N-CSR

N-CSR 1 d929386dncsr.htm N-CSR N-CSR

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

Wells Fargo Master Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market St., 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: February 28

Registrant is making a filing for 11 of its series:

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio, Wells Fargo Emerging Markets Bond Portfolio, Wells Fargo Factor Enhanced Emerging Markets Portfolio, Wells Fargo Factor Enhanced International Portfolio, Wells Fargo Factor Enhanced Large Cap Portfolio, Wells Fargo Factor Enhanced Small Cap Portfolio, Wells Fargo High Yield Corporate Bond Portfolio, Wells Fargo International Government Bond Portfolio, Wells Fargo Investment Grade Corporate Bond Portfolio, Wells Fargo Strategic Retirement Bond Portfolio, and Wells Fargo U.S. REIT Portfolio.

Date of reporting period: February 28, 2019

ITEM 1.

REPORT TO STOCKHOLDERS

Annual Report

February 28, 2019

◾

Wells Fargo Emerging Markets Bond Fund

◾

Wells Fargo Factor Enhanced Emerging Markets Fund

◾

Wells Fargo Factor Enhanced International Fund

◾

Wells Fargo Factor Enhanced Large Cap Fund

◾

Wells Fargo Factor Enhanced Small Cap Fund

◾

Wells Fargo High Yield Corporate Bond Fund

◾

Wells Fargo International Government Bond Fund

◾

Wells Fargo U.S. Core Bond Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

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Contents



Performance highlights
Wells Fargo Emerging Markets Bond Fund			2
Wells Fargo Factor Enhanced Emerging Markets Fund			6
Wells Fargo Factor Enhanced International Fund			10
Wells Fargo Factor Enhanced Large Cap Fund			14
Wells Fargo Factor Enhanced Small Cap Fund			18
Wells Fargo High Yield Corporate Bond Fund			22
Wells Fargo International Government Bond Fund			26
Wells Fargo U.S. Core Bond Fund			30

Fund expenses			34

Portfolio of investments
Wells Fargo Emerging Markets Bond Fund			35
Wells Fargo Factor Enhanced Emerging Markets Fund			36
Wells Fargo Factor Enhanced International Fund			37
Wells Fargo Factor Enhanced Large Cap Fund			38
Wells Fargo Factor Enhanced Small Cap Fund			39
Wells Fargo High Yield Corporate Bond Fund			40
Wells Fargo International Government Bond Fund			41
Wells Fargo U.S. Core Bond Fund			42

Financial statements
Statements of assets and liabilities			44
Statements of operations			46
Statements of changes in net assets			48
Financial highlights			56



Notes to financial statements			58

Report of independent registered public accounting firm			65

Master portfolios

Portfolio of investments
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			66
Wells Fargo Emerging Markets Bond Portfolio			79
Wells Fargo Factor Enhanced Emerging Markets Portfolio			84
Wells Fargo Factor Enhanced International Portfolio			112
Wells Fargo Factor Enhanced Large Cap Portfolio			135
Wells Fargo Factor Enhanced Small Cap Portfolio			156
Wells Fargo High Yield Corporate Bond Portfolio			194
Wells Fargo International Government Bond Portfolio			207
Wells Fargo Investment Grade Corporate Bond Portfolio			210
Wells Fargo Strategic Retirement Bond Portfolio			238
Wells Fargo U.S. REIT Portfolio			242

Financial statements
Statements of assets and liabilities			246
Statements of operations			250
Statements of changes in net assets			253
Financial highlights			264

Notes to financial statements			265

Report of independent registered public accounting firm			278

Other information			279

The views expressed and any forward-looking statements are as of February 28, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Emerging Markets Bond Fund¹

Investment objective

The Fund seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Fargo Asset Management (International), LLC

Portfolio managers

Michael Lee

Alex Perrin

Average annual total returns (%) as of February 28, 2019

Expense ratios² (%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo Emerging Markets Bond Fund (WBEMX)

8-3-2017

3.13

2.16

752.83

0.00

JP Morgan EMBI Global Diversified Index⁴

–

3.05

2.14

–

JP Morgan EMBI Global Index⁵

–

2.43

1.21

–

Return is based on the inception date of the Fund.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The Fund is exposed to foreign investment risk and focused portfolio risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 3.


Performance highlights (unaudited)		Wells Fargo Funds			3

Wells Fargo Emerging Markets Bond Fund (continued)

Growth of $10,000 investment as of Feburary 28, 2019⁶

The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of Wells Fargo Master Trust with an identical investment objective. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

²	Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

⁴

The JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index.

⁵

The JP Morgan Emerging Markets Bond Index (EMBI) Global Index tracks total returns for traded external debt instruments in the emerging markets. The index includes US dollar denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least $500 million. You cannot invest directly in an index.

⁶	The chart compares the performance of the Fund since inception with the JP Morgan EMBI Global Diversified Index and the JP Morgan EMBI Global Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund.

⁷

The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁸	Amounts represent the portfolio composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


4		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Emerging Markets Bond Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund outperformed its benchmark, the JP Morgan EMBI Global Diversified Index, for the 12-month period that ended February 28, 2019. The Fund also outperformed the JP Morgan EMBI Global Index for the same period.

∎

Performance of the Fund and the JP Morgan EMBI Global Diversified Index was particularly strong in the latter stage of the reporting period, helped by a dovish pivot from the U.S. Federal Reserve (Fed) amidst signs of a slowdown in global growth.

∎

Several smaller African issuers were at the forefront of this late-stage recovery, with the bonds of Nigeria, Kenya, and Senegal doing particularly well. Languishing at the bottom of the returns table over the reporting period were Argentina, Zambia, and Mexico. Venezuela was wildly volatile but ended modestly positive.

∎

With a number of new names from the Middle East being added to the benchmark, the Fund’s exposure to this region has risen. This has come largely at the expense of Eastern European issuers.

Market commentary

Absolute returns for the Fund and its benchmark were positive over the reporting period, with the final four months particularly strong. The asset fixed-income class benefited from a more cautious tone on monetary policy from the Fed in late 2018, with policymakers signaling a pause in interest rate hikes in light of a turndown in the global economy. Geopolitical risk remained elevated throughout the reporting period, with trade fears at the top of the list. Some index constituents, such as Venezuela, faced fierce domestic upheaval but there was limited spillover into other emerging markets. The U.S. dollar traded higher in the second quarter of 2018 before locking into a more sideways range versus other major currencies.

Global fixed income is at an interesting juncture, with interest rates having risen in the U.S. while Japan and core Europe lag. With the peak in growth now behind us, however, it’s difficult to see any developed market central bank tightening monetary policy in the months to come. Global inflation remains tepid. Taken together, these factors suggest that the backdrop for fixed-income investing has turned more positive. This could support inflows into emerging markets. However, numerous geopolitical and trade risks warn that increased volatility could remain a feature of global markets. Investors will need to look through short-term noise and focus instead on longer-term value.

Investment approach

The investment objective of the Fund seeks to replicate, rather than precisely duplicate, the total return of the JP Morgan EMBI Global Diversified Index before fees and expenses through a sample replication process. The index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income. One cannot invest directly in the index, and timing of cash flows and other practical issues may alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked.

Rather than purchase every security in the index, the underlying portfolio uses an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in an effort to construct a portfolio that exhibits risk factors and other characteristics and performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index.

Under normal circumstances, the Fund is expected to concentrate its investments in quality-rating segments and countries to approximately the same extent that the index is concentrated in such quality-rating segments or countries. The components of the index may change over time, and the index may or may not be concentrated in certain quality-rating segments or countries at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.


Performance highlights (unaudited)		Wells Fargo Funds			5

Wells Fargo Emerging Markets Bond Fund (continued)


Ten largest holdings (%) as of February 28, 2019⁷

Dominican Republic, 5.95%, 1-25-2027			2.58

Republic of Panama, 4.50%, 5-15-2047			1.38

Republic of Sri Lanka, 6.25%, 7-27-2021			1.37

Petroleos Mexicanos Company, 4.88%, 1-24-2022			1.35

Republic of Colombia, 5.00%, 6-15-2045			1.33

Republic of Panama, 4.00%, 9-22-2024			1.31

Republic of Nigeria, 6.38%, 7-12-2023			1.28

Republic of Turkey, 5.63%, 3-30-2021			1.28

Republic of Turkey, 6.63%, 2-17-2045			1.25

Russian Federation, 7.50%, 3-31-2030			1.20

Portfolio composition as of February 28, 2019⁸

LOGO

Please see footnotes on page 3.


6		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Factor Enhanced Emerging Markets Fund¹

Investment objective

The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®^‡

Monisha Jayakumar

David Krider, CFA^®^‡

Harindra de Silva, Ph.D., CFA^®^‡

Average annual total returns (%) as of February 28, 2019

Expense ratios² (%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo Factor Enhanced Emerging Markets Fund (WEEMX)

8-3-2017

-10.64

-2.09

728.50

0.00

Wells Fargo Factor Enhanced Emerging Markets Index (Net)⁴

–

-10.60

-1.47

–

MSCI Emerging Markets Index (Net)⁵

–

-9.89

1.30

–

Return is based on the inception date of the Fund.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk, index tracking risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Funds			7

Wells Fargo Factor Enhanced Emerging Markets Fund (continued)

Growth of $10,000 investment as of Feburary 28, 2019⁶

LOGO

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

²	Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolio are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

⁴

The Wells Fargo Factor Enhanced Emerging Markets Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various emerging markets countries and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁵

The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

⁶	The chart compares the performance of the Fund since inception with the Wells Fargo Factor Enhanced Emerging Markets Index (Net) and the MSCI EM Index (Net). The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund.

⁷

⁸	Amounts represent the composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Factor Enhanced Emerging Markets Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed the Wells Fargo Factor Enhanced Emerging Markets Index (Net) as well as the MSCI Emerging Markets Index (Net) for the 12-month period that ended February 28, 2019.

∎

The biggest detractors to performance for the Fund and the Wells Fargo Factor Enhanced Emerging Markets Index (Net) included tilts toward small-cap names and positioning within the financials and health care sectors.

∎

The biggest contributors to performance for the Fund and the Wells Fargo Factor Enhanced Emerging Markets Index (Net) were our tilts toward low-beta and value stocks.

Market commentary

The Wells Fargo Factor Enhanced Emerging Markets Index (Net) fell 10.60% over the past 12 months, due to fears over economic slowdowns in major emerging nations such as China and Korea, concerns over protectionist policies between the U.S. and China, and a strengthening U.S. dollar. The sell-off favored low-beta securities, and it also favored stocks that were cheap relative to classic valuation metrics like earnings and sales. As a result, our tilts toward low-beta and value factors helped our performance relative to the Wells Fargo Factor Enhanced Emerging Markets Index (Net). We were hurt by our tilts toward smaller stocks within the index, which tended to perform worse during the market decline. We were also negatively affected by performance in the health care and financials sectors.

Investment approach

The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the index before fees and expenses. The Wells Fargo Factor Enhanced Emerging Markets Index (Net) seeks to incorporate active insights while preserving the benefits of a passively managed strategy, such as high transparency, low turnover, and low fees. The investment philosophy employed within the factor-enhanced strategy is that security returns are driven by exposure to certain key factors such as valuation, quality, price momentum, relative size, and risk and that market inefficiencies caused by patterns of investor behavior and economic change can be exploited to earn excess returns.

The index is built on a systematic, rules-based methodology designed to build a portfolio of stocks that has exposure to characteristics that we expect will maximize the portfolio’s risk-adjusted performance. One cannot invest directly in the index, and the timing of cash flows and other practical issues alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked. Under certain circumstances, such as the timing of cash flows and security trading, among other conditions, the Fund may outperform the index for periods of time, although the objective of the Fund is to replicate the return of the index before fund fees and expenses are deducted.

Rather than purchase every security in the index, the Fund uses an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in order to construct a portfolio that exhibits risk factors and other characteristics of the index and seeks to match the performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index.

Under normal circumstances, the Fund is expected to invest approximately the same percentage in each sector and country as the index does. The components of the index may change over time, and the index may or may not be concentrated in certain sectors or countries at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.


Performance highlights (unaudited)		Wells Fargo Funds			9

Wells Fargo Factor Enhanced Emerging Markets Fund (continued)


Ten largest holdings (%) as of February 28, 2019⁷

Industrial & Commercial Bank of China Limited H Shares			1.76

China Mobile Limited			1.65

Lukoil PJSC			1.56

Itau Unibanco Holding SA			1.36

Banco Bradesco SA			1.12

Bank of China Limited H Shares			1.05

Tata Consultancy Services Limited			0.91

SK Hynix Incorporated			0.88

Hon Hai Precision Industry			0.84

Infosys Limited SP ADR			0.83


Country allocation as of February 28, 2019⁸


Sector distribution as of February 28, 2019⁸

Please see footnotes on page 7.


10		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Factor Enhanced International Fund¹

Investment objective

The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®^‡

Monisha Jayakumar

David Krider, CFA^®^‡

Harindra de Silva, Ph.D., CFA^®^‡

Average annual total returns (%) as of February 28, 2019

Expense ratios²(%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo Factor Enhanced International Fund (WINTX)

8-3-2017

-2.67

1.45

730.62

0.00

Wells Fargo Factor Enhanced International Index (Net)⁴

–

-2.81

1.60

–

MSCI World ex-USA Index (Net)⁵

–

-5.30

0.01

Return is based on the inception date of the Fund.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk, index tracking risk, and smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 11.


Performance highlights (unaudited)		Wells Fargo Funds			11

Wells Fargo Factor Enhanced International Fund (continued)

Growth of $10,000 investment as of Feburary 28, 2019⁶

LOGO

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

²	Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The Wells Fargo Factor Enhanced International Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various developed markets outside the U.S. and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁵

The Morgan Stanley Capital International (MSCI) World ex-USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets excluding the United States. The MSCI World ex-USA Index (Net) consists of the following 22 developed markets country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. You cannot invest directly in an index.

⁶	The chart compares the performance of the Fund since inception with the Wells Fargo Factor Enhanced International Index (Net) and the MSCI World ex-USA Index (Net). The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund.

⁷

⁸	Amounts represent the composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


12		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Factor Enhanced International Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund outperformed the Wells Fargo Factor Enhanced International Index (Net) as well as the MSCI World ex-USA Index (Net) for the 12-month period that ended February 28, 2019.

∎

The biggest contributor to performance was our tilt toward low-beta stocks.

∎

The biggest detractors to performance included tilts toward small-cap names within the index and positioning within the financials and consumer staples sectors.

Market commentary

The developed international stock universe was flat over the prior 12 months, though it experienced sharply negative performance prior to the market rally in the first two months of 2019. For the full period, the market experienced one of its most volatile years in the past decade, with choppiness increasing due to investor fears over rising interest rates; a slowing Chinese economy; and trade wars between the U.S., China, and Western Europe. International stocks also performed poorly for U.S.-based investors as a result of a consistently strengthening U.S. dollar. As a result, investors fled to low-beta stocks, and our tilts toward these issues helped our performance. We were hurt most by our tilt toward smaller names, which underperformed more than their mega-cap counterparts during the market sell-off in 2018. Moreover, our factor selection within the consumer staples and financials sectors hurt us the most of any market.

Investment approach

The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the index before fees and expenses. The Wells Fargo Factor Enhanced International Index (Net) seeks to incorporate active insights while preserving the benefits of a passively managed strategy, such as high transparency, low turnover, and low fees. The investment philosophy employed within the factor-enhanced strategy is that security returns are driven by exposure to certain key factors such as valuation, quality, price momentum, relative size, and risk and that market inefficiencies caused by patterns of investor behavior and economic change can be exploited to earn excess returns.

Under normal circumstances, the Fund is expected to invest approximately the same percentage in each sector as the index does. The components of the index may change over time, and the index may or may not be concentrated in certain sectors at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.


Performance highlights (unaudited)		Wells Fargo Funds			13

Wells Fargo Factor Enhanced International Fund (continued)


Ten largest holdings (%) as of February 28, 2019⁷

Roche Holding AG			1.89

Royal Dutch Shell plc Class A			1.40

Royal Bank of Canada			1.09

AstraZeneca plc			1.06

The Toronto-Dominion Bank			1.02

GlaxoSmithKline plc			0.98

Diageo plc			0.97

Allianz AG			0.93

Commonwealth Bank of Australia			0.92

BHP Billiton Limited			0.88


Country allocation as of February 28, 2019⁸

Sector distribution as of February 28, 2019⁸

Please see footnotes on page 11.


14		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Factor Enhanced Large Cap Fund¹

Investment objective

The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®^‡

Ryan Brown, CFA^®^‡

Monisha Jayakumar

Harindra de Silva, Ph.D., CFA^®^‡

Average annual total returns (%) as of February 28, 2019

Expense ratios² (%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo Factor Enhanced Large Cap Fund (WLECX)

8-3-2017

7.75

10.74

718.70

0.00

Wells Fargo Factor Enhanced Large Cap Index⁴

–

8.11

10.93

–

Russell 1000^® Index⁵

–

4.99

10.16

–

Return is based on the inception date of the Fund.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk and index tracking risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 15.


Performance highlights (unaudited)		Wells Fargo Funds			15

Wells Fargo Factor Enhanced Large Cap Fund (continued)

Growth of $10,000 investment as of February 28, 2019⁶

LOGO

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

²	Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The Wells Fargo Factor Enhanced Large Cap Index is an index of equity securities that is derived from a universe of the largest 1,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁵	The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁶	The chart compares the performance of the Fund since inception with the Wells Fargo Factor Enhanced Large Cap Index and the Russell 1000^® Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund.

⁷	The Wells Fargo Large Cap USA Equity Index is designed to track the performance of securities in the large-cap segment of the U.S. equity market. You cannot invest directly in an index.

⁸

⁹	Amounts represent the sector distribution of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


16		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Factor Enhanced Large Cap Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed the Wells Fargo Factor Enhanced Large Cap Index for the 12-month period that ended February 28, 2019, while it outperformed the Russell 1000^® Index for the same period.

∎

The biggest detractors to performance included tilts toward value stocks and positioning in the information technology sector.

∎

The biggest contributors to performance included tilts toward low-beta, high-quality stocks and positioning in the financials and health care sectors.

Market commentary

U.S. equities, as measured by the Wells Fargo Large Cap USA Equity Index⁷, finished the period up 5.1% though most of this positive performance came during the market rally in the first two months of 2019. For the full period, the market experienced one of its most volatile years in the past decade, with choppiness increasing due to investor fears over rising interest rates; a slowing Chinese economy; and trade wars between the U.S., China, and Western Europe. As a result, investors fled toward less volatile, higher-quality stocks, and our tilts toward these issues helped our performance. In particular, these tilts helped us avoid big declines within the financials and health care sectors, segments of which tend to be more cyclical in nature. We were hurt most by our tilt away from the large technology names in the index, which rank poorly on size and value characteristics. Overall, our tilt toward value stocks was the largest detractor from performance.

Investment approach

The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the Wells Fargo Factor Enhanced Large Cap Index before fees and expenses. The Wells Fargo Factor Enhanced Large Cap Index seeks to incorporate active insights while preserving the benefits of a passively managed strategy, such as high transparency, low turnover, and low fees. The investment philosophy employed within the factor-enhanced strategy is that security returns are driven by exposure to certain key factors such as valuation, quality, price momentum, relative size, and risk and that market inefficiencies caused by patterns of investor behavior and economic change can be exploited to earn excess returns.


Performance highlights (unaudited)		Wells Fargo Funds			17

Wells Fargo Factor Enhanced Large Cap Fund (continued)


Ten largest holdings (%) as of February 28, 2019⁸

Exxon Mobil Corporation			2.20

Alphabet Incorporated Class A			2.19

Berkshire Hathaway Incorporated Class B			1.81

Pfizer Incorporated			1.65

The Boeing Company			1.58

Verizon Communications Incorporated			1.55

The Procter & Gamble Company			1.53

AT&T Incorporated			1.44

Merck & Company Incorporated			1.38

Comcast Corporation Class A			1.17

Sector distribution as of February 28, 2019⁹

LOGO

Please see footnotes on page 15.


18		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Factor Enhanced Small Cap Fund¹

Investment objective

The Fund seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Dennis Bein, CFA^®^‡

Ryan Brown, CFA^®^‡

Monisha Jayakumar

Harindra de Silva, Ph.D., CFA^®^‡

Average annual total returns (%) as of February 28, 2019

Expense ratios² (%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo Factor Enhanced Small Cap Fund (WFESX)

8-3-2017

7.23

9.15

717.31

0.00

Wells Fargo Factor Enhanced Small Cap Index⁴

–

7.57

9.06

–

Russell 2000^® Index⁵

–

5.58

8.97

–

Return is based on the inception date of the Fund.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to focused portfolio risk, and index tracking risk. Consult the Fund’s prospectus for additional information on these and other risks. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 19.


Performance highlights (unaudited)		Wells Fargo Funds			19

Wells Fargo Factor Enhanced Small Cap Fund (continued)

Growth of $10,000 investment as of Feburary 28, 2019⁶

LOGO

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

²	Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The Wells Fargo Factor Enhanced Small Cap Index is an index of equity securities that is derived from a universe of the smallest 2,000 companies in the U.S. market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁵	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁶	The chart compares the performance of the Fund since inception with the Wells Fargo Factor Enhanced Small Cap Index and the Russell 2000^® Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund.

⁷	The Wells Fargo Small Cap USA Equity Index is designed to track the performance of securities in the small-cap segment of the U. S. equity market. You cannot invest directly in an index.

⁸

⁹	Amounts represent the sector distribution of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


20		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo Factor Enhanced Small Cap Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed the Wells Fargo Factor Enhanced Small Cap Index for the 12-month period that ended February 28, 2019. The Fund outperformed the Russell 2000^® Index for the same period.

∎

The biggest detractors to performance included tilts toward value stocks and positioning in the information technology sector.

∎

The biggest contributors to performance included tilts toward low-beta, high-quality stocks and positioning in the energy and health care sectors.

Market commentary

Small-cap stocks, as measured by the Wells Fargo Small Cap USA Equity Index⁷, finished the period up 6.4%, though most of this positive performance came during the market rally in the first two months of 2019. For the full period, the market experienced one of its most volatile years in the past decade, with choppiness increasing due to investor fears over rising interest rates; a slowing Chinese economy; and trade wars between the U.S., China, and Western Europe. As a result, investors fled toward less volatile, higher-quality stocks, and our tilts toward these issues helped our performance. In particular, these tilts helped us avoid big declines within the energy and health care sectors, which tend to be more cyclical in nature. We were hurt most by our tilt away from the larger technology names within the Wells Fargo Small Cap USA Equity Index, which rank poorly on size and value characteristics. Overall, our tilt toward value stocks was the largest detractor from performance.

Investment approach

The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the index before fees and expenses. The Wells Fargo Factor Enhanced Small Cap Index seeks to incorporate active insights while preserving the benefits of a passively managed strategy, such as high transparency, low turnover, and low fees. The investment philosophy employed within the factor-enhanced strategy is that security returns are driven by exposure to certain key factors such as valuation, quality, price momentum, relative size, and risk and that market inefficiencies caused by patterns of investor behavior and economic change can be exploited to earn excess returns.


Performance highlights (unaudited)		Wells Fargo Funds			21

Wells Fargo Factor Enhanced Small Cap Fund (continued)


Ten largest holdings (%) as of February 28, 2019⁷

Tech Data Corporation			0.28

Performance Food Group Company			0.27

ACI Worldwide Incorporated			0.25

Darling Ingredients Incorporated			0.25

Omnicell Incorporated			0.25

Armstrong World Industries Incorporated			0.25

Cabot Microelectronics Corporation			0.24

Science Applications International Corporation			0.24

iRobot Corporation			0.24

Community Bank System Incorporated			0.24

Sector distribution as of February 28, 2019⁸

Please see footnotes on page 19.


22		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo High Yield Corporate Bond Fund¹

Investment objective

The Fund seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Thomas M. Price, CFA^®^‡

Janet S. Rilling, CFA^®^‡, CPA

Michael J. Schueller, CFA^®^‡

Average annual total returns (%) as of February 28, 2019

Expense ratios² (%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo High Yield Corporate Bond Fund (WYCBX)

8-3-2017

3.92

2.81

761.12

0.00

Wells Fargo U.S. High Yield Bond Index⁴

–

3.89

3.22

–

Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index⁵

–

4.31

3.39

–

Return is based on the inception date of the Fund.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The Fund is exposed to focus portfolio risk, index tracking risk, and foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 23.


Performance highlights (unaudited)		Wells Fargo Funds			23

Wells Fargo High Yield Corporate Bond Fund (continued)

Growth of $10,000 investment as of Feburary 28, 2019⁶

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

²	Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The Wells Fargo U.S. High Yield Bond Index is a rules-based index designed to measure the performance of U.S. dollar denominated below investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive high yield bond indices. You cannot invest directly in an index.

⁵

The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged, U.S. dollar-denominated, nonconvertible, non-investment-grade debt index and limits the exposure of each issuer to 2% of the total market value. The index consists of domestic corporate bonds rated Ba and below with a minimum outstanding amount of $150 million. You cannot invest directly in an index.

⁶

The chart compares the performance of the Fund since inception with the Wells Fargo U.S. High Yield Bond Index and the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund.

⁷

⁸

The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the affiliated master portfolio and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the affiliated master portfolio. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.


24		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo High Yield Corporate Bond Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund outperformed its benchmark, the Wells Fargo U.S. High Yield Bond Index, for the 12-month period that ended February 28, 2019, and underperformed the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index for the same period.

∎

For the Fund and the Wells Fargo U.S. High Yield Bond Index, CCC-rated bonds tended to be detractors relative to other quality-rating sectors due to the substantial sell-off of risky assets in the fourth quarter of 2018. B-rated bonds were the best-performing rating category, followed closely by BB-rated bonds.

∎

From a sector perspective, less-cyclical sectors, including pharmaceuticals, health care, cable satellite, and wireless, outperformed relative to other sectors in the Fund and the Wells Fargo U.S. High Yield Bond Index during the period. Energy-related sectors, including oil-field services and independent energy, underperformed the index.

Market commentary

The first half of the reporting period was characterized by an extension of the historically low volatility that prevailed throughout 2017. Periods of low volatility in high-yield bond markets are common when the market is recovering from a spike in defaults such as that which occurred in 2015 and 2016 following the oil price crash that began in late 2014. The increase in defaults culled from the market certain bonds that were issues by some of the most over-leveraged and highest-cost structure companies, particularly in the energy sector. While energy remains a significant component of the high-yield index, it tends to now be populated with better-capitalized, lower-cost-structure companies, many of which were investment-grade-rated before entering high yield as fallen angels. These more resilient companies are not surprisingly less sensitive to oil price volatility. In fact, from the beginning of the reporting period through early October 2018, energy sectors significantly outperformed the Wells Fargo U.S. High Yield Bond Index as oil prices steadily rose.

In addition to the market stress released by the default cycle of 2015 and 2016, there are technical factors contributing to the sluggish market volatility. The size of the high-yield bond market reached a peak in 2014 and has been shrinking ever since. This was primarily driven by rising stars outnumbering fallen angels and because the majority of below-investment-grade issuance has shifted to the leveraged loan market. At the same time, the significant coupon income high-yield portfolios have generated has more than offset outflows and supported demand. These factors resulted in suppressed spread volatility for high-yield bonds and allowed valuations to grind tighter until the fourth quarter of 2018.

Despite all of the good news, high-yield spreads convincingly broke out of their tight trading range of between 300 basis points (bps; 100 bps equal 1.00%) and 400 bps of option-adjusted spread in November, reaching a recent wide of 537 bps on January 3, 2019. The move was so swift that spreads widened more than 200 bps in the three months leading up to that day. While volatility is the norm in high yield, it is less common for spreads to widen more than 200 bps within a three-month period. And when spreads do widen that far that fast, there is very often a sharp rally. This is, of course, exactly what happened as spreads tightened approximately 150 bps by the end of February 2019.

The lower-quality rating categories underperformed higher-quality categories during the fourth quarter sell-off and throughout the year, as is common when risk-off behavior drives weak high-yield performance. The worst-performing sectors were oil-field services and independent energy as oil prices collapsed from the mid-$70s per barrel to the low $40s. The best-performing sectors tended to be noncyclical and included pharmaceuticals, health care, cable satellite, and wireless. As expected, CCC-rated bonds have led the high-yield recovery since January 3, followed by B-rated bonds and then BB-rated bonds. However, CCC-rated outperformance has not fully offset its underperformance during the fourth-quarter sell-off, suggesting investors remain somewhat cautious about the high-yield market.

Investment approach

The investment objective of the Fund seeks to replicate rather than precisely duplicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses. The index is a rules-based index designed to measure the performance of U.S.-dollar-denominated below-investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity


Performance highlights (unaudited)		Wells Fargo Funds			25

Wells Fargo High Yield Corporate Bond Fund (continued)

of at least one year, regardless of optionality. It is constructed to provide increased diversification and liquidity versus traditional passive high-yield bond indices. One cannot invest directly in the index. The timing of cash flows and other practical issues may alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked.

Rather than purchase every security in the index, the underlying portfolios use an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in an effort to construct a portfolio that exhibits risk factors and other characteristics of the index and seeks to match the performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index.

Under normal circumstances, the Fund is expected to invest approximately the same percentage in each industry as the index does. The components of an index may change over time, and the index may or may not be concentrated in an industry at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect any changes to the index.


Ten largest holdings (%) as of February 28, 2019⁷

Centurylink Incorporated, 7.50%, 4-1-2024			0.73

Alcoa Incorporated, 5.87%, 4-23-2022			0.72

Altice Finco, 8.13%, 1-15-2024			0.70

Clear Channel Worldwide Company Guar, 9.25%, 2-15-2024			0.60

CCO Holdings LLC, 5.88%, 5-1-2027			0.59

DISH DBS Corporation, 5.88%, 11-15-2024			0.58

United Rentals North America Incorporated, 5.50%, 5-15-2027			0.57

Calpine Corporation, 5.38%, 1-15-2023			0.57

Netflix Incorporated, 4.88%, 4-15-2028			0.56

Standard Industries Incorporated, 5.00%, 2-15-2027			0.55


Credit quality as of February 28, 2019⁸

Please see footnotes on page 23.


26		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo International Government Bond Fund¹

Investment objective

The Fund seeks to replicate the total return of the Wells Fargo International Government Bond Index, before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Fargo Asset Management (International), LLC

Portfolio managers

Michael Lee

Alex Perrin

Average annual total returns (%) as of February 28, 2019

Expense ratios² (%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo International Government Bond Fund (WIGBX)

10-31-2017

-3.44

0.58

1,007.15

0.00

Wells Fargo International Government Bond Index⁴

–

-3.22

0.75

–

Bloomberg Barclays Global Treasury ex-US Total Return Index⁵

–

-3.82

1.93

–

Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the NAV at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles.

Return is based on the inception date of the Fund.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The Fund is exposed to foreign investment risk and focused portfolio risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 27.


Performance highlights (unaudited)		Wells Fargo Funds			27

Wells Fargo International Government Bond Fund (continued)

Growth of $10,000 investment as of Feburary 28, 2019⁶

LOGO

²	Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The Wells Fargo International Government Bond Index is a rules-based index designed to track the performance of local currency government debt of both developed and emerging market countries excluding the United States. The Index is composed of fixed rate government bonds, issued by countries other than the U.S., having an investment grade rating or classified as investment grade by Bloomberg Index Services Limited. You cannot invest directly in an index.

⁵

The Bloomberg Barclays Global Treasury ex-US Total Return Index is a subset of the flagship Global Treasury Index that does not have any exposure to US debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. You cannot invest directly in an index.

⁶

The chart compares the performance of the Fund since inception with the Wells Fargo International Government Bond Index and the Bloomberg Barclays Global Treasury ex-US Total Return Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund.

⁷

⁸	Amounts represent the composition of the affiliated master portfolio and are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


28		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo International Government Bond Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed its benchmark, the Wells Fargo International Government Bond Index, and outperformed the Bloomberg Barclays Global Treasury ex-US Total Return Index for the 12-month period that ended February 28, 2019.

∎

Absolute returns on both the Fund and the index were negative over the reporting period, with the bulk of the pain being felt in the second quarter of 2018 as yields rose and the U.S. dollar strengthened.

∎

The pressure of rising yields and a stronger dollar was most evident in Italy, where worries about government stability and bank debt drove bond yields consistently upwards. At the other end of the spectrum, slower housing price growth worked to support bond prices in Australia and New Zealand.

∎

European currencies were the weakest link over the reporting period. The Swedish krona and Polish zloty fared particularly poorly, with the Australian dollar also under pressure. The Thai baht and Singaporean dollar saw the smallest losses versus the U.S. dollar.

∎

Geopolitical risks were a source of intermittent volatility, and this is likely to remain the case, in our view.

Market commentary

It’s been a volatile year for the global financial markets, with sentiment and risk appetite veering sharply between strength and weakness. This was particularly evident in the first half of the reporting period when bond yields tended to rise and the U.S. dollar tended to strengthen. Both of these factors were negative for overall Fund performance. The second half of the reporting period was notable for a steady retreat in economic growth optimism, which benefited sovereign bonds. This improvement in performance came about despite continued noise about trade wars and tariffs, elections, and the U.K.’s exit from the European Union.

Global fixed income is at an interesting juncture, with interest rates having risen in the U.S. while Japan and core Europe lag. With a peak in growth now behind us, however, it’s difficult to see any developed market central bank tightening monetary policy in the months to come. Global inflation remains tepid. Taken together, these factors suggest that the backdrop for fixed-income investing has turned more positive. However, numerous geopolitical and trade risks warn that increased volatility could remain a feature of global markets. Investors will need to look through short-term noise and focus instead on longer-term value.

Investment approach

The investment objective of the Fund rather than precisely duplicate the total return performance of the Wells Fargo International Government Bond Index before fees and expenses. The index is designed to track the performance of local currency government debt of both developed and emerging market countries excluding the U.S. and is composed of fixed rate, non-U.S.-dollar-denominated bonds having a remaining maturity of at least one year, regardless of optionality, and an investment-grade rating or classification as investment grade by Bloomberg Index Services Limited.

The index selects and weights securities by evaluating them on a country, currency, and individual basis. The evaluation is intended to create a subset of the Wells Fargo International Government Bond Index by screening securities based on current and consensus expected trends in market conditions, valuations, and currencies to arrive at projections for yield curves (and hence bond returns) and currency returns. The screening process combined with return, volatility, correlation, and constraint analysis determines the final index constituency based on projected value, to be replicated via a sampling process.

Rather than purchase every security in the index, the underlying portfolio uses an optimization process that seeks to balance the replication of index performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in an effort to construct a portfolio that exhibits risk factors and other characteristics of the index and seeks to match the performance of the index without incurring the level of transaction costs that would be associated with purchasing every security in the index. One cannot invest directly in the


Performance highlights (unaudited)		Wells Fargo Funds			29

Wells Fargo International Government Bond Fund (continued)

index, and the timing of cash flows and other practical issues may alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked.

Under normal circumstances, the Fund is expected to invest approximately the same percentage in quality-rating segments and countries as the index. The components of the index may change over time, and the index may or may not be concentrated in certain quality-rating segments or countries at any particular time. We continually monitor the performance and composition of the index and adjust the Fund’s portfolio as necessary to reflect changes to the index.


Ten largest holdings (%) as of February 28, 2019⁷

Japan, 0.10%, 11-1-2020			14.70

United Kingdom Gilt, 3.50%, 1-22-2045			6.28

Italy Buoni Poliennali del Tesoro, 5.50%, 9-1-2022			5.43

Spain Government Bond, 1.45%, 10-31-2027			4.15

Republic of Austria, 0.50%, 4-20-2027			3.97

Canada, 1.00%, 6-1-2027			3.94

France Government Bond, 1.25%, 5-25-2034			3.92

Australian Government Bond Series 153, 2.25%, 11-21-2022			3.90

Netherlands Government Bond, 0.75%, 7-15-2027			3.87

France Government Bond, 2.00%, 5-25-2048			3.85

Country allocation as of February 28, 2019⁸

Please see footnotes on page 27.


30		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo U.S. Core Bond Fund¹

Investment objective

The Fund seeks to replicate the total return of the Wells Fargo U.S. Core Bond Index, before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Mark Clegg, CFA^®^‡

Christopher Y. Kauffman, CFA^®^‡

Janet S. Rilling, CFA^®^‡, CPA

Michael J. Schueller, CFA^®^‡

Michael Stanczyk

Noah M. Wise, CFA^®^‡

Average annual total returns (%) as of February 28, 2019

Expense ratios¹ (%)

Inception date

1 year

Since
inception

Gross

Net²

Wells Fargo U.S. Core Bond Fund (WUSBX)

8-3-2017

3.06

0.80

762.71

0.00

Wells Fargo U.S. Core Bond Index⁴

–

3.14

0.89

–

Bloomberg Barclays U.S. Aggregate Bond Index⁵

–

3.17

0.92

–

Return is based on the inception date of the Fund.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund is exposed to focused portfolio risk, index tracking risk, and mortage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 31.


Performance highlights (unaudited)		Wells Fargo Funds			31

Wells Fargo U.S. Core Bond Fund (continued)

Growth of $10,000 investment as of Feburary 28, 2019⁵

LOGO

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

The Fund is a fund-of-funds that invests substantially all of its assets in two affiliated master portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolios in which it invests.

²	Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.06% of acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

The manager has contractually committed through June 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap expenses at the amount shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from unaffiliated funds in which the affiliated master portfolios invest, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

⁴

The Wells Fargo U.S. Core Bond Index is a rules-based index designed to track the performance of fixed-rate, taxable, U.S. dollar denominated bonds, with an investment grade rating or classified as investment grade. The corporate bond component of the index is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indexes. You cannot invest directly in an index.

⁵

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁶	The chart compares the performance of the Fund since inception with the Wells Fargo U.S. Core Bond Index and the Bloomberg Barclays U.S. Aggregate Bond Index. The chart assumes a hypothetical investment of $10,000 in the Fund and reflects all operating expenses of the Fund.

⁷

Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁸

The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the affiliated master portfolios and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the affiliated master portfolio. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.


32		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo U.S. Core Bond Fund (continued)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed its benchmark, the Wells Fargo U.S. Core Bond Index, as well as the Bloomberg Barclays U.S. Aggregate Bond Index for 12-month period that ended February 28, 2019.

∎

Absolute returns were positive for the period for the Fund and the index, with noncorporate bonds outperforming the corporates.

∎

The belly of the yield curve tended to outperform across sectors where rates were lower, as opposed to higher rates on the short end and flat rates further out the curve.

∎

Within the corporate sector, financials outperformed utilities and industrials, and higher quality outperformed. Within the securitized sector, commercial mortgage-backed securities (CMBS) and mortgage pass-throughs outperformed asset-backed securities (ABS).

Market commentary

Range-bound rates and heightened risk asset volatility characterized the period

Most of the reporting period was characterized by range-bound rates further out the curve and higher volatility in risk assets relative to the prior reporting period. The U.S. Federal Open Market Committee (FOMC) raised the federal funds rate four times during the period, with the range ending the period at 2.25% to 2.50%. In the January 2019 statement, the FOMC emphasized patience on rate hikes and published forecasts showing an expected slower path of future rate hikes. It is also tapering reinvestments and has indicated that it could be flexible in its balance sheet normalization.

While the U.S. Treasury yield curve steepened between 10- and 30-year maturities, it was flatter between short- and long-term maturities. This was consistent with the FOMC raising rates on the front end of the curve while longer-term maturities remained range-bound. The difference between the 2-year and 30-year U.S. Treasury yield ended the period at 57 basis points (bps; 100 bps equal 1.00%) from 88 bps at the beginning of the period, while the difference between the 10-year and 30-year U.S. Treasury yield ended the period at 36 bps from 26 bps at the outset of the period. Generally speaking, difference in the dimension of yield changes resulted in higher absolute returns in the belly of the curve where rates moved lower.

U.S. Treasuries outperformed other government-related sectors, with the exception of sovereign debt. Within corporates, BBB underperformed, led by a risk-off environment during the fourth quarter of 2018. Financials outperformed both industrials and utilities during the period. Within structured product, CMBS and mortgage-backed securities outperformed ABS.

Investment approach

The investment objective of the Fund seeks to replicate but not precisely duplicate the total return of the Wells Fargo U.S. Core Bond Index before fees and expenses through a sample replication process. The index is a rules-based index designed to track the performance of fixed-rate, taxable, U.S.-dollar-denominated bonds with an investment-grade rating or classified as investment grade. The corporate bond component of the index is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indices.

One cannot invest directly in the index, and the timing of cash flows and other practical issues may alter the Fund’s tracking error, which is a measure of how closely a portfolio tracks the index to which it is benchmarked.

The Fund invests substantially all of its assets in two underlying portfolios: the Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio and the Wells Fargo Investment Grade Corporate Bond Portfolio. The Fund’s allocation to the two underlying portfolios will mirror the percentage weighting of the noncorporate and corporate sectors of the index and, in combination, the Fund will attempt to track the performance, liquidity, and diversification characteristics of the index.


Performance highlights (unaudited)		Wells Fargo Funds			33

Wells Fargo U.S. Core Bond Fund (continued)

Rather than purchase every security in the indices that they seek to track, the underlying portfolios use an optimization process that seeks to balance the replication of the indices’ performance with the minimization of security transaction costs. Using a stratified sampling technique, securities are selected and purchased in an effort to construct a portfolio that exhibits risk factors and other characteristics of the indices and seeks to match the performance of the indices without incurring the level of transaction costs that would be associated with purchasing every security in the indices.

Under normal circumstances, the Fund is expected to invest approximately the same percentage in each industry as the indices do. The components of an index may change over time, and the index may or may not be concentrated in an industry at any particular time. We continually monitor the performance and composition of the indices and adjust the Fund’s portfolio as necessary to reflect any changes to the indices.


Holdings (%) as of February 28, 2019⁷

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			75.28

Wells Fargo U.S. Investment Grade Corporate Bond Portfolio			24.83

Credit quality as of February 28, 2019⁸

Please see footnotes on page 31.


34		Wells Fargo Funds		Fund expenses (unaudited)

As a shareholder of a Fund, you incur ongoing costs, including other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the

entire period from September 1, 2018 to February 28, 2019.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.


Emerging Markets Bond Fund	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio²

Actual	$	1,000.00	$	1,057.05	$	0.00		0.00	%

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.79	$	0.00		0.00	%
Factor Enhanced Emerging Markets Fund

Actual	$	1,000.00	$	986.26	$	0.00		0.00	%

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.79	$	0.00		0.00	%
Factor Enhanced International Fund

Actual	$	1,000.00	$	966.85	$	0.00		0.00	%

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.79	$	0.00		0.00	%
Factor Enhanced Large Cap Fund

Actual	$	1,000.00	$	1,007.80	$	0.00		0.00	%

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.79	$	0.00		0.00	%
Factor Enhanced Small Cap Fund

Actual	$	1,000.00	$	914.50	$	0.00		0.00	%

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.79	$	0.00		0.00	%
High Yield Corporate Bond Fund

Actual	$	1,000.00	$	1,020.48	$	0.00		0.00	%

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.79	$	0.00		0.00	%
International Government Bond Fund

Actual	$	1,000.00	$	1,008.11	$	0.00		0.00	%

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.79	$	0.00		0.00	%
U.S. Core Bond Fund

Actual	$	1,000.00	$	1,019.68	$	0.00		0.00	%

Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.79	$	0.00		0.00	%

¹	Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

²	Amounts reflect net expenses allocated from the affiliated Master Portfolio(s) in which the Fund invests.


Portfolio of investments—February 28, 2019		Wells Fargo Funds			35

EMERGING MARKETS BOND FUND

Security name

Value

Investment Companies: 99.73%

Affiliated Master Portfolio: 99.73%

Wells Fargo Emerging Markets Bond Portfolio

1,043,631

Total Investment Companies (Cost $1,015,342)

1,043,631


Total investments in securities (Cost $1,015,342)	99.73	%		1,043,631

Other assets and liabilities, net	0.27			2,853

Total net assets	100.00	%	$	1,046,484

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Interest allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Emerging Markets Bond Portfolio		0.01	%		2.37	%	$	(1,056	)	$	28,494	$	27,561	$	203	$	1,043,631		99.73	%

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


36		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS FUND

Security name

Value

Investment Companies: 99.70%

Affiliated Master Portfolio: 99.70%

Wells Fargo Factor Enhanced Emerging Markets Portfolio

989,610

Total Investment Companies (Cost $981,976)

989,610


Total investments in securities (Cost $981,976)	99.70	%		989,610

Other assets and liabilities, net	0.30			2,986

Total net assets	100.00	%	$	992,596

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Dividend allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00	%*		0.39	%	$	(30,503	)	$	7,203	$	9,307	$	358	$	989,610		99.70	%

The amount owned is less than 0.005%.

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			37

FACTOR ENHANCED INTERNATIONAL FUND

Security name

Value

Investment Companies: 99.65%

Affiliated Master Portfolio: 99.65%

Wells Fargo Factor Enhanced International Portfolio

956,855

Total Investment Companies (Cost $913,629)

956,855


Total investments in securities (Cost $913,629)	99.65	%		956,855

Other assets and liabilities, net	0.35			3,342

Total net assets	100.00	%	$	960,197

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Dividend allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Factor Enhanced International Portfolio		0.00	%*		0.14	%	$	(96,792	)	$	42,968	$	10,092	$	322	$	956,855		99.65	%

The amount owned is less than 0.005%.

