,000 | 744,938 | ||||||||||||
| Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals ) 144A |
9.00 | 12-15-2025 | 85,000 | 87,311 | ||||||||||||
| Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals ) 144A |
5.50 | 11-1-2025 | 75,000 | 75,788 | ||||||||||||
| Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals) 144A |
5.88 | 5-15-2023 | 725,000 | 654,675 | ||||||||||||
| Valeant Pharmaceuticals International Incorporated (Health Care, Pharmaceuticals) 144A |
7.50 | 7-15-2021 | 350,000 | 351,313 | ||||||||||||
| 2,957,801 | ||||||||||||||||
|
|
|
|||||||||||||||
| Ireland : 0.18% |
| |||||||||||||||
| Ardagh Packaging Finance plc (Materials, Containers & Packaging) 144A |
7.25 | 5-15-2024 | 500,000 | 537,350 | ||||||||||||
|
|
|
|||||||||||||||
| Luxembourg : 0.31% |
| |||||||||||||||
| Intelsat Jackson Holdings SA (Telecommunication Services, Diversified Telecommunication Services) |
5.50 | 8-1-2023 | 1,000,000 | 785,000 | ||||||||||||
| Intelsat Luxembourg SA (Telecommunication Services, Diversified Telecommunication Services) |
7.75 | 6-1-2021 | 300,000 | 135,660 | ||||||||||||
| 920,660 | ||||||||||||||||
|
|
|
|||||||||||||||
7
| Portfolio of investments — January 31, 2018 (unaudited) | Wells Fargo Global Dividend Opportunity Fund |
| Security name | Interest rate | Maturity date | Principal | Value | ||||||||||||||||
| Netherlands : 0.03% |
|
|||||||||||||||||||
| OI European Group BV (Materials, Containers & Packaging ) 144A |
4.00 | % | 3-15-2023 | $ | 75,000 | $ | 74,391 | |||||||||||||
|
|
|
|||||||||||||||||||
| United Kingdom : 0.26% |
|
|||||||||||||||||||
| Ensco plc (Energy, Energy Equipment & Services) |
5.75 | 10-1-2044 | 575,000 | 410,383 | ||||||||||||||||
| IHS Markit Limited (Industrials, Professional Services ) 144A |
5.00 | 11-1-2022 | 50,000 | 52,875 | ||||||||||||||||
| IHS Markit Limited (Industrials, Professional Services) 144A |
4.75 | 2-15-2025 | 75,000 | 78,000 | ||||||||||||||||
| Sensata Technologies BV (Industrials, Machinery ) 144A |
5.00 | 10-1-2025 | 97,000 | 100,638 | ||||||||||||||||
| Sensata Technologies BV (Industrials, Machinery ) 144A |
6.25 | 2-15-2026 | 100,000 | 107,500 | ||||||||||||||||
| 749,396 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Yankee Corporate Bonds and Notes |
6,176,138 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Yield | Shares | |||||||||||||||||||
| Short-Term Investments : 1.74% |
|
|||||||||||||||||||
| Investment Companies : 1.74% |
|
|||||||||||||||||||
| Wells Fargo Government Money Market Fund Select Class (l)(u)## |
1.24 | 5,079,814 | 5,079,814 | |||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Short-Term Investments (Cost $5,079,814) |
5,079,814 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total investments in securities |
112.14 | % | 327,565,303 | |||||||||||||||||
| Other assets and liabilities, net |
(12.14 | ) | (35,458,061 | ) | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Total net assets |
100.00 | % | $ | 292,107,242 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. | |
| † | Non-income-earning security | |
| %% | The security is issued on a when-issued basis. | |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. | |
| ‡ | Security is valued using significant unobservable inputs. | |
| (a) | The security is fair valued in accordance with procedures approved by the Board of Trustees. | |
| (l) | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. | |
| (u) | The rate represents the 7-day annualized yield at period end. | |
| ## | All or a portion of this security is segregated for when-issued securities. |
Abbreviations:
| ADR | American depository receipt | |
| LIBOR | London Interbank Offered Rate | |
| LLC | Limited liability company | |
| LP | Limited partnership | |
| plc | Public limited company | |
| REIT | Real estate investment trust |
8
Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
| Shares, beginning of period |
Shares purchased |
Shares sold |
Shares, end of period |
Value, end of period |
% of net assets |
|||||||||||||||||||
| Short-Term Investments |
||||||||||||||||||||||||
| Investment Companies |
||||||||||||||||||||||||
| Wells Fargo Government Money Market Fund Select Class |
16,518,572 | 36,311,501 | 47,750,259 | 5,079,814 | $ | 5,079,814 | 1.74 | % | ||||||||||||||||
Wells Fargo Global Dividend Opportunity Fund (the “Fund”)
Notes to Portfolio of investments – January 31, 2018 (unaudited)
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances.
Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee of Wells Fargo Funds Management, LLC.
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On January 31, 2018, such fair value pricing was not used in pricing foreign securities.
Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Investments in registered open-end investment companies are valued at net asset value.
Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.
Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Loans
The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of
participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
| Level 1 | – | quoted prices in active markets for identical securities | ||
| Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | ||
| Level 3 | – | significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) | ||
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2018:
| Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total | |||||||||||||
| Assets |
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| Investments in : |
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| Common stocks |
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| France |
$ | 8,423,860 | $ | 0 | $ | 0 | $ | 8,423,860 | ||||||||
| Germany |
18,727,536 | 0 | 0 | 18,727,536 | ||||||||||||
| Italy |
48,939,282 | 0 | 0 | 48,939,282 | ||||||||||||
| Spain |
33,112,131 | 0 | 0 | 33,112,131 | ||||||||||||
| Taiwan |
5,557,500 | 0 | 0 | 5,557,500 | ||||||||||||
| United Kingdom |
11,020,013 | 0 | 0 | 11,020,013 | ||||||||||||
| United States |
77,458,953 | 0 | 0 | 77,458,953 | ||||||||||||
| Corporate bonds and notes |
0 | 60,724,581 | 0 | 60,724,581 | ||||||||||||
| Loans |
0 | 496,764 | 1,013,750 | 1,510,514 | ||||||||||||
| Preferred stocks |
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| Canada |
7,040,250 | 0 | 0 | 7,040,250 | ||||||||||||
| Hong Kong |
4,756,000 | 0 | 0 | 4,756,000 | ||||||||||||
| Monaco |
6,086,800 | 0 | 0 | 6,086,800 | ||||||||||||
| United Kingdom |
4,167,328 | 0 | 0 | 4,167,328 | ||||||||||||
| United States |
24,651,494 | 3,467,859 | 0 | 28,119,353 | ||||||||||||
| Rights |
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| United States |
0 | 665,250 | 0 | 665,250 | ||||||||||||
| Warrants |
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| United States |
0 | 0 | 0 | 0 | ||||||||||||
| Yankee corporate bonds and notes |
0 | 6,176,138 | 0 | 6,176,138 | ||||||||||||
| Short-term investments |
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| Investment companies |
5,079,814 | 0 | 0 | 5,079,814 | ||||||||||||
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| Total assets |
$ | 255,020,961 | $ | 71,530,592 | $ | 1,013,750 | $ | 327,565,303 | ||||||||
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The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2018, the Fund did not have any transfers into/out of Level 1. The Fund had no material transfers between Level 2 and Level 3.
ITEM 2. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Wells Fargo Global Dividend Opportunity Fund (the “Fund”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Fund is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the Fund’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Wells Fargo Global Dividend Opportunity Fund | ||
| By: | /s/ Andrew Owen | |
| Andrew Owen | ||
| President | ||
| Date: | March 27, 2018 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Wells Fargo Global Dividend Opportunity Fund | ||
| By: | /s/ Andrew Owen | |
| Andrew Owen | ||
| President | ||
| Date: | March 27, 2018 | |
| By: | /s/ Nancy Wiser | |
| Nancy Wiser | ||
| Treasurer | ||
| Date: | March 27, 2018 | |