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


38		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP FUND

Security name

Value

Investment Companies: 99.86%

Affiliated Master Portfolios: 99.86%

Wells Fargo Factor Enhanced Large Cap Portfolio

1,008,877

Total Investment Companies (Cost $941,299)

1,008,877


Total investments in securities (Cost $941,299)	99.86	%		1,008,877

Other assets and liabilities, net	0.14			1,434

Total net assets	100.00	%	$	1,010,311

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Dividends allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00	%*		0.09	%	$	(68,608	)	$	67,267	$	9,130	$	347	$	1,008,877		99.86	%

The amount owned is less than 0.005%.

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			39

FACTOR ENHANCED SMALL CAP FUND

Security name

Value

Investment Companies: 99.81%

Affiliated Master Portfolio: 99.81%

Wells Fargo Factor Enhanced Small Cap Portfolio

920,601

Total Investment Companies (Cost $888,910)

920,601


Total investments in securities (Cost $888,910)	99.81	%		920,601

Other assets and liabilities, net	0.19			1,716

Total net assets	100.00	%	$	922,317

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Interest allocated from affiliated Master Portfolio(s)		Dividends allocated from affiliated Master Portfolio(s)		Income from affiliated securities allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00	%*		0.33	%	$	(116,944	)	$	31,206	$	41	$	4,115	$	350	$	920,601		99.81	%

The amount owned is less than 0.005%.

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


40		Wells Fargo Funds		Portfolio of investments—February 28, 2019

HIGH YIELD CORPORATE BOND FUND

Security name

Value

Investment Companies: 100.29%

Affiliated Master Portfolio: 100.29%

Wells Fargo High Yield Corporate Bond Portfolio

1,005,348

Total Investment Companies (Cost $1,012,917)

1,005,348


Total investments in securities (Cost $1,012,917)	100.29	%		1,005,348

Other assets and liabilities, net	(0.29	)		(2,914	)

Total net assets	100.00	%	$	1,002,434

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Interest allocated from affiliated Master Portfolio(s)		Income from affiliated securities allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo High Yield Corporate Bond Portfolio		0.01	%		1.15	%	$	(7,401	)	$	(7,366	)	$	34,852	$	134	$	1,005,348		100.29	%

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			41

INTERNATIONAL GOVERNMENT BOND FUND

Security name

Value

Investment Companies: 99.56%

Affiliated Master Portfolio: 99.56%

Wells Fargo International Government Bond Portfolio

1,010,284

Total Investment Companies (Cost $980,700)

1,010,284


Total investments in securities (Cost $980,700)	99.56	%		1,010,284

Other assets and liabilities, net	0.44			4,460

Total net assets	100.00	%	$	1,014,744

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Interest allocated from affiliated Master Portfolio(s)		Income from affiliated securities allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo International Government Bond Portfolio		0.10	%		9.43	%	$	(32,227	)	$	29,170	$	7,429	$	69	$	1,010,284		99.56	%

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


42		Wells Fargo Funds		Portfolio of investments—February 28, 2019

U.S. CORE BOND FUND

Security name

Value

Investment Companies: 100.11%

Affiliated Master Portfolios: 100.11%

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio

763,937

Wells Fargo Investment Grade Corporate Bond Portfolio

252,036

Total Investment Companies (Cost $1,017,465)

1,015,973


Total investments in securities (Cost $1,017,465)	100.11	%		1,015,973

Other assets and liabilities, net	(0.11	)		(1,135	)

Total net assets	100.00	%	$	1,014,838

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)			Interest allocated from affiliated Master Portfolio(s)		Affiliated income allocated from affiliated Master Portfolio(s)		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%*		0.12	%	$	4,971	$	570		$	9,582	$	149	$	763,937
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00	*		0.10			1,294		(1,775	)		4,907		22		252,036

							$	6,265	$	(1,205	)	$	14,489	$	171	$	1,015,973		100.11	%

The amount owned is less than 0.005%.

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

This page is intentionally left blank.


44		Wells Fargo Funds		Statements of assets and liabilities—February 28, 2019


	Emerging Markets Bond Fund		Factor Enhanced Emerging Markets Fund

Assets
Investments in affiliated Master Portfolio(s), at value (see cost below)	$	1,043,631	$	989,610
Cash		7,447		4,043
Receivable from manager		4,083		10,004
Prepaid expenses and other assets		1,659		0

Total assets		1,056,820		1,003,657


Liabilities
Professional fees payable		7,109		7,109
Shareholder report expenses payable		1,661		1,661
Trustees’ fees and expenses payable		846		846
Custodian and accounting fees payable		720		721
Dividends payable		0		0
Accrued expenses and other liabilities		0		724

Total liabilities		10,336		11,061

Total net assets	$	1,046,484	$	992,596


NET ASSETS CONSIST OF
Paid-in capital	$	1,009,999	$	1,009,961
Total distributable earnings (loss)		36,485		(17,365	)

Total net assets	$	1,046,484	$	992,596


COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets	$	1,046,484	$	992,596
Shares outstanding¹		107,610		103,987
Net asset value per share		$9.72		$9.55

Investments in affiliated Master Portfolio(s), at cost	$	1,015,342	$	981,976

¹	Each Fund has an unlimited number of authorized shares.

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


Statements of assets and liabilities—February 28, 2019		Wells Fargo Funds			45


Factor Enhanced International Fund			Factor Enhanced Large Cap Fund		Factor Enhanced Small Cap Fund			High Yield Corporate Bond Fund			International Government Bond Fund		U.S. Core Bond Fund


$	956,855		$	1,008,877	$	920,601		$	1,005,348		$	1,010,284	$	1,015,973
	6,581			6,234		6,474			6,894			10,139		4,708
	3,941			3,887		3,925			4,029			4,339		3,854
	3,157			1,650		1,654			1,843			2,120		1,671

	970,534			1,020,648		932,654			1,018,114			1,026,882		1,026,206



	7,109			7,109		7,109			7,109			8,577		7,109
	1,661			1,661		1,661			1,661			1,966		308
	846			846		846			846			1,118		846
	721			721		721			721			477		721
	0			0		0			5,343			0		2,384
	0			0		0			0			0		0

	10,337			10,337		10,337			15,680			12,138		11,368

$	960,197		$	1,010,311	$	922,317		$	1,002,434		$	1,014,744	$	1,014,838



$	1,010,092		$	1,010,083	$	1,008,123		$	1,009,986		$	990,066	$	1,010,080
	(49,895	)		228		(85,806	)		(7,552	)		24,678		4,758

$	960,197		$	1,010,311	$	922,317		$	1,002,434		$	1,014,744	$	1,014,838



$	960,197		$	1,010,311	$	922,317		$	1,002,434		$	1,014,744	$	1,014,838
	95,073			87,356		81,386			106,042			102,112		105,058
	$10.10			$11.57		$11.33			$9.45			$9.94		$9.66

$	913,629		$	941,299	$	888,910		$	1,012,917		$	980,700	$	1,017,465

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


46		Wells Fargo Funds		Statements of operations—year ended February 28, 2019


	Emerging Markets Bond Fund			Factor Enhanced Emerging Markets Fund

Investment income
Interest allocated from affiliated Master Portfolio(s)*	$	27,561		$	0
Dividends allocated from affiliated Master Portfolio(s)**		0			9,307
Affiliated income allocated from affiliated Master Portfolio(s)		203			358
Expenses allocated from affiliated Master Portfolio(s)		(2,470	)		(3,048	)
Waivers allocated from affiliated Master Portfolio(s)		517			991

Total investment income		25,811			7,608


Expenses
Custody and accounting fees		1,000			1,000
Professional fees		22,550			22,550
Registration fees		1,000			1,000
Shareholder report expenses		8,815			8,815
Trustees’ fees and expenses		19,998			19,998
Other fees and expenses		3,000			8,909

Total expenses		56,363			62,272
Less: Fee waivers and/or expense reimbursements		(58,833	)		(65,320	)

Net expenses		(2,470	)		(3,048	)

Net investment income		28,281			10,656


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		(1,056	)		(30,503	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		28,494			7,203

Net realized and unrealized gains (losses) on investments		27,438			(23,300	)

Net increase (decrease) in net assets resulting from operations	$	55,719		$	(12,644	)


* Net of foreign interest withholding taxes allocated from affiliated Master Portfolio(s) in the amount of		$ 0			$ 0
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolio(s) in the amount of		$ 0			$ 1,573

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


Statements of operations—year ended February 28, 2019		Wells Fargo Funds			47


Factor Enhanced International Fund			Factor Enhanced Large Cap Fund			Factor Enhanced Small Cap Fund			High Yield Corporate Bond Fund			International Government Bond Fund			U.S. Core Bond Fund


$	0		$	0		$	41		$	34,852		$	7,429		$	14,489
	10,092			9,130			4,115			0			0			0
	322			347			350			134			69			171
	(1,174	)		(626	)		(974	)		(1,781	)		(3,549	)		(433	)
	239			90			166			238			0			88

	9,479			8,941			3,698			33,443			3,949			14,315



	1,000			1,000			1,000			1,000			1,000			1,000
	22,550			22,550			22,550			22,550			23,011			22,550
	1,000			1,000			1,000			1,000			1,000			1,000
	8,815			8,815			8,815			8,815			8,815			8,815
	19,998			19,998			19,998			19,998			19,998			19,998
	3,000			3,000			3,000			3,000			3,000			3,000

	56,363			56,363			56,363			56,363			56,824			56,363
	(57,537	)		(56,989	)		(57,337	)		(58,144	)		(60,373	)		(56,796	)

	(1,174	)		(626	)		(974	)		(1,781	)		(3,549	)		(433	)

	10,653			9,567			4,672			35,224			7,498			14,748



	(96,792	)		(68,608	)		(116,944	)		(7,401	)		(32,227	)		6,265
	42,968			67,267			31,206			(7,366	)		29,170			(1,205	)

	(53,824	)		(1,341	)		(85,738	)		(14,767	)		(3,057	)		5,060

$	(43,171	)	$	8,226		$	(81,066	)	$	20,457		$	4,441		$	19,808


	$ 1			$ 0			$ 0			$ 0			$ 239			$ 4

	$ 1,004			$ 48			$ 0			$ 0			$ 0			$ 0

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


48		Wells Fargo Funds		Statements of changes in net assets


	Emerging Markets Bond Fund
	Year ended February 28, 2019					Year ended February 28, 2018^1,2

Operations
Net investment income			$	28,281				$	261
Net realized losses on investments				(1,056	)				(26	)
Net change in unrealized gains (losses) on investments				28,494					(206	)

Net increase in net assets resulting from operations				55,719					29

Distributions to shareholders from net investment income and net realized gains				(19,031	)				(233	)


Capital share transactions		Shares					Shares
Proceeds from shares sold		106,610		1,000,000			1,000		10,000

Net increase in net assets resulting from capital share transactions				1,000,000					10,000

Total increase in net assets				1,036,688					9,796


Net assets
Beginning of period				9,796					0

End of period			$	1,046,484				$	9,796

¹	For the period from August 3, 2017 (commencement of operations) to February 28, 2018

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $57. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


Statements of changes in net assets		Wells Fargo Funds			49


	Factor Enhanced Emerging Markets Fund
	Year ended February 28, 2019					Year ended February 28, 2018^1,2

Operations
Net investment income			$	10,656				$	107
Net realized gains (losses) on investments				(30,503	)				326
Net change in unrealized gains (losses) on investments				7,203					392

Net increase (decrease) in net assets resulting from operations				(12,644	)				825

Distributions to shareholders from net investment income and net realized gains				(5,513	)				(72	)


Capital share transactions		Shares					Shares
Proceeds from shares sold		102,987		1,000,000			1,000		10,000

Net increase in net assets resulting from capital share transactions				1,000,000					10,000

Total increase in net assets				981,843					10,753


Net assets
Beginning of period				10,753					0

End of period			$	992,596				$	10,753

¹	For the period from August 3, 2017 (commencement of operations) to February 28, 2018

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $48. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


50		Wells Fargo Funds		Statements of changes in net assets


	Factor Enhanced International Fund
	Year ended February 28, 2019					Year ended February 28, 2018^1,2

Operations
Net investment income			$	10,653				$	115
Net realized gains (losses) on investments				(96,792	)				47
Net change in unrealized gains (losses) on investments				42,968					350

Net increase (decrease) in net assets resulting from operations				(43,171	)				512

Distributions to shareholders from net investment income and net realized gains				(7,095	)				(49	)


Capital share transactions		Shares					Shares
Proceeds from shares sold		94,073		1,000,000			1,000		10,000

Net increase in net assets resulting from capital share transactions				1,000,000					10,000

Total increase in net assets				949,734					10,463


Net assets
Beginning of period				10,463					0

End of period			$	960,197				$	10,463

¹	For the period from August 3, 2017 (commencement of operations) to February 28, 2018

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $73. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


Statements of changes in net assets		Wells Fargo Funds			51


	Factor Enhanced Large Cap Fund
	Year ended February 28, 2019					Year ended February 28, 2018^1,2

Operations
Net investment income			$	9,567				$	124
Net realized gains (losses) on investments				(68,608	)				374
Net change in unrealized gains (losses) on investments				67,267					394

Net increase in net assets resulting from operations				8,226					892

Distributions to shareholders from net investment income and net realized gains				(8,751	)				(56	)


Capital share transactions		Shares					Shares
Proceeds from shares sold		86,356		1,000,000			1,000		10,000

Net increase in net assets resulting from capital share transactions				1,000,000					10,000

Total increase in net assets				999,475					10,836


Net assets
Beginning of period				10,836					0

End of period			$	1,010,311				$	10,836

¹	For the period from August 3, 2017 (commencement of operations) to February 28, 2018

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $68. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


52		Wells Fargo Funds		Statements of changes in net assets


	Factor Enhanced Small Cap Fund
	Year ended February 28, 2019					Year ended February 28, 2018^1,2

Operations
Net investment income			$	4,672				$	84
Net realized gains (losses) on investments				(116,944	)				246
Net change in unrealized gains (losses) on investments				31,206					373

Net increase (decrease) in net assets resulting from operations				(81,066	)				703


Distributions to shareholders from
Net investment income and net realized gains				(5,513	)				(42	)
Tax basis return of capital				(1,765	)				0

Total distributions to shareholders				(7,278	)				(42	)


Capital share transactions		Shares					Shares
Proceeds from shares sold		80,386		1,000,000			1,000		10,000

Net increase in net assets resulting from capital share transactions				1,000,000					10,000

Total increase in net assets				911,656					10,661


Net assets
Beginning of period				10,661					0

End of period			$	922,317				$	10,661

¹	For the period from August 3, 2017 (commencement of operations) to February 28, 2018

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $42. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


Statements of changes in net assets		Wells Fargo Funds			53


	High Yield Corporate Bond Fund
	Year ended February 28, 2019					Year ended February 28, 2018^1,2

Operations
Net investment income			$	35,224				$	326
Net realized losses on investments				(7,401	)				(66	)
Net change in unrealized gains (losses) on investments				(7,366	)				(209	)

Net increase in net assets resulting from operations				20,457					51


Distributions to shareholders from
Net investment income and net realized gains				(27,681	)				(385	)
Tax basis return of capital				0					(8	)

Total distributions to shareholders				(27,681	)				(393	)


Capital share transactions		Shares					Shares
Proceeds from shares sold		105,042		1,000,000			1,000		10,000

Net increase in net assets resulting from capital share transactions				1,000,000					10,000

Total increase in net assets				992,776					9,658


Net assets
Beginning of period				9,658					0

End of period			$	1,002,434				$	9,658

¹	For the period from August 3, 2017 (commencement of operations) to February 28, 2018

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at February 28, 2018 was $59. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


54		Wells Fargo Funds		Statements of changes in net assets


	International Government Bond Fund
	Year ended February 28, 2019					Year ended February 28, 2018^1,2

Operations
Net investment income			$	7,498				$	54
Net realized losses on investments				(32,227	)				(27	)
Net change in unrealized gains (losses) on investments				29,170					414

Net increase in net assets resulting from operations				4,441					441


Distributions to shareholders from
Net investment income and net realized gains				(8	)				(35	)
Tax basis return of capital				(95	)				0

Total distributions to shareholders				(103	)				(35	)


Capital share transactions		Shares					Shares
Proceeds from shares sold		101,112		1,000,000			1,000		10,000

Net increase in net assets resulting from capital share transactions				1,000,000					10,000

Total increase in net assets				1,004,338					10,406


Net assets
Beginning of period				10,406					0

End of period			$	1,014,744				$	10,406

¹	For the period from October 31, 2017 (commencement of operations) to February 28, 2018

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at February 28, 2018 was $7. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


Statements of changes in net assets		Wells Fargo Funds			55


	U.S. Core Bond Fund
	Year ended February 28, 2019					Year ended February 28, 2018^1,2

Operations
Net investment income			$	14,748				$	137
Net realized gains (losses) on investments				6,265					(63	)
Net change in unrealized gains (losses) on investments				(1,205	)				(250	)

Net increase (decrease) in net assets resulting from operations				19,808					(176	)


Distributions to shareholders from
Net investment income and net realized gains				(14,606	)				(166	)
Tax basis return of capital				0					(22	)

Total distributions to shareholders				(14,606	)				(188	)


Capital share transactions		Shares					Shares
Proceeds from shares sold		104,058		1,000,000			1,000		10,000

Net increase in net assets resulting from capital share transactions				1,000,000					10,000

Total increase in net assets				1,005,202					9,636


Net assets
Beginning of period				9,636					0

End of period			$	1,014,838				$	9,636

¹	For the period from August 3, 2017 (commencement of operations) to February 28, 2018

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at February 28, 2018 was $0. The disaggregated distributions information for the year ended February 28, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


56		Wells Fargo Funds		Financial highlights


	Beginning net asset value per share		Net investment income		Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Tax basis return of capital			Ending net asset value per share

Emerging Markets Bond Fund
Year ended February 28, 2019	$	9.80		0.39		(0.11	)		(0.36	)		0.00			0.00		$	9.72
Year ended February 28, 2018⁵	$	10.00		0.26		(0.23	)		(0.23	)		0.00			0.00		$	9.80

Factor Enhanced Emerging Markets Fund
Year ended February 28, 2019	$	10.75		0.04		(1.19	)		(0.05	)		(0.00	)⁶		0.00		$	9.55
Year ended February 28, 2018⁵	$	10.00		0.12		0.70			(0.07	)		0.00			0.00		$	10.75

Factor Enhanced International Fund
Year ended February 28, 2019	$	10.46		0.04		(0.33	)		(0.07	)		(0.00	)⁶		0.00		$	10.10
Year ended February 28, 2018⁵	$	10.00		0.12		0.39			(0.05	)		0.00			0.00		$	10.46

Factor Enhanced Large Cap Fund
Year ended February 28, 2019	$	10.84		0.04		0.79			(0.10	)		(0.00	)⁶		0.00		$	11.57
Year ended February 28, 2018⁵	$	10.00		0.12		0.78			(0.06	)		0.00			0.00		$	10.84

Factor Enhanced Small Cap Fund
Year ended February 28, 2019	$	10.66		0.07		0.69			(0.07	)		(0.00	)⁶		(0.02	)	$	11.33
Year ended February 28, 2018⁵	$	10.00		0.08		0.62			(0.04	)		0.00			0.00		$	10.66

High Yield Corporate Bond Fund
Year ended February 28, 2019	$	9.66		0.54		(0.18	)		(0.57	)		0.00			0.00		$	9.45
Year ended February 28, 2018⁵	$	10.00		0.33		(0.28	)		(0.38	)		0.00			(0.01	)	$	9.66

International Government Bond Fund
Year ended February 28, 2019	$	10.41		0.18		(0.55	)		(0.09	)		0.00			(0.01	)	$	9.94
Year ended February 28, 2018⁷	$	10.00		0.05		0.40			(0.04	)		0.00			0.00		$	10.41

U.S. Core Bond Fund
Year ended February 28, 2019	$	9.64		0.27		0.02			(0.27	)		0.00			0.00		$	9.66
Year ended February 28, 2018⁵	$	10.00		0.14		(0.31	)		(0.17	)		0.00			(0.02	)	$	9.64

¹	Ratios include net expenses allocated from the affiliated Master Portfolio(s), which are waived by the manager. These amounts were as follows:


	Year ended February 28, 2019			Year ended February 28, 2018
Emerging Markets Bond Fund		0.49	%		0.39	%⁵
Factor Enhanced Emerging Markets Fund		0.63			0.46	⁵
Factor Enhanced International Fund		0.25			0.20	⁵
Factor Enhanced Large Cap Fund		0.13			0.11	⁵
Factor Enhanced Small Cap Fund		0.21			0.18	⁵
High Yield Corporate Bond Fund		0.36			0.33	⁵
International Government Bond Fund		0.70			1.76	⁷
U.S. Core Bond Fund		0.09			0.06	⁵

The Funds incurred expenses typical of funds with similar structures and strategies. Since the Funds were not open to public investment during the period since each Fund’s commencement of operations and the only investment has been the initial seed capital investment, the gross expenses are higher than the typical operation of the Funds. These expenses were waived by the manager.

³	Returns for periods of less than one year are not annualized.

⁴	Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio(s) by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

⁵	For the period from August 3, 2017 (commencement of operations) to February 28, 2018

⁶	Amount is less than $0.005.

⁷	For the period from October 31, 2017 (commencement of operations) to February 28, 2018

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


Financial highlights		Wells Fargo Funds			57


Ratio to average net assets (annualized)									Total return³			Portfolio turnover rate⁴			Net assets at end of period (000s omitted)
Net investment income¹			Gross expenses^1,2			Net expenses¹			Total return³			Portfolio turnover rate⁴			Net assets at end of period (000s omitted)


	5.56	%		11.56	%		0.00	%		3.13	%		38	%	$	1,046
	4.55	%		752.83	%		0.00	%		0.29	%		18	%	$	10


	2.19	%		13.42	%		0.00	%		(10.64	)%		81	%	$	993
	1.80	%		728.50	%		0.00	%		8.25	%		79	%	$	11


	2.25	%		12.14	%		0.00	%		(2.67	)%		47	%	$	960
	1.94	%		730.62	%		0.00	%		5.09	%		44	%	$	10


	1.99	%		11.87	%		0.00	%		7.75	%		23	%	$	1,010
	2.06	%		718.70	%		0.00	%		8.96	%		36	%	$	11


	1.03	%		12.58	%		0.00	%		7.23	%		37	%	$	922
	1.39	%		717.33	%		0.00	%		7.01	%		44	%	$	11


	7.11	%		11.68	%		0.00	%		3.92	%		47	%	$	1,002
	5.73	%		761.12	%		0.00	%		0.52	%		51	%	$	10


	1.49	%		11.96	%		0.00	%		(3.53	)%		276	%	$	1,015
	1.62	%		1,007.15	%		0.00	%		4.46	%		127	%	$	10


	2.92	%		11.25	%		0.00	%		3.06	%		60	%	$	1,015
	2.43	%		762.71	%		0.00	%		(1.74	)%		62	%	$	10

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


58		Wells Fargo Funds		Notes to financial statements

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Emerging Markets Bond Fund (“Emerging Markets Bond Fund”), Wells Fargo Factor Enhanced Emerging Markets Fund (“Factor Enhanced Emerging Markets Fund”), Wells Fargo Factor Enhanced International Fund (“Factor Enhanced International Fund”), Wells Fargo Factor Enhanced Large Cap Fund (“Factor Enhanced Large Cap Fund”), Wells Fargo Factor Enhanced Small Cap Fund (“Factor Enhanced Small Cap Fund”), Wells Fargo High Yield Corporate Bond Fund (“High Yield Corporate Bond Fund”), Wells Fargo International Government Bond Fund (“International Government Bond Fund”), and Wells Fargo U.S. Core Bond Fund (“U.S. Core Bond Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund, except International Government Bond Fund, is a diversified series of the Trust. International Government Bond Fund is a non-diversified series of the Trust.

Each Fund seeks to achieve its investment objective by investing all investable assets in separate diversified portfolios (collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each Fund, except U.S. Core Bond Fund, is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio with a substantially identical investment objective and substantially similar investment strategies. U. S. Core Bond Fund is a fund-of-funds that invests in substantially all of its assets in two affiliated Master Portfolios. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the year ended February 28, 2019 are included in this report and should be read in conjunction with each Fund’s financial statements. As of February 28, 2019, each Funds in a master-feeder structure own the following percentages of the respective affiliated Master Portfolios:

Emerging
Markets
Bond
Fund

Factor
Enhanced
Emerging
Markets
Fund

Factor
Enhanced
International
Fund

Factor
Enhanced
Large
Cap
Fund

Factor
Enhanced
Small
Cap
Fund

High
Yield
Corporate
Bond
Fund

International
Government
Bond
Fund

Wells Fargo Emerging Markets Bond Portfolio

2.37%

N/A

Wells Fargo Factor Enhanced Emerging Markets Portfolio

N/A

0.39%

N/A

Wells Fargo Factor Enhanced International Portfolio

N/A

0.14%

N/A

Wells Fargo Factor Enhanced Large Cap Portfolio

N/A

0.09%

N/A

Wells Fargo Factor Enhanced Small Cap Portfolio

N/A

0.33%

N/A

Wells Fargo High Yield Corporate Bond Portfolio

N/A

1.15%

N/A

Wells Fargo International Government Bond Portfolio

N/A

9.43%

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.


Notes to financial statements		Wells Fargo Funds			59

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 Funds may deviate from this calculation time under unusual or unexpected circumstances.

Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.

Investment transactions, income and expenses

Investments in affiliated Master Portfolios are recorded on a trade basis.

Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income, expenses and realized and unrealized gains or losses. Each Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date for each Fund as follows:


	Net investment income	Net realized gains

Emerging Markets Bond Fund	Semi-annually	Annually

Factor Enhanced Emerging Markets Fund	Annually	Annually

Factor Enhanced International Fund	Annually	Annually

Factor Enhanced Large Cap Fund	Annually	Annually

Factor Enhanced Small Cap Fund	Annually	Annually

High Yield Corporate Bond Fund	Monthly	Annually

International Government Bond Fund	Semi-annually	Annually

U.S. Core Bond Fund	Monthly	Annually

Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Funds’ fiscal year end. Therefore, a portion of each Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the fiscal years since commencement of operations are subject to examination by the federal and Delaware revenue authorities. Management has analyzed each Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.


60		Wells Fargo Funds		Notes to financial statements

As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:



	Tax cost		Gross unrealized gains		Gross unrealized losses			Net unrealized gains (losses)

Emerging Markets Bond Fund	$	1,015,348	$	28,283	$	0		$	28,283

Factor Enhanced Emerging Markets Fund		997,066		0		(7,456	)		(7,456	)

Factor Enhanced International Fund		916,741		40,114		0			40,114

Factor Enhanced Large Cap Fund		941,424		67,453		0			67,453

Factor Enhanced Small Cap Fund		895,935		24,666		0			24,666

High Yield Corporate Bond Fund		1,008,213		0		(2,865	)		(2,865	)

International Government Bond Fund		973,412		36,872		0			36,872

U.S. Core Bond Fund		1,017,376		0		(1,403	)		(1,403	)

Reclassifications are made to each Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At February 28, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statements of Assets and Liabilities:


	Paid-in capital			Total distributable earnings (loss)

International Government Bond Fund	$	(19,839	)	$	19,839

U.S. Core Bond Fund		65			(65	)

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of February 28, 2019, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:


	No expiration
	Short-term		Long-term
Emerging Markets Bond Fund	$	0	$	590
Factor Enhanced Emerging Markets Fund		11,090		2,756
Factor Enhanced International Fund		51,385		42,514
Factor Enhanced Large Cap Fund		31,253		37,477
Factor Enhanced Small Cap Fund		55,472		55,000
High Yield Corporate Bond Fund		3,959		3,947

At February 28, 2019, the International Government Bond Fund had a qualified late-year ordinary loss of $12,194 which will be recognized on the first day of the following fiscal year.


Notes to financial statements		Wells Fargo Funds			61

3. FAIR VALUATION MEASUREMENTS

At February 28, 2019, each Fund’s investment in an affiliated Master Portfolio was measured at fair value using the net

asset value per share (or its equivalent) as a practical expedient. The aggregate fair value of affiliated Master Portfolios

held in each Fund was as follows:


	Aggregate value of affiliated Master Portfolio(s)
Emerging Markets Bond Fund	$	1,043,631
Factor Enhanced Emerging Markets Fund		989,610
Factor Enhanced International Fund		956,855
Factor Enhanced Large Cap Fund		1,008,877
Factor Enhanced Small Cap Fund		920,601
High Yield Corporate Bond Fund		1,005,348
International Government Bond Fund		1,010,284
U.S. Core Bond Fund		1,015,973

Each Fund’s ownership in each affiliated Master Portfolio is disclosed in the Portfolio of Investments. The leveling of inputs for fair value measurements of each affiliated Master Portfolio are disclosed in the financial statements of each affiliated Master Portfolio.

The investment objective of each affiliated Master Portfolio is as follows:



Affiliated Master Portfolio		Investment objective

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays US ex-Corporate Index, before fees and expenses

Wells Fargo Emerging Markets Bond Portfolio		Seeks to replicate the total return of the JP Morgan EMBI Global Dividend Index, before fees and expenses

Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses

Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses

Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses

Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses

Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses

Wells Fargo International Government Bond Portfolio		Seeks to replicate the total return of the Wells Fargo International Government Bond Index, before fees and expenses

Wells Fargo Investment Grade Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. Investment Grade Corporate Bond Index, before fees and expenses

Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any

unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the applicable subadvisers and providing administrative services in connection with each Fund’s operations. Funds


62		Wells Fargo Funds		Notes to financial statements

Management does not receive an investment management or administration fee from each Fund. However, Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Funds Management has retained the services of a subadviser to provide daily portfolio management to U.S. Core Bond Fund. Funds Management has engaged Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, as subadviser. WellsCap does not receive an annual fee for its services.

Funds Management has committed through June 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 0.00%. Net expenses from affiliated Master Portfolios are included in the expense caps. Prior to or after the commitment expiration date, each expense cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended February 28, 2019 were as follows:


	Purchases at cost*		Sales proceeds*
	U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
Emerging Markets Bond Fund	$0	$517,214	$0	$1,175,023
Factor Enhanced Emerging Markets Fund	0	910,415	0	1,159,332
Factor Enhanced International Fund	0	571,895	0	1,084,073
Factor Enhanced Large Cap Fund	0	300,038	0	969,709
Factor Enhanced Small Cap Fund	0	435,695	0	1,046,281
High Yield Corporate Bond Fund	0	568,360	0	989,559
International Government Bond Fund	0	2,770,178	0	2,650,369
U.S. Core Bond Fund	725,528	99,789	1,145,230	333,029

The Funds seek to achieve their investment objectives by investing substantially all of their investable assets in affiliated Master Portfolio(s). Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the year ended February 28, 2019, there were no borrowings by the Funds under the agreement.


Notes to financial statements		Wells Fargo Funds			63

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended February 28, 2019, and February 28, 2018, were as follows:


	Ordinary income				Long-term capital gain				Tax basis return of capital
	2019		2018		2019		2018		2019		2018
Emerging Markets Bond Fund	$	19,031	$	233	$	0	$	0	$	0	$	0
Factor Enhanced Emerging Markets Fund		5,436		72		77		0		0		0
Factor Enhanced International Fund		7,048		49		47		0		0		0
Factor Enhanced Large Cap Fund		8,388		56		363		0		0		0
Factor Enhanced Small Cap Fund		5,359		42		154		0		1,765		0
High Yield Corporate Bond Fund		27,681		385		0		0		0		8
International Government Bond Fund		8		35		0		0		95		0
U.S. Core Bond Fund		14,606		166		0		0		0		22

As of February 28, 2019, the components of distribuable earnings on a tax basis were as follows:


	Undistributed ordinary income		Undistributed long-term gain		Unrealized gains (losses)			Late-year ordinary losses deferred			Capital loss carryforward
Emerging Markets Bond Fund	$	8,792	$	0	$	28,283		$	0		$	(590	)
Factor Enhanced Emerging Markets Fund		3,937		0		(7,456	)		0			(13,846	)
Factor Enhanced International Fund		3,890		0		40,114			0			(93,899	)
Factor Enhanced Large Cap Fund		1,505		0		67,453			0			(68,730	)
Factor Enhanced Small Cap Fund		0		0		24,666			0			(110,472	)
High Yield Corporate Bond Fund		3,219		0		(2,865	)		0			(7,906	)
International Government Bond Fund		0		0		36,872			(12,194	)		0
U.S. Core Bond Fund		5,574		587		(1,403	)		0			0

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended February 28, 2018 were as follows:


	Net investment income		Tax basis return of capital
Emerging Markets Bond Fund	$	233	$	0
Factor Enhanced Emerging Markets Fund		72		0
Factor Enhanced International Fund		49		0
Factor Enhanced Large Cap Fund		56		0
Factor Enhanced Small Cap Fund		42		0
High Yield Corporate Bond Fund		385		8
International Government Bond Fund		35		0
U.S. Core Bond Fund		166		22

8. CONCENTRATION OF OWNERSHIP

At February 28, 2019, Wells Fargo owned 100% of each Fund. Investment and/or voting activities of Wells Fargo with respect to their holdings in each Fund could have a material impact on each Fund.


64		Wells Fargo Funds		Notes to financial statements

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.


Report of independent registered public accounting firm		Wells Fargo Funds			65

TO THE SHAREHOLDERS OF THE FUNDS AND BOARD OF TRUSTEES OF WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Wells Fargo Emerging Markets Bond Fund, Wells Fargo Factor Enhanced Emerging Markets Fund, Wells Fargo Factor Enhanced International Fund, Wells Fargo Factor Enhanced Large Cap Fund, Wells Fargo Factor Enhanced Small Cap Fund, Wells Fargo High Yield Corporate Bond Fund, Wells Fargo International Government Bond Fund, and Wells Fargo U.S. Core Bond Fund (collectively, the Funds), eight of the funds constituting Wells Fargo Funds Trust, including the portfolios of investments, as of February 28, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended and for the period from August 3, 2017 (commencement of operations) to February 28, 2018, except for Wells Fargo International Government Bond Fund which is for the year then ended and for the period from October 31, 2017 (commencement of operations) to February 28, 2018, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the period from the commencement of operations to February 28, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods from the commencement of operations to February 28, 2019, and the financial highlights for each of the years or periods from the commencement of operations to February 28, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2019, by correspondence with the custodian and transfer agent, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however, we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

April 26, 2019


66		Wells Fargo Funds		Portfolio of investments—February 28, 2019

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 39.51%

FFCB		2.54	%		4-5-2021	$	690,000	$	689,575

FHLB		1.13			7-14-2021		120,000		116,202

FHLB		2.13			6-9-2023		520,000		509,212

FHLB		2.26			10-4-2022		1,000,000		983,683

FHLB		2.63			5-28-2020		830,000		830,655

FHLB		2.75			12-13-2024		870,000		872,573

FHLB		5.63			3-14-2036		60,000		77,245

FHLMC		1.38			4-20-2020		870,000		858,645

FHLMC		2.38			1-13-2022		1,180,000		1,174,894

FHLMC		2.50			3-1-2032		6,324,755		6,207,415

FHLMC		3.00			2-1-2047		17,871,612		17,498,075

FHLMC		3.00			3-1-2048		194,155		189,953

FHLMC		3.50			2-1-2044		14,677,349		14,803,144

FHLMC		3.50			4-1-2045		613,939		616,733

FHLMC		3.50			8-1-2047		9,852,959		9,869,344

FHLMC		6.00			7-1-2040		2,685,608		2,950,985

FHLMC Series K015 Class A2		3.23			7-25-2021		60,000		60,474

FHLMC Series K028 Class A1		2.18			11-25-2022		139,347		137,911

FHLMC Series K029 Class A2 ±±		3.32			2-25-2023		545,000		555,080

FHLMC Series K030 Class A2 ±±		3.25			4-25-2023		305,000		309,960

FHLMC Series K032 Class A2 ±±		3.31			5-25-2023		50,000		50,859

FHLMC Series K034 Class A2 ±±		3.53			7-25-2023		60,000		61,538

FHLMC Series K035 Class A2 ±±		3.46			8-25-2023		55,000		56,258

FHLMC Series K048 Class A2 ±±		3.28			6-25-2025		215,000		218,444

FHLMC Series K062 Class A2		3.41			12-25-2026		750,000		764,427

FHLMC Series K063 Class A2 ±±		3.43			1-25-2027		45,000		45,856

FHLMC Series K070 Class A2 ±±		3.30			11-25-2027		425,000		427,386

FHLMC Series K152 Class A1		2.83			5-25-2030		346,319		339,939

FHLMC Series K152 Class A2		3.08			1-25-2031		125,000		120,549

FHLMC Series K155 Class A3		3.75			4-25-2033		40,000		40,683

FHLMC Series K717 Class A2		2.99			9-25-2021		900,000		902,749

FNMA		1.38			2-26-2021		120,000		117,267

FNMA		1.50			11-30-2020		120,000		117,813

FNMA		1.90			10-27-2020		580,000		572,428

FNMA		2.13			4-24-2026		910,000		868,248

FNMA		2.50			12-1-2027		836,770		825,392

FNMA		2.50			9-1-2031		2,772,126		2,725,234

FNMA		3.00			12-1-2026		3,817,185		3,825,941

FNMA		3.00			12-1-2030		560,860		560,257

FNMA		3.00			7-1-2032		4,393,612		4,388,895

FNMA		3.00			1-1-2034		645,528		644,550

FNMA		3.00			8-1-2036		289,997		287,553

FNMA		3.00			2-1-2037		4,629,976		4,590,948

FNMA		3.00			11-1-2046		827,545		809,280

FNMA		3.00			7-1-2047		7,385,863		7,222,825

FNMA		3.00			12-1-2047		2,344,766		2,292,335

FNMA		3.50			6-1-2031		2,913,568		2,965,252

FNMA %%		3.50			3-18-2034		2,015,000		2,046,428

FNMA		3.50			1-1-2035		211,770		215,048

FNMA		3.50			3-1-2036		3,013,999		3,040,224

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			67

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)

FNMA		3.50	%		4-1-2037	$	1,362,664	$	1,367,787

FNMA		3.50			6-1-2042		2,924,048		2,948,633

FNMA		3.50			7-1-2042		1,194,372		1,205,512

FNMA		3.50			10-1-2042		6,137,261		6,188,859

FNMA		3.50			9-1-2043		2,302,999		2,326,522

FNMA		3.50			1-1-2048		1,145,000		1,145,822

FNMA		3.50			3-1-2048		1,165,836		1,166,673

FNMA		4.00			6-1-2042		11,151,665		11,470,217

FNMA		4.00			6-1-2042		1,045,978		1,075,849

FNMA		4.00			8-1-2043		7,838,763		8,049,043

FNMA		4.00			6-1-2048		11,306,780		11,532,857

FNMA		4.00			8-1-2048		1,335,000		1,362,117

FNMA		4.00			9-1-2048		881,529		899,243

FNMA		4.00			10-1-2048		2,320		2,369

FNMA		4.00			10-1-2048		23,166		23,656

FNMA		4.50			5-1-2040		459,184		482,381

FNMA		4.50			9-1-2040		11,210,183		11,744,419

FNMA		4.50			2-1-2047		3,516,640		3,642,307

FNMA %%		4.50			3-13-2049		6,625,000		6,854,183

FNMA		5.00			1-1-2042		400,542		428,745

FNMA		5.00			6-1-2045		1,491,279		1,595,874

FNMA		5.00			7-1-2045		5,084,767		5,443,422

FNMA		5.50			9-1-2040		2,851,109		3,062,361

FNMA		6.00			5-1-2041		150,409		165,630

FNMA		6.25			5-15-2029		230,000		293,425

FNMA		7.13			1-15-2030		810,000		1,104,391

FNMA		7.25			5-15-2030		80,000		110,678

FNMA Series 2012-M14 Class AI ±±		2.89			9-25-2027		166,768		162,538

FNMA Series 2016-M7 Class A2		2.50			9-25-2026		175,000		167,934

FNMA Series 2017-M1 Class A2 ±±		2.42			10-25-2026		275,000		261,495

FNMA Series 2017-M11 Class A2		2.98			8-25-2029		320,000		308,221

FNMA Series 2017-M3 Class A2 ±±		2.48			12-25-2026		995,000		948,429

FNMA Series 2017-M5 Class A2 ±±		3.18			4-25-2029		70,000		68,746

FNMA Series 2018-M13 Class A2 ±±		3.70			9-25-2030		90,000		92,423

GNMA		3.00			4-20-2045		8,631,156		8,550,574

GNMA		3.00			11-20-2045		633,165		626,861

GNMA		3.00			3-20-2046		6,008,530		5,945,638

GNMA		3.50			2-20-2045		16,611,150		16,781,805

GNMA		3.50			6-20-2045		2,697,091		2,724,811

GNMA		3.50			11-20-2045		3,094,404		3,130,040

GNMA		3.50			7-20-2047		868,331		876,395

GNMA		3.50			5-20-2048		269,714		272,193

GNMA		4.00			7-20-2044		2,942,625		3,043,125

GNMA		4.00			8-20-2044		1,440,759		1,484,196

GNMA		4.00			9-20-2044		2,909,666		3,009,130

GNMA		4.00			12-20-2047		6,117,577		6,283,007

TVA		2.88			2-1-2027		35,000		34,744

TVA		3.50			12-15-2042		120,000		117,421

TVA		3.88			2-15-2021		360,000		368,616

TVA		4.63			9-15-2060		35,000		41,978

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


68		Wells Fargo Funds		Portfolio of investments—February 28, 2019

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)

TVA		5.38	%		4-1-2056	$	10,000	$	13,420

TVA		6.75			11-1-2025		190,000		233,480

Total Agency Securities (Cost $246,797,726)									241,696,559


Asset-Backed Securities: 0.65%

Bank of America Credit Card Trust Series 2017-A1 Class A1		1.95			8-15-2022		15,000		14,889

Capital One Multi Asset Execution Trust Series 2017-A1 Class A1		2.00			1-17-2023		15,000		14,891

Capital One Multi Asset Execution Trust Series 2017-A3 Class A3		2.43			1-15-2025		110,000		108,886

Capital One Multi Asset Execution Trust Series 2017-A4 Class A4		1.99			7-17-2023		50,000		49,445

Capital One Multi Asset Execution Trust Series 2017-A6 Class A6		2.29			7-15-2025		85,000		83,392

CarMax Auto Owner Trust Series 2016-2 Class A4		1.68			9-15-2021		335,000		330,924

CarMax Auto Owner Trust Series 2016-3 Class A3		1.97			4-15-2022		240,000		238,148

CarMax Auto Owner Trust Series 2016-3 Class A4		1.60			1-18-2022		17,000		16,709

CarMax Auto Owner Trust Series 2016-4 Class A4		1.60			6-15-2022		10,000		9,790

CarMax Auto Owner Trust Series 2017-2 Class A4		2.25			9-15-2022		195,000		192,460

CarMax Auto Owner Trust Series 2017-3 Class A4		2.22			11-15-2022		89,000		87,689

CarMax Auto Owner Trust Series 2018-3 Class D		3.91			1-15-2025		80,000		80,144

Chase Issuance Trust Series 2012-A7 Class A7		2.16			9-15-2024		205,000		200,359

Citibank Credit Card Issuance Trust Series 2014-A5 Class A5		2.68			6-7-2023		110,000		109,821

Citibank Credit Card Issuance Trust Series 2017-A3 Class A3		1.92			4-7-2022		165,000		163,477

Discover Card Execution Note Trust Series 2017-A2 Class A2		2.39			7-15-2024		335,000		330,659

Ford Credit Floorplan Master Owner Trust Series 2016-5 Class A1		1.95			11-15-2021		40,000		39,748

Ford Credit Floorplan Master Owner Trust Series 2017-3 Class A		2.48			9-15-2024		50,000		49,275

Mercedes-Benz Auto Lease Trust Series 2017-A Class A4		2.01			1-17-2023		60,000		59,680

Nissan Auto Receivables Owner Trust Series 2017-A Class A4		2.11			5-15-2023		15,000		14,823

Nissan Auto Receivables Owner Trust Series 2017-C Class A3		2.12			4-18-2022		290,000		287,815

Nissan Auto Receivables Owner Trust Series 2017-C Class A4		2.28			2-15-2024		95,000		93,748

Synchrony Credit Card Master Note Trust Series 2015-1 Class A		2.37			3-15-2023		425,000		422,921

Synchrony Credit Card Master Note Trust Series 2016-2 Class A		2.21			5-15-2024		175,000		172,421

Synchrony Credit Card Master Note Trust Series 2018-2 Class A		3.47			5-15-2026		105,000		106,754

World Financial Network Credit Card Master Trust Series 2016-A Class A		2.03			4-15-2025		72,000		70,322

World Omni Auto Receivables Trust Series 2016-B Class A4		1.48			11-15-2022		192,000		187,885

World Omni Auto Receivables Trust Series 2017-A Class A4		2.24			6-15-2023		210,000		207,781

World Omni Auto Receivables Trust Series 2017-B Class A4		2.25			10-16-2023		205,000		201,091

World Omni Auto Receivables Trust Series 2018-D Class A4		3.44			12-16-2024		28,000		28,368

Total Asset-Backed Securities (Cost $4,003,227)									3,974,315


Municipal Obligations: 0.82%

California: 0.28%

Education Revenue: 0.01%

California Series B		3.90			11-1-2047		15,000		14,291

University of California Series AD		4.86			5-15-2112		70,000		72,320

									86,611


GO Revenue: 0.17%

California Build America Bonds		5.70			11-1-2021		90,000		96,987

California Build America Bonds		7.55			4-1-2039		110,000		161,563

California Build America Bonds		7.60			11-1-2040		15,000		22,412

California Build America Bonds		7.63			3-1-2040		200,000		292,998

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			69

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

GO Revenue (continued)

California Build America Bonds Taxable Various Purpose		7.50	%		4-1-2034	$	100,000	$	140,794

Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		5,000		7,227

Los Angeles CA Unified School District Build America Bonds		5.75			7-1-2034		15,000		18,002

Los Angeles CA Unified School District Build America Bonds		5.76			7-1-2029		60,000		69,493

Los Angeles CA Unified School District Build America Bonds		6.76			7-1-2034		160,000		208,147

									1,017,623


Transportation Revenue: 0.06%

Bay Area CA Toll Authority Series 1		6.26			4-1-2049		100,000		136,491

Bay Area CA Toll Authority Series 1		6.92			4-1-2040		15,000		20,144

Bay Area CA Toll Authority Series 1		7.04			4-1-2050		140,000		203,301

									359,936


Utilities Revenue: 0.04%

California Department of Water Resources Series P		2.00			5-1-2022		55,000		53,756

Los Angeles CA DW&P Build America Bonds Series A		5.72			7-1-2039		100,000		123,019

Los Angeles CA DW&P Build America Bonds Series D		6.57			7-1-2045		55,000		76,832

									253,607


									1,717,777


Florida: 0.03%

Miscellaneous Revenue: 0.03%

Florida Board of Administrative Finance Series A		2.64			7-1-2021		150,000		149,697


Georgia: 0.03%

Utilities Revenue: 0.03%

Municipal Electric Authority of Georgia Build America Bonds		6.66			4-1-2057		149,000		168,474

Municipal Electric Authority of Georgia Build America Bonds		7.06			4-1-2057		10,000		11,138

									179,612


Illinois: 0.11%

GO Revenue: 0.06%

Chicago IL Series B		6.31			1-1-2044		50,000		48,666

Illinois Taxable Pension		5.10			6-1-2033		330,000		313,002

									361,668


Miscellaneous Revenue: 0.01%

Illinois Build America Bonds Series 3		6.73			4-1-2035		45,000		47,518


Tax Revenue: 0.04%

Chicago IL Transit Authority Series B		6.90			12-1-2040		210,000		267,441


									676,627


Kansas: 0.00%

Miscellaneous Revenue: 0.00%

Kansas Development Finance Authority Series H		4.93			4-15-2045		5,000		5,545

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


70		Wells Fargo Funds		Portfolio of investments—February 28, 2019

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Massachusetts: 0.03%

GO Revenue: 0.03%

Massachusetts Build America Bonds Series A		4.91	%		5-1-2029	$	130,000	$	144,717

Massachusetts Build America Bonds Series D		4.50			8-1-2031		5,000		5,443

Massachusetts Build America Bonds Series E		4.20			12-1-2021		10,000		10,219

									160,379


New Jersey: 0.06%

Miscellaneous Revenue: 0.04%

New Jersey EDA Series A (National Insured)		7.43			2-15-2029		225,000		271,190


Transportation Revenue: 0.02%

New Jersey Turnpike Authority Build America Bonds Series A		7.10			1-1-2041		70,000		97,507


									368,697


New York: 0.12%

Airport Revenue: 0.04%

Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		190,000		200,507


Tax Revenue: 0.04%

New York Metropolitan Transportation Authority Dedicated Tax Fund Build America Bonds		7.34			11-15-2039		100,000		142,221

New York NY Transitional Finance Authority Build America Bonds Subseries C-2		5.77			8-1-2036		100,000		116,618

									258,839


Water & Sewer Revenue: 0.04%

New York NY Municipal Water Finance Authority		5.44			6-15-2043		10,000		12,266

New York NY Municipal Water Finance Authority Series CC		5.88			6-15-2044		190,000		248,571

									260,837


									720,183


Ohio: 0.03%

Education Revenue: 0.00%

Ohio State University Build America Bonds		4.91			6-1-2040		5,000		5,764


Utilities Revenue: 0.03%

American Municipal Power Ohio Incorporated Build America Bonds		5.94			2-15-2047		150,000		186,821

American Municipal Power Ohio Incorporated Build America Bonds Series E		6.27			2-15-2050		10,000		12,615

									199,436


									205,200


Oregon: 0.04%

Tax Revenue: 0.04%

Oregon		5.76			6-1-2023		159,867		170,711

Oregon Department of Transportation Build America Bonds Series A		5.83			11-15-2034		50,000		61,903

									232,614

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			71

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Pennsylvania: 0.00%

Transportation Revenue: 0.00%

Pennsylvania Turnpike Comission Series B		5.51	%		12-1-2045	$	5,000	$	6,062


Texas: 0.08%

Miscellaneous Revenue: 0.06%

Texas Build America Bonds		5.52			4-1-2039		290,000		357,808


Utilities Revenue: 0.02%

San Antonio TX		4.43			2-1-2042		140,000		149,716


									507,524


Wisconsin: 0.01%

Tax Revenue: 0.01%

Wisconsin General Fund Annual Appropriations Series C		3.15			5-1-2027		80,000		78,745


Total Municipal Obligations (Cost $5,167,672)									5,008,662


Non-Agency Mortgage-Backed Securities: 1.62%

Benchmark Mortgage Trust Series 2018-B1 Class A2		3.57			1-15-2051		480,000		488,511

Benchmark Mortgage Trust Series 2018-B1 Class A4		3.40			1-15-2051		25,000		24,815

Benchmark Mortgage Trust Series 2018-B6 Class A4		4.26			10-10-2051		135,000		142,308

Benchmark Mortgage Trust Series 2018-B7 Class B		4.86			5-15-2053		235,000		253,923

CenterPoint Energy Transition Restoration Bond Company LLC		4.24			8-15-2023		103,784		106,226

CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3		3.84			12-10-2054		20,000		20,326

Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		55,000		54,644

Citigroup Commercial Mortgage Trust Series 2016 GC37 Class B		4.23			4-10-2049		535,000		546,239

Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5		3.62			2-10-2049		680,000		689,789

Citigroup Commercial Mortgage Trust Series 2016-GC36 Class B ±±		4.76			2-10-2049		40,000		41,713

Citigroup Commercial Mortgage Trust Series 2016-GC36 Class C ±±		4.76			2-10-2049		95,000		96,870

Citigroup Commercial Mortgage Trust Series 2016-P4 Class A4		2.90			7-10-2049		135,000		130,642

Citigroup Commercial Mortgage Trust Series 2016-P5 Class A2		2.40			10-10-2049		141,000		139,351

Citigroup Commercial Mortgage Trust Series 2018-C6 Class A4		4.41			11-10-2051		520,000		553,061

Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		53,912		53,310

Commercial Mortgage Pass-Through Certificate Series 2013-CR9 Class A4 ±±		4.23			7-10-2045		505,000		528,531

Commercial Mortgage Trust Pass-Through Certificate Series 2012-CR2 Class ASB		2.75			8-15-2045		56,573		56,282

Commercial Mortgage Trust Series 2012-LC4 Class A4		3.29			12-10-2044		631,341		634,452

Commercial Mortgage Trust Series 2013-CR6 Class A4		3.10			3-10-2046		60,000		60,032

Commercial Mortgage Trust Series 2014 UBS5 Class C ±±		4.61			9-10-2047		195,000		196,317

Commercial Mortgage Trust Series 2014-UBS6 Class C ±±		4.46			12-10-2047		60,000		59,164

Commercial Mortgage Trust Series 2015-CR23 Class A3		3.23			5-10-2048		60,000		59,865

Commercial Mortgage Trust Series 2016-COR1 Class C ±±		4.39			10-10-2049		65,000		64,733

Commercial Mortgage Trust Series 2016-CR28 Class A4		3.76			2-10-2049		215,000		219,328

Goldman Sachs Mortgage Securities Trust Series 2012-GC6 Class A3		3.48			1-10-2045		722,272		728,800

Goldman Sachs Mortgage Securities Trust Series 2012-GCJ9 Class AS		3.12			11-10-2045		40,000		39,611

Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class B ±±		4.89			1-10-2047		80,000		81,934

Goldman Sachs Mortgage Securities Trust Series 2017-GS5 Class A3		3.41			3-10-2050		600,000		598,236

GS Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		265,000		277,027

JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C15 Class A4		4.10			11-15-2045		17,885		18,585

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


72		Wells Fargo Funds		Portfolio of investments—February 28, 2019

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Non-Agency Mortgage-Backed Securities (continued)

JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C30 Class A5		3.82	%		7-15-2048	$	1,450,000	$	1,488,542

JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C31 Class A3		3.80			8-15-2048		195,000		199,869

JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		17,163		17,119

Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class A4		3.18			8-15-2045		60,000		60,193

Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class AS ±±		4.37			8-15-2046		360,000		373,088

Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C8 Class A4		3.13			12-15-2048		50,000		49,797

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class A4		3.31			4-15-2048		60,000		60,033

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class B ±±		3.88			4-15-2048		285,000		283,167

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24 Class A4		3.73			5-15-2048		400,000		408,581

Total Non-Agency Mortgage-Backed Securities (Cost $10,084,663)									9,905,014


U.S. Treasury Securities: 50.85%

U.S. Treasury Bond		2.13			9-30-2024		3,270,000		3,194,637

U.S. Treasury Bond		2.13			11-30-2024		4,755,000		4,640,397

U.S. Treasury Bond		2.50			2-15-2046		100,000		89,172

U.S. Treasury Bond		2.50			5-15-2046		1,925,000		1,715,280

U.S. Treasury Bond		2.75			8-15-2042		6,035,000		5,717,455

U.S. Treasury Bond		2.75			11-15-2042		4,170,000		3,945,537

U.S. Treasury Bond		2.75			11-15-2047		1,255,000		1,173,180

U.S. Treasury Bond		2.88			5-15-2028		2,295,000		2,325,839

U.S. Treasury Bond		2.88			5-15-2043		5,955,000		5,748,669

U.S. Treasury Bond		3.00			5-15-2042		2,600,000		2,575,219

U.S. Treasury Bond		3.00			11-15-2044		585,000		576,499

U.S. Treasury Bond		3.00			5-15-2045		105,000		103,511

U.S. Treasury Bond		3.00			11-15-2045		55,000		54,205

U.S. Treasury Bond		3.00			2-15-2047		70,000		68,986

U.S. Treasury Bond		3.00			5-15-2047		20,761,000		20,433,365

U.S. Treasury Bond		3.00			2-15-2048		435,000		427,421

U.S. Treasury Bond		3.13			11-15-2028		1,855,000		1,918,331

U.S. Treasury Bond		3.13			11-15-2041		2,125,000		2,154,053

U.S. Treasury Bond		3.13			2-15-2042		370,000		374,712

U.S. Treasury Bond		3.38			5-15-2044		20,000		21,034

U.S. Treasury Bond		3.63			8-15-2043		490,000		536,512

U.S. Treasury Bond		3.63			2-15-2044		35,000		38,344

U.S. Treasury Bond		3.75			8-15-2041		780,000		871,163

U.S. Treasury Bond		4.25			11-15-2040		480,000		574,988

U.S. Treasury Bond		4.75			2-15-2041		390,000		499,215

U.S. Treasury Bond		5.00			5-15-2037		1,914,000		2,497,022

U.S. Treasury Bond		5.25			2-15-2029		760,000		926,013

U.S. Treasury Bond		5.38			2-15-2031		2,017,000		2,550,717

U.S. Treasury Bond		5.50			8-15-2028		430,000		529,152

U.S. Treasury Bond		6.13			11-15-2027		2,285,000		2,889,008

U.S. Treasury Bond		6.13			8-15-2029		475,000		620,784

U.S. Treasury Bond		6.38			8-15-2027		730,000		932,746

U.S. Treasury Bond		6.88			8-15-2025		335,000		419,417

U.S. Treasury Note		2.88			11-30-2025		3,225,000		3,275,643

U.S. Treasury Note ##		1.13			3-31-2020		3,065,000		3,018,666

U.S. Treasury Note		1.13			4-30-2020		4,905,000		4,825,294

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			73

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)

U.S. Treasury Note		1.13	%		2-28-2021	$	1,855,000	$	1,804,205

U.S. Treasury Note		1.13			6-30-2021		2,555,000		2,475,955

U.S. Treasury Note		1.13			9-30-2021		3,655,000		3,530,502

U.S. Treasury Note		1.25			3-31-2021		885,000		862,529

U.S. Treasury Note		1.25			10-31-2021		2,820,000		2,728,791

U.S. Treasury Note		1.38			5-31-2020		3,325,000		3,276,684

U.S. Treasury Note		1.38			8-31-2020		925,000		909,029

U.S. Treasury Note		1.38			9-15-2020		3,265,000		3,206,970

U.S. Treasury Note		1.38			9-30-2020		5,030,000		4,937,259

U.S. Treasury Note		1.38			10-31-2020		3,365,000		3,300,066

U.S. Treasury Note		1.38			1-31-2021		1,750,000		1,711,719

U.S. Treasury Note		1.38			4-30-2021		1,560,000		1,522,402

U.S. Treasury Note		1.38			6-30-2023		6,170,000		5,880,299

U.S. Treasury Note		1.38			8-31-2023		435,000		413,811

U.S. Treasury Note		1.38			9-30-2023		6,135,000		5,830,407

U.S. Treasury Note		1.50			5-31-2020		2,810,000		2,773,558

U.S. Treasury Note		1.50			6-15-2020		9,500,000		9,372,344

U.S. Treasury Note		1.50			8-15-2020		1,465,000		1,442,853

U.S. Treasury Note		1.50			1-31-2022		3,290,000		3,198,111

U.S. Treasury Note		1.50			3-31-2023		6,085,000		5,845,165

U.S. Treasury Note		1.50			8-15-2026		1,680,000		1,550,325

U.S. Treasury Note		1.63			3-15-2020		10,000		9,905

U.S. Treasury Note		1.63			8-15-2022		175,000		169,859

U.S. Treasury Note		1.63			11-15-2022		2,035,000		1,971,088

U.S. Treasury Note		1.63			4-30-2023		280,000		270,123

U.S. Treasury Note		1.63			5-31-2023		3,090,000		2,978,591

U.S. Treasury Note		1.63			10-31-2023		6,080,000		5,839,887

U.S. Treasury Note		1.63			2-15-2026		6,240,000		5,842,444

U.S. Treasury Note		1.63			5-15-2026		625,000		583,740

U.S. Treasury Note		1.75			10-31-2020		3,080,000		3,039,214

U.S. Treasury Note		1.75			12-31-2020		10,000		9,857

U.S. Treasury Note		1.75			11-30-2021		1,975,000		1,935,500

U.S. Treasury Note		1.75			2-28-2022		1,030,000		1,007,791

U.S. Treasury Note		1.75			3-31-2022		2,585,000		2,527,948

U.S. Treasury Note		1.75			6-30-2022		12,505,000		12,207,518

U.S. Treasury Note		1.75			9-30-2022		10,000		9,740

U.S. Treasury Note		1.75			5-15-2023		775,000		751,114

U.S. Treasury Note		1.88			6-30-2020		1,870,000		1,853,272

U.S. Treasury Note		1.88			11-30-2021		3,550,000		3,491,342

U.S. Treasury Note		1.88			7-31-2022		1,670,000		1,635,556

U.S. Treasury Note		1.88			9-30-2022		3,245,000		3,174,776

U.S. Treasury Note		2.00			5-31-2021		5,890,000		5,823,507

U.S. Treasury Note		2.00			10-31-2021		1,160,000		1,144,866

U.S. Treasury Note		2.00			12-31-2021		3,630,000		3,581,080

U.S. Treasury Note		2.00			10-31-2022		1,990,000		1,954,164

U.S. Treasury Note		2.00			2-15-2023		30,000		29,414

U.S. Treasury Note		2.00			6-30-2024		9,501,000		9,238,238

U.S. Treasury Note		2.00			2-15-2025		340,000		328,870

U.S. Treasury Note		2.00			8-15-2025		1,200,000		1,156,641

U.S. Treasury Note		2.13			9-30-2021		3,355,000		3,322,629

U.S. Treasury Note		2.13			12-31-2022		1,700,000		1,675,695

U.S. Treasury Note		2.13			11-30-2023		2,290,000		2,248,583

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


74		Wells Fargo Funds		Portfolio of investments—February 28, 2019

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)

U.S. Treasury Note		2.13	%		7-31-2024	$	570,000	$	557,442

U.S. Treasury Note		2.13			5-15-2025		160,000		155,631

U.S. Treasury Note		2.25			3-31-2021		5,810,000		5,776,638

U.S. Treasury Note		2.25			4-30-2021		5,825,000		5,791,324

U.S. Treasury Note		2.25			7-31-2021		5,580,000		5,546,215

U.S. Treasury Note		2.25			10-31-2024		2,035,000		2,000,739

U.S. Treasury Note		2.25			11-15-2024		4,275,000		4,200,688

U.S. Treasury Note		2.25			12-31-2024		3,550,000		3,486,488

U.S. Treasury Note		2.25			11-15-2025		565,000		552,111

U.S. Treasury Note		2.25			2-15-2027		400,000		388,203

U.S. Treasury Note		2.25			11-15-2027		1,045,000		1,008,915

U.S. Treasury Note		2.38			4-15-2021		2,895,000		2,885,953

U.S. Treasury Note		2.38			8-15-2024		490,000		485,253

U.S. Treasury Note		2.38			5-15-2027		8,628,000		8,442,633

U.S. Treasury Note		2.50			8-15-2023		5,540,000		5,534,590

U.S. Treasury Note		2.50			2-28-2026		3,165,000		3,140,150

U.S. Treasury Note		2.63			1-31-2026		2,230,000		2,231,220

U.S. Treasury Note		2.75			5-31-2023		1,895,000		1,912,173

U.S. Treasury Note		2.75			11-15-2023		2,040,000		2,059,842

U.S. Treasury Note		2.75			2-28-2025		3,500,000		3,531,445

U.S. Treasury Note		2.75			6-30-2025		1,270,000		1,280,765

U.S. Treasury Note		2.75			2-15-2028		2,685,000		2,695,069

U.S. Treasury Note		2.88			8-15-2028		1,675,000		1,696,723

U.S. Treasury Note		3.13			5-15-2021		2,430,000		2,460,945

U.S. Treasury Note		3.63			2-15-2021		695,000		709,389

U.S. Treasury Note		6.00			2-15-2026		2,955,000		3,585,015

U.S. Treasury Note		6.75			8-15-2026		795,000		1,015,581

U.S. Treasury Note		7.25			8-15-2022		3,150,000		3,638,373

U.S. Treasury Note		8.00			11-15-2021		760,000		868,122

U.S. Treasury Note		8.13			5-15-2021		2,490,000		2,786,077

U.S. Treasury Note		8.75			5-15-2020		1,865,000		2,001,524

Total U.S. Treasury Securities (Cost $315,765,776)									311,073,358


Yankee Corporate Bonds and Notes: 3.40%

Energy: 0.50%

Oil, Gas & Consumable Fuels: 0.50%

CNOOC Petroleum North America ULC		7.50			7-30-2039		60,000		84,372

CNOOC Petroleum North America ULC		7.88			3-15-2032		200,000		273,733

Ecopetrol SA		5.88			9-18-2023		440,000		473,224

Ecopetrol SA		7.38			9-18-2043		20,000		23,400

Equinor ASA		2.90			11-8-2020		110,000		110,211

Equinor ASA		4.80			11-8-2043		200,000		221,315

Petroleos Mexicanos Company		4.50			1-23-2026		140,000		125,020

Petroleos Mexicanos Company		5.50			6-27-2044		1,250,000		974,375

Petroleos Mexicanos Company		6.38			2-4-2021		430,000		442,380

Petroleos Mexicanos Company		6.50			3-13-2027		250,000		241,975

Petroleos Mexicanos Company		6.50			6-2-2041		110,000		95,700

Petroleos Mexicanos Company		6.63			6-15-2038		10,000		8,825

									3,074,530

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			75

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Financials: 2.90%

Banks: 2.90%

African Development Bank		2.63	%		3-22-2021	$	380,000	$	379,816

Asian Development Bank		1.63			5-5-2020		140,000		138,367

Asian Development Bank		2.00			2-16-2022		950,000		933,434

Asian Development Bank		2.00			4-24-2026		60,000		56,918

Asian Development Bank		2.63			1-12-2027		630,000		620,863

Asian Development Bank		5.82			6-16-2028		10,000		12,091

Asian Development Bank		6.22			8-15-2027		80,000		97,762

Corporación Andina de Fomento		2.13			9-27-2021		10,000		9,726

Corporación Andina de Fomento		4.38			6-15-2022		270,000		278,786

European Bank for Reconstruction & Development		2.13			3-7-2022		370,000		364,430

European Investment Bank		1.38			6-15-2020		970,000		954,337

European Investment Bank		1.63			12-15-2020		280,000		275,222

European Investment Bank		1.88			2-10-2025		110,000		104,977

European Investment Bank		2.13			10-15-2021		750,000		741,047

European Investment Bank		2.38			6-15-2022		1,080,000		1,072,330

European Investment Bank		2.50			3-15-2023		200,000		199,088

European Investment Bank		2.88			8-15-2023		10,000		10,100

European Investment Bank		3.25			1-29-2024		100,000		102,730

FMS Wertmanagement		1.75			3-17-2020		350,000		346,806

Inter-American Development Bank		1.75			4-14-2022		580,000		564,967

Inter-American Development Bank		1.75			9-14-2022		250,000		242,656

Inter-American Development Bank		2.00			6-2-2026		260,000		246,543

Inter-American Development Bank		2.13			1-18-2022		60,000		59,198

Inter-American Development Bank		2.13			1-15-2025		690,000		667,100

Inter-American Development Bank		3.20			8-7-2042		30,000		29,008

Inter-American Development Bank		3.88			2-14-2020		140,000		141,594

Inter-American Development Bank		4.38			1-24-2044		30,000		34,852

International Bank for Reconstruction & Development		1.13			8-10-2020		190,000		186,038

International Bank for Reconstruction & Development		1.38			3-30-2020		730,000		720,387

International Bank for Reconstruction & Development		1.38			5-24-2021		890,000		866,385

International Bank for Reconstruction & Development		1.88			4-21-2020		690,000		684,207

International Bank for Reconstruction & Development		2.00			1-26-2022		240,000		235,934

International Bank for Reconstruction & Development		2.50			7-29-2025		50,000		49,303

International Bank for Reconstruction & Development		4.75			2-15-2035		80,000		95,100

International Finance Corporation		2.13			4-7-2026		400,000		384,384

KfW ¤		0.00			4-18-2036		340,000		191,958

KfW		1.50			6-15-2021		890,000		868,155

KfW		2.00			11-30-2021		250,000		245,970

KfW		2.00			5-2-2025		40,000		38,406

KfW		2.13			3-7-2022		1,100,000		1,084,895

KfW		2.13			6-15-2022		130,000		128,025

KfW		2.13			1-17-2023		1,010,000		991,495

KfW		2.75			9-8-2020		380,000		380,643

Landwirtschaftliche Rentenbank		1.75			7-27-2026		10,000		9,287

Landwirtschaftliche Rentenbank		2.25			10-1-2021		600,000		594,470

Nordic Investment Bank		1.25			8-2-2021		400,000		387,099

Oesterreichische Kontrollbank AG		2.88			3-13-2023		260,000		261,893

Swedish Export Credit ¤		0.00			5-11-2037		65,000		33,478

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


76		Wells Fargo Funds		Portfolio of investments—February 28, 2019

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)

Swedish Export Credit		1.88	%		6-23-2020	$	590,000	$	584,003

									17,706,263


Total Yankee Corporate Bonds and Notes (Cost $21,204,953)									20,780,793


Yankee Government Bonds: 2.07%

Canada		2.00			11-15-2022		150,000		146,893

Export Development Canada		2.00			11-30-2020		170,000		168,183

Export-Import Bank of Korea		2.88			1-21-2025		400,000		389,146

Export-Import Bank of Korea		5.13			6-29-2020		190,000		195,172

Hydro-Quebec		9.40			2-1-2021		535,000		599,412

Italy		5.38			6-15-2033		110,000		113,155

Italy		6.88			9-27-2023		100,000		109,500

Japan Bank for International Cooperation		1.88			4-20-2021		1,130,000		1,109,429

Japan Bank for International Cooperation		2.75			11-16-2027		360,000		347,389

Korea Development Bank		2.25			5-18-2020		450,000		445,074

Oriental Republic of Uruguay		4.98			4-20-2055		100,000		100,151

Oriental Republic of Uruguay		5.10			6-18-2050		385,000		393,663

Province of Alberta		2.20			7-26-2022		250,000		244,385

Province of British Columbia		7.25			9-1-2036		100,000		149,132

Province of British Columbia		2.00			10-23-2022		15,000		14,626

Province of Manitoba		2.10			9-6-2022		240,000		233,699

Province of Ontario		1.88			5-21-2020		60,000		59,386

Province of Ontario		2.20			10-3-2022		120,000		117,395

Province of Ontario		2.50			4-27-2026		480,000		462,207

Province of Ontario		3.20			5-16-2024		5,000		5,054

Province of Ontario		4.40			4-14-2020		230,000		234,158

Province of Quebec		2.50			4-20-2026		75,000		72,414

Province of Quebec		2.63			2-13-2023		60,000		59,517

Republic of Chile		3.63			10-30-2042		285,000		271,349

Republic of Colombia		3.88			4-25-2027		210,000		206,957

Republic of Colombia		6.13			1-18-2041		225,000		254,027

Republic of Colombia		7.38			9-18-2037		280,000		351,400

Republic of Hungary		5.38			3-25-2024		215,000		233,512

Republic of Hungary		6.38			3-29-2021		30,000		31,868

Republic of Hungary		7.63			3-29-2041		135,000		196,766

Republic of Indonesia		2.95			1-11-2023		200,000		195,375

Republic of Korea		3.88			9-11-2023		210,000		217,014

Republic of Panama		9.38			4-1-2029		360,000		515,196

Republic of Peru		5.63			11-18-2050		365,000		446,213

Republic of Philippines		4.00			1-15-2021		105,000		106,897

Republic of Poland		3.00			3-17-2023		490,000		489,265

Republic of Poland		3.25			4-6-2026		10,000		9,980

Republic of Poland		5.13			4-21-2021		10,000		10,455

Republic of the Philippines		5.50			3-30-2026		705,000		798,337

Republic of the Philippines		6.38			10-23-2034		185,000		240,261

State of Israel		4.00			6-30-2022		365,000		377,173

State of Israel		5.50			12-4-2023		240,000		270,167

State of Israel		5.50			4-26-2024		60,000		67,750

State of Israel		5.50			9-18-2033		6,000		7,548

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			77

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)

United Mexican States		4.00	%		10-2-2023	$	10,000	$	10,102

United Mexican States		4.15			3-28-2027		205,000		202,438

United Mexican States		4.35			1-15-2047		225,000		201,544

United Mexican States		5.75			10-12-2099		175,000		172,027

United Mexican States		6.05			1-11-2040		170,000		187,597

United Mexican States		7.50			4-8-2033		610,000		764,025

United Mexican States		8.30			8-15-2031		60,000		79,211

Total Yankee Government Bonds (Cost $12,904,714)									12,683,594


	Yield					Shares
Short-Term Investments: 1.13%

Investment Companies: 1.12%

Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.34					6,855,231		6,855,231


						Principal
U.S. Treasury Securities: 0.01%

U.S. Treasury Bill (z)		2.21			3-14-2019	$	70,000		69,940


Total Short-Term Investments (Cost $6,925,171)									6,925,171


Total investments in securities (Cost $622,853,902)	100.05	%		612,047,466

Other assets and liabilities, net	(0.05	)		(308,063	)

Total net assets	100.00	%	$	611,739,403

±±	The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

%%	The security is issued on a when-issued basis.

##	All or a portion of this security is segregated for when-issued securities.

¤	The security is issued in zero coupon form with no periodic interest payments.

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

(z)	Zero coupon security. The rate represents the current yield to maturity.

Abbreviations:

DW&P	Department of Water & Power

EDA	Economic Development Authority

FFCB	Federal Farm Credit Banks

FHLB	Federal Home Loan Bank

FHLMC

Federal Home Loan Mortgage Corporation

FNMA	Federal National Mortgage Association

GNMA	Government National Mortgage Association

GO	General obligation

National

National Public Finance Guarantee Corporation

TVA	Tennessee Valley Authority

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


78		Wells Fargo Funds		Portfolio of investments—February 28, 2019

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO

Investments in Affiliates

An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliated persons of the Portfolio 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		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		72,834,127		341,762,042		407,740,938		6,855,231	$	0	$	0	$	403,835	$	6,855,231		1.12	%

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			79

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Corporate Bonds and Notes: 16.73%

Azerbaijan: 1.42%

Southern Gas Corridor CJSC (Energy, Oil, Gas & Consumable Fuels)		6.88	%		3-24-2026	$	200,000	$	222,650

State Oil Company of the Azerbaijan Republic (Energy, Oil, Gas & Consumable Fuels)		4.75			3-13-2023		400,000		404,288

									626,938


Cayman Islands: 0.40%

Lamar Funding Limited (Utilities, Electric Utilities)		3.96			5-7-2025		200,000		174,000


Chile: 1.03%

Codelco Incorporated (Materials, Metals & Mining)		4.88			11-4-2044		250,000		262,360

Empresa Nacional del Petroleo (Energy, Oil, Gas & Consumable Fuels)		3.75			8-5-2026		200,000		193,702

									456,062


China: 0.44%

Chinalco Capital Holdings Limited (Materials, Metals & Mining)		4.25			4-21-2022		200,000		194,133


Hong Kong: 0.46%

CNAC Hong Kong Finbridge Company Limited (Materials, Chemicals)		4.63			3-14-2023		200,000		204,466


Indonesia: 0.46%

PT Pertamina Persero Tbk (Energy, Oil, Gas & Consumable Fuels)		5.63			5-20-2043		200,000		201,098


Ireland: 0.63%

Vnesheconombank (Financials, Banks)		5.94			11-21-2023		275,000		277,682


Kazakhstan: 1.48%

KazMunayGas National Company JSC (Energy, Oil, Gas & Consumable Fuels)		5.75			4-19-2047		450,000		460,064

KaztransGas Company JSC (Energy, Oil, Gas & Consumable Fuels)		4.38			9-26-2027		200,000		193,000

									653,064


Malaysia: 1.22%

Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels)		3.50			3-18-2025		216,000		217,563

Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels)		4.50			3-18-2045		300,000		319,078

									536,641


Mexico: 3.39%

Comision Federal de Electricidad (Utilities, Electric Utilities)		5.75			2-14-2042		200,000		193,752

Mexico City Airport Trust (Industrials, Airlines)		5.50			7-31-2047		200,000		172,500

Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		4.88			1-24-2022		600,000		596,400

Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		5.63			1-23-2046		250,000		196,225

Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		6.63			9-29-2049		200,000		163,000

Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		6.75			9-21-2047		200,000		173,420

									1,495,297


Netherlands: 0.56%

MDC-GMTN BV (Financials, Diversified Financial Services)		3.75			4-19-2029		250,000		247,915


Peru: 0.67%

Petroleos del Peru SA (Energy, Oil, Gas & Consumable Fuels)		4.75			6-19-2032		300,000		295,500

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


80		Wells Fargo Funds		Portfolio of investments—February 28, 2019

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

South Africa: 1.07%

Eskom Holdings SOC Limited (Utilities, Electric Utilities)		5.75	%		1-26-2021	$	275,000	$	273,225

ZAR Sovereign Capital Fund Proprietary Limited (Materials, Metals & Mining)		3.90			6-24-2020		200,000		199,266

									472,491


United Kingdom: 0.45%

Ukreximbank Via Biz Finance plc (Financials, Banks)		9.75			1-22-2025		200,000		196,200


Venezuela: 0.64%

Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) ††		5.38			4-12-2027		200,000		47,000

Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) ††		5.38			4-12-2027		350,000		82,250

Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) ††		5.50			4-12-2037		200,000		45,500

Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) ††		9.00			11-17-2021		400,000		106,000

									280,750


Virgin Islands (British): 2.41%

CCTI 2017 Limited (Financials, Capital Markets)		3.63			8-8-2022		200,000		191,483

Charming Light Investments Limited (Financials, Diversified Financial Services)		2.38			8-30-2021		200,000		192,214

Sinopec Group Overseas Development (2015) Limited (Energy, Oil, Gas & Consumable Fuels)		3.00			4-12-2022		200,000		197,006

State Grid Overseas Investment (2016) Limited (Utilities, Electric Utilities)		2.75			5-4-2022		300,000		294,577

State Grid Overseas Investment (2016) Limited (Utilities, Electric Utilities)		2.88			5-18-2026		200,000		188,152

									1,063,432


Total Yankee Corporate Bonds and Notes (Cost $7,573,411)									7,375,669


Yankee Government Bonds: 80.42%

Arab Republic of Egypt		6.13			1-31-2022		200,000		203,000

Arab Republic of Egypt		6.59			2-21-2028		250,000		243,450

Arab Republic of Egypt		8.50			1-31-2047		250,000		255,776

Banco Nacional de Desenvolvimento Economico e Social		5.50			7-12-2020		200,000		206,750

China Development Bank		4.00			1-24-2037		350,000		342,730

Dominican Republic		5.95			1-25-2027		1,100,000		1,140,143

Dominican Republic		6.00			7-19-2028		200,000		207,000

Export Credit Bank of Turkey		5.00			9-23-2021		200,000		194,393

Export-Import Bank of China		2.00			4-26-2021		450,000		439,009

Export-Import Bank of India		4.00			1-14-2023		475,000		479,686

Federation of Malaysia		3.18			4-27-2026		400,000		394,005

Federative Republic of Brazil		4.63			1-13-2028		400,000		397,404

Federative Republic of Brazil		5.63			1-7-2041		450,000		450,680

Federative Republic of Brazil		10.13			5-15-2027		25,000		34,406

Government of Jamaica		6.75			4-28-2028		225,000		249,037

Government of Jamaica		7.88			7-28-2045		300,000		356,250

Islamic Republic of Pakistan		8.25			4-15-2024		350,000		368,445

Kingdom of Bahrain		7.00			10-12-2028		200,000		210,778

Kingdom of Jordan		5.75			1-31-2027		300,000		292,884

Kingdom of Morocco		5.50			12-11-2042		200,000		210,000

Lebanese Republic		6.60			11-27-2026		500,000		426,290

Lebanese Republic		7.05			11-2-2035		200,000		162,524

Lebanese Republic		8.25			4-12-2021		350,000		338,261

Mongolia Government		5.63			5-1-2023		250,000		252,156

Oman Government International Bond		6.50			3-8-2047		400,000		353,520

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			81

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)

Oman Government International Bond		3.88	%		3-8-2022	$	500,000	$	484,520

Oriental Republic of Uruguay		4.50			8-14-2024		500,000		518,195

Oriental Republic of Uruguay		5.10			6-18-2050		450,000		460,125

Oriental Republic of Uruguay		7.88			1-15-2033		250,000		337,500

Perusahaan Penerbit SBSN Indonesia III		4.55			3-29-2026		500,000		510,000

Republic of Angola		8.25			5-9-2028		400,000		416,456

Republic of Argentina		5.63			1-26-2022		550,000		493,350

Republic of Argentina		2.50			12-31-2038		250,000		145,878

Republic of Argentina		7.50			4-22-2026		600,000		521,700

Republic of Argentina		7.63			4-22-2046		250,000		199,753

Republic of Azerbaijan		3.50			9-1-2032		200,000		174,000

Republic of Belarus		7.63			6-29-2027		200,000		215,144

Republic of Chile		3.86			6-21-2047		350,000		340,375

Republic of Colombia		3.88			4-25-2027		243,000		239,479

Republic of Colombia		5.00			6-15-2045		586,000		586,299

Republic of Colombia		7.38			9-18-2037		250,000		313,750

Republic of Costa Rica		7.00			4-4-2044		350,000		332,500

Republic of Croatia		6.63			7-14-2020		278,000		289,676

Republic of Ecuador		7.95			6-20-2024		350,000		346,745

Republic of Ecuador		7.95			6-20-2024		200,000		197,740

Republic of Ecuador		9.63			6-2-2027		300,000		311,610

Republic of Ecuador		9.65			12-13-2026		200,000		208,340

Republic of El Salvador		7.65			6-15-2035		347,000		355,675

Republic of Gabon		6.38			12-12-2024		350,000		337,372

Republic of Ghana		7.63			5-16-2029		300,000		290,558

Republic of Guatemala		4.38			6-5-2027		400,000		381,000

Republic of Hungary		5.38			2-21-2023		450,000		481,491

Republic of Hungary		5.38			3-25-2024		200,000		217,220

Republic of Indonesia		4.63			4-15-2043		200,000		194,673

Republic of Indonesia		4.10			4-24-2028		300,000		298,431

Republic of Indonesia		4.88			5-5-2021		200,000		206,145

Republic of Indonesia		5.13			1-15-2045		200,000		205,667

Republic of Indonesia		7.75			1-17-2038		25,000		33,240

Republic of Iraq		5.80			1-15-2028		250,000		241,550

Republic of Ivory Coast		5.38			7-23-2024		375,000		365,175

Republic of Ivory Coast		6.13			6-15-2033		250,000		231,875

Republic of Kazakhstan		3.88			10-14-2024		244,000		249,192

Republic of Kazakhstan		4.88			10-14-2044		300,000		314,788

Republic of Kenya		6.88			6-24-2024		200,000		205,300

Republic of Kenya		8.25			2-28-2048		200,000		201,340

Republic of Lithuania		6.63			2-1-2022		450,000		491,215

Republic of Nigeria		6.38			7-12-2023		550,000		565,829

Republic of Nigeria		7.63			11-28-2047		200,000		194,000

Republic of Nigeria		7.88			2-16-2032		300,000		307,146

Republic of Panama		4.00			9-22-2024		563,000		578,770

Republic of Panama		4.50			5-15-2047		600,000		607,500

Republic of Paraguay		4.63			1-25-2023		225,000		229,518

Republic of Paraguay		5.00			4-15-2026		250,000		259,330

Republic of Peru		4.13			8-25-2027		200,000		212,000

Republic of Peru		6.55			3-14-2037		365,000		473,588

Republic of Peru		7.35			7-21-2025		200,000		246,702

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


82		Wells Fargo Funds		Portfolio of investments—February 28, 2019

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)

Republic of Peru		8.75	%		11-21-2033	$	25,000	$	37,850

Republic of Philippines		3.70			2-2-2042		200,000		195,967

Republic of Philippines		4.00			1-15-2021		450,000		458,130

Republic of Philippines		5.50			3-30-2026		379,000		429,177

Republic of Philippines		6.38			1-15-2032		300,000		378,451

Republic of Poland		3.25			4-6-2026		400,000		399,200

Republic of Poland		5.13			4-21-2021		225,000		235,235

Republic of Senegal		6.25			5-23-2033		250,000		237,500

Republic of South Africa		4.85			9-27-2027		400,000		388,964

Republic of South Africa		6.25			3-8-2041		400,000		414,788

Republic of Sri Lanka		6.25			7-27-2021		600,000		603,610

Republic of Sri Lanka		6.75			4-18-2028		300,000		285,706

Republic of Turkey		5.63			3-30-2021		561,000		565,769

Republic of Turkey		4.49			11-25-2024		200,000		184,006

Republic of Turkey		6.63			2-17-2045		600,000		550,872

Republic of Turkey		8.00			2-14-2034		200,000		214,000

Republic of Venezuela †		6.00			12-9-2020		225,000		65,531

Republic of Venezuela †		7.00			3-31-2038		200,000		58,000

Republic of Venezuela †		9.00			5-7-2023		1,010,000		297,950

Republic of Zambia		8.50			4-14-2024		200,000		162,072

Republic of Zambia		8.97			7-30-2027		200,000		161,500

Romania		4.38			8-22-2023		250,000		255,575

Romania		4.88			1-22-2024		250,000		262,337

Romania		6.75			2-7-2022		50,000		54,248

Russian Federation		5.25			6-23-2047		200,000		198,285

Russian Federation		4.38			3-21-2029		200,000		195,167

Russian Federation		4.50			4-4-2022		400,000		409,158

Russian Federation		7.50			3-31-2030		477,250		529,032

Russian Federation		12.75			6-24-2028		250,000		399,688

Saudi International Bond		4.50			4-17-2030		200,000		206,006

State of Qatar		4.63			6-2-2046		250,000		257,199

Ukraine Government		7.75			9-1-2023		200,000		191,729

Ukraine Government		7.38			9-25-2032		200,000		172,264

Ukraine Government		7.75			9-1-2025		400,000		372,392

Ukraine Government		7.75			9-1-2027		200,000		182,984

United Mexican States		4.00			10-2-2023		200,000		202,038

United Mexican States		4.60			2-10-2048		200,000		185,500

United Mexican States		6.75			9-27-2034		200,000		236,636

Total Yankee Government Bonds (Cost $36,611,736)									35,462,518


	Yield					Shares
Short-Term Investments: 6.23%

Investment Companies: 6.23%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					2,749,145		2,749,145


Total Short-Term Investments (Cost $2,749,145)									2,749,145


Total investments in securities (Cost $46,934,292)	103.38	%		45,587,332

Other assets and liabilities, net	(3.38	)		(1,491,160	)

Total net assets	100.00	%	$	44,096,172

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			83

EMERGING MARKETS BOND PORTFOLIO

††	On the last interest date, partial interest was paid.

†	Non-income-earning security

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		0		25,423,463		22,674,318		2,749,145	$	0	$	0	$	17,183	$	2,749,145		6.23	%

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


84		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Common Stocks: 91.19%

Brazil: 4.37%

Aliansce Shopping Centers SA (Real Estate, Real Estate Management & Development)		10,400	$	55,653

Arezzo Industria e Comercio SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		4,100		58,911

Atacadao Distribuicao Comercio e Industria Limitada (Consumer Staples, Food & Staples Retailing)		42,600		221,384

B2W Companhia Digital (Consumer Discretionary, Internet & Direct Marketing Retail) †		11,935		153,630

Banco de Brasil SA (Financials, Banks)		89,100		1,200,288

Banco Santander (Brasil) SA (Financials, Banks)		25,800		158,393

BB Seguridade Participacoes SA (Financials, Insurance)		51,700		375,760

BK Brasil Operacao e Assessoria a Restaurantes SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		15,800		93,257

BRF SA (Consumer Staples, Food Products) †		44,700		244,793

CCR SA (Industrials, Transportation Infrastructure)		84,782		321,193

Centrais Electricas Brasileiras SA (Utilities, Electric Utilities) †		22,100		217,579

Cia Siderurgica Nacional SA (Materials, Metals & Mining) †		47,400		165,061

Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		23,441		245,571

Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		4,659		76,841

Companhia Hering SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		10,710		86,081

CPFL Energias Renovaveis SA (Utilities, Independent Power & Renewable Electricity Producers)		17,000		71,057

CVC Brasil Operadora e Agencia de Viagens SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		10,664		165,802

Duratex SA (Materials, Paper & Forest Products)		26,700		83,878

Ecorodovias Infraestrutura Logistica SA (Industrials, Transportation Infrastructure)		14,000		42,192

EDP Energias do Brasil SA (Utilities, Electric Utilities)		20,947		96,477

Embraer SA (Industrials, Aerospace & Defense)		51,430		261,247

Eneva SA (Utilities, Independent Power & Renewable Electricity Producers) †		21,100		104,990

Engie Brasil Energia SA (Utilities, Independent Power & Renewable Electricity Producers)		11,100		121,634

Equatorial Energia SA (Utilities, Electric Utilities)		13,614		297,677

Estacio Participacoes SA (Consumer Discretionary, Diversified Consumer Services)		20,833		152,803

EZTEC Empreendimentos e Participacoes SA (Consumer Discretionary, Household Durables)		10,600		75,264

Fleury SA (Health Care, Health Care Providers & Services)		18,005		95,869

Grendene SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		24,620		56,828

Hapvida Participacoes e Investimentos SA (Health Care, Health Care Providers & Services) 144A		11,800		102,382

Hypermarcas SA (Health Care, Pharmaceuticals)		32,036		229,429

Iguatemi Empresa de Shopping Centers SA (Real Estate, Real Estate Management & Development)		7,180		80,284

Iochpe Maxion SA (Industrials, Machinery)		9,600		55,512

IRB-Brasil Resseguros SA (Financials, Insurance)		11,200		265,378

JBS SA (Consumer Staples, Food Products)		85,629		306,164

Kroton Educacional SA (Consumer Discretionary, Diversified Consumer Services)		116,869		341,321

Linx SA (Information Technology, Software)		12,300		93,392

Localiza Rent A Car SA (Industrials, Road & Rail)		38,021		349,727

Lojas Renner SA (Consumer Discretionary, Multiline Retail)		53,333		614,526

M. Dias Branco SA (Consumer Staples, Food Products)		9,855		123,261

Magazine Luiza SA (Consumer Discretionary, Multiline Retail)		5,700		263,228

MRV Engenharia e Participacoes SA (Consumer Discretionary, Household Durables)		23,400		84,663

Multiplan Empreendimentos Imobiliarios SA (Real Estate, Real Estate Management & Development)		23,800		159,484

Natura Cosmeticos SA (Consumer Staples, Personal Products)		18,076		232,823

Notre Dame Intermedica Participacoes SA (Health Care, Health Care Providers & Services)		10,800		95,517

Odontoprev SA (Health Care, Health Care Providers & Services)		21,362		94,408

Petrobras Distribuidora SA (Consumer Discretionary, Specialty Retail)		26,800		174,450

Porto Seguro SA (Financials, Insurance)		6,568		97,991

Qualicorp SA (Health Care, Health Care Providers & Services)		19,701		81,245

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			85

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Brazil (continued)

Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		14,833	$	258,303

Rumo SA (Industrials, Road & Rail) †		82,800		428,973

Sao Martinho SA (Consumer Staples, Food Products)		14,411		72,052

Smiles Fidelidade SA (Communication Services, Media)		4,900		62,617

Suzano Papel e Celulose SA (Materials, Paper & Forest Products)		36,556		463,847

Totvs SA (Information Technology, Software)		9,500		92,189

Ultrapar Participacoes SA (Energy, Oil, Gas & Consumable Fuels)		29,098		413,755

WEG SA (Industrials, Machinery)		57,133		280,178

				11,217,212


Chile: 1.65%

Aguas Andinas SA Class A (Utilities, Water Utilities)		145,436		85,156

Antarchile SA (Industrials, Industrial Conglomerates)		10,088		146,130

Banco de Chile (Financials, Banks)		2,547,890		404,469

Banco de Credito e Inversiones (Financials, Banks)		4,383		299,681

Banco Santander Chile (Financials, Banks)		2,410,198		192,206

CAP SA (Materials, Metals & Mining)		5,269		58,086

Cencosud SA (Consumer Staples, Food & Staples Retailing)		102,093		190,074

Colbun SA (Utilities, Independent Power & Renewable Electricity Producers)		427,363		98,724

Compania Cervecerias Unidas SA (Consumer Staples, Beverages)		11,541		163,219

Empresa Nacional de Telecomunicaciones SA (Communication Services, Wireless Telecommunication Services)		10,142		106,705

Empresas CMPC SA (Materials, Paper & Forest Products)		93,546		350,891

Enel Americas SA (Utilities, Electric Utilities)		1,486,879		258,460

Enel Chile SA (Utilities, Electric Utilities)		1,657,530		173,910

Engie Energia Chile SA (Utilities, Electric Utilities)		22,246		44,402

Gener SA (Utilities, Independent Power & Renewable Electricity Producers)		104,670		31,298

Grupo Security SA (Financials, Banks)		173,506		76,167

Hortifrut SA (Consumer Staples, Food Products)		16,540		54,728

Inversiones Aguas Metropolitanas SA (Utilities, Water Utilities)		12,277		18,945

Inversiones La Construccion SA (Financials, Diversified Financial Services)		2,305		41,540

Itau CorpBanca SA (Financials, Banks)		15,094,396		142,929

LATAM Airlines Group SA (Industrials, Airlines)		30,044		349,080

Parque Arauco SA (Real Estate, Real Estate Management & Development)		49,332		135,398

Quinenco SA (Industrials, Industrial Conglomerates)		32,264		93,964

Ripley Corporation SA (Consumer Discretionary, Multiline Retail)		95,617		80,480

Salfacorp SA (Industrials, Construction & Engineering)		36,081		55,363

Sigdo Koppers SA (Industrials, Industrial Conglomerates)		40,034		76,305

SMU SA (Consumer Staples, Food & Staples Retailing) †		296,662		79,387

Sociedad Matriz del Banco de Chile SA Class B (Financials, Banks)		407,856		211,445

Sociedad Matriz SAAM SA (Industrials, Transportation Infrastructure)		464,220		46,010

Sonda SA (Information Technology, IT Services)		39,384		65,782

Vina Concha y Toro SA (Consumer Staples, Beverages)		49,128		105,324

				4,236,258


China: 16.48%

3SBio Incorporated (Health Care, Biotechnology) 144A		102,000		168,663

Agile Property Holdings Limited (Real Estate, Real Estate Management & Development)		106,000		132,470

Agricultural Bank of China Limited H Shares (Financials, Banks)		2,096,000		1,003,976

Air China H Shares (Industrials, Airlines)		128,000		138,277

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


86		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

China (continued)

Aluminum Corporation of China Limited H Shares (Materials, Metals & Mining) †		290,000	$	118,959

Anhui Conch Cement Company Limited H Shares (Materials, Construction Materials)		93,000		531,953

Anhui Gujing Distillery Company Class B (Consumer Staples, Beverages)		9,700		58,573

AviChina Industry & Technology Company Limited H Shares (Industrials, Aerospace & Defense)		199,000		141,206

BAIC Motor Corporation Limited H Shares (Consumer Discretionary, Automobiles) 144A		105,500		67,065

Bank of China Limited H Shares (Financials, Banks)		5,746,000		2,679,112

Bank of Communications Limited H Shares (Financials, Banks)		545,000		457,537

BBMG Corporation H Shares (Materials, Construction Materials)		157,000		57,602

Beijing Capital International Airport Company Limited H Shares (Industrials, Transportation Infrastructure)		128,000		128,004

Beijing Enterprises Holdings Limited (Utilities, Gas Utilities)		32,000		187,726

BYD Company Limited H Shares (Consumer Discretionary, Automobiles)		52,000		332,546

CGN Power Company Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		641,000		169,033

China Agri-Industries Holdings Limited (Consumer Staples, Food Products)		220,000		78,194

China Cinda Asset Management Company Limited H Shares (Financials, Capital Markets)		748,000		217,260

China CITIC Bank H Shares (Financials, Banks)		924,351		600,553

China Coal Energy Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		359,000		155,953

China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		321,000		345,955

China Communications Services Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		170,000		170,872

China Eastern Airlines Company H Shares (Industrials, Airlines)		116,000		74,035

China Energy Engineering Corporation Limited H Shares (Industrials, Construction & Engineering)		692,000		85,511

China Everbright Bank Company Limited H Shares (Financials, Banks)		352,000		168,607

China Gas Holdings Limited (Utilities, Gas Utilities)		153,000		502,870

China International Capital Corporation Limited H Shares (Financials, Capital Markets) 144A		77,600		180,315

China Jinmao Holdings Group Limited (Real Estate, Real Estate Management & Development)		372,000		180,556

China Longyuan Power Group Corporation H Shares (Utilities, Independent Power & Renewable Electricity Producers)		216,000		161,248

China Mengniu Dairy Company Limited (Consumer Staples, Food Products)		278,000		858,817

China Merchants Bank Company Limited H Shares (Financials, Banks)		262,000		1,201,567

China Merchants Securities H Shares (Financials, Capital Markets)		33,800		48,656

China Minsheng Banking Corporation Limited H Shares (Financials, Banks)		461,200		356,046

China Mobile Limited (Communication Services, Wireless Telecommunication Services)		398,500		4,193,267

China National Building Material Company Limited H Shares (Materials, Construction Materials)		276,000		219,752

China Oilfield Services Limited H Shares (Energy, Energy Equipment & Services)		118,000		116,801

China Overseas Land & Investment Limited (Real Estate, Real Estate Management & Development)		272,000		1,001,408

China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		1,790,000		1,546,062

China Power International Development Limited (Utilities, Independent Power & Renewable Electricity Producers)		269,000		67,852

China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		154,500		222,408

China Railway Group Limited H Shares (Industrials, Construction & Engineering)		308,000		305,263

China Railway Signal & Communication Corporation Limited H Shares (Information Technology, Electronic Equipment, Instruments & Components) 144A		112,000		92,742

China Reinsurance Group Corporation H Shares (Financials, Insurance)		488,000		112,523

China Resources Beer Holdings Company Limited (Consumer Staples, Beverages)		224,000		834,676

China Resources Cement Holdings Limited (Materials, Construction Materials)		158,000		168,270

China Resources Gas Group Limited (Utilities, Gas Utilities)		164,000		712,430

China Resources Land Limited (Real Estate, Real Estate Management & Development)		194,000		724,125

China Resources Pharmaceutical Group Limited (Health Care, Pharmaceuticals)		228,000		305,559

China Resources Power Holdings Company (Utilities, Independent Power & Renewable Electricity Producers)		122,000		231,263

China Southern Airlines Company H Shares (Industrials, Airlines)		116,000		94,724

China Telecom Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		966,000		523,010

China Travel International Investment Hong Kong Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		184,000		54,616

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			87

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

China (continued)

China Vanke Company Limited H Shares (Real Estate, Real Estate Management & Development)		89,700	$	340,528

Chongqing Changchun Automobile Class B (Consumer Discretionary, Automobiles)		58,900		33,615

Chongqing Rural Commercial Bank H Shares (Financials, Banks)		191,000		119,470

CIFI Holdings Group Company Limited (Real Estate, Real Estate Management & Development)		256,000		166,976

CITIC Securities Company Limited H Shares (Financials, Capital Markets)		139,500		338,009

COSCO Shipping Development Company Limited H Shares (Industrials, Marine) †		257,000		34,049

COSCO Shipping Holdings Company Limited H Shares (Industrials, Marine)		192,000		83,651

COSCO Shipping Ports Limited (Industrials, Transportation Infrastructure)		130,000		138,119

Country Garden Services Holdings Company Limited (Industrials, Commercial Services & Supplies) †		83,000		136,611

CRRC Corporation Limited H Shares (Industrials, Machinery)		329,000		345,356

CSC Financial Company Limited H Shares (Financials, Capital Markets)		61,500		55,626

CSG Holding Company Limited Class B (Materials, Construction Materials)		119,600		42,661

CSPC Pharmaceutical Group Limited (Health Care, Pharmaceuticals)		304,000		518,946

Datang International Power Generation Company Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		172,000		47,767

Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		204,000		217,001

ENN Energy Holdings Limited (Utilities, Gas Utilities)		56,700		585,076

Evergrande Health Industry Group Limited (Communication Services, Media)		160,000		244,594

Far East Horizon Limited (Financials, Diversified Financial Services)		185,000		206,452

Fu Shou Yuan International Group Limited (Consumer Discretionary, Diversified Consumer Services)		114,620		100,022

Fuyao Glass Industry Group Company Limited H Shares (Consumer Discretionary, Auto Components)		37,200		132,929

GF Securities Company Limited H Shares (Financials, Capital Markets)		107,800		181,824

Great Wall Motor Company Limited H Shares (Consumer Discretionary, Automobiles)		199,000		145,769

Guangdong Investment Limited (Utilities, Water Utilities)		210,000		402,892

Guangzhou Automobile Group H Shares (Consumer Discretionary, Automobiles)		180,400		221,773

Guangzhou R&F Properties Company Limited H Shares (Real Estate, Real Estate Management & Development)		67,600		126,420

Guotai Junan Securities Company Limited H Shares (Financials, Capital Markets)		44,000		97,980

Haitian International Holdings Limited (Industrials, Machinery)		50,000		109,303

Haitong Securities Company Limited H Shares (Financials, Capital Markets)		201,200		267,079

Hua Hong Semiconductor Limited (Information Technology, Semiconductors & Semiconductor Equipment)		41,000		95,896

Huaneng Power International Incorporated H Shares (Utilities, Independent Power & Renewable Electricity Producers)		288,000		177,575

Huaneng Renewables Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		300,000		91,340

Huatai Securities Company Limited H Shares (Financials, Capital Markets)		106,400		215,518

Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		5,813,000		4,472,808

Inner Mongolia Yitai Coal Company Limited Class B (Energy, Oil, Gas & Consumable Fuels)		112,500		138,938

Jiangsu Express Company Limited H Shares (Industrials, Transportation Infrastructure)		94,000		129,568

Jiangxi Copper Company Limited H Shares (Materials, Metals & Mining)		92,000		125,640

Jiayuan International Group Limited (Real Estate, Real Estate Management & Development)		86,000		41,851

Kunlun Energy Company Limited (Energy, Oil, Gas & Consumable Fuels)		254,000		278,924

Lao Feng Xiang Company Limited Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		25,612		89,232

Legend Holdings Corporation H Shares (Financials, Diversified Financial Services)		39,800		110,784

Lenovo Group Limited (Information Technology, Technology Hardware, Storage & Peripherals)		476,000		428,717

Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		135,000		189,178

Logan Property Holdings Company Limited (Real Estate, Real Estate Management & Development)		86,000		122,485

Longfor Properties Company Limited (Real Estate, Real Estate Management & Development)		102,500		304,245

Luye Pharma Group Limited (Health Care, Pharmaceuticals) 144A		142,000		106,006

Metallurgical Corporation of China Limited H Shares (Industrials, Construction & Engineering)		272,000		79,697

New China Life Insurance Company Limited H Shares (Financials, Insurance)		74,100		358,712

Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		119,000		123,400

Orient Securities Company Limited of China H Shares (Financials, Diversified Financial Services)		62,400		55,566

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


88		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

China (continued)

PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		1,562,692	$	1,033,201

PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		484,000		579,585

Poly Property Group Company Limited (Real Estate, Real Estate Management & Development)		175,000		65,989

Postal Savings Bank of China Company Limited H Shares (Financials, Banks)		461,000		276,022

Shandong Weigao Group Medical Polymer Company Limited H Shares (Health Care, Health Care Equipment & Supplies)		176,000		152,912

Shanghai Electric Group Company Limited H Shares (Industrials, Electrical Equipment)		250,000		92,678

Shanghai Fosun Pharmaceutical Company Limited H Shares (Health Care, Pharmaceuticals)		41,000		145,463

Shanghai Lujiazui Finance & Trade Zone Development Company Limited (Real Estate, Real Estate Management & Development)		77,200		109,084

Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		66,300		148,990

Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		75,500		155,814

Shimao Property Holding Limited (Real Estate, Real Estate Management & Development)		72,500		171,419

Silergy Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		6,000		107,277

Sino-Ocean Land Holdings Limited (Real Estate, Real Estate Management & Development)		243,000		113,610

Sinopec Engineering Group H Shares (Industrials, Construction & Engineering)		111,500		101,276

Sinopec Shanghai Petrochemical Company Limited H Shares (Materials, Chemicals)		232,000		117,629

Sinopharm Group Company Limited H Shares (Health Care, Health Care Providers & Services)		86,800		385,913

Sinotrans Limited H Shares (Industrials, Air Freight & Logistics)		163,000		76,623

Sinotruk Hong Kong Limited (Industrials, Machinery)		49,000		89,139

Tong Ren Tang Technologies Company Limited H Shares (Health Care, Pharmaceuticals)		64,000		83,814

Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		44,000		186,656

Uni-President China Holdings Limited (Consumer Staples, Food Products)		94,000		83,705

Weichai Power Company Limited H Shares (Industrials, Machinery)		142,000		197,178

Xinyi Solar Holdings Limited (Information Technology, Semiconductors & Semiconductor Equipment)		302,000		148,504

Yantai Changyu Pioneer Wine Company Limited Class B (Consumer Staples, Beverages)		26,800		58,211

Yanzhou Coal Mining Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		128,000		127,026

Yuexiu Property Company Limited (Real Estate, Real Estate Management & Development)		538,000		124,052

Zall Smart Commerce Group Limited (Real Estate, Real Estate Management & Development)		312,320		160,741

Zhaojin Mining Industry Company Limited H Shares (Materials, Metals & Mining)		88,500		94,365

Zhejiang Expressway Company Limited H Shares (Industrials, Transportation Infrastructure)		106,000		110,595

Zhuzhou CSR Times Electric Company Limited H Shares (Industrials, Electrical Equipment)		42,100		236,250

Zijin Mining Group Company Limited H Shares (Materials, Metals & Mining)		434,000		185,769

ZTE Corporation H Shares (Information Technology, Communications Equipment) †		38,200		114,117

				42,296,653


Colombia: 0.50%

Almacenes Exito SA (Consumer Staples, Food & Staples Retailing)		20,631		97,749

Banco de Bogota SA (Financials, Banks)		4,544		93,077

Corporacion Financiera Colombiana SA (Financials, Diversified Financial Services)		9,653		76,748

Grupo Argos SA (Materials, Construction Materials)		28,931		168,244

Grupo de Inversiones Suramericana SA (Financials, Diversified Financial Services)		21,955		249,367

Grupo Energia Bogota SA (Utilities, Gas Utilities)		232,569		153,964

Grupo Nutresa SA (Consumer Staples, Food Products)		23,800		201,584

Interconexion Electrica SA (Utilities, Electric Utilities)		32,599		147,894

Nexteer Automotive Group Limited (Consumer Discretionary, Auto Components)		60,000		85,455

				1,274,082

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			89

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Czech Republic: 0.39%

CEZ AS (Utilities, Electric Utilities)		15,095	$	365,764

Komercni Banka AS (Financials, Banks)		8,285		347,823

Moneta Money Bank (Financials, Banks) 144A		58,958		208,795

O2 Czech Republic AS (Communication Services, Diversified Telecommunication Services)		7,111		77,474

				999,856


Egypt: 0.25%

Commercial International Bank ADR (Financials, Banks)		159,890		655,549


Greece: 0.30%

Eurobank Ergasias SA (Financials, Banks) †		159,868		121,652

FF Group (Consumer Discretionary, Specialty Retail) (a)†		3,820		0

Grivalia Properties Real Estate Investment Company (Real Estate, Equity REITs)		4,474		49,923

Hellenic Petroleum SA (Energy, Oil, Gas & Consumable Fuels)		6,932		63,394

Hellenic Telecommunications Organization SA (Communication Services, Diversified Telecommunication Services)		19,643		249,124

Motor Oil (Hellas) Corinth Refineries SA (Energy, Oil, Gas & Consumable Fuels)		5,105		124,263

Mytilineos Holdings SA (Industrials, Industrial Conglomerates)		8,774		91,516

Titan Cement Company SA (Materials, Construction Materials)		3,736		81,846

				781,718


Hong Kong: 0.31%

Sino Biopharmaceutical Limited (Health Care, Pharmaceuticals)		454,000		393,865

SSY Group Limited (Health Care, Pharmaceuticals)		112,000		99,305

Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing)		176,500		179,429

Yuexiu Real Estate Investment Trust (Real Estate, Equity REITs)		188,505		127,515

				800,114


Hungary: 0.61%

Magyar Telekom Telecommunications plc (Communication Services, Diversified Telecommunication Services)		61,247		103,147

MOL Hungarian Oil & Gas plc (Energy, Oil, Gas & Consumable Fuels)		39,044		455,710

OTP Bank plc (Financials, Banks)		18,387		777,621

Richter Gedeon (Health Care, Pharmaceuticals)		11,919		230,785

				1,567,263


India: 13.57%

3M India Limited (Industrials, Industrial Conglomerates) †		225		72,430

Aarti Industries Limited (Materials, Chemicals)		5,418		105,890

ABB Limited India (Industrials, Electrical Equipment)		4,103		70,784

ACC Limited (Materials, Construction Materials)		4,883		97,645

Adani Power Limited (Utilities, Independent Power & Renewable Electricity Producers) †		81,065		54,878

Aditya Birla Fashion & Retail Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) †		33,685		106,701

Aia Engineering Limited (Industrials, Machinery)		2,436		58,751

Ajanta Pharma Limited (Health Care, Pharmaceuticals)		2,633		36,238

Alembic Pharmaceuticals Limited (Health Care, Pharmaceuticals)		5,977		46,634

Alkem Laboratories Limited (Health Care, Pharmaceuticals)		4,678		114,690

Amara Raja Batteries Limited (Industrials, Electrical Equipment)		5,723		57,684

Anveshan Heavy Engineering Limited (Industrials, Machinery) †(a)		697		0

Apollo Hospitals Enterprise Limited (Health Care, Health Care Providers & Services)		8,981		144,060

Apollo Tyres Limited (Consumer Discretionary, Auto Components)		33,347		101,950

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


90		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

India (continued)

Arvind Fashions Limited (Consumer Discretionary, Specialty Retail) (a)‡		3,765	$	53,238

Arvind Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		18,829		20,013

Asahi India Glass Limited (Consumer Discretionary, Auto Components)		1,377		4,966

Ashok Leyland Limited (Industrials, Machinery)		150,771		183,360

Asian Paints Limited (Materials, Chemicals)		51,200		1,011,529

Astral Poly Technik Limited (Industrials, Building Products)		4,035		61,303

Atul Limited (Materials, Chemicals)		1,452		68,734

AU Small Finance Bank Limited (Financials, Banks) 144A		9,710		79,126

Aurobindo Pharma Limited (Health Care, Pharmaceuticals)		29,800		298,330

Bajaj Auto Limited (Consumer Discretionary, Automobiles)		11,949		487,292

Bajaj Finance Limited (Financials, Consumer Finance)		19,300		718,802

Bajaj Finserv Limited (Financials, Insurance)		5,667		514,897

Balkrishna Industries Limited (Consumer Discretionary, Auto Components)		7,151		89,048

Bandhan Bank Limited (Financials, Banks) 144A		17,433		117,660

Bank of Baroda (Financials, Banks) †		75,432		107,114

Bata India Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,108		92,556

Bayer Cropscience Limited (Materials, Chemicals)		1,222		74,666

Berger Paints India Limited (Materials, Chemicals)		25,772		110,496

Bharat Financial Inclusion Limited (Financials, Consumer Finance) †		10,493		136,300

Bharat Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		67,685		321,219

Biocon Limited (Health Care, Biotechnology)		20,165		176,187

Blue Star Limited (Industrials, Building Products)		5,758		50,257

Bombay Burmah Trading Corporation Limited (Consumer Staples, Food Products)		1,725		28,918

Bosch Limited (Consumer Discretionary, Auto Components)		709		189,658

Britannia Industries Limited (Consumer Staples, Food Products)		10,307		442,979

Cadila Healthcare Limited (Health Care, Pharmaceuticals)		21,046		94,302

Canara Bank (Financials, Banks) †		10,571		34,399

Carborundum Universal Limited (Industrials, Machinery)		11,068		57,879

Care Ratings Limited (Financials, Capital Markets)		2,126		28,710

Castrol India Limited (Materials, Chemicals)		25,574		55,606

Ceat Limited (Consumer Discretionary, Auto Components)		1,766		27,070

Century Textiles & Industries Limited (Materials, Construction Materials)		3,870		43,640

Chambal Fertilisers and Chemicals Limited (Materials, Chemicals)		27,183		60,442

Cholamandalam Investment Limited (Financials, Consumer Finance)		5,071		87,772

Cipla Limited India (Health Care, Pharmaceuticals)		46,472		362,328

City Union Bank Limited (Financials, Banks)		56,535		145,816

Colgate-Palmolive Company India Limited (Consumer Staples, Personal Products)		8,679		153,315

Container Corporation of India Limited (Industrials, Transportation Infrastructure)		20,936		139,156

Coromandel International Limited (Materials, Chemicals)		8,463		52,574

Crisil Limited (Financials, Capital Markets)		1,403		28,760

Crompton Greaves Consumer Electricals Limited (Consumer Discretionary, Household Durables)		33,438		98,726

Cummins India Limited (Industrials, Machinery)		10,652		104,803

Cyient Limited (Information Technology, Software)		8,001		72,241

Dabur India Limited (Consumer Staples, Personal Products)		50,521		311,147

DCB Bank Limited (Financials, Banks)		22,248		56,851

Dewan Housing Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		15,215		27,253

Dish TV India Limited (Communication Services, Media)		108,879		59,701

Divi’s Laboratories Limited (Health Care, Life Sciences Tools & Services)		10,698		248,813

Dr. Reddy’s Laboratories Limited (Health Care, Pharmaceuticals)		2,623		97,050

Dr. Reddy’s Laboratories Limited ADR (Health Care, Pharmaceuticals)		6,978		262,931

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			91

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

India (continued)

Edelweiss Financial Services Limited (Financials, Capital Markets)		55,370	$	106,456

EIH Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		16,783		43,783

Emami Limited (Consumer Staples, Personal Products)		24,772		136,440

Endurance Technologies Limited (Consumer Discretionary, Auto Components) 144A		2,208		40,297

Equitas Holdings Limited (Financials, Consumer Finance) †		22,282		35,651

Eris Lifesciences Limited (Health Care, Pharmaceuticals) 144A†		5,031		43,094

Escorts Limited (Industrials, Machinery)		5,305		49,048

Exide Industries Limited (Consumer Discretionary, Auto Components)		37,756		116,650

Fertilisers & Chemicals Travancore Limited (Materials, Chemicals) †		54,493		24,248

Finolex Cables Limited (Industrials, Electrical Equipment)		6,876		39,017

Finolex Industries Limited (Materials, Chemicals)		4,539		30,284

Future Retail Limited (Consumer Discretionary, Multiline Retail) †		18,947		112,841

Gillette India Limited (Consumer Staples, Personal Products)		709		64,889

GlaxoSmithKline Consumer Healthcare Limited (Consumer Staples, Food Products)		915		92,804

GlaxoSmithKline Pharmaceuticals Limited (Health Care, Pharmaceuticals)		3,055		57,328

Glenmark Pharmaceuticals Limited (Health Care, Pharmaceuticals)		12,721		106,694

Godrej Consumer Products Limited (Consumer Staples, Personal Products)		34,913		330,275

Godrej Industries Limited (Industrials, Industrial Conglomerates)		11,342		78,623

Godrej Properties Limited (Real Estate, Real Estate Management & Development)		6,210		61,942

Graphite India Limited (Industrials, Electrical Equipment)		5,721		33,143

Gruh Finance Limited (Financials, Thrifts & Mortgage Finance)		24,629		85,702

Gujarat Fluorochemicals Limited (Materials, Chemicals)		3,117		39,860

Gujarat Narmada Valley Fertilizers Company Limited (Materials, Chemicals)		5,514		20,137

Gujarat Piavav Port Limited (Industrials, Transportation Infrastructure)		20,579		23,436

Gujarat State Fertilizers & Chemicals Limited (Materials, Chemicals)		16,567		21,161

Hatsun Agro Products Limited (Consumer Staples, Food Products)		4,411		40,875

Havells India Limited (Industrials, Electrical Equipment)		24,476		246,167

HCL Technologies Limited (Information Technology, IT Services)		42,146		624,491

Hero Honda Motors Limited (Consumer Discretionary, Automobiles)		10,215		377,442

Hexaware Technologies Limited (Information Technology, IT Services)		6,139		30,615

Hindustan Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		56,646		177,879

Hindustan Unilever Limited (Consumer Staples, Household Products)		77,507		1,888,086

Honeywell Automation India Limited (Information Technology, Electronic Equipment, Instruments & Components)		169		51,332

ICICI Lombard General Insurance Company Limited (Financials, Insurance) 144A		8,880		116,253

IDFC Limited (Financials, Diversified Financial Services)		90,973		46,749

IIFL Holdings Limited (Financials, Capital Markets)		14,547		67,258

Indiabulls Housing Finance Limited (Financials, Thrifts & Mortgage Finance)		27,642		254,652

Indiabulls Real Estate Limited (Real Estate, Real Estate Management & Development) †		24,983		24,745

Indiabulls Ventures Limited (Financials, Capital Markets)		28,423		111,732

Indian Energy Exchange Limited (Financials, Capital Markets) 144A		2,914		6,277

Indian Hotels Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		57,413		111,958

Indraprastha Gas Limited (Utilities, Gas Utilities)		20,607		84,831

Infibeam Avenues Limited (Consumer Discretionary, Internet & Direct Marketing Retail)		45,912		23,206

Info Edge India Limited (Communication Services, Interactive Media & Services)		5,568		140,100

Infosys Limited (Information Technology, IT Services)		99,030		1,022,375

Infosys Limited SP ADR (Information Technology, IT Services)		198,070		2,123,310

Interglobe Aviation Limited (Industrials, Airlines)		7,419		117,382

Ipca Laboratories Limited (Health Care, Pharmaceuticals)		7,289		82,988

ITC Limited (Consumer Staples, Tobacco)		529,738		2,055,980

Jain Irrigation Systems Limited (Industrials, Machinery)		29,484		23,566

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


92		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

India (continued)

JM Financial Limited (Financials, Capital Markets)		36,726	$	40,069

JSW Steel Limited (Materials, Metals & Mining)		93,401		369,133

Jubilant Foodworks Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		5,763		102,800

Jubilant Organosys Limited (Health Care, Pharmaceuticals)		7,613		83,862

Jyothy Laboratories Limited (Consumer Staples, Household Products)		23,659		59,658

Kajaria Ceramics Limited (Industrials, Building Products)		7,032		53,581

Kansai Nerolac Paints Limited (Materials, Chemicals)		8,243		52,175

Karnataka Bank Limited (Financials, Banks)		23,478		37,053

Karur Vysya Bank Limited (Financials, Banks)		57,240		55,650

KEC International Limited (Industrials, Construction & Engineering)		18,101		67,186

Kotak Mahindra Bank Limited (Financials, Banks)		106,684		1,819,558

KPIT Engineering Limited (Consumer Discretionary, Auto Components) (a)‡		17,298		19,857

KPR Mill Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		6,062		45,342

KRBL Limited (Consumer Staples, Food Products)		7,133		35,301

L&T Finance Holdings Limited (Financials, Diversified Financial Services)		54,484		95,139

Lakshmi Machine Works Limited (Industrials, Machinery)		584		47,098

Larsen & Toubro Infotech Limited (Information Technology, IT Services) 144A		2,491		60,222

Laurus Labs Limited (Health Care, Pharmaceuticals) 144A		8,443		39,582

Lupin Limited (Health Care, Pharmaceuticals)		19,432		208,660

Mahindra & Mahindra Financial Services Limited (Financials, Consumer Finance)		22,698		126,484

Mahindra & Mahindra Limited (Consumer Discretionary, Automobiles)		64,453		585,300

Manappuram Finance Limited (Financials, Consumer Finance)		26,438		42,021

Marico Limited (Consumer Staples, Personal Products)		54,668		261,095

Minda Industries Limited (Consumer Discretionary, Auto Components)		8,242		37,278

Mindtree Limited (Information Technology, IT Services)		8,602		109,910

Motherson Sumi Systems Limited (Consumer Discretionary, Auto Components)		97,952		223,926

Motilal Oswal Financial Services Limited (Financials, Capital Markets)		3,153		24,973

Mphasis Limited (Information Technology, IT Services)		5,669		82,987

MRF Limited (Consumer Discretionary, Auto Components)		263		210,173

Multi Commodity Exchange of India Limited (Financials, Capital Markets)		3,249		29,874

Muthoot Finance Limited (Financials, Consumer Finance)		22,531		167,257

Natco Pharma Limited (Health Care, Pharmaceuticals)		9,623		77,876

National Aluminum Company Limited (Materials, Metals & Mining)		43,369		30,823

Nestle India Limited (Consumer Staples, Food Products)		2,777		415,410

NIIT Technologies Limited (Information Technology, IT Services)		3,319		61,628

Oracle Financials Services Limited (Information Technology, Software)		1,168		57,506

Orient Electric Limited (Industrials, Electrical Equipment)		17,702		35,329

Page Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		316		99,018

Persistent Systems Limited (Information Technology, IT Services)		4,455		41,039

Pfizer Limited (Health Care, Pharmaceuticals)		1,442		65,634

Phoenix Mills Limited (Real Estate, Real Estate Management & Development)		4,987		43,717

Pidilite Industries Limited (Materials, Chemicals)		17,484		283,291

PNB Housing Finance Limited (Financials, Thrifts & Mortgage Finance) 144A		8,574		108,009

Prestige Estates Projects Limited (Real Estate, Real Estate Management & Development)		11,090		32,104

Procter & Gamble Hygiene & Healthcare Limited (Consumer Staples, Personal Products)		975		147,534

PVR Limited (Communication Services, Entertainment)		2,195		46,371

Quess Corporation Limited (Industrials, Professional Services) 144A†		2,913		29,324

Rain Industries Limited (Materials, Chemicals)		15,868		20,268

Rajesh Exports Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,853		64,048

RBL Bank Limited (Financials, Banks) 144A		30,252		245,776

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			93

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

India (continued)

REC Limited (Financials, Diversified Financial Services)		61,437	$	117,776

Relaxo Footwears Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,932		62,367

Reliance Capital Limited (Financials, Diversified Financial Services)		8,431		20,477

Reliance Energy Limited (Utilities, Electric Utilities)		9,501		16,404

Reliance Nippon Life Asset Management Limited (Financials, Diversified Financial Services)		27,248		69,800

Sanofi India Limited (Health Care, Pharmaceuticals)		932		78,229

Shriram City Union Finance Limited (Financials, Consumer Finance)		1,648		37,991

SKF India Limited (Industrials, Machinery)		2,217		60,354

Solar Industries India Limited (Materials, Chemicals)		3,967		52,534

South Indian Bank Limited (Financials, Banks)		163,721		30,384

SRF Limited (Materials, Chemicals)		2,016		65,054

Star Cement Limited (Materials, Construction Materials)		27,479		37,900

State Bank of India (Financials, Banks) †		213,218		806,542

Sterlite Technologies Limited (Information Technology, Communications Equipment)		16,170		54,926

Strides Shasun Limited (Health Care, Pharmaceuticals)		6,129		36,269

Sun TV Network Limited (Communication Services, Media)		8,649		73,964

Sundaram Finance Limited (Financials, Consumer Finance)		8,521		196,114

Sundram Fasteners Limited (Consumer Discretionary, Auto Components)		8,962		65,388

Supreme Industries Limited (Materials, Chemicals)		4,347		69,798

Tata Chemicals Limited (Materials, Chemicals)		12,989		101,600

Tata Communications Limited (Communication Services, Diversified Telecommunication Services)		6,868		56,980

Tata Consultancy Services Limited (Information Technology, IT Services)		82,777		2,308,347

Tata Elxsi Limited (Information Technology, Software)		2,567		31,935

Tata Power Company Limited (Utilities, Electric Utilities)		103,573		95,307

Tech Mahindra Limited (Information Technology, IT Services)		47,123		549,996

Thermax India Limited (Industrials, Machinery)		3,528		49,054

TI Financial Holdings Limited (Financials, Insurance)		8,746		53,871

Torrent Pharmaceuticals Limited (Health Care, Pharmaceuticals)		4,137		104,809

Torrent Power Limited (Utilities, Electric Utilities)		9,267		31,654

TTK Prestige Limited (Consumer Discretionary, Household Durables)		431		45,900

Tube Investments of India Limited (Consumer Discretionary, Auto Components)		10,424		52,467

TV18 Broadcast Limited (Communication Services, Media) †		86,858		41,032

TVS Motor Company Limited (Consumer Discretionary, Automobiles)		15,379		97,937

United Breweries Limited (Consumer Staples, Beverages)		9,538		180,190

United Spirits Limited (Consumer Staples, Beverages) †		24,628		189,143

UPL Limited (Materials, Chemicals)		28,751		354,748

Vardhman Textiles Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,491		49,496

Varun Beverages Limited (Consumer Staples, Beverages)		4,095		46,583

VIP Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		9,230		52,939

Wabco India Limited (Consumer Discretionary, Auto Components)		456		43,633

Whirlpool of India Limited (Consumer Discretionary, Household Durables)		2,672		51,600

Zee Entertainment Enterprises Limited (Communication Services, Media)		47,706		313,026

				34,814,747


Indonesia: 1.28%

PT Ace Hardware Incorporated Indonesia Tbk (Consumer Discretionary, Specialty Retail)		571,000		71,235

PT AKR Corporindo Tbk (Industrials, Trading Companies & Distributors)		127,500		50,302

PT Astra International Tbk (Consumer Discretionary, Automobiles)		1,519,000		772,053

PT Bank Danamon Indonesia Tbk (Financials, Banks)		177,200		107,384

PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (Financials, Banks)		323,800		47,186

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


94		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Indonesia (continued)

PT Bank Tabungan Negara Persero Tbk (Financials, Banks)		309,500	$	53,463

PT Bank Tabungan Pensiunan Nasional Tbk (Financials, Banks)		172,440		45,355

PT Bayan Resources Group Tbk (Energy, Oil, Gas & Consumable Fuels)		17,100		23,065

PT Bumi Serpong Damai Tbk (Real Estate, Real Estate Management & Development) †		667,400		64,285

PT Charoen Pokphand Indonesia Tbk (Consumer Staples, Food Products)		261,600		135,751

PT Ciputra Development Tbk (Real Estate, Real Estate Management & Development)		728,600		45,319

PT Elang Mahkota Teknologi Tbk (Communication Services, Media)		3,000		1,802

PT Gudang Garam Tbk (Consumer Staples, Tobacco)		36,200		219,760

PT Hanjaya Mandala Sampoerna Tbk (Consumer Staples, Tobacco)		686,800		185,523

PT Hanson International Tbk (Real Estate, Real Estate Management & Development) †		5,071,900		36,054

PT Indo Tambangraya Megah Tbk (Energy, Oil, Gas & Consumable Fuels)		31,900		48,471

PT Indofood CBP Sukses Makmur Tbk (Consumer Staples, Food Products)		187,600		136,358

PT Indofood Sukses Makmur Tbk (Consumer Staples, Food Products)		329,400		165,666

PT Jasa Marga (Persero) Tbk (Industrials, Transportation Infrastructure)		147,300		54,711

PT Kalbe Farma Tbk (Health Care, Pharmaceuticals)		1,600,900		170,133

PT Mayora Indah Tbk (Consumer Staples, Food Products)		281,187		52,769

PT Media Nusantara Citra Tbk (Communication Services, Media)		560,100		37,227

PT Mitra Adiperkasa Tbk (Consumer Discretionary, Multiline Retail)		612,200		46,130

PT Mitra Keluarga Karyasehat Tbk (Health Care, Health Care Providers & Services) †		420,200		57,948

PT Perusahaan Gas Negara Persero Tbk (Utilities, Gas Utilities)		702,700		126,878

PT Semen Gresik Persero Tbk (Materials, Construction Materials)		213,100		191,627

PT Sumber Alfaria Trijaya Tbk (Consumer Staples, Food & Staples Retailing)		1,457,800		85,494

PT Summarecon Agung Tbk (Real Estate, Real Estate Management & Development)		623,700		41,676

PT Surya Citra Media Tbk (Communication Services, Media)		483,900		60,197

PT Tambang Batubara Bukit Asam Tbk (Energy, Oil, Gas & Consumable Fuels)		245,000		69,316

PT Waskita Karya Persero Tbk (Industrials, Construction & Engineering)		263,000		35,054

PT XL Axiata Tbk (Communication Services, Wireless Telecommunication Services) †		285,600		48,725

				3,286,917


Malaysia: 3.61%

Affin Holdings Bhd (Financials, Banks)		125,000		71,314

AirAsia Bhd (Industrials, Airlines)		188,200		128,197

Alliance Financial Group Bhd (Financials, Banks)		96,600		94,070

AMMB Holdings Bhd (Financials, Banks)		129,600		142,460

Astro Malaysia Holdings Bhd (Communication Services, Media)		165,000		66,544

Batu Kawan Bhd (Materials, Chemicals)		28,700		120,686

Bimb Holdings Bhd (Financials, Banks)		51,800		54,137

Boustead Holdings Bhd (Industrials, Industrial Conglomerates)		243,400		86,790

British American Tobacco Malaysia Bhd (Consumer Staples, Tobacco)		11,400		94,474

Bursa Malaysia Bhd (Financials, Capital Markets)		50,100		87,473

Carlsberg Brewery Malaysia Bhd (Consumer Staples, Beverages)		12,200		73,503

Dialog Group Bhd (Energy, Energy Equipment & Services)		373,900		296,987

Digi.com Bhd (Communication Services, Wireless Telecommunication Services)		254,000		284,200

Felda Global Ventures Holdings Bhd (Consumer Staples, Food Products) †		146,400		40,322

Fraser & Neave Holdings Bhd (Consumer Staples, Beverages)		11,000		95,488

Gas Malaysia Bhd (Utilities, Gas Utilities)		40,260		28,315

Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		224,600		193,311

HAP Seng Consolidated Bhd (Industrials, Industrial Conglomerates)		46,500		112,634

Hartalega Holdings Bhd (Health Care, Health Care Equipment & Supplies)		161,600		198,697

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			95

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Malaysia (continued)

Heineken Malaysia Bhd (Consumer Staples, Beverages)		13,400	$	74,736

Hong Leong Bank Bhd (Financials, Banks)		66,800		349,564

Hong Leong Financial Group Bhd (Financials, Banks)		23,600		114,329

IGB REIT Bhd (Real Estate, Equity REITs)		165,600		70,858

Inari Amertron Bhd (Information Technology, Electronic Equipment, Instruments & Components)		162,100		62,584

IOI Properties Group Bhd (Real Estate, Real Estate Management & Development)		141,100		55,864

KLCC Property Holdings Bhd (Real Estate, Equity REITs)		27,400		52,826

Kossan Rubber Industries Bhd (Health Care, Health Care Equipment & Supplies)		63,400		60,492

Kuala Lumpur Kepong Bhd (Consumer Staples, Food Products)		44,700		271,948

Lotte Chemical Titan Holding Bhd (Materials, Chemicals) 144A		45,300		48,347

LPI Capital Bhd (Financials, Insurance)		19,900		79,766

Malakoff Corporation Bhd (Utilities, Independent Power & Renewable Electricity Producers)		134,500		29,437

Malaysia Airports Holdings Bhd (Industrials, Transportation Infrastructure)		87,600		175,997

MISC Bhd (Industrials, Marine)		99,000		167,982

Nestle Malaysia Bhd (Consumer Staples, Food Products)		5,200		189,254

Oriental Holdings Bhd (Consumer Discretionary, Automobiles)		47,800		79,343

Padini Holdings Bhd (Consumer Discretionary, Specialty Retail)		35,200		33,326

Petronas Chemicals Group Bhd (Materials, Chemicals)		194,300		440,538

Petronas Dagangan Bhd (Energy, Oil, Gas & Consumable Fuels)		20,800		136,570

Petronas Gas Bhd (Utilities, Gas Utilities)		43,800		194,738

PPB Group Bhd (Consumer Staples, Food Products)		60,900		274,960

Press Metal Bhd (Materials, Metals & Mining)		160,300		166,745

Public Bank Bhd (Financials, Banks)		230,700		1,418,296

Ql Resources Bhd (Consumer Staples, Food Products)		59,560		101,061

RHB Capital Bhd (Financials, Banks)		206,500		287,419

Scientex Bhd (Materials, Chemicals)		23,800		51,738

Serba Dinamik Holdings Bhd (Energy, Energy Equipment & Services)		52,700		51,190

Sime Darby Bhd (Industrials, Industrial Conglomerates)		268,800		143,439

Sime Darby Property Bhd (Real Estate, Real Estate Management & Development)		228,600		59,026

SP Setia Bhd (Real Estate, Real Estate Management & Development)		138,700		78,107

Sunway Bhd (Real Estate, Real Estate Management & Development)		167,800		66,848

Sunway REIT Bhd (Real Estate, Equity REITs)		135,400		58,602

Telecom Malaysia Bhd (Communication Services, Diversified Telecommunication Services)		146,900		110,180

Tenaga Nasional Bhd (Utilities, Electric Utilities)		224,700		741,540

TIME dotCom Bhd (Communication Services, Diversified Telecommunication Services)		42,600		81,188

Top Glove Corporation Bhd (Health Care, Health Care Equipment & Supplies)		153,000		170,815

UMW Holdings Bhd (Consumer Discretionary, Automobiles)		42,000		59,904

United Plantations Bhd (Consumer Staples, Food Products)		11,200		75,355

VS Industry Bhd (Information Technology, Electronic Equipment, Instruments & Components)		121,875		29,821

Westports Holdings Bhd (Industrials, Transportation Infrastructure)		77,000		69,871

Yinson Holdings Bhd (Energy, Energy Equipment & Services)		61,700		66,001

YTL Corporation Bhd (Utilities, Multi-Utilities)		394,062		102,719

YTL Power International Bhd (Utilities, Multi-Utilities)		182,700		39,986

				9,262,912


Mexico: 3.94%

Aleatica SAB de CV (Industrials, Transportation Infrastructure)		18,191		17,812

Alpek SAB de CV (Materials, Chemicals) †		22,300		32,684

Alsea SAB de CV (Consumer Discretionary, Hotels, Restaurants & Leisure)		37,574		95,409

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


96		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Mexico (continued)

America Movil SAB de CV Series L (Communication Services, Wireless Telecommunication Services)		1,823,123	$	1,308,620

Arca Continental SAB de CV (Consumer Staples, Beverages)		28,967		163,769

Banco del Bajio SA (Financials, Banks)		60,700		117,771

Banco Santander Mexico SA (Financials, Banks)		122,178		167,792

Becle SAB de CV ADR (Consumer Staples, Beverages)		45,100		63,505

Cemex SAB de CV ADR (Materials, Construction Materials) †		102,543		497,334

Coca-Cola Femsa SAB de CV Series L (Consumer Staples, Beverages)		37,828		229,090

Corporacion Inmobiliaria Vesta SAB de CV (Real Estate, Real Estate Management & Development)		48,900		71,011

El Puerto de Liverpool SAB de CV (Consumer Discretionary, Multiline Retail)		15,833		99,343

Fibra Uno Administracion SAB de CV (Real Estate, Equity REITs)		279,353		388,139

Fomento Economico Mexicano SAB de CV (Consumer Staples, Beverages)		155,928		1,414,006

Genomma Lab Internacional SAB de CV Class B (Health Care, Pharmaceuticals) †		88,593		58,767

Gentera SAB de CV (Financials, Consumer Finance)		77,448		64,147

GMexico Transportes SAB de CV (Industrials, Road & Rail) 144A		35,700		47,677

Gruma SAB de CV Class B (Consumer Staples, Food Products)		15,055		163,079

Grupo Aeromexico SAB de CV (Industrials, Airlines) †		34,970		38,087

Grupo Aeroportuario del Centro Norte SAB de CV (Industrials, Transportation Infrastructure)		22,910		130,559

Grupo Aeroportuario del Pacifico SAB de CV Class B (Industrials, Transportation Infrastructure)		27,415		255,803

Grupo Aeroportuario del Sureste SAB de CV Class B (Industrials, Transportation Infrastructure)		13,705		232,243

Grupo Carso SAB de CV (Industrials, Industrial Conglomerates)		35,101		130,527

Grupo Cementos de Chihuahua SAB de CV (Materials, Construction Materials)		11,500		62,613

Grupo Comercial Chedraui SAB de CV (Consumer Staples, Food & Staples Retailing)		24,844		48,924

Grupo Elektra SAB de CV (Financials, Banks)		4,254		220,404

Grupo Financiero Banorte SAB de CV (Financials, Banks)		186,600		1,015,967

Grupo Financiero Inbursa SAB de CV (Financials, Banks)		156,800		234,207

Grupo Lala SAB de CV (Consumer Staples, Food Products)		42,367		51,197

Grupo Televisa SAB ADR (Communication Services, Media)		39,607		462,610

Industrias Bachoco SAB de CV Series B (Consumer Staples, Food Products)		13,055		50,957

Industrias CH SAB de CV Series B (Materials, Metals & Mining) †		10,000		43,648

Industrias Penoles SAB de CV (Materials, Metals & Mining)		27,153		359,653

Macquarie Mexico Real Estate Management SA de CV (Real Estate, Equity REITs) 144A		57,305		66,752

Mexichem SAB de CV (Materials, Chemicals)		70,224		170,776

Nemak SAB de CV (Consumer Discretionary, Auto Components)		223,800		156,347

PLA Administradora Industrial S de RL de CV (Real Estate, Equity REITs)		59,904		89,849

Prologis Property Mexico SA de CV (Real Estate, Equity REITs)		25,194		46,909

Promotora y Operadora de Infraestructura SAB de CV (Industrials, Transportation Infrastructure)		16,949		166,788

Regional SAB de CV (Financials, Banks)		15,000		78,410

Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		385,939		998,805

				10,111,990


Netherlands: 0.07%

X5 Retail Group NV (Consumer Staples, Food & Staples Retailing)		6,830		172,799


Philippines: 1.25%

Aboitiz Power Corporation (Utilities, Independent Power & Renewable Electricity Producers)		116,600		78,567

Alliance Global Group Incorporated (Industrials, Industrial Conglomerates)		480,400		127,252

Ayala Corporation (Financials, Diversified Financial Services)		23,210		415,105

Bloomberry Resorts Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)		291,500		64,252

China Banking Corporation (Financials, Banks)		45,408		24,276

D&L Industries Incorporated (Materials, Chemicals)		249,500		56,345

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			97

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Philippines (continued)

DMCI Holdings Incorporated (Industrials, Industrial Conglomerates)		330,600	$	72,870

Energy Development Corporation (Utilities, Independent Power & Renewable Electricity Producers) (a)‡		231,800		30,790

Globe Telecom Incorporated (Communication Services, Wireless Telecommunication Services)		2,395		87,983

Golden Bria Holdings Incorporated (Consumer Discretionary, Diversified Consumer Services) †		6,640		46,346

GT Capital Holdings Incorporated (Financials, Diversified Financial Services)		6,818		125,893

International Container Term Services Incorporated (Industrials, Transportation Infrastructure)		130,810		293,387

Jollibee Foods Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)		50,680		301,611

Manila Electric Company (Utilities, Electric Utilities)		20,710		147,196

Manila Water Company (Utilities, Water Utilities)		89,100		46,514

Megaworld Corporation (Real Estate, Real Estate Management & Development)		1,000,000		99,961

Metro Pacific Investments Corporation (Financials, Diversified Financial Services)		1,053,100		95,699

Petron Corporation (Energy, Oil, Gas & Consumable Fuels)		299,708		38,651

Philippine National Bank (Financials, Banks) †		92,930		89,840

Philippine Seven Corporation (Consumer Staples, Food & Staples Retailing)		27,763		71,555

Pilipinas Shell Petroleum Corporation (Energy, Oil, Gas & Consumable Fuels)		70,230		66,469

PLDT Incorporated (Communication Services, Wireless Telecommunication Services)		8,955		178,338

Puregold Price Club Incorporated (Consumer Staples, Food & Staples Retailing)		88,010		80,063

Rizal Commercial Banking (Financials, Banks)		31,300		16,037

Robinsons Land Company (Real Estate, Real Estate Management & Development)		164,200		74,290

Robinsons Retail Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		54,180		91,662

San Miguel Corporation (Industrials, Industrial Conglomerates)		34,450		113,834

Union Bank of Philippines (Financials, Banks)		22,350		26,641

Universal Robina Corporation (Consumer Staples, Food Products)		73,740		194,045

Vista Land & Lifescapes Incorporated (Real Estate, Real Estate Management & Development)		325,900		46,629

				3,202,101


Russia: 5.06%

Aeroflot PJSC (Industrials, Airlines)		42,318		62,030

Alrosa PJSC (Materials, Metals & Mining)		225,600		325,859

Bank Otkritie Financial Corporation PJSC (Financials, Banks) (a)†		3,758		0

Credit Bank of Moscow PJSC (Financials, Banks) †		911,700		75,544

Federal Grid Company Unified Energy System PJSC (Utilities, Electric Utilities)		19,390,000		49,503

Gazprom Neft PJSC (Energy, Oil, Gas & Consumable Fuels)		26,875		133,662

Gazprom PJSC (Energy, Oil, Gas & Consumable Fuels)		879,060		2,117,317

Inter Rao Ues PJSC (Utilities, Electric Utilities)		2,745,002		162,689

LSR Group PJSC (Real Estate, Real Estate Management & Development)		3,356		32,517

Lukoil PJSC (Energy, Oil, Gas & Consumable Fuels)		47,517		3,982,333

M.video PSJC (Consumer Discretionary, Specialty Retail) †		6,470		40,019

Magnit PJSC (Consumer Staples, Food & Staples Retailing)		5,481		314,744

Magnitogorsk Iron & Steel Works PJSC (Materials, Metals & Mining)		137,000		92,636

MegaFon PJSC (Communication Services, Wireless Telecommunication Services) †		12,360		122,719

MMC Norilsk Nickel PJSC (Materials, Metals & Mining)		4,388		944,422

Mobile TeleSystems PJSC (Communication Services, Wireless Telecommunication Services)		74,284		285,283

Nizhnekamskneftekhim PJSC (Materials, Chemicals) †		21,000		20,258

Novolipetsk Steel PJSC (Materials, Metals & Mining)		74,890		179,472

PhosAgro PJSC (Materials, Chemicals)		3,048		117,750

PIK Group PJSC (Real Estate, Real Estate Management & Development)		12,779		69,351

Polyus PJSC (Materials, Metals & Mining)		1,798		147,265

Rosgosstrakh PJSC (Financials, Insurance) †		11,193,000		25,466

Rosneft Oil Company PJSC (Energy, Oil, Gas & Consumable Fuels)		240,540		1,448,786

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


98		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Russia (continued)

Rostelecom PJSC (Communication Services, Diversified Telecommunication Services)		85,960	$	94,917

Rushydro PJSC (Utilities, Electric Utilities)		11,238,000		84,664

RussNeft PJSC (Energy, Oil, Gas & Consumable Fuels) †		4,508		38,878

Safmar Financial Investment PJSC (Financials, Consumer Finance)		6,350		50,276

Severstal PJSC (Materials, Metals & Mining)		14,870		230,955

Sistema PJSFC (Communication Services, Wireless Telecommunication Services)		270,800		40,667

Tatneft PJSC (Energy, Oil, Gas & Consumable Fuels)		120,830		1,431,156

Unipro PJSC (Utilities, Independent Power & Renewable Electricity Producers)		798,000		32,571

Uralkali PJSC (Materials, Chemicals) †		11,090		14,426

VTB Bank PJSC (Financials, Banks)		389,490,000		212,645

				12,980,780


South Africa: 3.96%

Absa Group Limited (Financials, Banks)		45,549		583,674

ADvTECH Limited (Consumer Discretionary, Diversified Consumer Services)		37,839		35,708

AECI Limited (Materials, Chemicals)		6,145		42,685

Anglo American Platinum Limited (Materials, Metals & Mining)		4,359		237,102

Anglogold Ashanti Limited (Materials, Metals & Mining)		29,808		427,247

Aspen Pharmacare Holdings Limited (Health Care, Pharmaceuticals)		24,591		243,297

Astral Foods Limited (Consumer Staples, Food Products)		2,565		29,665

Attacq Limited (Real Estate, Equity REITs)		51,097		57,029

Avi Limited (Consumer Staples, Food Products)		21,081		133,931

Barloworld Limited (Industrials, Trading Companies & Distributors)		12,053		107,850

Bid Corporation Limited (Consumer Staples, Food & Staples Retailing)		20,849		435,908

Capitec Bank Holdings Limited (Financials, Banks)		4,278		396,485

Cashbuild Limited (Consumer Discretionary, Specialty Retail)		1,727		31,614

Clicks Group Limited (Consumer Staples, Food & Staples Retailing)		15,219		195,084

Coronation Fund Managers Limited (Financials, Capital Markets)		9,952		30,088

Dis-Chem Pharmacies Limited (Consumer Staples, Food & Staples Retailing)		62,739		114,850

Equites Property Fund Limited (Real Estate, Equity REITs)		35,391		50,423

Foschini Limited (Consumer Discretionary, Specialty Retail)		14,263		173,863

Gold Fields Limited (Materials, Metals & Mining)		56,444		230,322

Growthpoint Properties Limited (Real Estate, Equity REITs)		180,288		312,382

Harmony Gold Mining Company Limited (Materials, Metals & Mining) †		30,936		64,972

Hosken Consolidated Investments Limited (Industrials, Industrial Conglomerates)		4,243		35,073

Hyprop Investments Limited (Real Estate, Real Estate Management & Development)		16,266		89,433

Imperial Holdings Limited (Consumer Discretionary, Distributors)		10,866		49,674

Investec Limited (Financials, Capital Markets)		18,477		120,036

Italtile Limited (Consumer Discretionary, Specialty Retail)		49,793		52,465

JSE Limited (Financials, Capital Markets)		5,729		65,661

KAP Industrial Holdings Limited (Industrials, Industrial Conglomerates)		137,394		76,526

Liberty Holdings Limited (Financials, Insurance)		8,090		59,123

Life Healthcare Group Holdings Limited (Health Care, Health Care Providers & Services)		86,836		166,725

Massmart Holdings Limited (Consumer Staples, Food & Staples Retailing)		5,919		36,584

MMI Holdings Limited (Financials, Insurance) †		65,046		71,998

Mondi Limited (Materials, Paper & Forest Products)		7,195		169,086

Montauk Holdings Limited (Utilities, Independent Power & Renewable Electricity Producers)		6,217		26,688

Motus Holdings Limited (Consumer Discretionary, Specialty Retail) †		14,801		95,041

Mr Price Group Limited (Consumer Discretionary, Specialty Retail)		15,760		241,414

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			99

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Africa (continued)

Nampak Limited (Materials, Containers & Packaging) †		43,106	$	35,020

Nedbank Group Limited (Financials, Banks)		32,614		658,123

Netcare Limited (Health Care, Health Care Providers & Services)		86,944		156,939

Omnia Holdings Limited (Materials, Chemicals)		3,715		15,723

Pepkor Holdings Limited (Consumer Discretionary, Household Durables)		69,445		98,449

Pick’n Pay Stores Limited (Consumer Staples, Food & Staples Retailing)		22,754		111,932

Pioneer Foods Group Limited (Consumer Staples, Food Products)		10,871		62,092

PPC Limited (Materials, Construction Materials) †		91,401		33,723

PSG Group Limited (Financials, Diversified Financial Services)		12,506		230,514

Redefine Properties Limited (Real Estate, Equity REITs)		365,772		252,002

Remgro Limited (Financials, Diversified Financial Services)		31,006		442,636

Reunert Limited (Industrials, Industrial Conglomerates)		10,611		52,702

RMB Holdings Limited (Financials, Diversified Financial Services)		45,045		256,071

SA Corporate Real Estate Limited REIT (Real Estate, Equity REITs)		143,910		37,372

Santam Limited (Financials, Insurance)		2,629		58,013

Sappi Limited (Materials, Paper & Forest Products)		35,264		180,777

Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		30,698		373,985

Sibanye Gold Limited (Materials, Metals & Mining) †		111,701		121,895

SPAR Group Limited (Consumer Staples, Food & Staples Retailing)		11,559		163,784

Super Group Limited (Consumer Staples, Food & Staples Retailing) †		25,601		61,288

Telkom SA SOC Limited (Communication Services, Diversified Telecommunication Services)		16,113		80,052

The Bidvest Group Limited (Industrials, Industrial Conglomerates)		21,377		315,595

Tiger Brands Limited (Consumer Staples, Food Products)		12,236		231,189

Tongaat-Hulett Limited (Consumer Staples, Food Products)		6,844		13,631

Truworths International Limited (Consumer Discretionary, Specialty Retail)		25,735		133,425

Tsogo Sun Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		45,304		66,347

Vodacom Group Limited (Communication Services, Wireless Telecommunication Services)		37,672		310,384

Vukile Property Fund Limited REIT (Real Estate, Equity REITs)		60,050		85,726

Wilson Bayly Holmes Ovcon Limited (Industrials, Construction & Engineering)		4,005		33,816

Woolworths Holdings Limited (Consumer Discretionary, Multiline Retail)		62,833		204,186

				10,167,097


South Korea: 14.86%

Amicogen Incorporated (Health Care, Biotechnology) †		1,496		48,151

Amorepacific Group (Consumer Staples, Personal Products)		2,896		188,741

Asiana Airlines (Industrials, Airlines) †		13,414		50,331

BH Company Limited (Information Technology, Electronic Equipment, Instruments & Components) †		1,774		30,679

BNK Financial Group Incorporated (Financials, Banks)		22,413		141,289

Bukwang Pharmaceutical Company (Health Care, Pharmaceuticals)		3,628		73,386

Cafe24 Corporation (Information Technology, IT Services) †		536		56,283

Celltrion Incorporated (Health Care, Pharmaceuticals) †		6,668		1,212,418

Chabiotech Company Limited (Health Care, Health Care Providers & Services) †		3,867		82,518

Cheil Worldwide Incorporated (Communication Services, Media)		7,431		165,508

Chong Kun Dang Pharmaceutical Corporation (Health Care, Pharmaceuticals)		660		61,616

CJ CGV Company Limited (Communication Services, Entertainment)		1,111		43,415

CJ Cheiljedang Corporation (Consumer Staples, Food Products)		657		188,098

CJ Corporation (Industrials, Industrial Conglomerates)		1,294		143,816

CJ ENM Company Limited (Consumer Discretionary, Internet & Direct Marketing Retail)		1,335		282,858

CJ Korea Express Corporation (Industrials, Road & Rail) †		1,031		174,171

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


100		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)

Com2us Corporation (Communication Services, Entertainment)		755	$	81,763

Cosmax Incorporated (Consumer Staples, Personal Products)		595		77,503

Coway Company Limited (Consumer Discretionary, Household Durables)		2,667		224,325

CrystalGenomics Incorporated (Health Care, Biotechnology) †		4,032		66,680

DAEA TI Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		4,660		30,288

Daelim Industrial Company Limited (Industrials, Construction & Engineering)		2,048		170,439

Daesang Corporation (Consumer Staples, Food Products)		1,759		43,244

Daewoo Engineering & Construction Company Limited (Industrials, Construction & Engineering) †		15,826		71,060

Daewoo Shipbuilding & Marine Engineering Company Limited (Industrials, Machinery) †		3,097		87,014

Daewoong Company Limited (Health Care, Pharmaceuticals)		3,570		63,484

Daewoong Pharmaceutical Company (Health Care, Pharmaceuticals)		500		86,245

Daishin Securities Company Limited (Financials, Capital Markets)		3,811		37,612

Daou Technology Incorporated (Financials, Capital Markets)		2,116		41,391

DB HiTek Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,001		33,220

Dentium Company Limited (Health Care, Health Care Equipment & Supplies)		625		34,620

DGB Financial Group Incorporated (Financials, Banks)		12,022		90,643

Dong-A ST Company Limited (Health Care, Pharmaceuticals)		544		49,820

Dongbu Insurance Company Limited (Financials, Insurance)		4,455		287,177

Dongkuk Steel Mill Company Limited (Materials, Metals & Mining)		4,679		34,114

Dongsung Pharmaceutical Company Limited (Health Care, Pharmaceuticals) †		1,650		26,114

Doosan Bobcat Incorporated (Industrials, Machinery)		3,555		100,831

Doosan Corporation (Industrials, Industrial Conglomerates)		1,305		112,782

Doosan Heavy Industries & Construction Company Limited (Industrials, Electrical Equipment) †		5,687		41,867

Doosan Infracore Company Limited (Industrials, Machinery) †		9,314		63,021

DoubleUGames Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		843		45,946

Douzone Bizon Company Limited (Information Technology, Software)		1,477		55,813

E-MART Incorporated (Consumer Staples, Food & Staples Retailing)		1,525		244,065

Ecopro Company Limited (Materials, Chemicals) †		1,500		43,345

Enzychem Lifesciences Corporation (Health Care, Pharmaceuticals) †		530		45,333

F&F Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		667		39,022

Feelux Company Limited (Industrials, Electrical Equipment)		3,196		33,389

Fila Korea Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,716		183,702

Foosung Company Limited (Materials, Chemicals) †		3,781		27,399

Genexine Company Limited (Health Care, Biotechnology) †		1,093		84,159

Grand Korea Leisure Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		2,380		49,940

Green Cross Corporation (Health Care, Biotechnology)		710		95,323

Green Cross Holdings Corporation (Health Care, Biotechnology)		4,581		106,511

GS Engineering & Construction Corporation (Industrials, Construction & Engineering)		5,231		199,064

GS Holdings Corporation (Energy, Oil, Gas & Consumable Fuels)		6,704		319,494

GS Home Shopping Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		387		63,313

GS Retail Company Limited (Consumer Staples, Food & Staples Retailing)		2,088		71,846

Hana Tour Service Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		717		44,498

Hanall Biopharma Company Limited (Health Care, Pharmaceuticals) †		2,759		91,255

Handsome Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,415		46,236

Hanjin Kal Corporation (Industrials, Airlines)		3,824		86,700

Hankook Tire Company Limited (Consumer Discretionary, Auto Components)		6,438		244,709

Hanon Systems (Consumer Discretionary, Auto Components)		11,853		131,208

Hansol Chemical Company Limited (Materials, Chemicals)		690		55,215

Hanssem Company Limited (Consumer Discretionary, Household Durables)		1,368		109,226

Hanwha Chem Corporation (Materials, Chemicals)		6,909		143,746

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			101

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)

Hanwha Corporation (Korea) (Industrials, Industrial Conglomerates)		4,184	$	119,601

Hanwha Life Insurance Company Limited (Financials, Insurance)		30,916		114,626

Hanwha Techwin Company Limited (Industrials, Aerospace & Defense) †		2,932		85,898

Harim Holdings Company Limited (Consumer Staples, Food Products)		4,403		48,348

HDC Holdings Company Limited (Industrials, Construction & Engineering)		2,911		51,636

HDC Hyundai Development Co-Engineering & Construction (Industrials, Construction & Engineering)		2,511		107,499

Hite Jinro Company Limited (Consumer Staples, Beverages)		3,067		48,267

HLB Life Science Company Limited (Health Care, Health Care Providers & Services) †		2,597		43,872

Hotel Shilla Company Limited (Consumer Discretionary, Specialty Retail)		2,720		198,311

Huchems Fine Chemical Corporation (Materials, Chemicals)		1,529		29,840

Hugel Incorporated (Health Care, Biotechnology) †		257		80,160

Hyosung Corporation (Materials, Chemicals)		1,347		89,824

Hyundai Construction Equipment Corporation (Industrials, Machinery)		824		39,416

Hyundai Department Store Company Limited (Consumer Discretionary, Multiline Retail)		1,435		123,507

Hyundai Elevator Company (Industrials, Machinery)		1,214		102,867

Hyundai Engineering & Construction Company Limited (Industrials, Construction & Engineering)		4,979		253,222

Hyundai Glovis Company Limited (Industrials, Air Freight & Logistics)		1,668		206,887

Hyundai Greenfood Company Limited (Consumer Staples, Food & Staples Retailing)		5,363		66,281

Hyundai Home Shopping Network Corporation (Consumer Discretionary, Internet & Direct Marketing Retail)		751		72,783

Hyundai Marine & Fire Insurance Company Limited (Financials, Insurance)		5,459		182,986

Hyundai Merchant Marine Company Limited (Industrials, Marine) †		20,866		74,210

Hyundai Mipo Dockyard Company Limited (Industrials, Machinery)		1,795		99,270

Hyundai Mobis Company (Consumer Discretionary, Auto Components)		5,260		1,031,235

Hyundai Motor Company (Consumer Discretionary, Automobiles)		11,292		1,270,061

Hyundai Robotics Company Limited (Industrials, Machinery)		835		268,014

Hyundai Rotem Company (Industrials, Machinery) †		3,000		69,085

Hyundai Steel Company (Materials, Metals & Mining)		5,806		257,339

Hyundai Wia Corporation (Consumer Discretionary, Auto Components)		1,473		56,906

Iljin Materials Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,599		57,935

Ilyang Pharmaceutical Company Limited (Health Care, Pharmaceuticals) †		1,833		48,486

Industrial Bank of Korea (Financials, Banks)		20,293		251,700

Innocean Worldwide Incorporated (Communication Services, Media)		799		49,658

Inscobee Incorporated (Communication Services, Diversified Telecommunication Services) †		6,582		33,650

iNtRON Biotechnology Incorporated (Health Care, Biotechnology) †		2,749		50,351

JB Financial Group Company Limited (Financials, Banks)		13,077		69,065

Jcontentree Corporation (Communication Services, Entertainment) †		6,096		27,914

JYP Entertainment Corporation (Communication Services, Entertainment)		2,209		55,976

Kakao Corporation (Communication Services, Interactive Media & Services)		4,251		391,196

Kangwon Land Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		9,387		257,898

KCC Corporation (Industrials, Building Products)		553		157,094

KEPCO Plant Service & Engineering Company Limited (Industrials, Commercial Services & Supplies)		1,579		50,822

Kia Motors Corporation (Consumer Discretionary, Automobiles)		20,701		672,732

Kiwoom Securities Company (Financials, Capital Markets)		836		60,208

Koh Young Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		860		61,631

Kolmar Korea Company Limited (Consumer Staples, Personal Products)		1,047		73,728

Kolon Industries Incorporated (Materials, Chemicals)		1,340		64,337

Korea Aerospace Industries Limited (Industrials, Aerospace & Defense) †		7,365		240,982

Korea Electric Power Corporation (Utilities, Electric Utilities)		22,252		689,501

Korea Gas Corporation (Utilities, Gas Utilities)		3,304		147,177

Korea Investment Holdings Company Limited (Financials, Capital Markets)		3,013		172,791

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


102		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)

Korea Petrochemical Industrial Company Limited (Materials, Chemicals)		265	$	41,233

Korea Real Estate Investment & Trust Company Limited (Real Estate, Real Estate Management & Development)		11,816		26,685

Korea Reinsurance Company (Financials, Insurance)		8,647		69,656

Korea Zinc Company Limited (Materials, Metals & Mining)		1,034		419,686

Korean Air Lines Company Limited (Industrials, Airlines)		5,146		168,376

KT&G Corporation (Consumer Staples, Tobacco)		10,077		945,251

Kumho Petrochemical Company Limited (Materials, Chemicals)		1,581		134,526

Kumho Tire Company Incorporated (Consumer Discretionary, Auto Components) †		11,278		51,241

L&F Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,435		43,444

LEENO Industrial Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		872		40,937

LF Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,826		41,238

LG Chem Limited (Materials, Chemicals)		3,359		1,166,257

LG Corporation (Industrials, Industrial Conglomerates)		9,942		662,977

LG Display Company Limited (Information Technology, Electronic Equipment, Instruments & Components) †		15,043		284,221

LG Electronics Incorporated (Consumer Discretionary, Household Durables)		7,660		480,155

LG Household & Health Care Limited (Consumer Staples, Personal Products)		784		868,555

LG Innotek Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		956		91,800

LG International Corporation (Industrials, Trading Companies & Distributors)		2,384		35,823

LG Uplus Corporation (Communication Services, Diversified Telecommunication Services)		22,269		296,999

Lotte Chemical Corporation (Materials, Chemicals)		1,126		319,369

Lotte Chilsung Beverage Company Limited (Consumer Staples, Beverages)		26		36,826

Lotte Corporation (Industrials, Industrial Conglomerates)		7,170		338,514

LOTTE Fine Chemical Company Limited (Materials, Chemicals)		1,240		53,472

Lotte Food Company Limited (Consumer Staples, Food Products)		68		39,844

LOTTE Himart Company Limited (Consumer Discretionary, Specialty Retail)		947		41,216

Lotte Shopping Company Limited (Consumer Discretionary, Multiline Retail)		968		164,389

LS Corporation (Industrials, Electrical Equipment)		2,243		120,656

LS Industrial Systems Company Limited (Industrials, Electrical Equipment)		1,148		54,098

Mando Corporation (Consumer Discretionary, Auto Components)		2,617		76,320

Medy-Tox Incorporated (Health Care, Biotechnology)		410		199,040

Meritz Financial Group Incorporated (Financials, Diversified Financial Services)		3,177		36,157

Meritz Fire & Marine Insurance Company Limited (Financials, Insurance)		4,006		78,717

Meritz Securities Company Limited (Financials, Capital Markets)		23,908		97,677

Mezzion Pharma Company Limited (Health Care, Pharmaceuticals) †		590		61,167

Mirae Asset Daewoo Company Limited (Financials, Capital Markets)		35,722		240,116

Mirae Asset Life Insurance Company Limited (Financials, Insurance)		10,079		46,600

Naver Corporation (Communication Services, Interactive Media & Services)		12,047		1,424,603

NCsoft Corporation (Communication Services, Entertainment)		1,155		473,420

NH Investment & Securities Company Limited (Financials, Capital Markets)		10,517		122,030

NHN Entertainment Corporation (Communication Services, Entertainment) †		847		55,729

Nong Shim Company Limited (Consumer Staples, Food Products)		300		71,752

OIC Company Limited (Materials, Chemicals)		1,428		137,125

Osstem Implant Company Limited (Health Care, Health Care Equipment & Supplies) †		943		44,186

Ottogi Corporation (Consumer Staples, Food Products)		184		124,990

Pan Ocean Company Limited (Industrials, Marine) †		18,520		71,218

Paradise Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,484		73,358

Pharmicell Company Limited (Health Care, Biotechnology) †		4,639		49,908

Poongsan Corporation (Materials, Metals & Mining)		1,271		36,050

POSCO (Materials, Metals & Mining)		6,137		1,435,077

POSCO Chemtech Company Limited (Materials, Construction Materials)		1,739		106,533

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			103

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)

Posco Daewoo Corporation (Industrials, Trading Companies & Distributors)		3,522	$	59,342

S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		3,001		266,827

S1 Corporation Incorporated (Industrials, Commercial Services & Supplies)		1,646		149,277

Sam Chun Dang Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		1,019		46,026

Samjin Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		1,248		44,940

Samsung Card Company Limited (Financials, Consumer Finance)		2,490		75,384

Samsung Electro-Mechanics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		3,918		372,745

Samsung Engineering Company Limited (Industrials, Construction & Engineering) †		11,772		164,329

Samsung Fire & Marine Insurance (Financials, Insurance)		3,071		823,248

Samsung SDS Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		2,850		584,089

Samsung Securities Company Limited (Financials, Capital Markets)		4,702		144,860

Samwha Capacitor Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		504		27,515

Samyang Holdings Corporation (Consumer Staples, Food Products)		618		46,321

Sangsangin Company Limited (Financials, Thrifts & Mortgage Finance) †		2,883		53,702

Seegene Incorporated (Health Care, Biotechnology) †		3,401		65,165

Seoul Semiconductor Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,014		63,646

SFA Engineering Corporation (Information Technology, Electronic Equipment, Instruments & Components)		1,411		52,190

Shinsegae Company Limited (Consumer Discretionary, Multiline Retail)		530		134,538

SK Company Limited (Industrials, Industrial Conglomerates)		3,579		867,145

SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		36,020		2,241,842

SK Innovation Company Limited (Energy, Oil, Gas & Consumable Fuels)		4,501		752,368

SK Materials Company Limited (Materials, Chemicals)		348		52,817

SK Networks Company Limited (Industrials, Trading Companies & Distributors)		12,642		66,318

SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		4,799		1,111,532

SKC Company Limited (Materials, Chemicals)		1,649		56,741

SKCKOLONPI Incorporated (Materials, Chemicals)		999		30,644

SM Entertainment Company (Communication Services, Entertainment) †		1,664		68,797

Soulbrain Company Limited (Materials, Chemicals)		824		37,511

Ssangyong Cement Industrial Company Limited (Materials, Construction Materials)		8,265		46,590

STCube Incorporated (Health Care, Biotechnology) †		1,909		44,131

Studio Dragon Corporation (Communication Services, Entertainment) †		616		51,539

Taekwang Industrial Company Limited (Materials, Chemicals)		52		69,352

Taeyoung Engineering & Construction Company Limited (Industrials, Construction & Engineering)		3,231		34,186

Wonik IPS Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		2,005		41,091

Woori Financial Group Incorporated (Financials, Banks)		37,587		494,610

Young Poong Corporation (Materials, Metals & Mining)		73		51,276

Youngone Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,801		56,206

Yuhan Corporation (Health Care, Pharmaceuticals)		808		187,147

Yungjin Pharmaceutical Company (Health Care, Pharmaceuticals) †		8,942		52,712

				38,123,691


Taiwan: 12.76%

Accton Technology Corporation (Information Technology, Communications Equipment)		34,000		119,041

Acer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		217,000		142,628

Advantech Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		31,000		236,185

Aerospace industrial Development Corporation (Industrials, Aerospace & Defense)		51,000		55,310

ASE Industrial Holding Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		247,000		500,312

Asia Cement Corporation (Materials, Construction Materials)		161,000		202,037

Asia Optical Company Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		19,000		47,452

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


104		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)

ASMedia Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		2,000	$	37,526

Asustek Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		53,000		376,083

AU Optronics Corporation (Information Technology, Electronic Equipment, Instruments & Components)		599,000		219,197

BizLink Holding Incorporated (Industrials, Electrical Equipment)		7,000		45,113

Capital Securities Corporation (Financials, Capital Markets)		262,700		78,869

Career Technology Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		28,000		27,067

Cathay No.1 REIT (Real Estate, Equity REITs)		137,500		68,353

Chailease Holding Company Limited (Financials, Diversified Financial Services)		88,700		348,442

Chang Hwa Commercial Bank (Financials, Banks)		490,280		294,205

Cheng Loong Corporation (Materials, Containers & Packaging)		77,000		50,386

Cheng Shin Rubber Industry Company Limited (Consumer Discretionary, Auto Components)		175,000		248,723

Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		45,335		99,987

Chilisin Electronics Corporation (Information Technology, Electronic Equipment, Instruments & Components)		15,225		43,337

Chin Poon Industrial Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		30,000		40,201

China Airlines (Industrials, Airlines)		313,000		102,714

China Bills Finance Corporation (Financials, Capital Markets)		4,000		1,866

China Development Financial Holding Corporation (Financials, Banks)		1,122,000		363,131

China Life Insurance Company - Taiwan Exchange (Financials, Insurance)		225,660		210,435

China Motor Company Limited (Consumer Discretionary, Automobiles)		82,000		64,520

China Petrochemical Development Corporation (Materials, Chemicals) †		207,000		73,443

China Steel Chemical Corporation (Materials, Chemicals)		12,000		52,545

China Steel Corporation (Materials, Metals & Mining)		915,000		756,697

Chong Hong Construction Company Limited (Real Estate, Real Estate Management & Development)		15,000		42,283

Chroma ATE Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		32,000		132,598

Chunghwa Telecom Company Limited (Communication Services, Diversified Telecommunication Services)		357,000		1,240,771

Cleanaway Company Limited (Industrials, Commercial Services & Supplies)		7,000		39,761

Clevo Company (Information Technology, Technology Hardware, Storage & Peripherals)		56,000		54,395

Compal Electronic Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		322,000		199,236

Compeq Manufacturing Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		88,000		64,468

CTBC Financial Holding Company Limited (Financials, Banks)		1,444,000		975,870

CTCI Corporation (Industrials, Construction & Engineering)		52,000		81,330

Cub Elecparts Incorporated (Consumer Discretionary, Auto Components)		3,777		38,006

Delta Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		146,000		724,610

E.SUN Financial Holding Company Limited (Financials, Banks)		786,077		563,353

Eclat Textile Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		17,000		193,864

Elan Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		25,100		72,858

Elite Material Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		19,000		58,440

Ennoconn Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		3,000		28,506

Epistar Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		88,000		77,523

Eternal Chemical Company Limited (Materials, Chemicals)		83,453		69,073

Eva Airways Corporation (Industrials, Airlines)		271,964		136,134

Evergreen Marine Corporation (Taiwan) Limited (Industrials, Marine)		249,850		100,832

Everlight Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		46,000		47,198

Far Eastern Department Stores Company Limited (Consumer Discretionary, Multiline Retail)		144,000		76,163

Far Eastern International Bank (Financials, Banks)		289,522		101,407

Far Eastern New Century Corporation (Industrials, Industrial Conglomerates)		298,000		294,427

Far EasTone Telecommunications Company Limited (Communication Services, Wireless Telecommunication Services)		174,000		407,009

Feng Hsin Iron & Steel Company (Materials, Metals & Mining)		46,506		89,304

Feng Tay Enterprise Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		38,000		237,274

First Financial Holding Company Limited (Financials, Banks)		762,172		514,860

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			105

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)

Flexium Interconnect Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		22,000	$	63,966

Formosa Chemicals & Fibre Corporation (Materials, Chemicals)		307,000		1,050,484

Formosa Petrochemical Corporation (Energy, Oil, Gas & Consumable Fuels)		131,000		494,832

Formosa Plastics Corporation (Materials, Chemicals)		338,000		1,120,580

Formosa Taffeta Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		91,000		104,980

Foxconn Technology Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		71,000		145,401

Foxsemicon Integrated Technology Incorporated H Shares (Information Technology, Semiconductors & Semiconductor Equipment)		6,400		29,270

Fubon Financial Holding Company Limited (Financials, Insurance)		537,000		792,619

General Interface Solution Holding Limited (Information Technology, Electronic Equipment, Instruments & Components)		16,000		55,626

Genius Electronic Optical Company (Information Technology, Electronic Equipment, Instruments & Components)		4,000		41,114

Getac Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		30,000		45,909

Giant Manufacturing Company Limited (Consumer Discretionary, Leisure Products)		29,000		159,197

Gigabyte Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		42,000		64,965

Global Unichip Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		7,000		47,542

Gourmet Master Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		6,936		51,776

Grand Pacific Petrochemical Corporation (Materials, Chemicals)		62,000		48,328

Grape King Bio Limited (Consumer Staples, Personal Products)		10,000		65,866

Great Wall Enterprises Company Limited (Consumer Staples, Food Products)		61,740		69,441

Greatek Electronic Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		32,000		43,946

Hannstar Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		223,000		51,319

Highwealth Construction Corporation (Real Estate, Real Estate Management & Development)		75,000		116,049

Hiwin Technologies Corporation (Industrials, Machinery)		19,870		177,380

Holtek Semiconductor Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		16,000		37,711

Holy Stone Enterprise Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		10,000		38,964

Hon Hai Precision Industry (Information Technology, Electronic Equipment, Instruments & Components)		913,400		2,148,888

Hota Industrial Manufacturing Company Limited (Consumer Discretionary, Auto Components)		21,000		81,839

HTC Corporation (Information Technology, Technology Hardware, Storage & Peripherals) †		64,000		76,079

Hua Nan Financial Holdings Company Limited Class C (Financials, Banks)		685,000		420,218

Huaku Development Company Limited (Real Estate, Real Estate Management & Development)		22,000		49,716

Hung Sheng Construction Company Limited (Real Estate, Real Estate Management & Development)		38,200		34,932

Innolux Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		699,000		232,327

International CSRC Investment Holdings Company Limited (Materials, Chemicals)		56,200		81,196

Inventec Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		236,000		181,714

Kenda Rubber Industrial Company Limited (Consumer Discretionary, Auto Components)		73,875		73,594

King Slide Works Company Limited (Industrials, Machinery)		5,000		54,422

King Yuan Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		88,000		71,783

King’s Town Bank Company Limited (Financials, Banks)		72,000		77,056

Kinpo Electronics Incorporated (Consumer Discretionary, Household Durables)		149,000		57,287

Kinsus Interconnect Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		24,000		32,863

Lite-On Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		160,000		230,774

Long Chen Paper Company Limited (Materials, Paper & Forest Products)		42,000		23,723

Macronix International Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		120,536		90,302

Makalot Industrial Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		16,000		97,186

Mercuries Life Insurance Company (Financials, Insurance) †		152,302		56,064

Merida Industry Company Limited (Consumer Discretionary, Leisure Products)		19,000		98,940

Merry Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		12,000		63,529

Micro-Star International Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		60,000		158,820

Mitac Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		59,134		57,233

Nan Kang Rubber Tire Company Limited (Consumer Discretionary, Auto Components)		65,000		59,177

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


106		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)

Nan Ya Plastics Corporation (Materials, Chemicals)		425,000	$	1,059,668

Nanya Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		89,000		177,339

Nien Made Enterprise Company Limited (Consumer Discretionary, Household Durables)		11,000		95,406

Novatek Microelectronics Corporation Limited (Information Technology, Semiconductors & Semiconductor Equipment)		43,000		236,619

Oriental Union Chemical Corporation (Materials, Chemicals)		41,000		34,792

Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		160,000		274,096

Pou Chen Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		188,000		236,099

Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		59,000		136,530

President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		40,000		412,199

Primax Electronics Limited (Information Technology, Technology Hardware, Storage & Peripherals)		30,000		56,530

Prince Housing & Development Corporation (Real Estate, Real Estate Management & Development)		170,800		60,384

Qisda Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		104,000		67,073

Quanta Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		208,000		385,373

Radiant Opto-Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		34,000		101,171

Realtek Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		38,000		218,048

Ritek Corporation (Information Technology, Technology Hardware, Storage & Peripherals) †		101,000		36,129

Ruentex Development Company Limited (Real Estate, Real Estate Management & Development)		44,880		70,570

Ruentex Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		29,000		76,476

Sanyang Industry Company Limited (Consumer Discretionary, Automobiles)		106,000		69,891

Sercomm Corporation (Information Technology, Communications Equipment)		22,000		46,568

Shihlin Electric & Engineering Corporation (Industrials, Electrical Equipment)		41,700		56,514

Shin Kong Financial Holding Company Limited (Financials, Insurance)		887,042		265,690

Shin Kong No.1 REIT (Real Estate, Equity REITs)		145,000		77,738

Shinkong Synthetic Fibers Corporation (Materials, Chemicals)		121,000		51,346

Sinbon Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		16,000		46,791

Sinopac Financial Holdings Company Limited (Financials, Banks)		812,400		282,609

Synnex Technology International Corporation (Information Technology, Electronic Equipment, Instruments & Components)		97,000		117,726

Ta Chen Stainless Pipe Company (Materials, Metals & Mining)		79,840		113,402

Taichung Commercial Bank (Financials, Banks)		237,112		81,938

Tainan Spinning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		161,000		64,021

Taishin Financial Holdings Company Limited (Financials, Banks)		789,863		357,590

Taiwan Business Bank (Financials, Banks)		343,020		126,267

Taiwan Cement Corporation (Materials, Construction Materials)		377,300		467,838

Taiwan Cooperative Financial Holdings Company Limited (Financials, Banks)		703,801		436,195

Taiwan Fertilizer Company Limited (Materials, Chemicals)		60,000		87,644

Taiwan Glass Industrial Corporation (Industrials, Building Products)		104,000		46,069

Taiwan High Speed Rail Corporation (Industrials, Transportation Infrastructure)		234,000		250,073

Taiwan Hon Chuan Enterprise Company Limited (Materials, Containers & Packaging)		28,000		45,776

Taiwan Mobile Company Limited (Communication Services, Wireless Telecommunication Services)		201,000		718,405

Taiwan Secom Company Limited (Industrials, Commercial Services & Supplies)		21,000		58,870

Tatung Company Limited (Consumer Discretionary, Household Durables) †		160,000		138,791

Tong Hsing Electronic Industries Limited (Information Technology, Electronic Equipment, Instruments & Components)		12,000		41,082

Tong Yang Industry Company Limited (Consumer Discretionary, Auto Components)		36,000		44,570

TPK Holding Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		28,000		47,725

Transcend Information Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		14,000		31,208

Tripod Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		34,000		104,151

TSRC Corporation (Materials, Chemicals)		51,000		46,776

Tung Ho Steel Enterprise Corporation (Materials, Metals & Mining)		66,000		43,907

U-Ming Marine Transport Corporation (Industrials, Marine)		40,000		39,876

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			107

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)

Uni-President Enterprises Corporation (Consumer Staples, Food Products)		405,000	$	985,431

Unimicron Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		104,000		81,165

Union Bank of Taiwan (Financials, Banks)		240,320		80,377

United Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		856,000		316,821

Visual Photonics Epitaxy Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		15,000		34,600

Voltronic Power Technology Corporation (Industrials, Electrical Equipment)		5,000		93,091

Walsin Lihwa Corporation (Industrials, Electrical Equipment)		205,000		120,447

Walsin Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		21,000		122,461

Wan Hai Lines Limited (Industrials, Marine)		139,000		72,009

Waterland Financial Holdings (Financials, Capital Markets)		228,527		74,819

Windbond Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		227,000		111,917

Wistron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		210,607		145,336

Wistron Neweb Corporation (Information Technology, Communications Equipment)		32,599		83,137

WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		110,440		142,400

WT Microelectronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		33,000		42,959

Yageo Corporation (Information Technology, Electronic Equipment, Instruments & Components)		15,566		173,293

Yang Ming Marine Transport (Industrials, Marine) †		118,000		35,335

YFY Incorporated (Materials, Paper & Forest Products)		129,000		50,908

Yieh Phui Enterprise Company Limited (Materials, Metals & Mining)		135,150		44,288

Yuanta Financial Holding Company Limited (Financials, Capital Markets)		825,000		466,315

Yulon Finance Corporation (Financials, Consumer Finance)		11,000		36,834

Yulon Motor Company Limited (Consumer Discretionary, Automobiles)		91,000		55,774

Yungtay Engineering Company Limited (Industrials, Machinery)		26,000		50,392

Zhen Ding Technology Holding (Information Technology, Electronic Equipment, Instruments & Components)		34,000		97,717

				32,753,660


Thailand: 4.73%

Advanced Info Service PCL (Communication Services, Wireless Telecommunication Services)		89,600		517,484

Amata Corporation PCL (Real Estate, Real Estate Management & Development)		65,400		45,035

AP Thailand PCL (Real Estate, Real Estate Management & Development)		180,900		40,471

B.Grimm PPCL (Utilities, Independent Power & Renewable Electricity Producers)		54,700		50,339

Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		98,300		102,940

Bangkok Bank PCL (Financials, Banks)		96,100		637,363

Bangkok Chain Hospital PCL (Health Care, Health Care Providers & Services)		107,700		55,708

Bangkok Dusit Medical Services PCL (Health Care, Health Care Providers & Services)		912,600		683,455

Bangkok Expressway and Metro PCL (Industrials, Transportation Infrastructure)		616,900		207,509

Bangkok Insurance PCL (Financials, Insurance)		10,800		112,413

Bangkok Life Assurance PCL (Financials, Insurance)		103,600		93,696

Bangkokland PCL (Real Estate, Real Estate Management & Development)		1,553,400		81,336

Bank of Ayudhya PCL (Financials, Banks)		144,000		175,930

Beauty Community PCL (Consumer Discretionary, Specialty Retail)		211,300		45,931

BTS Group Holdings PCL (Industrials, Road & Rail)		681,300		224,848

Bumrungrad Hospital PCL (Health Care, Health Care Providers & Services)		39,200		231,997

Carabao Group PCL (Consumer Staples, Beverages)		33,800		58,992

Central Plaza Hotel PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		94,700		134,481

CH Karnchang PCL (Industrials, Construction & Engineering)		107,700		87,151

Charoen Pokphand Foods PCL (Consumer Staples, Food Products)		369,100		307,461

Cimb Thai Bank PCL (Financials, Banks) †		1,894,100		46,883

Delta Electronics Thailand PCL (Information Technology, Electronic Equipment, Instruments & Components)		91,700		210,972

Electricity Genera PCL (Utilities, Independent Power & Renewable Electricity Producers)		18,400		155,900

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


108		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Thailand (continued)

Esso Thailand PCL (Energy, Oil, Gas & Consumable Fuels)		94,500	$	32,687

Frasers Property PCL (Real Estate, Real Estate Management & Development)		71,900		37,875

GFPT PCL (Consumer Staples, Food Products)		97,900		45,047

Global Power Synergy PCL (Utilities, Independent Power & Renewable Electricity Producers)		25,900		52,807

Glow Energy PCL (Utilities, Independent Power & Renewable Electricity Producers)		30,100		86,921

Grand Canal Land PCL (Real Estate, Real Estate Management & Development)		98,400		8,306

Hana Microelectronics PCL (Information Technology, Electronic Equipment, Instruments & Components)		44,500		50,484

Home Product Center PCL (Consumer Discretionary, Specialty Retail)		526,700		250,710

Indorama Ventures PCL (Materials, Chemicals)		158,700		259,359

IRPC PCL (Energy, Oil, Gas & Consumable Fuels)		873,100		163,468

Italian Thai Development PCL (Industrials, Construction & Engineering) †		399,600		30,687

Jasmine International PCL (Communication Services, Diversified Telecommunication Services)		307,400		58,529

KCE Electronics PCL (Information Technology, Electronic Equipment, Instruments & Components)		50,800		44,332

Kiatnakin Bank PCL (Financials, Banks)		67,500		151,012

Krung Thai Bank PCL (Financials, Banks)		484,000		296,428

Krungthai Card PCL (Financials, Consumer Finance)		67,800		65,622

Land & Houses PCL (Real Estate, Real Estate Management & Development)		587,300		195,689

LPN Development PCL (Real Estate, Real Estate Management & Development)		125,700		27,922

Major Cineplex Group PCL (Communication Services, Entertainment)		64,600		56,887

MBK PCL (Real Estate, Real Estate Management & Development)		82,900		57,086

Minor International PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		251,700		309,508

MK Restaurants Group PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		24,700		58,590

Muangthai Leasing PCL (Financials, Consumer Finance)		52,000		77,557

Pruksa Holding PCL (Real Estate, Real Estate Management & Development)		75,400		45,940

PTT Global Chemical PCL (Materials, Chemicals)		168,100		384,076

PTT PCL (Energy, Oil, Gas & Consumable Fuels)		1,003,600		1,544,612

Quality Houses PCL (Real Estate, Real Estate Management & Development)		607,300		58,971

Ratchaburi Electricity Generating Holding PCL (Utilities, Independent Power & Renewable Electricity Producers)		54,000		92,963

Robinson PCL (Consumer Discretionary, Multiline Retail)		45,200		92,516

Saha Pathana Inter Holding PCL (Real Estate, Real Estate Management & Development)		29,800		66,196

Sansiri PCL (Real Estate, Real Estate Management & Development)		1,187,200		51,990

Siam City Cement PCL (Materials, Construction Materials)		7,700		54,489

Siam Global House PCL (Consumer Discretionary, Specialty Retail)		169,400		102,137

Sino Thai Engineering & Construction PCL (Industrials, Construction & Engineering)		102,200		72,322

Sri Trang Agro-Industry PCL (Consumer Discretionary, Auto Components)		86,600		43,695

Srisawad Power 1979 PCL (Financials, Diversified Financial Services)		60,100		95,836

Star Petroleum Refining PCL (Energy, Oil, Gas & Consumable Fuels)		153,500		50,172

Supalai PCL (Real Estate, Real Estate Management & Development)		135,100		84,029

Thai Airways International PCL (Industrials, Airlines) †		111,000		46,144

Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		77,800		178,375

Thai President Foods PCL (Consumer Staples, Food Products)		7,900		39,108

Thai Union Group PCL (Consumer Staples, Food Products)		297,300		174,536

Thai Vegetable Oil PCL (Consumer Staples, Food Products)		61,000		55,653

Thanachart Capital PCL (Financials, Banks)		79,500		140,647

The Siam Cement PCL (Materials, Construction Materials)		63,900		961,161

Thonburi Healthcare Group PCL (Health Care, Health Care Providers & Services)		53,000		52,979

Tipco Asphalt PCL (Materials, Construction Materials)		97,300		48,168

Tisco Financial Group PCL (Financials, Banks)		46,900		130,226

TOA Paint Thailand PCL (Materials, Chemicals)		54,600		60,643

Total Access Communication PCL (Communication Services, Wireless Telecommunication Services)		55,600		89,542

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			109

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name				Shares		Value

Thailand (continued)

TPI Polene PCL (Materials, Construction Materials)					870,800	$	58,583

True Corporation PCL (Communication Services, Diversified Telecommunication Services)					1,742,600		298,613

TTW PCL (Utilities, Water Utilities)					94,200		37,964

VGI Global Media PCL (Communication Services, Media)					261,300		64,677

Vibhavadi Medical Center PCL (Health Care, Health Care Providers & Services)					746,400		45,477

WHA Corporation PCL (Real Estate, Real Estate Management & Development)					632,000		84,233

							12,132,481


Turkey: 1.24%

Akbank TAS (Financials, Banks)					239,226		307,869

Anadolu Efes Biracilik ve Malt Sanayii AS (Consumer Staples, Beverages)					15,201		57,122

Arcelik AS (Consumer Discretionary, Household Durables)					19,930		77,730

Aselsan Elektronik Sanayi ve Ticaret AS (Industrials, Aerospace & Defense)					22,117		101,589

Bim Birlesik Magazalar AS (Consumer Staples, Food & Staples Retailing)					17,990		288,811

Emlak Konut Gayrimenkul Yati AS (Real Estate, Equity REITs)					138,146		39,594

Eregli Demir ve Celik Fabrikalari TAS (Materials, Metals & Mining)					109,068		190,421

Ford Otomotiv Sanayi AS (Consumer Discretionary, Automobiles)					5,745		59,675

Haci Omer Sabanci Holding AS (Financials, Diversified Financial Services)					98,215		167,977

Koç Holding AS (Industrials, Industrial Conglomerates)					75,487		263,584

Petkim Petrokimya Holding AS (Materials, Chemicals)					54,949		56,717

Soda Sanayii AS (Materials, Chemicals)					27,884		39,803

Sok Marketler Ticaret AS (Consumer Staples, Food & Staples Retailing) †					20,206		40,350

TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)					12,644		65,894

Tekfen Holding AS (Industrials, Construction & Engineering)					14,557		71,991

Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary, Automobiles)					9,190		36,462

Tupras Turkiye Petrol Rafinerileri AS (Energy, Oil, Gas & Consumable Fuels)					8,907		239,433

Turk Hava Yollari Anonim Ortakligi AS (Industrials, Airlines) †					55,043		145,798

Turk Sise ve Cam Fabrikalari AS (Industrials, Industrial Conglomerates)					46,244		58,387

Turk Telekomunikasyon AS (Communication Services, Diversified Telecommunication Services) †					56,231		57,197

Turkcell Iletisim Hizmetleri AS (Communication Services, Wireless Telecommunication Services)					78,874		211,286

Turkiye Garanti Bankasi AS (Financials, Banks)					161,067		269,136

Turkiye Halk Bankasi AS (Financials, Banks)					44,269		63,440

Turkiye Is Bankasi Class C AS (Financials, Banks)					101,911		110,917

Turkiye Vakiflar Bankasi TAO AS (Financials, Banks)					73,615		71,157

Ulker Biskuvi Sanayi AS (Consumer Staples, Food Products)					13,136		47,689

Yapi Ve Kredi Bankasi AS (Financials, Banks) †					97,608		39,312

							3,179,341


Total Common Stocks (Cost $233,361,039)							234,017,221


	Dividend yield
Preferred Stocks: 4.50%

Brazil: 4.08%

Alpargatas SA (Consumer Staples, Personal Products)		2.49	%		13,072		66,749

Azul SA (Industrials, Transportation Infrastructure) †		0.00			21,000		210,495

Banco Bradesco SA (Financials, Banks)		2.18			247,028		2,845,707

Banco do Estado do Rio Grande do Sul SA Class B (Financials, Banks)		2.86			14,400		95,843

Bradespar SA (Materials, Metals & Mining)		6.68			16,300		125,066

Braskem SA Class A (Materials, Chemicals)		3.68			14,010		202,906

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


110		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Dividend yield					Shares		Value

Brazil (continued)

Companhia Brasileira de Distribuicao (Consumer Staples, Food & Staples Retailing)		1.29	%				11,373	$	281,922

Companhia de Saneamento do Parana (Utilities, Water Utilities)		4.15					23,040		83,912

Companhia de Transmissao de Energia Electrica Paulista (Utilities, Electric Utilities)		15.27					3,280		67,414

Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		4.50					63,569		243,705

Companhia Energetica de Sao Paulo Class B (Utilities, Independent Power & Renewable Electricity Producers)		0.17					14,200		91,109

Companhia Paranaense de Energia-Copel Class B (Utilities, Electric Utilities)		2.73					6,300		59,945

Energisa SA (Utilities, Electric Utilities)		4.61					800		1,384

Gerdau SA (Materials, Metals & Mining)		2.26					79,700		321,249

Gol Linhas Aereas Inteligentes SA (Industrials, Airlines) †		0.00					8,200		58,201

Itau Unibanco Holding SA (Financials, Banks)		6.55					369,570		3,466,302

Itaúsa Investimentos Itaú SA (Financials, Banks)		8.00					343,461		1,131,108

Klabin SA (Materials, Containers & Packaging)		5.40					225,400		187,226

Lojas Americanas SA (Consumer Discretionary, Multiline Retail)		0.32					52,600		278,814

Marcopolo SA (Industrials, Machinery)		1.81					55,400		59,734

Metalurgica Gerdau SA (Materials, Metals & Mining)		2.71					46,400		88,695

Telefonica Brasil SA (Communication Services, Diversified Telecommunication Services)		7.84					34,709		432,367

Usinas Siderurgicas de Minas Gerais SA Class A (Materials, Metals & Mining)		1.23					31,200		80,240

									10,480,093


Chile: 0.06%

Coca-Cola Embonor SA Class B (Consumer Staples, Food Products)		3.65					23,265		62,073

Embotelladora Andina SA Class B (Consumer Staples, Food & Staples Retailing)		3.84					24,405		91,357

									153,430


Colombia: 0.19%

Banco Davivienda SA (Financials, Banks)		2.26					8,291		101,542

Bancolombia SA (Financials, Banks)		2.82					32,389		390,161

									491,703


Russia: 0.15%

Bashneft PAO (Energy, Oil, Gas & Consumable Fuels)		8.91					2,311		65,425

Transneft PJSC (Energy, Oil, Gas & Consumable Fuels)		4.73					121		309,887

									375,312


South Korea: 0.02%

CJ Corporation (Industrials, Industrial Conglomerates) †(a)‡		0.00					256		8,346

Mirae Asset Daewoo Company Limited Class P (Financials, Capital Markets)		5.84					11,972		44,228

									52,574


Total Preferred Stocks (Cost $10,048,974)									11,553,112


				Expiration date
Warrants: 0.00%

Malaysia: 0.00%

Sunway Bhd (Real Estate, Real Estate Management & Development) †					10-3-2024		122,430		8,580

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			111

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name				Expiration date		Shares		Value

Thailand: 0.00%

BTS Group Holdings (Industrials, Road & Rail) †					11-29-2019		98,790	$	2,257


Total Warrants (Cost $0)									10,837


	Yield
Short-Term Investments: 3.07%

Investment Companies: 3.07%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34	%				7,871,946		7,871,946


Total Short-Term Investments (Cost $7,871,946)									7,871,946


Total investments in securities (Cost $251,281,959)	98.76	%		253,453,116

Other assets and liabilities, net	1.24			3,171,475

Total net assets	100.00	%	$	256,624,591

†	Non-income-earning security

144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

(a)	The security is fair valued in accordance with procedures approved by the Board of Trustees.

‡	Security is valued using significant unobservable inputs.

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

Abbreviations:

ADR	American depositary receipt

REIT	Real estate investment trust

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses

Long

MSCI Emerging Markets Index		212		3-15-2019	$	11,258,571	$	11,095,020	$	0	$	(163,551	)

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		7,994,492		191,077,549		191,200,095		7,871,946	$	0	$	0	$	157,778	$	7,871,946		3.07	%

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


112		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Common Stocks: 94.50%

Australia: 9.71%

AGL Energy Limited (Utilities, Multi-Utilities)		43,079	$	648,125

ALS Limited (Industrials, Professional Services)		31,538		176,287

Altium Limited (Information Technology, Software)		7,624		178,467

Alumina Limited (Materials, Metals & Mining)		174,011		314,759

Amcor Limited (Materials, Containers & Packaging)		78,193		834,767

AMP Limited (Financials, Diversified Financial Services)		185,013		309,724

Ansell Limited (Health Care, Health Care Equipment & Supplies)		9,102		158,959

APA Group (Utilities, Gas Utilities)		62,102		440,961

Aristocrat Leisure Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		40,405		705,641

ASX Limited (Financials, Capital Markets)		12,551		621,166

Atlas Arteria Stapled Securities (Industrials, Transportation Infrastructure)		45,618		230,397

Aurizon Holdings Limited (Industrials, Road & Rail)		131,333		421,088

AusNet Services (Utilities, Electric Utilities)		116,927		143,905

Australia & New Zealand Banking Group Limited (Financials, Banks)		186,975		3,713,661

Bank of Queensland Limited (Financials, Banks)		25,475		162,817

Beach Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		94,420		139,312

Bendigo Bank Limited (Financials, Banks)		32,536		227,563

BHP Billiton Limited (Materials, Metals & Mining)		228,562		6,036,118

BlueScope Steel Limited (Materials, Metals & Mining)		32,819		313,351

Boral Limited (Materials, Construction Materials)		75,647		267,228

Brambles Limited (Industrials, Commercial Services & Supplies)		104,139		868,723

Caltex Australia Limited (Energy, Oil, Gas & Consumable Fuels)		17,205		349,045

Carsales.com Limited (Communication Services, Interactive Media & Services)		15,694		141,272

Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		36,232		206,894

Charter Hall Group (Real Estate, Equity REITs)		30,970		193,323

CIMIC Group Limited (Industrials, Construction & Engineering)		5,922		210,669

Cleanaway Waste Management Limited (Industrials, Commercial Services & Supplies)		131,734		202,777

Coca-Cola Amatil Limited (Consumer Staples, Beverages)		33,441		189,059

Cochlear Limited (Health Care, Health Care Equipment & Supplies)		3,686		445,800

Coles Group Liimited (Consumer Staples, Food & Staples Retailing) †		90,806		729,802

Commonwealth Bank of Australia (Financials, Banks)		120,270		6,308,937

Computershare Limited (Information Technology, IT Services)		34,705		424,660

Crown Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		24,065		195,628

CSL Limited (Health Care, Biotechnology)		29,036		3,990,815

Dexus Property Group (Real Estate, Equity REITs)		65,296		556,739

Domino’s Pizza Enterprises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,144		121,256

Downer EDI Limited (Industrials, Commercial Services & Supplies)		39,195		206,854

DuluxGroup Limited (Materials, Chemicals)		25,646		132,438

Evolution Mining Limited (Materials, Metals & Mining)		100,936		258,472

Flight Centre Travel Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,868		125,582

Fortescue Metals Group Limited (Materials, Metals & Mining)		114,417		491,840

Goodman Group (Real Estate, Equity REITs)		103,728		941,817

Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)		50,710		129,496

Healthscope Limited (Health Care, Health Care Providers & Services)		111,431		196,819

Iluka Resources Limited (Materials, Metals & Mining)		29,040		188,898

Incitec Pivot Limited (Materials, Chemicals)		101,976		243,775

Insurance Australia Group Limited (Financials, Insurance)		154,912		807,668

IOOF Holdings Limited (Financials, Capital Markets)		20,968		97,869

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			113

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Australia (continued)

JB Hi-Fi Limited (Consumer Discretionary, Specialty Retail)		7,996	$	123,082

Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		37,580		343,347

Link Administration Holdings Limited (Information Technology, IT Services)		33,788		182,153

Macquarie Group Limited (Financials, Capital Markets)		20,973		1,913,803

Magellan Financial Group Limited (Financials, Capital Markets)		8,386		207,369

Medibank Private Limited (Financials, Insurance)		185,262		373,220

Metcash Limited (Consumer Staples, Food & Staples Retailing)		62,951		116,548

Mineral Resources Limited (Materials, Metals & Mining)		11,155		119,088

Mirvac Group (Real Estate, Equity REITs)		240,970		439,296

National Australia Bank Limited (Financials, Banks)		182,439		3,252,152

Newcrest Mining Limited (Materials, Metals & Mining)		47,441		818,423

Northern Star Resources Limited (Materials, Metals & Mining)		42,587		279,434

Orica Limited (Materials, Chemicals)		25,547		319,849

Orora Limited (Materials, Containers & Packaging)		77,558		173,300

OZ Minerals Limited (Materials, Metals & Mining)		21,637		158,087

Qantas Airways Limited (Industrials, Airlines)		117,004		475,572

QBE Insurance Group Limited (Financials, Insurance)		86,546		758,184

Qube Holdings Limited (Industrials, Transportation Infrastructure)		96,143		189,593

Ramsay Health Care Limited (Health Care, Health Care Providers & Services)		9,246		424,869

REA Group Limited (Communication Services, Interactive Media & Services)		3,445		199,260

Reece Limited (Industrials, Trading Companies & Distributors)		23,960		177,439

Reliance Worldwide Corporation Limited (Industrials, Building Products)		51,502		164,764

Rio Tinto Limited (Materials, Metals & Mining)		27,558		1,879,762

Scentre Group (Real Estate, Equity REITs)		339,795		932,800

SEEK Limited (Industrials, Professional Services)		23,605		308,428

Sonic Healthcare Limited (Health Care, Health Care Providers & Services)		29,234		500,180

South32 Limited - Athens Exchange (Materials, Metals & Mining)		344,665		955,949

Spark Infrastructure Group (Utilities, Electric Utilities)		106,202		175,529

Stockland Corporation Limited (Real Estate, Equity REITs)		159,626		396,308

Suncorp Group Limited (Financials, Insurance)		90,658		871,377

Sydney Airport Holdings Limited (Industrials, Transportation Infrastructure)		154,091		786,992

Telstra Corporation Limited (Communication Services, Diversified Telecommunication Services)		781,585		1,735,327

The GPT Group (Real Estate, Equity REITs)		101,454		421,004

The Star Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		63,107		198,309

TPG Telecom Limited (Communication Services, Diversified Telecommunication Services)		26,303		124,263

Transurban Group (Industrials, Transportation Infrastructure)		177,160		1,567,086

Treasury Wine Estates Limited (Consumer Staples, Beverages)		48,414		514,450

Vicinity Centres (Real Estate, Equity REITs)		207,335		361,800

Washington H. Soul Pattinson & Company Limited (Energy, Oil, Gas & Consumable Fuels)		9,046		188,846

Wesfarmers Limited (Consumer Discretionary, Multiline Retail)		77,263		1,818,480

Westpac Banking Corporation (Financials, Banks)		224,151		4,286,682

Whitehaven Coal Limited (Energy, Oil, Gas & Consumable Fuels)		57,397		179,144

Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		53,976		1,387,936

Woolworths Group Limited (Consumer Staples, Food & Staples Retailing)		87,761		1,784,802

WorleyParsons Limited (Energy, Energy Equipment & Services)		20,692		218,847

				67,804,356


Austria: 0.34%

Andritz AG (Industrials, Machinery)		4,691		234,241

Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks)		20,586		778,566

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


114		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Austria (continued)

OMV AG (Energy, Oil, Gas & Consumable Fuels)		9,432	$	496,404

Raiffeisen Bank International AG (Financials, Banks)		9,264		236,247

Verbund AG (Utilities, Electric Utilities)		4,189		201,645

Voestalpine AG (Materials, Metals & Mining)		7,319		226,606

Wienerberger AG (Materials, Construction Materials)		7,655		173,273

				2,346,982


Belgium: 0.53%

Ackermans & Van Haaren NV (Financials, Diversified Financial Services)		1,515		238,668

Ageas NV (Financials, Insurance)		13,311		656,042

Cofinimmo SA (Real Estate, Equity REITs)		1,500		194,845

Colruyt SA (Consumer Staples, Food & Staples Retailing)		3,435		244,978

Proximus SA (Communication Services, Diversified Telecommunication Services)		11,320		299,108

Sofina SA (Financials, Diversified Financial Services)		1,026		200,728

Solvay SA (Materials, Chemicals)		4,868		544,962

UCB SA (Health Care, Pharmaceuticals)		8,220		688,896

Umicore SA (Materials, Chemicals)		13,944		602,703

				3,670,930


Canada: 9.78%

Agnico-Eagle Mines Limited (Materials, Metals & Mining)		16,395		697,312

Alimentation Couche-Tard Incorporated Class B (Consumer Staples, Food & Staples Retailing)		28,235		1,591,390

Bank of Montreal (Financials, Banks)		41,491		3,235,538

Barrick Gold Corporation (Materials, Metals & Mining)		89,271		1,126,106

Bausch Health Companies Incorporated (Health Care, Pharmaceuticals) †		19,793		469,094

BCE Incorporated (Communication Services, Diversified Telecommunication Services)		59,015		2,624,384

Brookfield Asset Management Incorporated Class A (Financials, Capital Markets)		60,019		2,710,992

Canadian Imperial Bank of Commerce (Financials, Banks)		28,474		2,415,405

Canadian National Railway Company (Industrials, Road & Rail)		40,937		3,512,752

Canadian Pacific Railway Limited (Industrials, Road & Rail)		9,282		1,917,977

Canadian Tire Corporation Limited Class A (Consumer Discretionary, Multiline Retail)		4,075		449,630

CGI Incorporated (Information Technology, IT Services) †		16,265		1,090,513

Constellation Software Incorporated (Information Technology, Software)		1,328		1,134,020

Dollarama Incorporated (Consumer Discretionary, Multiline Retail)		21,232		574,706

Fairfax Financial Holdings Limited (Financials, Insurance)		1,900		940,695

Fortis Incorporated (Utilities, Electric Utilities)		28,944		1,043,651

Franco-Nevada Corporation (Materials, Metals & Mining)		12,908		972,453

Goldcorp Incorporated (Materials, Metals & Mining)		62,800		663,338

Imperial Oil Limited (Energy, Oil, Gas & Consumable Fuels)		15,962		432,179

Intact Financial Corporation (Financials, Insurance)		9,275		775,295

Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		12,154		605,322

Magna International Incorporated (Consumer Discretionary, Auto Components)		19,227		1,014,570

Metro Incorporated (Consumer Staples, Food & Staples Retailing)		16,730		628,797

National Bank of Canada (Financials, Banks)		21,608		1,019,523

Open Text Corporation (Information Technology, Software)		17,248		654,044

Pembina Pipeline Corporation (Energy, Oil, Gas & Consumable Fuels)		31,652		1,158,373

Power Corporation of Canada (Financials, Insurance)		23,896		510,079

Restaurant Brands International Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		16,403		1,037,317

Rogers Communications Incorporated Class B (Communication Services, Wireless Telecommunication Services)		23,822		1,316,234

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			115

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Canada (continued)

Royal Bank of Canada (Financials, Banks)		95,431	$	7,458,550

Shaw Communications Incorporated Class B (Communication Services, Media)		28,226		582,130

Sun Life Financial Incorporated (Financials, Insurance)		39,658		1,501,396

Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		103,662		3,573,166

Teck Resources Limited Class B (Materials, Metals & Mining)		32,300		723,832

Telus Corporation (Communication Services, Diversified Telecommunication Services)		37,994		1,380,078

The Bank of Nova Scotia (Financials, Banks)		79,808		4,435,698

The Toronto-Dominion Bank (Financials, Banks)		122,228		7,008,872

Thomson Reuters Corporation (Industrials, Professional Services)		12,053		655,430

TransCanada Corporation (Energy, Oil, Gas & Consumable Fuels)		55,900		2,499,878

Waste Connections Incorporated - Toronto Exchange (Industrials, Commercial Services & Supplies)		17,700		1,475,639

Wheaton Precious Metals Corporation (Materials, Metals & Mining)		30,476		662,809

				68,279,167


China: 0.54%

AAC Technologies Holdings Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		45,000		267,429

CSPC Pharmaceutical Group Limited (Health Care, Pharmaceuticals)		284,000		484,805

Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		165,200		824,974

Shenzhou International Group Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		47,300		590,516

Xiaomi Corporation Class B (Information Technology, Technology Hardware, Storage & Peripherals) †144A		1,063,000		1,619,603

				3,787,327


Denmark: 2.23%

Ambu AS Class B (Health Care, Health Care Equipment & Supplies)		11,675		273,749

Carlsberg AS Class B (Consumer Staples, Beverages)		7,094		859,368

Christian Hansen Holding AS (Materials, Chemicals)		6,660		678,453

Coloplast AS Class B (Health Care, Health Care Equipment & Supplies)		8,154		812,746

Danske Bank AS (Financials, Banks)		50,098		996,713

DSV AS (Industrials, Road & Rail)		11,707		973,776

FLSmidth & Company AS (Industrials, Construction & Engineering)		2,572		123,437

GN Store Nord AS (Health Care, Health Care Equipment & Supplies)		8,217		395,983

H. Lundbeck AS (Health Care, Pharmaceuticals)		4,104		187,702

ISS AS (Industrials, Commercial Services & Supplies)		10,190		318,003

Jyske Bank AS (Financials, Banks)		4,612		180,631

Novo Nordisk AS Class B (Health Care, Pharmaceuticals)		116,033		5,693,433

Novozymes AS Class B (Materials, Chemicals)		15,054		683,464

Orsted AS (Utilities, Electric Utilities) 144A		11,614		842,807

Pandora AS (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		6,136		321,985

Rockwool International AS B Shares (Industrials, Building Products)		619		151,085

Royal Unibrew AS (Consumer Staples, Beverages)		2,942		217,532

SimCorp AS (Information Technology, Software)		2,547		229,292

Tryg AS (Financials, Insurance)		8,527		232,436

Vestas Wind Systems AS (Industrials, Electrical Equipment)		14,089		1,172,768

William Demant Holding (Health Care, Health Care Equipment & Supplies) †		6,569		197,290

				15,542,653


Finland: 1.89%

Amer Sports Oyj (Consumer Discretionary, Leisure Products)		7,985		361,939

Elisa Oyj (Communication Services, Diversified Telecommunication Services)		10,079		422,920

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


116		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Finland (continued)

Fortum Oyj (Utilities, Electric Utilities)		31,578	$	701,127

Huhtamaki Oyj (Materials, Containers & Packaging)		6,742		244,094

Kesko Oyj Class B (Consumer Staples, Food & Staples Retailing)		4,645		277,276

Kone Oyj Class B (Industrials, Machinery)		27,190		1,328,944

Konecranes Oyj (Industrials, Machinery)		4,336		152,152

Metso Oyj (Industrials, Machinery)		8,525		289,060

Neste Oil Oyj (Energy, Oil, Gas & Consumable Fuels)		8,692		835,427

Nokia Oyj (Information Technology, Communications Equipment)		370,896		2,242,690

Nokian Renkaat Oyj (Consumer Discretionary, Auto Components)		9,322		329,763

Nordea Bank AB (Financials, Banks)		207,731		1,883,884

Orion Oyj Class B (Health Care, Pharmaceuticals)		6,929		247,554

Sampo Oyj Class A (Financials, Insurance)		33,614		1,618,072

Stora Enso Oyj (Materials, Paper & Forest Products)		38,290		513,271

UPM-Kymmene Oyj (Materials, Paper & Forest Products)		33,770		1,018,677

Valmet Corporation (Industrials, Machinery)		8,964		223,295

Wartsila Oyj (Industrials, Machinery)		31,728		515,351

				13,205,496


France: 5.48%

Aeroports de Paris SA (Industrials, Transportation Infrastructure)		1,936		375,679

Air Liquide SA (Materials, Chemicals)		31,130		3,882,575

Alstom SA (Industrials, Machinery)		11,211		487,379

ALTEN SA (Information Technology, IT Services)		1,813		186,938

Altran Technologies SA (Information Technology, IT Services)		14,650		155,305

Amundi SA (Financials, Diversified Financial Services)		4,147		277,171

Arkema SA (Materials, Chemicals)		4,489		452,597

Atos Origin SA (Information Technology, IT Services)		6,157		591,217

bioMerieux (Health Care, Health Care Equipment & Supplies)		2,990		246,571

Bouygues SA (Industrials, Construction & Engineering)		20,961		792,749

Bureau Veritas SA (Industrials, Professional Services)		19,257		460,419

Capgemini SA (Information Technology, IT Services)		11,200		1,340,188

Christian Dior SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		429		190,453

CNP Assurances SA (Financials, Insurance)		9,889		228,564

Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		12,550		1,506,011

Covivio (Real Estate, Equity REITs)		3,698		374,360

Dassault Aviation SA (Industrials, Aerospace & Defense)		161		271,031

Dassault Systemes SA (Information Technology, Software)		9,250		1,353,579

Eiffage SA (Industrials, Construction & Engineering)		6,617		645,623

Electricite de France SA (Utilities, Electric Utilities)		34,637		503,110

Eurazeo SA (Financials, Diversified Financial Services)		3,254		244,653

Eutelsat Communications SA (Communication Services, Media)		9,701		191,557

Gecina SA (Real Estate, Equity REITs)		3,569		529,366

Groupe Danone SA (Consumer Staples, Food Products)		44,607		3,365,465

Groupe Eurotunnel SE (Industrials, Transportation Infrastructure)		32,228		475,817

Hermes International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,030		1,285,664

ICADE (Real Estate, Equity REITs)		1,859		158,272

Imerys SA (Materials, Construction Materials)		2,208		125,524

Ingenico SA (Information Technology, Electronic Equipment, Instruments & Components)		3,923		263,360

Ipsen SA (Health Care, Pharmaceuticals)		2,494		344,955

JCDecaux SA (Communication Services, Media)		5,052		155,727

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			117

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

France (continued)

Klepierre SA (Real Estate, Equity REITs)		14,546	$	507,776

Lagardere SCA (Communication Services, Media)		7,083		183,287

Legrand SA (Industrials, Electrical Equipment)		17,845		1,177,271

Orpea SA (Health Care, Health Care Providers & Services)		3,135		369,606

Pernod-Ricard SA (Consumer Staples, Beverages)		15,025		2,587,453

Peugeot SA (Consumer Discretionary, Automobiles)		36,743		934,498

Publicis Groupe SA (Communication Services, Media)		14,389		797,552

Remy Cointreau SA (Consumer Staples, Beverages)		1,677		218,409

Rubis SCA (Utilities, Gas Utilities)		5,655		334,800

Safran SA (Industrials, Aerospace & Defense)		25,309		3,451,646

Sartorius Stedim Biotech SA (Health Care, Life Sciences Tools & Services)		1,606		189,068

SCOR SE (Financials, Insurance)		11,613		522,952

SEB SA (Consumer Discretionary, Household Durables)		1,527		262,964

Societe BIC SA (Industrials, Commercial Services & Supplies)		1,858		175,728

Sodexho Alliance SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		5,631		618,593

Sopra Steria Group (Information Technology, IT Services)		904		106,321

Spie SA (Industrials, Commercial Services & Supplies)		8,344		132,588

Suez Environnement Company SA (Utilities, Multi-Utilities)		27,359		349,627

Teleperformance SE (Industrials, Professional Services)		3,959		706,996

Thales SA (Industrials, Aerospace & Defense)		7,291		897,733

Ubisoft Entertainment SA (Communication Services, Entertainment) †		4,683		338,244

Vivendi SA (Communication Services, Entertainment)		65,677		1,919,900

				38,244,891


Germany: 5.09%

Aareal Bank AG (Financials, Thrifts & Mortgage Finance)		4,156		136,097

Adidas AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		10,840		2,633,678

Allianz AG (Financials, Insurance)		28,812		6,410,241

Aurubis AG (Materials, Metals & Mining)		2,401		132,099

Axel Springer AG (Communication Services, Media)		3,257		185,789

Bechtle AG (Information Technology, IT Services)		1,789		153,431

Carl Zeiss Meditec AG (Health Care, Health Care Equipment & Supplies)		2,379		202,949

Covestro AG (Materials, Chemicals) 144A		11,325		645,884

Deutsche Boerse AG (Financials, Capital Markets)		12,669		1,600,989

Deutsche Lufthansa AG (Industrials, Airlines)		17,886		456,732

Deutsche Telekom AG (Communication Services, Diversified Telecommunication Services)		226,627		3,733,896

Deutsche Wohnen AG (Real Estate, Real Estate Management & Development)		22,307		1,040,296

E.ON SE (Utilities, Multi-Utilities)		146,612		1,615,107

Evonik Industries AG (Materials, Chemicals)		10,933		307,784

Evotec AG (Health Care, Life Sciences Tools & Services) †		7,219		169,644

Fraport AG (Industrials, Transportation Infrastructure)		2,538		203,869

Freenet AG (Communication Services, Wireless Telecommunication Services)		9,071		191,034

Fresenius Medical Care AG & Company KGaA (Health Care, Health Care Providers & Services)		14,384		1,126,951

Fresenius SE & Company KGaA (Health Care, Health Care Providers & Services)		28,844		1,621,729

Gerresheimer AG (Health Care, Life Sciences Tools & Services)		2,083		159,928

Grenke AG (Financials, Diversified Financial Services)		1,945		198,447

Hannover Rueck SE (Financials, Insurance)		3,991		594,682

HELLA GmbH & Company KGaA (Consumer Discretionary, Auto Components)		2,836		128,387

Hochtief AG (Industrials, Construction & Engineering)		1,190		188,687

Hugo Boss AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		4,034		298,342

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


118		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Germany (continued)

Innogy SE (Utilities, Multi-Utilities)		5,310	$	245,460

Kion Group AG (Industrials, Machinery)		4,585		261,386

Knorr Bremse AG (Industrials, Machinery) †		3,129		314,409

LEG Immobilien AG (Real Estate, Real Estate Management & Development)		4,162		464,696

MAN SE (Industrials, Machinery)		1,107		113,576

Merck KGaA (Health Care, Pharmaceuticals)		8,872		916,102

Metro AG (Consumer Staples, Food & Staples Retailing)		11,534		193,707

MTU Aero Engines AG (Industrials, Aerospace & Defense)		3,353		718,914

Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		10,325		2,432,217

Nemetschek SE (Information Technology, Software)		1,125		164,305

Osram Licht AG (Industrials, Electrical Equipment)		7,458		323,206

ProSiebenSat.1 Media AG (Communication Services, Media)		15,990		291,733

Puma AG Rudolf Dassler Sport (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		529		298,148

Rheinmetall AG (Industrials, Industrial Conglomerates)		2,842		303,997

Scout24 AG (Communication Services, Interactive Media & Services)		7,613		400,930

Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		1,298		126,883

Symrise AG (Materials, Chemicals)		7,739		682,035

TAG Immobilien AG (Real Estate, Real Estate Management & Development)		9,713		226,485

TUI AG (Consumer Discretionary, Hotels, Restaurants & Leisure)		29,169		309,584

Uniper SE (Utilities, Independent Power & Renewable Electricity Producers)		12,494		363,951

United Internet AG (Communication Services, Diversified Telecommunication Services)		9,113		331,595

Vonovia SE (Real Estate, Real Estate Management & Development)		32,397		1,571,282

Zalando SE (Consumer Discretionary, Internet & Direct Marketing Retail) †144A		8,800		324,310

				35,515,583


Hong Kong: 3.58%

ASM Pacific Technology (Information Technology, Semiconductors & Semiconductor Equipment)		20,744		219,735

CK Asset Holdings Limited (Real Estate, Real Estate Management & Development)		163,690		1,358,566

CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates)		186,070		1,980,464

CK Infrastructure Holdings Limited (Utilities, Electric Utilities)		50,000		416,892

CLP Holdings Limited (Utilities, Electric Utilities)		121,886		1,444,046

Dairy Farm International Holdings Limited (Consumer Staples, Food & Staples Retailing)		20,340		181,840

Fullshare Holdings Limited (Industrials, Electrical Equipment)		722,500		144,505

Hang Lung Group Limited (Real Estate, Real Estate Management & Development)		56,705		178,067

Hang Lung Properties Limited (Real Estate, Real Estate Management & Development)		127,332		300,740

Hang Seng Bank Limited (Financials, Banks)		50,555		1,252,645

Henderson Land Development Company Limited (Real Estate, Real Estate Management & Development)		76,908		435,009

HK Electric Investments Limited (Utilities, Electric Utilities)		150,500		156,832

Hong Kong & China Gas Company Limited (Utilities, Gas Utilities)		608,269		1,408,749

Hong Kong Exchanges & Clearing Limited (Financials, Capital Markets)		78,500		2,706,086

Hong Kong Land Holdings Limited (Real Estate, Real Estate Management & Development)		73,525		527,174

Hong Kong Telecommunications Trust & Hong Kong Trust Limited (Communication Services, Diversified Telecommunication Services)		182,574		285,150

Hopewell Holdings (Industrials, Industrial Conglomerates)		49,000		225,345

Hysan Development Company Limited (Real Estate, Real Estate Management & Development)		41,574		219,528

Jardine Matheson Holdings Limited (Industrials, Industrial Conglomerates)		19,528		1,338,840

Jardine Strategic Holdings Limited (Industrials, Industrial Conglomerates)		12,017		474,672

Kerry Properties Limited (Real Estate, Real Estate Management & Development)		40,500		169,228

Link REIT (Real Estate, Equity REITs)		147,607		1,668,858

Minth Group Limited (Consumer Discretionary, Auto Components)		44,000		174,324

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			119

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Hong Kong (continued)

MTR Corporation Limited (Industrials, Road & Rail)		110,069	$	632,391

New World Development Limited (Real Estate, Real Estate Management & Development)		360,961		576,636

NWS Holdings Limited (Industrials, Industrial Conglomerates)		105,429		255,187

PCCW Limited (Communication Services, Diversified Telecommunication Services)		301,000		180,989

Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		106,000		150,700

Sino Land Company (Real Estate, Real Estate Management & Development)		201,899		376,033

SJM Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		154,000		173,623

Sun Hung Kai Properties Limited (Real Estate, Real Estate Management & Development)		101,000		1,672,665

Swire Pacific Limited Class A (Real Estate, Real Estate Management & Development)		32,478		386,232

Swire Properties Limited (Real Estate, Real Estate Management & Development)		76,353		306,394

Techtronic Industries Company Limited (Consumer Discretionary, Household Durables)		97,743		653,093

The Bank of East Asia Limited (Financials, Banks)		102,600		357,478

The Wharf Holdings Limited (Real Estate, Real Estate Management & Development)		69,717		218,039

Vitasoy International Holdings Limited (Consumer Staples, Food Products)		59,005		254,820

Wharf Real Estate Investment Company Limited (Real Estate, Real Estate Management & Development)		78,000		548,005

Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		52,945		358,486

Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		104,334		257,853

Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		150,000		171,980

Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		55,222		185,721

				24,983,620


Ireland: 0.62%

AIB Group plc (Financials, Banks)		64,573		303,783

Bank of Ireland Group plc (Financials, Banks)		69,010		448,601

DCC plc (Industrials, Industrial Conglomerates)		6,492		561,846

Glanbia plc (Consumer Staples, Food Products)		15,796		320,354

Kerry Group plc Class A (Consumer Staples, Food Products)		10,684		1,099,802

Kingspan Group plc (Industrials, Building Products)		11,448		539,872

Paddy Power plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		5,911		478,038

Smurfit Kappa Group plc (Materials, Containers & Packaging)		15,832		449,122

UDG Healthcare plc (Health Care, Health Care Providers & Services)		18,502		141,965

				4,343,383


Italy: 0.78%

A2A SpA (Utilities, Multi-Utilities)		107,624		190,725

Atlantia SpA (Industrials, Transportation Infrastructure)		30,935		752,298

Davide Campari-Milano SpA (Consumer Staples, Beverages)		30,209		288,119

DiaSorin SpA (Health Care, Health Care Equipment & Supplies)		1,767		173,352

FinecoBank SpA (Financials, Banks)		25,603		318,159

Interpump Group SpA (Industrials, Machinery)		5,488		177,906

Italgas SpA (Utilities, Gas Utilities)		31,933		193,452

Mediobanca SpA (Financials, Banks)		42,149		422,947

Moncler SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		12,636		484,651

Poste Italiane SpA (Financials, Insurance)		31,515		284,264

Recordati SpA (Health Care, Pharmaceuticals)		7,292		274,292

Saipem SpA (Energy, Energy Equipment & Services) †		34,677		180,059

Snam SpA (Energy, Oil, Gas & Consumable Fuels)		142,274		703,149

Telecom Italia SpA (Communication Services, Diversified Telecommunication Services) †		769,600		469,029

Terna SpA (Utilities, Electric Utilities)		90,641		563,748

				5,476,150

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


120		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan: 20.83%

Acom Company Limited (Financials, Consumer Finance)		34,900	$	119,292

Activia Properties Incorporated (Real Estate, Equity REITs)		44		183,358

Advance Residence Investment Corporation (Real Estate, Equity REITs)		88		244,741

Advantest Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		13,500		318,409

Aeon Company Limited (Consumer Staples, Food & Staples Retailing)		62,000		1,304,912

Aica Kogyo Company Limited (Industrials, Building Products)		4,900		170,345

Ain Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		2,000		137,263

Air Water Incorporated (Materials, Chemicals)		12,800		203,946

Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		11,900		463,872

Ajinomoto Company Incorporated (Consumer Staples, Food Products)		38,600		583,164

Alfresa Holdings Corporation (Health Care, Health Care Providers & Services)		13,600		393,487

All Nippon Airways Company Limited (Industrials, Airlines)		26,400		978,646

Alps Electric Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		15,700		308,042

Amada Holdings Company Limited (Industrials, Machinery)		25,200		264,740

Anritsu Corporation Anritsu Corp(Information Technology, Electronic Equipment, Instruments & Components)		9,000		177,796

Aozora Bank Limited (Financials, Banks)		8,000		230,386

Asahi Breweries Limited (Consumer Staples, Beverages)		31,000		1,336,895

Asahi Glass Company Limited (Industrials, Building Products)		15,900		550,612

Asahi Intecc Company Limited (Health Care, Health Care Equipment & Supplies)		9,100		436,774

Asahi Kasei Corporation (Materials, Chemicals)		96,700		1,053,190

ASICS Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		12,500		166,196

Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		125,100		1,928,716

Azbil Corporation (Information Technology, Electronic Equipment, Instruments & Components)		10,000		220,518

Bandai Namco Holdings Incorporated (Consumer Discretionary, Leisure Products)		16,200		688,898

Benesse Corporation (Consumer Discretionary, Diversified Consumer Services)		5,500		149,262

Bic Camera Incorporated (Consumer Discretionary, Specialty Retail)		9,900		112,265

Bridgestone Corporation (Consumer Discretionary, Auto Components)		47,000		1,852,339

CALBEE Incorporated (Consumer Staples, Food Products)		5,800		160,526

Casio Computer Company Limited (Consumer Discretionary, Household Durables)		17,500		237,227

Central Japan Railway Company (Industrials, Road & Rail)		13,900		3,114,453

Chubu Electric Power Company Incorporated (Utilities, Electric Utilities)		44,200		694,931

Chugai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		15,300		1,039,080

Citizen Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		21,700		123,232

Coca-Cola Bottlers Japan Incorporated (Consumer Staples, Beverages)		11,300		290,750

Comsys Holdings Corporation (Industrials, Construction & Engineering)		7,600		202,776

Cosmos Pharmaceutical Corporation (Consumer Staples, Food & Staples Retailing)		800		146,414

Credit Saison Company Limited (Financials, Consumer Finance)		10,900		158,026

CyberAgent Incorporated (Communication Services, Media)		7,100		220,711

Dai Nippon Printing Company Limited (Industrials, Commercial Services & Supplies)		19,600		453,315

Daicel Corporation (Materials, Chemicals)		23,800		250,245

Daifuku Company Limited (Industrials, Machinery)		8,600		421,262

Daiichikosho Company Limited (Communication Services, Entertainment)		3,100		152,963

Daito Trust Construction Company Limited (Real Estate, Real Estate Management & Development)		5,200		720,065

Daiwa House Residential Investment Corporation (Real Estate, Equity REITs)		117		260,735

Daiwa Securities Group Incorporated (Financials, Capital Markets)		107,400		544,877

DeNA Company Limited (Communication Services, Entertainment)		7,400		113,856

Denka Company Limited (Materials, Chemicals)		5,800		174,575

DIC Incorporated (Materials, Chemicals)		6,200		196,905

Disco Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		2,100		289,006

DMG Mori Seiko Company Limited (Industrials, Machinery)		8,500		109,963

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			121

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)

Ebara Corporation (Industrials, Machinery)		6,600	$	187,108

Eisai Company Limited (Health Care, Pharmaceuticals)		20,700		1,707,590

Electric Power Development Company Limited (Utilities, Independent Power & Renewable Electricity Producers)		12,100		302,215

Ezaki Glico Company Limited (Consumer Staples, Food Products)		4,200		212,515

FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		20,800		592,473

FANCL Corporation (Consumer Staples, Personal Products)		8,600		194,815

Fuji Electric Holdings Company Limited (Industrials, Electrical Equipment)		10,300		323,420

Fuji Television Network Incorporated (Communication Services, Media)		14,400		210,577

FUJIFILM Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		27,600		1,235,828

Fujitsu Limited (Information Technology, IT Services)		13,900		936,393

Fukuoka Financial Group Incorporated (Financials, Banks)		11,500		248,437

Furukawa Electric Company Limited (Industrials, Electrical Equipment)		4,600		141,138

GLP J-REIT (Real Estate, Equity REITs)		228		237,890

GMO Payment Gateway Incorporated (Information Technology, IT Services)		2,200		130,660

GS Yuasa Corporation (Industrials, Electrical Equipment)		5,600		112,085

Hakuhodo DY Holdings Incorporated (Communication Services, Media)		22,200		339,976

Hamamatsu Photonics (Information Technology, Electronic Equipment, Instruments & Components)		10,000		351,680

Haseko Corporation (Consumer Discretionary, Household Durables)		19,300		240,850

Hikari Tsushin Incorporated (Consumer Discretionary, Specialty Retail)		1,600		286,368

Hino Motors Limited (Industrials, Machinery)		18,800		172,542

Hisamitsu Pharmaceutical Company Incorporated (Health Care, Pharmaceuticals)		6,100		300,991

Hitachi Construction Machinery Company Limited (Industrials, Machinery)		7,600		189,480

Hitachi High Technologies Corporation (Information Technology, Electronic Equipment, Instruments & Components)		4,400		167,174

Horiba Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,900		146,737

Hoshizaki Electric Company Limited (Industrials, Machinery)		3,500		236,756

House Foods Corporation (Consumer Staples, Food Products)		5,500		220,069

Hoya Corporation (Health Care, Health Care Equipment & Supplies)		27,400		1,672,785

Ibiden Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		9,400		133,244

Idemitsu Kosan Company Limited (Energy, Oil, Gas & Consumable Fuels)		11,400		403,983

IHI Corporation (Industrials, Machinery)		10,600		279,205

Iida Group Holdings Company (Consumer Discretionary, Household Durables)		13,000		237,222

ITO EN Limited (Consumer Staples, Beverages)		4,700		212,515

Itochu Corporation (Industrials, Trading Companies & Distributors)		98,800		1,770,981

Itochu Techno-Science Corporation (Information Technology, IT Services)		6,800		159,835

Izumi Company Limited (Consumer Discretionary, Multiline Retail)		3,500		158,884

Japan Airlines Company Limited (Industrials, Airlines)		25,400		926,309

Japan Airport Terminal Company Limited (Industrials, Transportation Infrastructure)		5,400		214,130

Japan Exchange Group Incorporated (Financials, Capital Markets)		36,100		636,402

Japan Hotel REIT Investment Corporation (Real Estate, Equity REITs)		267		205,762

Japan Prime Realty Investment Corporation (Real Estate, Equity REITs)		61		239,151

Japan Real Estate Investment Corporation (Real Estate, Equity REITs)		86		497,645

Japan Retail Fund Investment Corporation (Real Estate, Equity REITs)		177		356,334

JFE Holdings Incorporated (Materials, Metals & Mining)		38,900		677,561

JGC Corporation (Industrials, Construction & Engineering)		17,000		246,921

JSR Corporation (Materials, Chemicals)		13,700		226,889

JTEKT Corporation (Industrials, Machinery)		16,500		204,279

JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		233,400		1,090,310

K’s Holdings Corporation (Consumer Discretionary, Specialty Retail)		14,200		130,452

Kagome Company Limited (Consumer Staples, Food Products)		6,100		156,406

Kajima Corporation (Industrials, Construction & Engineering)		35,900		530,778

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


122		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)

Kakaku.com Incorporated (Communication Services, Interactive Media & Services)		8,800	$	169,029

Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		2,600		125,492

Kamigumi Company Limited (Industrials, Transportation Infrastructure)		8,200		189,873

Kaneka Corporation (Materials, Chemicals)		4,400		171,910

Kansai Electric Power Company Incorporated (Utilities, Electric Utilities)		56,000		836,747

Kao Corporation (Consumer Staples, Personal Products)		36,400		2,750,941

Kawasaki Heavy Industries Limited (Industrials, Machinery)		10,800		277,109

KDDI Corporation (Communication Services, Wireless Telecommunication Services)		118,700		2,863,006

Keihan Electric Railway Company Limited (Industrials, Industrial Conglomerates)		7,200		297,780

Keio Corporation (Industrials, Road & Rail)		8,400		492,854

Keisei Electric Railway Company Limited (Industrials, Road & Rail)		11,700		398,870

Kenedix Realty Investment Corporation (Real Estate, Equity REITs)		27		179,976

Kewpie Corporation (Consumer Staples, Food Products)		8,500		193,846

Kikkoman Corporation (Consumer Staples, Food Products)		14,300		710,734

Kinden Corporation (Industrials, Construction & Engineering)		9,700		157,163

Kintetsu Corporation (Industrials, Road & Rail)		12,800		577,616

Kirin Brewery Company Limited (Consumer Staples, Beverages)		61,200		1,366,589

Kobayashi Pharmaceutical Company Limited (Consumer Staples, Personal Products)		4,500		362,535

Kobe Steel Limited (Materials, Metals & Mining)		24,000		189,692

Koito Manufacturing Company Limited (Consumer Discretionary, Auto Components)		8,800		508,429

Konami Holdings Corporation (Communication Services, Entertainment)		6,700		276,199

Konica Minolta Holdings Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		32,900		318,773

Kuraray Company Limited (Materials, Chemicals)		23,700		317,658

Kurita Water Industries Limited (Industrials, Machinery)		8,100		203,763

Kyowa Exeo Corporation (Industrials, Construction & Engineering)		6,400		172,538

Kyowa Hakko Kogyo Company Limited (Health Care, Pharmaceuticals)		17,700		337,597

Kyudenko Corporation (Industrials, Construction & Engineering)		4,100		140,143

Kyushu Electric Power Company Incorporated (Utilities, Electric Utilities)		31,000		368,223

Kyushu Financial Group Incorporated (Financials, Banks)		32,500		131,790

Kyushu Railway Company (Industrials, Road & Rail)		10,900		372,574

Lawson Incorporated (Consumer Staples, Food & Staples Retailing)		3,500		211,950

Lion Corporation (Consumer Staples, Household Products)		21,600		442,406

LIXIL Group Corporation (Industrials, Building Products)		19,300		261,281

M3 Incorporated (Health Care, Health Care Technology)		26,600		440,529

Mabuchi Motor Company Limited (Industrials, Electrical Equipment)		4,200		144,314

Makita Corporation (Industrials, Machinery)		19,600		693,689

Marubeni Corporation (Industrials, Trading Companies & Distributors)		118,500		844,857

Marui Group Company Limited (Consumer Discretionary, Multiline Retail)		15,900		279,443

Maruichi Steel Tube Limited (Materials, Metals & Mining)		5,700		171,309

Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		7,300		250,177

Mebuki Financial Group Incorporated (Financials, Banks)		71,000		191,728

Medipal Holdings Corporation (Health Care, Health Care Providers & Services)		14,900		347,018

Meiji Holdings Company Limited (Consumer Staples, Food Products)		10,200		807,105

Minebea Company Limited (Industrials, Machinery)		29,000		464,666

Misumi Group Incorporated (Industrials, Machinery)		18,900		457,981

Mitsubishi Chemical Holdings Corporation (Materials, Chemicals)		94,400		696,069

Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		14,500		221,406

Mitsubishi Heavy Industries Limited (Industrials, Machinery)		22,200		902,420

Mitsubishi Materials Corporation (Materials, Metals & Mining)		8,700		238,837

Mitsubishi Motors Corporation (Consumer Discretionary, Automobiles)		44,500		249,518

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			123

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)

Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		37,600	$	191,264

Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		118,400		1,858,879

Mitsui Chemicals Incorporated (Materials, Chemicals)		13,800		335,885

Mitsui OSK Lines Limited (Industrials, Marine)		8,100		189,665

Miura Company Limited (Industrials, Machinery)		7,500		171,579

Mizuho Financial Group Incorporated (Financials, Banks)		1,713,800		2,693,740

MonotaRO Company Limited (Industrials, Trading Companies & Distributors)		10,400		245,013

Morinaga & Company Limited (Consumer Staples, Food Products)		3,500		156,686

Nabtesco Corporation (Industrials, Machinery)		8,300		218,846

Nagase & Company Limited (Industrials, Trading Companies & Distributors)		8,800		129,397

Nagoya Railroad Company Limited (Industrials, Road & Rail)		13,200		362,966

Nankai Electric Railway Company Limited (Industrials, Road & Rail)		7,700		206,411

NEC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		16,300		543,260

Nexon Company Limited (Communication Services, Entertainment) †		30,900		489,843

NGK Insulators Limited (Industrials, Machinery)		21,600		329,237

NGK Spark Plug Company Limited (Consumer Discretionary, Auto Components)		14,800		314,151

NH Foods Limited (Consumer Staples, Food Products)		6,800		247,988

NHK Spring Company Limited (Consumer Discretionary, Auto Components)		14,000		130,247

Nichirei Corporation (Consumer Staples, Food Products)		9,600		238,568

Nifco Incorporated (Consumer Discretionary, Auto Components)		6,700		170,107

Nihon Kohden Corporation (Health Care, Health Care Equipment & Supplies)		6,200		186,058

Nihon M&A Center Incorporated (Industrials, Professional Services)		8,700		219,324

Nikon Corporation (Consumer Discretionary, Household Durables)		27,200		411,422

Nippon Accommodations Fund Incorporated (Real Estate, Equity REITs)		32		159,045

Nippon Building Fund Incorporated (Real Estate, Equity REITs)		96		624,411

Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		6,000		162,024

Nippon Express Company Limited (Industrials, Road & Rail)		7,200		424,384

Nippon Kayaku Company Limited (Materials, Chemicals)		11,700		142,229

Nippon Paper Industries Company Limited (Materials, Paper & Forest Products)		7,000		139,353

Nippon Prologis REIT Incorporated (Real Estate, Equity REITs)		124		263,430

Nippon Shinyaku Company Limited (Health Care, Pharmaceuticals)		5,400		342,511

Nippon Shokubai Company Limited (Materials, Chemicals)		2,400		163,424

Nippon Television Network Corporation (Communication Services, Media)		12,800		200,845

Nippon Yusen Kabushiki Kaisha (Industrials, Marine)		11,300		177,917

Nishi-Nippon Railroad Company Limited (Industrials, Road & Rail)		5,400		128,817

Nissan Chemical Industries Limited (Materials, Chemicals)		10,200		514,278

Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		160,500		1,385,773

Nisshin Seifun Group Incorporated (Consumer Staples, Food Products)		19,800		424,191

Nissin Food Products Company Limited (Consumer Staples, Food Products)		5,700		395,290

Nitori Holdings Company Limited (Consumer Discretionary, Specialty Retail)		6,000		747,410

NOF Corporation (Materials, Chemicals)		6,200		213,314

NOK Corporation (Consumer Discretionary, Auto Components)		8,200		131,977

Nomura Real Estate Holding Incorporated (Real Estate, Real Estate Management & Development)		8,600		162,718

Nomura Real Estate Master Fund Incorporated (Real Estate, Equity REITs)		281		384,700

Nomura Research Institute Limited (Information Technology, IT Services)		8,300		337,317

NTN Corporation (Industrials, Machinery)		35,100		109,899

NTT DOCOMO Incorporated (Communication Services, Wireless Telecommunication Services)		79,300		1,843,681

Obayashi Corporation (Industrials, Construction & Engineering)		49,100		477,939

OBIC Company Limited (Information Technology, IT Services)		4,600		438,685

Odakyu Electric Railway Company Limited (Industrials, Road & Rail)		22,900		534,364

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


124		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)

Oji Holdings Corporation (Materials, Paper & Forest Products)		66,300	$	393,761

Oracle Corporation (Japan) (Information Technology, Software)		2,000		149,105

Oriental Land Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		15,700		1,722,612

ORIX Corporation (Financials, Diversified Financial Services)		88,600		1,281,328

ORIX JREIT Incorporated (Real Estate, Equity REITs)		186		304,702

Osaka Gas Company Limited (Utilities, Gas Utilities)		26,900		550,236

OSG Corporation (Industrials, Machinery)		6,700		131,998

Otsuka Corporation (Information Technology, IT Services)		8,400		301,817

Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		35,400		1,474,246

Pan Pacific International Holdings (Consumer Discretionary, Multiline Retail)		10,700		637,402

Park24 Company Limited (Industrials, Commercial Services & Supplies)		7,900		189,518

Persol Holdings Company Limited (Industrials, Professional Services)		12,600		215,680

Pigeon Corporation (Consumer Staples, Household Products)		9,200		374,719

Pola Orbis Holdings Incorporated (Consumer Staples, Personal Products)		7,500		210,268

Rakuten Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		50,000		392,948

Recruit Holdings Company Limited (Industrials, Professional Services)		102,300		2,857,957

Relo Holdings Incorporated (Real Estate, Real Estate Management & Development)		7,800		203,214

Resona Holdings Incorporated (Financials, Banks)		157,000		708,905

Ricoh Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		50,700		513,982

Rinnai Corporation (Consumer Discretionary, Household Durables)		2,900		194,868

Rohto Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		8,800		231,082

Ryohin Keikaku Company Limited (Consumer Discretionary, Multiline Retail)		2,100		497,753

Sankyu Incorporated (Industrials, Road & Rail)		4,100		200,467

Santen Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		29,000		451,397

Sanwa Holdings Corporation (Industrials, Building Products)		16,200		187,630

Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		2,900		165,989

SBI Holdings Incorporated (Financials, Capital Markets)		16,100		338,567

SCREEN Holdings Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,000		119,499

SCSK Corporation (Information Technology, IT Services)		3,400		148,549

Secom Company Limited (Industrials, Commercial Services & Supplies)		14,900		1,285,946

Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Products)		12,600		146,500

Seibu Holdings Incorporated (Industrials, Industrial Conglomerates)		19,900		353,135

Seiko Epson Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		22,100		326,350

SEINO Holdings Company Limited (Industrials, Road & Rail)		12,500		176,176

Sekisui Chemical Company Limited (Consumer Discretionary, Household Durables)		33,500		525,048

Sekisui House REIT incorporated (Real Estate, Equity REITs)		230		158,265

Seven Bank Limited (Financials, Banks)		50,200		146,369

SG Holdings Company Limited (Industrials, Air Freight & Logistics)		18,200		532,293

Sharp Corporation (Consumer Discretionary, Household Durables)		13,500		157,691

Shikoku Electric Power Company Incorporated (Utilities, Electric Utilities)		13,500		169,923

Shimadzu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		17,700		435,890

Shimamura Company Limited (Consumer Discretionary, Specialty Retail)		1,700		143,516

Shimizu Corporation (Industrials, Construction & Engineering)		49,000		429,929

Shinsei Bank Limited (Financials, Banks)		11,000		150,890

Shionogi & Company Limited (Health Care, Pharmaceuticals)		20,800		1,327,886

Shizuoka Bank Limited (Financials, Banks)		42,000		331,207

Showa Denko KK (Materials, Chemicals)		9,600		356,991

Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		13,700		205,257

Skylark Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		13,300		203,441

Sohgo Security Services Company Limited (Industrials, Commercial Services & Supplies)		6,200		267,546

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			125

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)

Sojitz Corporation (Industrials, Trading Companies & Distributors)		81,600	$	299,416

Sompo Holdings Incorporated NKSJ Holdings Inc(Financials, Insurance)		25,400		947,273

Sony Financial Holdings Incorporated (Financials, Insurance)		11,200		211,510

Sotetsu Holdings Incorporated (Industrials, Road & Rail)		6,300		189,059

Square Enix Company Limited (Communication Services, Entertainment)		5,700		167,730

Sugi Pharmacy Company Limited (Consumer Staples, Food & Staples Retailing)		3,000		130,131

Sumitomo Chemical Company Limited (Materials, Chemicals)		108,900		539,298

Sumitomo Corporation (Industrials, Trading Companies & Distributors)		84,700		1,216,188

Sumitomo Dainippon Pharma Company Limited (Health Care, Pharmaceuticals)		11,400		280,947

Sumitomo Electric Industries Limited (Industrials, Electrical Equipment)		53,300		740,696

Sumitomo Foresting Company Limited (Consumer Discretionary, Household Durables)		11,900		154,909

Sumitomo Heavy Industries Limited (Industrials, Machinery)		8,200		280,285

Sumitomo Mitsui Trust Holdings Incorporated (Financials, Banks)		26,000		984,112

Sumitomo Rubber Industries Limited (Consumer Discretionary, Auto Components)		12,400		159,193

Sundrug Company Limited (Consumer Staples, Food & Staples Retailing)		4,300		131,548

Suntory Beverage & Food Limited (Consumer Staples, Beverages)		8,700		383,232

Suzuken Company Limited (Health Care, Health Care Providers & Services)		6,400		350,244

Taiheiyo Cement Corporation (Materials, Construction Materials)		8,400		286,745

Taisei Corporation (Industrials, Construction & Engineering)		15,000		707,846

Taisho Pharmaceutical Holding Company Limited (Health Care, Pharmaceuticals)		3,700		374,099

Taiyo Nippon Sanso Corporation (Materials, Chemicals)		14,900		210,270

Taiyo Yuden Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		9,700		190,754

Takara Holdings Incorporated (Consumer Staples, Beverages)		14,100		159,386

TDK Corporation (Information Technology, Electronic Equipment, Instruments & Components)		9,300		725,878

TechnoPro Holdings Incorporated (Industrials, Professional Services)		2,300		124,012

Teijin Limited (Materials, Chemicals)		13,000		217,745

Terumo Corporation (Health Care, Health Care Equipment & Supplies)		25,800		1,578,576

The Bank of Kyoto Limited (Financials, Banks)		5,300		237,030

The Chugoku Bank Limited (Financials, Banks)		13,100		122,462

The Chugoku Electric Power Company Incorporated (Utilities, Electric Utilities)		20,100		260,931

The Gunma Bank Limited (Financials, Banks)		29,700		124,966

The Hachijuni Bank Limited (Financials, Banks)		35,600		147,874

The Iyo Bank Limited (Financials, Banks)		22,400		123,389

The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		8,700		177,255

THK Company Limited (Industrials, Machinery)		8,400		206,185

TIS Incorporated (Information Technology, IT Services)		5,700		264,890

Tobu Railway Company Limited (Industrials, Road & Rail)		14,200		396,196

Toda Corporation (Industrials, Construction & Engineering)		20,100		127,490

Toho Company Limited Tokyo (Communication Services, Entertainment)		9,400		335,639

Toho Gas Company Limited (Utilities, Gas Utilities)		7,100		322,307

Tohoku Electric Power Company Incorporated (Utilities, Electric Utilities)		32,700		428,314

Tokai Carbon Company Limited (Materials, Chemicals)		12,500		173,149

Tokio Marine Holdings Incorporated (Financials, Insurance)		50,800		2,472,891

Tokuyama Corporation (Materials, Chemicals)		4,800		120,231

Tokyo Century Corporation (Financials, Diversified Financial Services)		3,900		173,718

Tokyo Electric Power Company Holdings Incorporated (Utilities, Electric Utilities) †		97,900		609,542

Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		10,800		1,467,905

Tokyo Gas Company Limited (Utilities, Gas Utilities)		25,900		712,183

Tokyo Tatemono Company Limited (Real Estate, Real Estate Management & Development)		15,000		174,001

Tokyu Corporation (Industrials, Road & Rail)		39,300		665,313

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


126		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)

Tokyu Fudosan Holdings Corporation (Real Estate, Real Estate Management & Development)		40,700	$	224,559

Toppan Printing Company Limited (Industrials, Commercial Services & Supplies)		20,900		332,255

Toray Industries Incorporated (Materials, Chemicals)		109,900		764,612

Toshiba Corporation (Industrials, Industrial Conglomerates)		42,300		1,324,425

Tosoh Corporation (Materials, Chemicals)		22,100		325,755

Toyo Seikan Kaisha Limited (Materials, Containers & Packaging)		11,500		242,762

Toyo Suisan Kaisha Limited (Consumer Staples, Food Products)		6,800		251,954

Trend Micro Incorporated (Information Technology, Software)		8,700		428,502

Tsumura & Company (Health Care, Pharmaceuticals)		5,300		167,133

Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		3,000		265,375

UBE Industries Limited (Materials, Chemicals)		7,200		163,036

ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		3,100		88,440

Unicharm Corporation (Consumer Staples, Household Products)		34,200		1,087,687

United Urban Investment Corporation (Real Estate, Equity REITs)		205		317,436

Wacoal Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		4,600		115,181

Welcia Holdings Company Limiited (Consumer Staples, Food & Staples Retailing)		4,300		152,380

West Japan Railway Company (Industrials, Road & Rail)		12,900		971,102

Yahoo! Japan Corporation (Communication Services, Interactive Media & Services)		165,900		443,531

Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail)		46,800		225,886

Yamaguchi Financial Group (Financials, Banks)		15,300		142,479

Yamaha Corporation (Consumer Discretionary, Leisure Products)		12,200		599,794

Yamato Holdings Company Limited (Industrials, Air Freight & Logistics)		29,700		772,442

Yamazaki Baking Company Limited (Consumer Staples, Food Products)		13,200		225,714

Yokogawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components)		18,100		348,149

Zenkoku Hosho Company Limited (Financials, Diversified Financial Services)		3,600		132,257

Zensho Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,100		164,721

ZOZO Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		12,300		231,291

				145,368,570


Luxembourg: 0.21%

Aroundtown SA (Real Estate, Real Estate Management & Development)		49,841		419,518

RTL Group SA (Communication Services, Media)		2,614		147,416

SES SA (Communication Services, Media)		26,187		526,177

Tenaris SA (Energy, Energy Equipment & Services)		30,199		402,924

				1,496,035


Malta: 0.02%

Kindred Group plc SDR (Consumer Discretionary, Hotels, Restaurants & Leisure)		14,911		156,407


Netherlands: 2.86%

Aalberts Industries NV (Industrials, Machinery)		6,458		238,660

ABN AMRO Group NV (Financials, Banks) 144A		30,362		736,291

Aegon NV (Financials, Insurance)		118,441		636,959

Argenx SE (Health Care, Biotechnology) †		2,261		300,383

ASM International NV (Information Technology, Semiconductors & Semiconductor Equipment)		2,462		134,251

ASR Nederland NV (Financials, Insurance)		9,159		403,589

Euronext NV (Financials, Capital Markets) 144A		3,549		216,575

Exor NV (Financials, Diversified Financial Services)		7,200		443,059

Gemalto NV (Information Technology, Software) †		10,383		601,136

Heineken Holding NV (Consumer Staples, Beverages)		6,758		653,769

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			127

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Netherlands (continued)

Heineken NV (Consumer Staples, Beverages)		16,432	$	1,655,984

IMCD Group NV (Industrials, Trading Companies & Distributors)		3,255		255,465

Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		81,159		2,093,226

Koninklijke DSM NV (Materials, Chemicals)		11,663		1,252,317

Koninklijke KPN NV (Communication Services, Diversified Telecommunication Services)		248,233		765,740

Koninklijke Vopak NV (Energy, Oil, Gas & Consumable Fuels)		4,027		196,916

NN Group NV (Financials, Insurance)		22,627		985,730

Philips Lighting NV (Industrials, Electrical Equipment) 144A		7,260		192,822

Qiagen NV (Health Care, Life Sciences Tools & Services) †		14,987		573,119

Randstad Holdings NV (Industrials, Professional Services)		7,920		422,954

SBM Offshore NV (Energy, Energy Equipment & Services)		10,793		203,667

Unilever NV (Consumer Staples, Personal Products)		107,935		5,839,584

Wolters Kluwer NV (Communication Services, Media)		17,872		1,178,646

				19,980,842


New Zealand: 0.36%

A2 Milk Company Limited (Consumer Staples, Food Products) †		50,243		489,623

Auckland International Airport Limited (Industrials, Transportation Infrastructure)		63,522		336,118

Contact Energy Limited (Utilities, Electric Utilities)		46,425		200,126

Fisher & Paykel Healthcare Corporation (Health Care, Health Care Equipment & Supplies)		37,393		374,330

Fletcher Building Limited (Materials, Construction Materials)		56,755		188,999

Meridian Energy Limited (Utilities, Independent Power & Renewable Electricity Producers)		80,390		202,011

Ryman Healthcare Limited (Health Care, Health Care Providers & Services)		27,764		207,980

Spark New Zealand Limited (Communication Services, Diversified Telecommunication Services)		126,896		322,332

Xero Limited (Information Technology, Software) †		6,304		212,408

				2,533,927


Norway: 0.93%

Aker BP ASA (Energy, Oil, Gas & Consumable Fuels)		6,265		212,332

Den Norske Bank ASA (Financials, Banks)		56,546		1,083,782

Equinor ASA (Energy, Oil, Gas & Consumable Fuels)		72,395		1,627,410

Gjensidige Forsikring ASA (Financials, Insurance)		12,705		227,770

Mowi ASA (Consumer Staples, Food Products)		28,825		664,986

Norsk Hydro ASA (Materials, Metals & Mining)		90,029		372,883

Orkla ASA (Consumer Staples, Food Products)		54,973		433,146

Salmar ASA (Consumer Staples, Food Products)		3,649		174,931

Schibsted ASA Class A (Communication Services, Media)		4,950		197,730

Storebrand ASA (Financials, Insurance)		31,083		247,090

Telenor ASA (Communication Services, Diversified Telecommunication Services)		46,243		901,713

TGS Nopec Geophysical Company ASA (Energy, Energy Equipment & Services)		5,912		160,778

Tomra Systems ASA (Industrials, Commercial Services & Supplies)		7,118		188,002

				6,492,553


Poland: 0.44%

Bank Pekao SA (Financials, Banks)		12,956		387,937

Bank Zachodni WBK SA (Financials, Banks)		2,181		216,953

CD Projekt SA (Communication Services, Entertainment) †		4,275		214,772

KGHM Polska Miedz SA (Materials, Metals & Mining) †		9,153		245,038

LPP SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		88		189,656

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


128		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Poland (continued)

PKO Bank Polski SA (Financials, Banks)		61,571	$	618,981

Polski Koncern Naftowy Orlen SA (Energy, Oil, Gas & Consumable Fuels)		20,977		564,908

Polskie Gornictwo Naftowe Gazownictwo SA (Energy, Oil, Gas & Consumable Fuels)		110,127		201,400

Powszechny Zaklad Ubezpieczen SA (Financials, Insurance)		40,114		432,530

				3,072,175


Portugal: 0.20%

Energias de Portugal SA (Utilities, Electric Utilities)		174,834		641,339

Galp Energia SGPS SA (Energy, Oil, Gas & Consumable Fuels)		32,362		531,170

Jeronimo Martins SA (Consumer Staples, Food & Staples Retailing)		16,445		247,846

				1,420,355


Singapore: 1.76%

Ascendas REIT (Real Estate, Equity REITs)		159,100		329,497

CapitaLand Commercial Trust Limited (Real Estate, Equity REITs)		166,700		239,200

CapitaLand Limited (Real Estate, Real Estate Management & Development)		172,463		436,260

CapitaLand Mall Trust (Real Estate, Equity REITs)		175,100		310,828

City Developments Limited (Real Estate, Real Estate Management & Development)		30,975		204,362

ComfortDelGro Corporation Limited (Industrials, Road & Rail)		147,937		261,516

DBS Group Holdings Limited (Financials, Banks)		117,913		2,166,390

Genting Singapore Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		390,924		294,928

Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors)		6,577		162,187

Keppel Corporation Limited (Industrials, Industrial Conglomerates)		93,343		425,291

Mapletree Commercial Trust (Real Estate, Equity REITs)		120,600		157,886

Oversea-Chinese Banking Corporation Limited (Financials, Banks)		257,896		2,109,711

SembCorp Industries Limited (Industrials, Industrial Conglomerates)		58,100		112,590

Singapore Airlines Limited (Industrials, Airlines)		44,300		327,990

Singapore Airport Terminal Services Limited (Industrials, Transportation Infrastructure)		43,400		164,676

Singapore Exchange Limited (Financials, Capital Markets)		54,374		315,305

Singapore Press Holdings Limited (Communication Services, Media)		101,700		185,046

Singapore Technologies Engineering Limited (Industrials, Aerospace & Defense)		98,169		271,562

Singapore Telecommunications Limited (Communication Services, Diversified Telecommunication Services)		485,905		1,085,380

Suntec REIT (Real Estate, Equity REITs)		141,000		201,280

United Overseas Bank Limited (Financials, Banks)		93,686		1,733,745

UOL Group Limited (Real Estate, Real Estate Management & Development)		35,073		171,993

Venture Corporation Limited (Information Technology, Electronic Equipment, Instruments & Components)		17,200		226,450

Wilmar International Limited (Consumer Staples, Food Products)		177,585		420,320

				12,314,393


South Africa: 0.07%

Old Mutual Limited (Financials, Insurance)		279,695		461,862


Spain: 2.43%

Actividades de Construccion y Servicios SA (Industrials, Construction & Engineering)		18,385		815,150

Aena SA (Industrials, Transportation Infrastructure) 144A		4,973		887,510

Amadeus IT Holding SA Class A (Information Technology, IT Services)		29,615		2,229,984

Bankinter SA (Financials, Banks)		46,377		380,971

Bolsas y Mercados Espanoles (Financials, Capital Markets)		4,752		135,561

CaixaBank SA (Financials, Banks)		243,922		870,080

Cellnex Telecom SA (Communication Services, Diversified Telecommunication Services) 144A		10,545		272,633

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			129

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Spain (continued)

Enagás SA (Energy, Oil, Gas & Consumable Fuels)		14,575	$	415,287

Endesa SA (Utilities, Electric Utilities)		21,425		539,792

Grifols SA (Health Care, Biotechnology)		19,516		507,457

Iberdrola SA (Utilities, Electric Utilities)		412,442		3,449,058

Inmobiliaria Colonial Socimi SA (Real Estate, Equity REITs)		16,161		166,636

International Consolidated Airlines Group SA (Industrials, Airlines)		77,706		617,361

Mapfre SA (Financials, Insurance)		64,845		183,215

Merlin Properties Socimi SA (Real Estate, Equity REITs)		24,791		321,745

Red Eléctrica de Espana SA (Utilities, Electric Utilities)		29,269		632,548

Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		97,072		1,670,019

Telefonica SA (Communication Services, Diversified Telecommunication Services)		310,985		2,684,455

Viscofan SA (Consumer Staples, Food Products)		2,476		144,618

				16,924,080


Sweden: 3.18%

AAK AB (Consumer Staples, Food Products)		11,639		173,552

Alfa Laval AB (Industrials, Machinery)		19,870		434,576

Atlas Copco AB Class A (Industrials, Machinery)		42,403		1,148,912

Castellum AB (Real Estate, Real Estate Management & Development)		19,068		347,357

Dometic Group AB (Consumer Discretionary, Auto Components) 144A		19,550		163,093

Electrolux AB Class B (Consumer Discretionary, Household Durables)		15,105		395,288

Elekta AB Class B (Health Care, Health Care Equipment & Supplies)		25,228		290,493

Epiroc AB Class A (Industrials, Machinery)		43,539		437,134

Ericsson LM Class B (Information Technology, Communications Equipment)		199,910		1,829,839

Essity Aktiebolag AB (Consumer Staples, Household Products)		43,317		1,208,617

Fabege AB (Real Estate, Real Estate Management & Development)		18,885		253,708

Fastighets AB Balder B Shares (Real Estate, Real Estate Management & Development) †		6,213		182,838

Getinge AB Class B (Health Care, Health Care Equipment & Supplies)		15,101		178,625

Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail)		52,850		799,846

Hexagon AB Class B (Information Technology, Electronic Equipment, Instruments & Components)		18,234		959,082

Hexpol AB (Materials, Chemicals)		17,013		151,875

Husqvarna AB Class B (Consumer Discretionary, Household Durables)		27,550		225,805

ICA Gruppen AB (Consumer Staples, Food & Staples Retailing)		5,324		204,636

Industrivarden AB Class A (Financials, Diversified Financial Services)		11,939		253,490

Investor AB Class B (Financials, Diversified Financial Services)		30,465		1,360,634

Kinnevik AB Class B (Financials, Diversified Financial Services)		16,055		406,764

Loomis AB Class B (Industrials, Commercial Services & Supplies)		4,701		171,019

Lundbergforetagen AB Class B (Financials, Diversified Financial Services)		4,951		152,668

Nibe Industrier AB Class B (Industrials, Building Products)		22,228		278,091

Saab AB Class B (Industrials, Aerospace & Defense)		5,730		196,480

Sandvik AB (Industrials, Machinery)		72,320		1,188,237

Securitas AB (Industrials, Commercial Services & Supplies)		22,074		346,191

Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		106,246		1,081,556

Skanska AB Class B (Industrials, Construction & Engineering)		23,499		423,878

SKF AB Class B (Industrials, Machinery)		24,488		412,155

Svenska Cellulosa AB Class B (Materials, Paper & Forest Products)		38,321		353,337

Svenska Handelsbanken AB Class A (Financials, Banks)		103,728		1,183,169

Swedbank AB Class A (Financials, Banks)		59,821		1,099,136

Swedish Match AB (Consumer Staples, Tobacco)		10,893		510,683

Swedish Orphan Biovitrum AB (Health Care, Biotechnology) †		10,253		222,800

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


130		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Sweden (continued)

Tele2 AB Class B (Communication Services, Wireless Telecommunication Services)		35,251	$	464,301

Telia Company AB (Communication Services, Diversified Telecommunication Services)		186,911		811,310

Trelleborg AB Class B (Industrials, Machinery)		16,405		269,539

Volvo AB Class B (Industrials, Machinery)		110,939		1,633,576

				22,204,290


Switzerland: 5.41%

Adecco SA (Industrials, Professional Services)		10,772		559,727

Baloise Holding AG (Financials, Insurance)		3,139		512,657

Barry Callebaut AG (Consumer Staples, Food Products)		159		273,855

BB Biotech AG (Health Care, Biotechnology)		42,018		2,957,532

Bucher Industries AG (Industrials, Machinery)		433		134,232

Cembra Money Bank AG (Financials, Consumer Finance)		1,771		169,816

Chocoladefabriken Lindt & Sprungli AG (Consumer Staples, Food Products)		8		591,554

Clariant AG (Materials, Chemicals)		13,223		284,188

Coca-Cola HBC AG (Consumer Staples, Beverages)		13,547		455,670

Dksh Holding AG (Industrials, Professional Services)		1,977		115,980

EMS-Chemie Holdings AG (Materials, Chemicals)		559		322,893

Flughafen Zuerich AG (Industrials, Transportation Infrastructure)		1,211		215,736

Galenica AG (Health Care, Pharmaceuticals)		3,243		147,780

Geberit AG (Industrials, Building Products)		2,632		1,050,638

Georg Fischer AG (Industrials, Machinery)		271		240,304

Givaudan SA (Materials, Chemicals)		538		1,346,011

Helvetia Holding AG (Financials, Insurance)		427		256,273

Kuehne & Nagel International AG (Industrials, Marine)		3,791		494,743

Logitech International SA (Information Technology, Technology Hardware, Storage & Peripherals)		11,436		430,032

Lonza Group AG (Health Care, Life Sciences Tools & Services)		4,713		1,310,413

Pargesa Holding SA (Financials, Diversified Financial Services)		2,456		201,785

Partners Group Holding AG (Financials, Capital Markets)		1,431		1,035,201

PSP Swiss Property AG (Real Estate, Real Estate Management & Development)		2,640		268,748

Roche Holding AG (Health Care, Pharmaceuticals)		46,532		12,928,534

Schindler Holding AG - Participation Certificate (Industrials, Machinery)		2,709		612,344

SGS SA (Industrials, Professional Services)		339		864,441

Sika AG (Materials, Chemicals)		7,629		1,031,927

Sonova Holding AG (Health Care, Health Care Equipment & Supplies)		3,664		685,222

Straumann Holding AG (Health Care, Health Care Equipment & Supplies)		725		565,878

Sunrise Communications Group AG (Communication Services, Diversified Telecommunication Services) 144A		2,251		167,012

Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,072		613,472

Swiss Life Holding AG (Financials, Insurance)		2,214		964,972

Swiss Prime Site AG (Real Estate, Real Estate Management & Development)		5,042		425,618

Swisscom AG (Communication Services, Diversified Telecommunication Services)		1,713		793,124

Tecan Group AG (Health Care, Life Sciences Tools & Services)		775		175,803

Temenos Group AG (Information Technology, Software)		4,206		609,797

VAT Group AG (Industrials, Machinery) 144A		1,828		190,117

Vifor Pharma AG (Health Care, Pharmaceuticals)		3,001		375,708

Zurich Insurance Group AG (Financials, Insurance)		10,119		3,345,794

				37,725,531


Thailand: 0.05%

Thai Beverage PCL (Consumer Staples, Beverages)		526,600		317,440

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			131

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

United Kingdom: 15.17%

Admiral Group plc (Financials, Insurance)		16,010	$	463,345

Aggreko plc (Industrials, Commercial Services & Supplies)		17,039		161,949

Ashtead Group plc (Industrials, Trading Companies & Distributors)		30,023		797,615

AstraZeneca plc (Health Care, Pharmaceuticals)		89,577		7,293,772

Auto Trader Group plc (Communication Services, Interactive Media & Services) 144A		65,290		411,944

Babcock International Group plc (Industrials, Commercial Services & Supplies)		15,846		113,704

BAE Systems plc (Industrials, Aerospace & Defense)		202,620		1,252,352

Balfour Beatty plc (Industrials, Construction & Engineering)		44,165		168,705

Barratt Developments plc (Consumer Discretionary, Household Durables)		64,853		515,246

BBA Aviation plc (Industrials, Transportation Infrastructure)		59,360		191,634

Beazley plc (Financials, Insurance)		35,630		258,737

Bellway plc (Consumer Discretionary, Household Durables)		7,562		303,403

BHP Group plc (Materials, Metals & Mining)		147,050		3,405,393

B&M European Value Retail SA (Consumer Discretionary, Multiline Retail)		53,961		253,004

British American Tobacco plc (Consumer Staples, Tobacco)		154,804		5,663,869

Britvic plc (Consumer Staples, Beverages)		16,795		204,717

BT Group plc (Communication Services, Diversified Telecommunication Services)		630,243		1,794,726

BTG plc (Health Care, Pharmaceuticals) †		23,715		262,015

Bunzl plc (Industrials, Trading Companies & Distributors)		22,480		707,542

Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		28,125		704,851

Capita plc (Industrials, Professional Services) †		109,661		180,357

Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		11,037		617,177

Centrica plc (Utilities, Multi-Utilities)		389,496		643,177

Cineworld Group plc (Communication Services, Entertainment)		61,877		228,977

Close Brothers Group plc (Financials, Capital Markets)		9,975		199,778

Cobham plc (Industrials, Aerospace & Defense) †		160,816		250,945

Compass Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		109,890		2,426,780

ConvaTec Limited (Health Care, Health Care Equipment & Supplies) 144A		95,313		167,694

Croda International plc (Materials, Chemicals)		8,871		566,065

Daily Mail & General Trust plc Class A (Communication Services, Media)		18,804		159,371

Dechra Pharmaceuticals plc (Health Care, Pharmaceuticals)		6,440		211,151

Derwent Valley Holdings plc (Real Estate, Equity REITs)		7,032		304,616

Diageo plc (Consumer Staples, Beverages)		172,651		6,671,787

Direct Line Insurance Group plc (Financials, Insurance)		93,042		440,190

DS Smith plc (Materials, Containers & Packaging)		84,343		375,318

easyJet plc (Industrials, Airlines)		15,097		245,793

Electrocomponents plc (Information Technology, Electronic Equipment, Instruments & Components)		29,395		215,916

EVRAZ plc (Materials, Metals & Mining)		29,927		224,110

Experian Group Limited plc (Industrials, Professional Services)		62,452		1,626,430

Ferguson plc (Industrials, Trading Companies & Distributors)		15,182		1,051,334

G4S plc (Industrials, Commercial Services & Supplies)		102,109		284,272

GlaxoSmithKline plc (Health Care, Pharmaceuticals)		337,734		6,707,654

Great Portland Estates plc (Real Estate, Equity REITs)		16,368		165,384

GVC Holdings plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		39,183		341,185

Halma plc (Information Technology, Electronic Equipment, Instruments & Components)		25,365		522,810

Hammerson plc (Real Estate, Equity REITs)		53,009		268,367

Hargreaves Lansdown plc (Financials, Capital Markets)		18,504		427,535

Hays plc (Industrials, Professional Services)		90,660		182,775

Hiscox Limited (Financials, Insurance)		21,582		457,718

HomeServe plc (Industrials, Commercial Services & Supplies)		19,321		244,220

Howden Joinery Group plc (Industrials, Trading Companies & Distributors)		39,057		255,235

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


132		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

United Kingdom (continued)

IG Group Holdings plc (Financials, Capital Markets)		24,710	$	185,010

IMI plc (Industrials, Machinery)		19,298		242,137

Imperial Tobacco Group plc (Consumer Staples, Tobacco)		64,669		2,153,349

Inchcape plc (Consumer Discretionary, Distributors)		27,368		205,092

Informa plc (Communication Services, Media)		83,148		777,718

Inmarsat plc (Communication Services, Diversified Telecommunication Services)		30,760		163,112

Intermediate Capital Group (Financials, Capital Markets)		18,881		262,449

Intertek Group plc (Industrials, Professional Services)		10,561		712,425

Investec plc (Financials, Capital Markets)		39,930		260,993

ITV plc (Communication Services, Media)		251,324		437,013

J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		114,104		346,573

Jardine Lloyd Thompson Group plc (Financials, Insurance)		8,880		224,724

John Wood Group plc (Energy, Energy Equipment & Services)		41,087		283,596

Johnson Matthey plc (Materials, Chemicals)		13,152		539,548

Jupiter Fund Management plc (Financials, Capital Markets)		31,186		140,098

Kingfisher plc (Consumer Discretionary, Specialty Retail)		139,245		447,129

London Stock Exchange Group plc (Financials, Capital Markets)		20,529		1,227,194

Man Group plc (Financials, Capital Markets)		106,057		194,334

Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		101,755		368,448

Meggitt plc (Industrials, Aerospace & Defense)		50,259		359,436

Merlin Entertainment plc (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		47,939		229,919

Micro Focus International plc (Information Technology, Software)		27,847		691,236

Mondi plc (Materials, Paper & Forest Products)		23,418		536,880

National Grid plc (Utilities, Multi-Utilities)		223,526		2,513,800

Next plc (Consumer Discretionary, Multiline Retail)		8,150		550,000

NMC Health plc (Health Care, Health Care Providers & Services)		6,475		232,223

Ocado Group plc (Consumer Discretionary, Internet & Direct Marketing Retail) †		37,794		518,575

Pearson plc (Communication Services, Media)		48,438		543,519

Pennon Group plc (Utilities, Water Utilities)		28,349		292,533

Persimmon plc (Consumer Discretionary, Household Durables)		19,209		619,876

Phoenix Group Holdings plc (Financials, Capital Markets)		45,884		425,399

Polymetal International plc (Materials, Metals & Mining)		19,270		221,492

Quilter plc (Financials, Capital Markets)		115,228		198,652

Reckitt Benckiser Group plc (Consumer Staples, Household Products)		50,609		3,871,112

RELX plc (Industrials, Professional Services)		140,530		3,222,716

Rentokil Initial plc (Industrials, Commercial Services & Supplies)		124,512		579,664

Rightmove plc (Communication Services, Interactive Media & Services)		57,881		370,110

Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)		124,957		1,582,785

Rotork plc (Industrials, Machinery)		57,428		216,703

Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		307,072		9,580,719

Royal Mail plc (Industrials, Air Freight & Logistics)		66,261		248,540

RPC Group plc (Materials, Containers & Packaging)		27,104		284,719

RSA Insurance Group plc (Financials, Insurance)		69,422		470,518

Schroders plc (Financials, Capital Markets)		7,450		270,254

Segro plc (Real Estate, Equity REITs)		66,281		581,097

Severn Trent plc (Utilities, Water Utilities)		16,355		437,971

Smith & Nephew plc (Health Care, Health Care Equipment & Supplies)		62,529		1,191,366

Smiths Group plc (Industrials, Industrial Conglomerates)		25,557		484,904

Spectris plc (Information Technology, Electronic Equipment, Instruments & Components)		7,994		279,809

Spirax-Sarco Engineering plc (Industrials, Machinery)		4,969		439,266

SSE plc (Utilities, Electric Utilities)		67,880		1,070,038

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			133

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name				Shares		Value

United Kingdom (continued)

SSP Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					30,458	$	268,242

Subsea 7 SA (Energy, Energy Equipment & Services)					15,539		189,955

Tate & Lyle plc (Consumer Staples, Food Products)					31,252		288,085

Taylor Wimpey plc (Consumer Discretionary, Household Durables)					198,770		478,240

TechnipFMC plc - BATS Exchange (Energy, Energy Equipment & Services)					29,814		656,535

Tesco plc (Consumer Staples, Food & Staples Retailing)					601,937		1,804,336

The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)					8,302		434,949

The Unite Group plc (Real Estate, Equity REITs)					17,185		208,673

Tritax Big Box REIT plc (Real Estate, Equity REITs)					95,618		180,469

Unilever plc (Consumer Staples, Personal Products)					83,966		4,463,640

United Utilities Group plc (Utilities, Water Utilities)					45,472		506,740

Victrex plc (Materials, Chemicals)					5,769		179,509

WH Smith plc (Consumer Discretionary, Specialty Retail)					6,929		192,812

Whitbread plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					11,792		759,025

William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)					158,415		483,472

WPP plc (Communication Services, Media)					84,699		927,708

							105,901,807


Total Common Stocks (Cost $644,711,075)							659,570,805


	Dividend yield
Preferred Stocks: 0.57%

Germany: 0.57%

Fuchs Petrolub SE (Materials, Chemicals)		2.31	%		4,455		199,146

Henkel AG & Company KGaA (Consumer Staples, Household Products)		2.00			12,411		1,240,027

Sartorius AG Vorzug (Health Care, Health Care Equipment & Supplies)		0.37			2,310		366,275

Volkswagen AG (Consumer Discretionary, Automobiles)		2.69			12,464		2,139,335

Total Preferred Stocks (Cost $4,271,202)							3,944,783


	Yield
Short-Term Investments: 3.60%

Investment Companies: 3.60%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34			25,160,866		25,160,866


Total Short-Term Investments (Cost $25,160,866)							25,160,866


Total investments in securities (Cost $674,143,143)	98.67	%		688,676,454

Other assets and liabilities, net	1.33			9,308,160

Total net assets	100.00	%	$	697,984,614

†	Non-income-earning security

144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

Abbreviations:

REIT	Real estate investment trust

SDR	Swedish depositary receipt

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


134		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED INTERNATIONAL PORTFOLIO

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses

Long

MSCI EAFE Index		313		3-15-2019	$	29,214,135	$	29,249,850	$	35,715	$	0

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		27,179,905		441,675,312		443,694,351		25,160,866	$	0	$	0	$	475,385	$	25,160,866		3.60	%

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			135

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Common Stocks: 95.70%

Communication Services: 8.98%

Diversified Telecommunication Services: 2.98%

AT&T Incorporated		518,492	$	16,135,471

CenturyLink Incorporated		81,601		1,076,317

Verizon Communications Incorporated		305,144		17,368,796

Zayo Group Holdings Incorporated †		15,568		386,086

				34,966,670


Entertainment: 1.53%

Cinemark Holdings Incorporated		6,516		245,197

Live Nation Incorporated †		9,574		541,505

The Madison Square Garden Company Class A †		1,259		362,768

The Walt Disney Company		102,787		11,598,485

Twenty-First Century Fox Incorporated Class A		83,734		4,222,706

Viacom Incorporated Class B		25,602		748,090

World Wrestling Entertainment Incorporated Class A		2,788		233,356

				17,952,107


Interactive Media & Services: 2.27%

Alphabet Incorporated Class A †		21,794		24,552,031

IAC Corporation †		5,228		1,113,825

TripAdvisor Incorporated †		7,549		401,380

Yelp Incorporated †		5,327		198,484

Zillow Group Incorporated Class C †		7,486		312,915

				26,578,635


Media: 2.02%

Altice USA Incorporated		22,770		496,614

Cable One Incorporated		323		306,524

CBS Corporation Class B		25,985		1,304,707

Charter Communications Incorporated Class A †		12,246		4,223,768

Comcast Corporation Class A		340,078		13,150,816

Discovery Communications Incorporated Class A †		11,235		324,692

DISH Network Corporation Class A †		15,376		499,874

Interpublic Group of Companies Incorporated		25,585		589,223

News Corporation Class A		26,135		340,278

Nexstar Media Group Incorporated Class A		2,800		273,644

Omnicom Group Incorporated		15,136		1,145,795

Sirius XM Holdings Incorporated		76,881		455,904

The New York Times Company Class A		10,962		360,102

Tribune Media Company Class A		4,655		215,201

				23,687,142


Wireless Telecommunication Services: 0.18%

Sprint Corporation †		44,100		280,035

T-Mobile US Incorporated †		22,568		1,629,635

Telephone & Data Systems Incorporated		7,273		233,100

				2,142,770

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


136		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Consumer Discretionary: 8.97%

Auto Components: 0.14%

Adient plc		8,293	$	161,216

Gentex Corporation		20,264		412,170

Lear Corporation		5,047		767,497

The Goodyear Tire & Rubber Company		17,704		350,185

				1,691,068


Automobiles: 0.61%

Ford Motor Company		303,500		2,661,695

General Motors Company		94,907		3,746,928

Harley-Davidson Incorporated		14,024		520,571

Thor Industries Incorporated		4,243		273,971

				7,203,165


Distributors: 0.19%

Genuine Parts Company		10,427		1,134,249

LKQ Corporation †		22,942		635,493

Pool Corporation		2,923		466,335

				2,236,077


Diversified Consumer Services: 0.20%

Bright Horizons Family Solutions Incorporated †		4,238		525,512

Grand Canyon Education Incorporated †		3,790		438,427

H&R Block Incorporated		13,752		332,111

Service Corporation International		12,650		522,951

ServiceMaster Global Holdings Incorporated		11,093		500,960

				2,319,961


Hotels, Restaurants & Leisure: 2.86%

Aramark		20,748		628,664

Carnival Corporation		30,232		1,746,200

Chipotle Mexican Grill Incorporated †		1,970		1,196,834

Cracker Barrel Old Country Store Incorporated		1,746		282,835

Darden Restaurants Incorporated		9,255		1,037,578

Domino’s Pizza Incorporated		3,199		802,757

Dunkin Brands Group Incorporated		6,178		441,418

Hilton Worldwide Holdings Incorporated		21,307		1,770,612

Hyatt Hotels Corporation Class A		3,142		228,643

Marriott International Incorporated Class A		19,612		2,456,795

Marriott Vacations Worldwide Corporation		3,238		315,187

McDonald’s Corporation		56,703		10,424,280

Norwegian Cruise Line Holdings Limited †		15,464		858,716

Planet Fitness Incorporated Class A †		6,268		368,433

Six Flags Entertainment Corporation		5,253		292,645

Starbucks Corporation		93,359		6,559,403

Texas Roadhouse Incorporated		5,044		319,336

The Wendy’s Company		13,945		241,667

Vail Resorts Incorporated		3,528		735,200

Wyndham Hotels & Resorts Incorporated		7,169		376,874

Wyndham Worldwide Corporation		7,580		341,327

Yum! Brands Incorporated		22,950		2,168,775

				33,594,179

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			137

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Household Durables: 0.52%

D.R. Horton Incorporated		25,646	$	997,373

Garmin Limited		8,679		728,776

Helen of Troy Limited †		1,914		214,579

Leggett & Platt Incorporated		9,395		426,721

Lennar Corporation Class A		20,926		1,004,029

Mohawk Industries Incorporated †		4,727		643,439

NVR Incorporated †		235		615,700

Pulte Group Incorporated		18,138		489,726

Toll Brothers Incorporated		9,588		341,333

Whirlpool Corporation		4,830		683,493

				6,145,169


Internet & Direct Marketing Retail: 0.10%

Qurate Retail Incorporated †		32,100		578,121

Stamps.com Incorporated †		1,342		126,135

Wayfair Incorporated Class A †		3,130		518,578

				1,222,834


Leisure Products: 0.16%

Hasbro Incorporated		8,940		759,006

Mattel Incorporated †		26,597		383,529

Polaris Industries Incorporated		4,740		403,990

The Brunswick Corporation		6,462		340,806

				1,887,331


Multiline Retail: 0.78%

Dollar General Corporation		19,766		2,341,480

Dollar Tree Incorporated †		17,071		1,644,449

Kohl’s Corporation		12,554		847,772

Macy’s Incorporated		23,532		583,358

Nordstrom Incorporated		8,983		424,716

Ollie’s Bargain Outlet Holdings Incorporated †		4,970		438,453

Target Corporation		39,003		2,833,178

				9,113,406


Specialty Retail: 2.18%

Aaron’s Incorporated		5,196		282,091

Advance Auto Parts Incorporated		5,377		869,891

American Eagle Outfitters Incorporated		12,520		255,408

AutoZone Incorporated †		1,686		1,583,103

Best Buy Company Incorporated		18,102		1,246,142

Burlington Stores Incorporated †		4,731		803,040

CarMax Incorporated †		13,019		808,480

Five Below Incorporated †		4,176		502,582

Foot Locker Incorporated		8,873		528,121

L Brands Incorporated		17,081		446,497

Lowe’s Companies Incorporated		56,013		5,886,406

O’Reilly Automotive Incorporated †		5,456		2,029,414

Ross Stores Incorporated		27,930		2,648,602

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


138		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Specialty Retail (continued)

The Gap Incorporated		20,668	$	524,967

The TJX Companies Incorporated		86,395		4,431,200

Tractor Supply Company		9,047		862,631

ULTA Beauty Incorporated †		4,677		1,461,516

Williams-Sonoma Incorporated		6,155		357,975

				25,528,066


Textiles, Apparel & Luxury Goods: 1.23%

Capri Holdings Limited †		11,339		517,058

Carter’s Incorporated		3,440		335,194

Deckers Outdoor Corporation †		2,187		323,567

HanesBrands Incorporated		27,335		508,158

Nike Incorporated Class B		89,434		7,667,177

PVH Corporation		5,992		688,121

Ralph Lauren Corporation		3,959		495,548

Skechers U.S.A. Incorporated Class A †		10,379		349,046

Tapestry Incorporated		21,900		765,186

Under Armour Incorporated Class A †		15,748		355,117

VF Corporation		24,243		2,117,868

Wolverine World Wide Incorporated		6,893		246,494

				14,368,534


Consumer Staples: 10.22%

Beverages: 2.63%

Brown-Forman Corporation Class B		22,088		1,093,135

Constellation Brands Incorporated Class A		11,634		1,968,007

Keurig Dr Pepper Incorporated		14,133		355,445

Molson Coors Brewing Company Class B		12,963		799,299

Monster Beverage Corporation †		29,849		1,905,262

PepsiCo Incorporated		104,189		12,048,416

The Coca-Cola Company		280,576		12,721,316

				30,890,880


Food & Staples Retailing: 1.91%

Casey’s General Stores Incorporated		2,443		329,170

Costco Wholesale Corporation		30,975		6,775,472

Sprouts Farmers Market Incorporated †		8,285		193,206

Sysco Corporation		35,318		2,385,731

The Kroger Company		56,030		1,643,360

US Foods Holding Corporation †		16,173		569,937

Wal-Mart Stores Incorporated		106,042		10,497,098

				22,393,974


Food Products: 1.65%

Archer Daniels Midland Company		39,622		1,683,935

Bunge Limited		9,813		520,874

Campbell Soup Company		14,334		516,311

ConAgra Foods Incorporated		37,712		881,329

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			139

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Food Products (continued)

Flowers Foods Incorporated		13,450	$	275,322

General Mills Incorporated		47,565		2,241,738

Hormel Foods Corporation		19,118		828,956

Ingredion Incorporated		5,510		509,400

Kellogg Company		21,323		1,199,632

Lamb Weston Holdings Incorporated		10,443		723,804

McCormick & Company Incorporated		8,233		1,119,523

Mondelez International Incorporated Class A		106,742		5,033,953

Post Holdings Incorporated †		4,879		497,073

The Hershey Company		9,963		1,102,705

The J.M. Smucker Company		8,355		884,878

Tyson Foods Incorporated Class A		22,058		1,360,096

				19,379,529


Household Products: 2.29%

Church & Dwight Company Incorporated		16,962		1,116,100

Colgate-Palmolive Company		59,669		3,930,397

Energizer Holdings Incorporated		3,924		180,033

Kimberly-Clark Corporation		25,044		2,925,891

The Clorox Company		9,142		1,444,710

The Procter & Gamble Company		174,749		17,221,514

				26,818,645


Personal Products: 0.30%

Coty Incorporated Class A		34,552		380,072

Herbalife Limited †		7,210		404,481

NU Skin Enterprises Incorporated Class A		3,853		231,604

The Estee Lauder Companies Incorporated Class A		15,983		2,508,372

				3,524,529


Tobacco: 1.44%

Altria Group Incorporated		135,609		7,107,268

Philip Morris International Incorporated		112,821		9,808,658

				16,915,926


Energy: 3.69%

Energy Equipment & Services: 0.38%

Apergy Corporation †		6,011		252,342

Baker Hughes Incorporated		30,842		813,612

Halliburton Company		62,076		1,905,112

Helmerich & Payne Incorporated		7,408		401,514

National Oilwell Varco Incorporated		30,824		867,387

Patterson-UTI Energy Incorporated		16,085		213,287

				4,453,254


Oil, Gas & Consumable Fuels: 3.31%

Antero Resources Corporation †		18,113		156,859

Centennial Resource Development Class A †		14,251		129,257

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


140		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)

Chesapeake Energy Corporation †		68,500	$	202,760

Delek US Holdings Incorporated		5,794		204,992

Exxon Mobil Corporation		312,587		24,703,740

HollyFrontier Corporation		13,550		693,760

Marathon Petroleum Corporation		50,794		3,149,736

ONEOK Incorporated		29,771		1,913,084

PBF Energy Incorporated Class A		9,261		287,739

Peabody Energy Corporation		8,104		250,008

Phillips 66 Company		32,539		3,135,458

Plains GP Holdings LP Class A		10,178		236,028

Range Resources Corporation		19,855		212,449

Tallgrass Energy GP LP		10,588		239,606

Targa Resources Corporation		16,117		648,548

Valero Energy Corporation		32,510		2,651,516

				38,815,540


Financials: 11.25%

Banks: 2.94%

Associated Banc Corporation		13,055		303,920

Bank of Hawaii Corporation		3,138		258,038

Bank of the Ozarks Incorporated		10,185		334,068

BankUnited Incorporated		8,016		292,504

BB&T Corporation		59,848		3,050,453

Chemical Financial Corporation		5,594		256,373

CIT Group Incorporated		8,469		431,665

Citizens Financial Group Incorporated		38,748		1,431,351

Commerce Bancshares Incorporated		7,474		470,339

Cullen Frost Bankers Incorporated		4,408		457,021

Fifth Third Bancorp		52,426		1,445,909

First Financial Bankshares Incorporated		4,861		315,236

First Horizon National Corporation		26,271		410,616

FNB Corporation		25,471		311,765

Fulton Financial Corporation		13,184		226,501

Glacier Bancorp Incorporated		6,423		281,456

Hancock Holding Company		6,286		274,572

Home Bancshares Incorporated		12,781		248,974

Huntington Bancshares Incorporated		84,692		1,220,412

IBERIABANK Corporation		4,070		318,396

KeyCorp		84,892		1,499,193

M&T Bank Corporation		9,917		1,716,236

MB Financial Incorporated		6,368		288,279

PacWest Bancorp		9,884		405,442

People’s United Financial Incorporated		28,181		500,495

Pinnacle Financial Partners Incorporated		6,078		356,718

PNC Financial Services Group Incorporated		34,214		4,311,648

Regions Financial Corporation		90,412		1,482,757

Sterling Bancorp		17,653		358,885

SunTrust Banks Incorporated		37,377		2,424,646

Synovus Financial Corporation		8,601		341,288

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			141

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)

TCF Financial Corporation		11,571	$	264,976

Texas Capital Bancshares Incorporated †		3,855		235,271

UMB Financial Corporation		3,492		240,285

Umpqua Holdings Corporation		16,791		305,260

United Bankshares Incorporated		7,848		301,285

US Bancorp		117,297		6,063,082

Valley National Bancorp		25,146		265,542

Webster Financial Corporation		7,383		423,932

Wintrust Financial Corporation		4,390		323,411

				34,448,200


Capital Markets: 2.12%

Affiliated Managers Group Incorporated		4,118		451,374

BGC Partners Incorporated Class A		34,914		214,023

CBOE Holdings Incorporated		8,028		769,965

CME Group Incorporated		24,238		4,409,135

Eaton Vance Corporation		8,935		373,930

FactSet Research Systems Incorporated		2,728		641,544

Franklin Resources Incorporated		22,887		746,345

Interactive Brokers Group Incorporated Class A		5,630		310,945

Intercontinental Exchange Incorporated		42,093		3,247,475

KKR & Company Incorporated Class A		39,168		870,705

Lazard Limited Class A		9,826		367,787

LPL Financial Holdings Incorporated		6,540		493,181

MarketAxess Holdings Incorporated		2,430		592,628

Moody’s Corporation		12,569		2,175,945

MSCI Incorporated		6,229		1,150,621

Raymond James Financial Incorporated		9,718		802,512

S&P Global Incorporated		19,072		3,821,457

SEI Investments Company		11,047		582,729

Stifel Financial Corporation		5,152		280,423

T. Rowe Price Group Incorporated		17,747		1,782,331

The NASDAQ OMX Group Incorporated		8,349		764,518

				24,849,573


Consumer Finance: 0.98%

Ally Financial Incorporated		32,838		889,581

American Express Company		51,580		5,557,229

Credit Acceptance Corporation †		944		415,228

Discover Financial Services		26,783		1,917,931

FirstCash Financial Services Incorporated		3,242		284,194

Green Dot Corporation Class A †		3,461		223,408

Navient Corporation		20,981		256,388

SLM Corporation †		33,761		373,059

Synchrony Financial		48,076		1,567,758

				11,484,776


Diversified Financial Services: 1.75%

AXA Equitable Holdings Incorporated		12,617		241,237

Berkshire Hathaway Incorporated Class B †		101,132		20,357,872

				20,599,109

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


142		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Insurance: 3.06%

AFLAC Incorporated		57,581	$	2,829,530

Alleghany Corporation		1,049		674,465

American Financial Group Incorporated		5,379		536,071

Aon plc		18,161		3,115,156

Arch Capital Group Limited †		29,349		958,832

Arthur J. Gallagher & Company		13,045		1,047,253

Assurant Incorporated		4,113		423,598

Assured Guaranty Limited		7,800		325,728

Athene Holding Limited Class A †		12,013		535,179

Axis Capital Holdings Limited		6,001		342,477

Brown & Brown Incorporated		17,392		515,151

Cincinnati Financial Corporation		11,167		969,519

CNO Financial Group Incorporated		13,375		227,776

Erie Indemnity Company Class A		1,821		324,539

Everest Reinsurance Group Limited		2,881		651,423

Fidelity National Financial Incorporated		19,239		675,097

First American Financial Corporation		7,983		405,457

Kemper Corporation		4,256		353,674

Loews Corporation		19,269		917,590

Markel Corporation †		1,046		1,051,104

Marsh & McLennan Companies Incorporated		37,668		3,503,877

Old Republic International Corporation		21,235		442,962

Primerica Incorporated		3,459		432,513

Reinsurance Group of America Incorporated		4,810		694,997

Selective Insurance Group Incorporated		4,286		282,705

The Allstate Corporation		26,027		2,456,428

The Hanover Insurance Group Incorporated		3,103		368,357

The Hartford Financial Services Group Incorporated		27,046		1,334,991

The Progressive Corporation		42,393		3,090,450

The Travelers Companies Incorporated		19,846		2,637,732

Torchmark Corporation		8,092		668,076

Unum Group		18,374		686,453

W.R. Berkley Corporation		6,974		583,445

White Mountains Insurance Group Limited		215		201,969

Willis Towers Watson plc		9,417		1,619,912

				35,884,486


Mortgage REITs: 0.28%

AGNC Investment Corporation		33,175		585,539

Annaly Capital Management Incorporated		90,927		921,091

Blackstone Mortgage Trust Incorporated Class A		7,956		274,323

Chimera Investment Corporation		12,910		238,706

MFA Financial Incorporated		32,504		236,304

New Residential Investment Corporation		25,689		424,896

Starwood Property Trust Incorporated		18,459		414,035

Two Harbors Investment Corporation		17,456		242,115

				3,337,009

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			143

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Thrifts & Mortgage Finance: 0.12%

Essent Group Limited †		7,218	$	311,385

MGIC Investment Corporation †		27,337		354,834

New York Community Bancorp Incorporated		36,023		450,648

Radian Group Incorporated		16,336		332,601

				1,449,468


Health Care: 15.35%

Biotechnology: 1.94%

AbbVie Incorporated		111,356		8,823,849

Biogen Incorporated †		14,640		4,802,066

Gilead Sciences Incorporated		96,365		6,265,652

Ligand Pharmaceuticals Incorporated †		1,566		194,309

Regeneron Pharmaceuticals Incorporated †		5,489		2,364,332

United Therapeutics Corporation †		3,162		399,329

				22,849,537


Health Care Equipment & Supplies: 4.92%

Abbott Laboratories		124,616		9,672,694

Baxter International Incorporated		35,927		2,684,825

Becton Dickinson & Company		20,214		5,029,041

Boston Scientific Corporation †		98,094		3,935,531

Cantel Medical Corporation		2,679		196,960

Danaher Corporation		46,863		5,952,538

Dentsply Sirona Incorporated		15,596		651,289

DexCom Incorporated †		6,727		937,273

Edwards Lifesciences Corporation †		14,730		2,493,642

Globus Medical Incorporated Class A †		5,386		262,244

Haemonetics Corporation †		3,738		324,720

Hill-Rom Holdings Incorporated		4,652		493,345

Hologic Incorporated †		19,723		929,939

ICU Medical Incorporated †		1,214		298,353

IDEXX Laboratories Incorporated †		6,134		1,294,458

Inogen Incorporated †		1,338		143,781

Insulet Corporation †		4,124		387,285

Integra LifeSciences Holdings Corporation †		5,519		304,042

LivaNova plc †		3,570		332,724

Masimo Corporation †		3,399		446,221

Medtronic plc		96,795		8,759,948

Merit Medical Systems Incorporated †		4,094		228,159

Neogen Corporation †		3,576		221,569

NuVasive Incorporated †		4,045		238,251

Penumbra Incorporated †		2,354		314,659

ResMed Incorporated		9,624		985,786

Steris plc		6,024		728,663

Stryker Corporation		22,063		4,159,096

Teleflex Incorporated		3,332		965,747

The Cooper Companies Incorporated		3,744		1,070,747

Varian Medical Systems Incorporated †		6,573		883,148

West Pharmaceutical Services Incorporated		5,255		550,461

Zimmer Biomet Holdings Incorporated		14,903		1,849,760

				57,726,899

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


144		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Health Care Providers & Services: 2.39%

Acadia Healthcare Company Incorporated †		6,703	$	176,222

AmerisourceBergen Corporation		11,990		998,767

Anthem Incorporated		19,049		5,728,606

Cardinal Health Incorporated		21,641		1,175,972

Centene Corporation †		29,889		1,819,941

Chemed Corporation		1,141		375,960

Covetrus Incorporated †		4,223		151,099

CVS Health Corporation		100,217		5,795,549

DaVita HealthCare Partners Incorporated †		10,166		578,445

Encompass Health Corporation		6,845		432,193

HCA Holdings Incorporated		20,283		2,820,148

Henry Schein Incorporated		11,085		657,341

Humana Incorporated		10,307		2,937,907

McKesson Corporation		14,349		1,824,619

MEDNAX Incorporated †		6,788		223,393

Molina Healthcare Incorporated †		3,907		525,999

Universal Health Services Incorporated Class B		6,209		861,995

WellCare Health Plans Incorporated †		3,675		931,907

				28,016,063


Health Care Technology: 0.14%

Cerner Corporation †		23,068		1,290,655

Medidata Solutions Incorporated †		4,370		327,837

				1,618,492


Life Sciences Tools & Services: 1.31%

Bio-Rad Laboratories Incorporated Class A †		1,628		441,025

Bio-Techne Corporation		2,662		516,162

Charles River Laboratories International Incorporated †		3,456		491,340

ICON plc ADR †		3,929		549,981

IQVIA Holdings Incorporated †		11,880		1,664,388

Mettler-Toledo International Incorporated †		1,830		1,246,065

PerkinElmer Incorporated		7,782		732,753

PRA Health Sciences Incorporated †		4,470		478,201

Syneos Health Incorporated †		6,544		273,343

Thermo Fisher Scientific Incorporated		29,511		7,660,170

Waters Corporation †		5,440		1,317,677

				15,371,105


Pharmaceuticals: 4.65%

Bristol-Myers Squibb Company		114,612		5,920,856

Catalent Incorporated †		11,001		475,463

Eli Lilly & Company		69,215		8,741,162

Endo International plc †		14,923		164,004

Merck & Company Incorporated		190,033		15,447,783

Mylan NV †		38,454		1,014,801

Nektar Therapeutics †		13,184		534,479

Perrigo Company plc		9,446		460,020

Pfizer Incorporated		427,088		18,514,265

Zoetis Incorporated		35,102		3,307,661

				54,580,494

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			145

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Industrials: 13.85%

Aerospace & Defense: 4.13%

Axon Enterprise Incorporated †		3,877	$	208,699

BWX Technologies Incorporated		7,571		396,342

Curtiss-Wright Corporation		2,989		368,514

Esterline Technologies Corporation †		2,013		245,083

General Dynamics Corporation		19,681		3,350,100

Harris Corporation		7,954		1,311,853

HEICO Corporation		2,850		267,131

Hexcel Corporation		6,252		451,019

Huntington Ingalls Industries Incorporated		3,221		674,510

L-3 Technologies Incorporated		5,292		1,120,581

Lockheed Martin Corporation		17,303		5,353,721

Northrop Grumman Corporation		11,802		3,422,108

Raytheon Company		20,641		3,849,547

Spirit AeroSystems Holdings Incorporated Class A		8,215		811,642

Teledyne Technologies Incorporated †		2,586		610,399

Textron Incorporated		17,623		956,929

The Boeing Company		40,308		17,733,908

United Technologies Corporation		57,937		7,280,943

				48,413,029


Air Freight & Logistics: 1.03%

C.H. Robinson Worldwide Incorporated		10,233		924,859

Expeditors International of Washington Incorporated		12,885		965,731

FedEx Corporation		21,298		3,854,938

United Parcel Service Incorporated Class B		57,012		6,282,722

				12,028,250


Airlines: 0.25%

Alaska Air Group Incorporated		10,416		642,667

JetBlue Airways Corporation †		24,806		414,260

Spirit Airlines Incorporated †		5,097		286,706

United Continental Holdings Incorporated †		17,488		1,535,621

				2,879,254


Building Products: 0.59%

A.O. Smith Corporation		11,261		584,784

Allegion plc		6,881		619,015

Fortune Brands Home & Security Incorporated		10,380		489,106

Johnson Controls International plc		69,702		2,458,390

Lennox International Incorporated		2,877		705,584

Masco Corporation		23,125		868,575

Owens Corning Incorporated		9,198		459,256

Resideo Technologies Incorporated †		8,367		215,032

Trex Company Incorporated †		4,272		320,186

USG Corporation		5,929		255,599

				6,975,527

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


146		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Commercial Services & Supplies: 0.77%

Cintas Corporation		6,622	$	1,368,105

Clean Harbors Incorporated †		4,254		289,272

Copart Incorporated †		15,195		891,491

KAR Auction Services Incorporated		10,923		515,019

MSA Safety Incorporated		2,731		282,358

Republic Services Incorporated		16,046		1,258,488

Rollins Incorporated		11,419		452,878

Stericycle Incorporated †		6,901		307,647

Tetra Tech Incorporated		4,360		261,687

The Brink’s Company		3,734		294,687

Waste Management Incorporated		31,207		3,159,709

				9,081,341


Construction & Engineering: 0.18%

Arcosa Incorporated		3,877		129,841

EMCOR Group Incorporated		4,370		315,208

Fluor Corporation		11,752		441,875

Jacobs Engineering Group Incorporated		10,671		787,306

Quanta Services Incorporated		11,533		411,036

				2,085,266


Electrical Equipment: 0.68%

Acuity Brands Incorporated		3,115		405,324

Eaton Corporation plc		32,900		2,624,433

Emerson Electric Company		48,743		3,321,835

EnerSys		3,160		233,271

Hubbell Incorporated		4,002		472,436

Regal-Beloit Corporation		3,158		264,514

Sensata Technologies Holding plc †		12,323		625,146

				7,946,959


Industrial Conglomerates: 2.34%

3M Company		43,057		8,929,591

Carlisle Companies Incorporated		4,387		539,952

General Electric Company		679,548		7,060,504

Honeywell International Incorporated		55,505		8,551,655

Roper Industries Incorporated		7,515		2,432,230

				27,513,932


Machinery: 2.28%

AGCO Corporation		4,994		337,495

Allison Transmission Holdings Incorporated		9,918		492,925

Barnes Group Incorporated		3,769		218,866

Crane Company		4,002		338,449

Cummins Incorporated		12,459		1,919,807

Deere & Company		23,600		3,871,344

Donaldson Company Incorporated		10,588		546,235

Dover Corporation		11,002		996,011

Flowserve Corporation		10,096		448,363

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			147

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Machinery (continued)

Fortive Corporation		22,295	$	1,818,603

Graco Incorporated		12,026		564,741

IDEX Corporation		5,461		786,930

Ingersoll-Rand plc		18,200		1,921,192

ITT Incorporated		6,582		380,176

John Bean Technologies Corporation		2,525		236,593

Kennametal Incorporated		6,628		249,809

Lincoln Electric Holdings Incorporated		4,572		395,112

Nordson Corporation		3,803		516,295

Oshkosh Corporation		5,603		435,969

PACCAR Incorporated		25,827		1,751,071

Parker-Hannifin Corporation		10,191		1,795,247

RBC Bearings Incorporated †		1,952		273,573

Snap-on Incorporated		4,413		706,080

Stanley Black & Decker Incorporated		11,708		1,550,490

The Middleby Corporation †		4,310		528,363

The Toro Company		7,778		533,415

Trinity Industries Incorporated		11,474		268,606

WABCO Holdings Incorporated †		4,131		568,136

Wabtec Corporation		11,008		806,435

Woodward Governor Company		4,081		393,164

Xylem Incorporated		14,161		1,069,864

				26,719,359


Marine: 0.02%

Kirby Corporation †		3,969		294,579


Professional Services: 0.60%

ASGN Incorporated †		3,971		255,772

Equifax Incorporated		8,877		972,120

IHS Markit Limited †		25,824		1,373,062

Insperity Incorporated		2,762		348,758

Manpower Incorporated		5,187		437,005

Nielsen Holdings plc		26,048		682,458

Robert Half International Incorporated		8,725		594,958

TransUnion		13,698		884,343

Verisk Analytics Incorporated		11,607		1,467,473

				7,015,949


Road & Rail: 0.65%

Genesee & Wyoming Incorporated Class A †		4,253		348,746

J.B. Hunt Transport Services Incorporated		6,826		734,955

Kansas City Southern		7,612		826,968

Knight-Swift Transportation Holdings Incorporated		11,344		381,499

Landstar System Incorporated		3,323		361,144

Norfolk Southern Corporation		21,596		3,872,163

Old Dominion Freight Line Incorporated		5,545		836,020

Ryder System Incorporated		4,200		261,072

				7,622,567

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


148		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Trading Companies & Distributors: 0.31%

Fastenal Company		21,896	$	1,378,134

HD Supply Holdings Incorporated †		13,148		565,495

MSC Industrial Direct Company Class A		3,515		296,701

W.W. Grainger Incorporated		3,634		1,107,534

Watsco Incorporated		2,310		332,386

				3,680,250


Transportation Infrastructure: 0.02%

Macquarie Infrastructure Company LLC		5,216		213,282


Information Technology: 9.57%

Communications Equipment: 0.40%

ARRIS International plc †		12,041		381,459

Ciena Corporation †		9,899		422,291

CommScope Holdings Incorporated †		13,847		322,774

F5 Networks Incorporated †		4,316		725,692

Juniper Networks Incorporated		24,041		651,030

Lumentum Holdings Incorporated †		4,190		208,453

Motorola Solutions Incorporated		11,484		1,643,590

Viasat Incorporated †		4,055		306,355

				4,661,644


Electronic Equipment, Instruments & Components: 0.71%

Amphenol Corporation Class A		21,844		2,052,681

Arrow Electronics Incorporated †		6,587		524,984

Avnet Incorporated		8,655		376,406

CDW Corporation of Delaware		10,711		1,005,656

Coherent Incorporated †		1,938		257,909

Dolby Laboratories Incorporated Class A		4,493		291,146

FLIR Systems Incorporated		10,020		515,529

Jabil Circuit Incorporated		11,048		313,763

Keysight Technologies Incorporated †		13,458		1,135,990

Littelfuse Incorporated		1,893		365,519

National Instruments Corporation		9,108		425,708

SYNNEX Corporation		2,850		279,642

Zebra Technologies Corporation Class A †		3,807		763,342

				8,308,275


IT Services: 3.94%

Accenture plc Class A		46,690		7,534,832

Akamai Technologies Incorporated †		11,758		819,062

Alliance Data Systems Corporation		3,724		644,252

Amdocs Limited		10,798		600,045

Automatic Data Processing Incorporated		30,340		4,642,930

Black Knight Incorporated †		10,244		535,249

Booz Allen Hamilton Holding Corporation		9,957		526,327

Broadridge Financial Solutions Incorporated		8,648		875,610

CACI International Incorporated Class A †		1,742		317,497

Cognizant Technology Solutions Corporation Class A		42,672		3,028,859

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			149

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

IT Services (continued)

Conduent Incorporated †		15,826	$	231,376

CoreLogic Incorporated †		6,101		223,724

DXC Technology Company		21,623		1,424,091

EPAM Systems Incorporated †		3,795		613,955

Euronet Worldwide Incorporated †		3,614		485,432

Fidelity National Information Services Incorporated		23,513		2,542,931

First Data Corporation Class A †		41,966		1,055,025

Fiserv Incorporated †		29,173		2,470,661

Gartner Incorporated †		6,610		940,603

GoDaddy Incorporated Class A †		11,485		857,355

International Business Machines Corporation		66,065		9,125,558

Jack Henry & Associates Incorporated		5,628		746,442

Leidos Holdings Incorporated		11,052		713,849

LiveRamp Holdings incorporated †		5,406		290,573

MAXIMUS Incorporated		4,512		318,908

Paychex Incorporated		23,505		1,810,355

Perspecta Incorporated		10,464		220,790

Sabre Corporation		17,641		395,688

The Western Union Company		31,436		561,761

Total System Services Incorporated		12,048		1,137,331

WEX Incorporated †		3,001		534,358

				46,225,429


Semiconductors & Semiconductor Equipment: 2.11%

Advanced Micro Devices Incorporated †		68,671		1,615,829

Applied Materials Incorporated		75,053		2,877,532

Cypress Semiconductor Corporation		26,856		414,388

Entegris Incorporated		10,893		384,850

Integrated Device Technology Incorporated †		8,952		432,650

KLA-Tencor Corporation		11,345		1,310,234

Lam Research Corporation		12,423		2,187,566

Maxim Integrated Products Incorporated		19,982		1,087,620

Micron Technology Incorporated †		84,512		3,454,851

MKS Instruments Incorporated		4,531		375,484

ON Semiconductor Corporation †		31,624		679,284

Silicon Laboratories Incorporated †		3,108		251,810

Skyworks Solutions Incorporated		13,235		1,080,770

Teradyne Incorporated		14,172		578,643

Texas Instruments Incorporated		71,234		7,535,133

Versum Materials Incorporated		9,056		443,744

				24,710,388


Software: 1.80%

2U Incorporated †		3,778		278,439

Aspen Technology Incorporated †		4,990		502,543

Blackbaud Incorporated		3,717		287,101

Cadence Design Systems Incorporated †		19,787		1,132,806

CDK Global Incorporated		9,441		547,672

Citrix Systems Incorporated		8,854		934,097

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


150		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Software (continued)

Ellie Mae Incorporated †		2,464	$	245,143

Fair Isaac Corporation †		2,101		520,670

Fortinet Incorporated †		9,894		858,700

HubSpot Incorporated †		2,621		441,324

Intuit Incorporated		17,036		4,210,107

J2 Global Incorporated		3,441		292,519

Manhattan Associates Incorporated †		4,894		267,947

New Relic Incorporated †		3,068		324,441

Nuance Communications Incorporated †		20,923		350,879

PTC Incorporated †		7,468		693,180

RealPage Incorporated †		5,479		335,370

Red Hat Incorporated †		12,570		2,295,282

RingCentral Incorporated Class A †		4,404		463,697

SS&C Technologies Holdings Incorporated		15,287		941,373

Symantec Corporation		40,365		907,809

Synopsys Incorporated †		10,631		1,080,960

Tableau Software Incorporated Class A †		4,701		620,062

Teradata Corporation †		8,241		398,617

The Ultimate Software Group Incorporated †		2,244		743,886

Tyler Technologies Incorporated †		2,703		553,547

VMware Incorporated Class A		5,535		950,968

				21,179,139


Technology Hardware, Storage & Peripherals: 0.61%

Hewlett Packard Enterprise Company		107,747		1,764,896

HP Incorporated		113,227		2,233,969

NCR Corporation †		8,994		252,012

NetApp Incorporated		18,919		1,233,519

Pure Storage Incorporated Class A †		14,830		303,718

Seagate Technology plc		19,344		900,657

Xerox Corporation		15,540		480,186

				7,168,957


Materials: 2.91%

Chemicals: 1.62%

Ashland Global Holdings Incorporated		4,722		365,388

Axalta Coating Systems Limited †		16,702		446,444

Celanese Corporation Series A		10,655		1,089,900

CF Industries Holdings Incorporated		16,450		694,190

Eastman Chemical Company		9,839		813,587

Ecolab Incorporated		18,923		3,196,284

Huntsman Corporation		15,006		371,999

Ingevity Corporation †		3,582		412,718

International Flavors & Fragrances Incorporated		7,900		1,007,250

LyondellBasell Industries NV Class A		24,415		2,087,971

NewMarket Corporation		672		295,008

Olin Corporation		12,040		311,354

PPG Industries Incorporated		17,823		1,995,641

RPM International Incorporated		9,997		578,526

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			151

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Chemicals (continued)

Scotts Miracle-Gro Company Class A		3,275	$	268,223

Sensient Technologies Corporation		3,231		209,046

The Chemours Company		12,810		487,164

The Mosaic Company		29,575		924,810

The Sherwin-Williams Company		6,347		2,749,520

Valvoline Incorporated		14,015		263,342

W.R. Grace & Company		4,892		379,962

				18,948,327


Construction Materials: 0.19%

Eagle Materials Incorporated		3,689		281,987

Martin Marietta Materials Incorporated		4,737		889,609

Vulcan Materials Company		9,914		1,105,014

				2,276,610


Containers & Packaging: 0.68%

AptarGroup Incorporated		4,623		470,298

Avery Dennison Corporation		6,438		695,562

Ball Corporation		24,445		1,339,097

Bemis Company Incorporated		6,578		347,976

Berry Global Group Incorporated †		9,787		513,524

Crown Holdings Incorporated †		10,499		569,991

Graphic Packaging Holding Company		23,412		285,158

International Paper Company		30,404		1,393,111

Packaging Corporation of America		6,985		667,696

Sealed Air Corporation		12,111		528,282

Sonoco Products Company		7,131		412,814

WestRock Company		19,238		719,116

				7,942,625


Metals & Mining: 0.40%

Alcoa Corporation †		14,192		418,664

Allegheny Technologies Incorporated †		9,241		264,570

Newmont Mining Corporation		34,605		1,180,723

Nucor Corporation		23,891		1,447,078

Reliance Steel & Aluminum Company		5,314		474,275

Steel Dynamics Incorporated		17,393		649,107

United States Steel Corporation		13,980		313,292

				4,747,709


Paper & Forest Products: 0.02%

Louisiana-Pacific Corporation		10,836		273,826


Real Estate: 5.85%

Equity REITs: 5.70%

Alexandria Real Estate Equities Incorporated		7,508		1,020,262

American Campus Communities Incorporated		9,778		440,597

American Homes 4 Rent Class A		19,002		415,004

American Tower Corporation		31,135		5,484,430

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


152		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)

Apartment Investment & Management Company Class A		11,508	$	563,089

Apple Hospitality REIT Incorporated		15,862		261,406

AvalonBay Communities Incorporated		10,120		1,969,656

Boston Properties Incorporated		11,473		1,522,352

Brixmor Property Group Incorporated		21,819		380,960

Camden Property Trust		6,757		662,794

Colony Capital Incorporated		36,024		200,293

CoreSite Realty Corporation		2,552		260,942

Cousins Properties Incorporated		30,463		290,008

Crown Castle International Corporation		29,117		3,457,644

CubeSmart		12,986		397,891

CyrusOne Incorporated		7,287		363,184

Digital Realty Trust Incorporated		14,336		1,621,688

Douglas Emmett Incorporated		11,832		456,715

Duke Realty Corporation		25,965		767,785

EastGroup Properties Incorporated		2,468		260,769

EPR Properties		5,361		393,926

Equinix Incorporated		5,575		2,361,013

Equity Commonwealth		8,203		267,828

Equity Lifestyle Properties Incorporated		5,661		615,011

Equity Residential		26,247		1,934,141

Essex Property Trust Incorporated		4,658		1,303,495

Extra Space Storage Incorporated		8,481		813,667

Federal Realty Investment Trust		5,212		696,271

First Industrial Realty Trust Incorporated		9,007		301,915

Gaming and Leisure Properties Incorporated		14,046		510,993

HCP Incorporated		33,399		1,027,687

Healthcare Realty Trust Incorporated		9,009		285,135

Healthcare Trust of America Incorporated Class A		15,071		429,373

Highwoods Properties Incorporated		7,548		349,548

Hospitality Properties Trust		12,000		324,840

Host Hotels & Resorts Incorporated		54,357		1,065,941

Hudson Pacific Properties Incorporated		11,297		375,286

Invitation Homes Incorporated		21,348		491,004

Iron Mountain Incorporated		19,881		704,185

JBG Smith Properties		8,416		339,081

Kilroy Realty Corporation		7,851		578,697

Kimco Realty Corporation		29,101		511,887

Lamar Advertising Company Class A		6,320		490,242

Liberty Property Trust		10,350		489,866

Life Storage Incorporated		3,230		315,248

Medical Properties Trust Incorporated		26,377		480,853

Mid-America Apartment Communities Incorporated		8,316		861,371

National Retail Properties Incorporated		11,125		579,613

Omega Healthcare Investors Incorporated		14,464		519,258

Paramount Group Incorporated		15,605		224,088

Park Hotels & Resorts Incorporated		14,929		466,382

Prologis Incorporated		46,000		3,222,760

Public Storage Incorporated		10,981		2,322,372

Rayonier Incorporated		9,643		284,179

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			153

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)

Realty Income Corporation		20,173	$	1,395,165

Regency Centers Corporation		11,663		761,011

RLJ Lodging Trust		13,395		248,745

Ryman Hospitality Properties Incorporated		3,332		269,859

Sabra Health Care REIT Incorporated		12,861		233,041

SBA Communications Corporation †		8,153		1,472,106

Senior Housing Properties Trust		17,644		228,490

Simon Property Group Incorporated		21,958		3,977,911

SL Green Realty Corporation		6,775		614,628

Spirit Realty Capital Incorporated REIT		5,902		228,053

STORE Capital Corporation		13,033		423,182

Sun Communities Incorporated		5,828		661,886

Sunstone Hotel Investors Incorporated		17,019		256,136

Taubman Centers Incorporated		4,304		229,748

The Macerich Company		10,664		464,950

UDR Incorporated		19,302		857,395

Uniti Group Incorporated		13,353		128,723

Ventas Incorporated		25,177		1,579,857

VEREIT Incorporated		69,186		551,412

VICI Properties Incorporated		27,692		590,117

Vornado Realty Trust		12,827		863,385

Weingarten Realty Investors		8,788		253,182

Welltower Incorporated		26,235		1,949,523

Weyerhaeuser Company		56,798		1,413,702

WP Carey Incorporated		7,213		532,824

				66,919,656


Real Estate Management & Development: 0.15%

CBRE Group Incorporated Class A †		23,981		1,193,295

Jones Lang LaSalle Incorporated		3,487		575,773

				1,769,068


Utilities: 5.06%

Electric Utilities: 2.96%

ALLETE Incorporated		3,757		304,505

Alliant Energy Corporation		16,870		773,827

American Electric Power Company Incorporated		34,173		2,773,139

Duke Energy Corporation		49,836		4,468,296

Edison International		21,641		1,296,079

Entergy Corporation		12,433		1,160,372

Evergy Incorporated		20,037		1,120,269

Eversource Energy		22,295		1,556,414

Exelon Corporation		67,654		3,287,308

FirstEnergy Corporation		32,807		1,336,885

Hawaiian Electric Industries Incorporated		7,631		292,115

IDACORP Incorporated		3,544		348,765

NextEra Energy Incorporated		33,822		6,349,066

OGE Energy Corporation		13,735		584,012

PG&E Corporation †		35,994		612,978

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


154		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Electric Utilities (continued)

Pinnacle West Capital Corporation		7,750	$	726,485

PNM Resources Incorporated		5,594		244,346

Portland General Electric Company		6,234		312,573

PPL Corporation		49,394		1,589,005

The Southern Company		72,344		3,594,773

Xcel Energy Incorporated		35,652		1,955,869

				34,687,081


Gas Utilities: 0.24%

Atmos Energy Corporation		7,509		742,265

National Fuel Gas Company		5,665		340,976

New Jersey Resources Corporation		5,958		288,367

ONE Gas Incorporated		3,570		308,627

Southwest Gas Corporation		3,107		254,588

Spire Incorporated		3,429		271,988

UGI Corporation		11,906		653,639

				2,860,450


Independent Power & Renewable Electricity Producers: 0.20%

AES Corporation		45,071		776,573

NRG Energy Incorporated		18,982		791,170

Vistra Energy Corporation		27,931		727,323

				2,295,066


Multi-Utilities: 1.52%

Ameren Corporation		16,888		1,203,101

Avista Corporation		5,225		211,142

Black Hills Corporation		3,707		263,123

CenterPoint Energy Incorporated		33,731		1,016,652

CMS Energy Corporation		19,504		1,061,018

Consolidated Edison Incorporated		21,131		1,742,251

Dominion Energy Incorporated		51,617		3,824,304

DTE Energy Company		12,847		1,587,375

MDU Resources Group Incorporated		13,945		368,427

NiSource Incorporated		24,826		669,805

Public Service Enterprise Group Incorporated		35,582		2,092,577

Sempra Energy		18,053		2,174,303

WEC Energy Group Incorporated		21,701		1,655,352

				17,869,430


Water Utilities: 0.14%

American Water Works Company Incorporated		12,473		1,267,506

Aqua America Incorporated		12,200		438,468

				1,705,974


Total Common Stocks (Cost $942,205,343)				1,123,063,800

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			155

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 3.58%

Investment Companies: 3.58%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34	%		42,045,039	$	42,045,039


Total Short-Term Investments (Cost $42,045,039)							42,045,039


Total investments in securities (Cost $984,250,382)	99.28	%		1,165,108,839

Other assets and liabilities, net	0.72			8,438,751

Total net assets	100.00	%	$	1,173,547,590

†	Non-income-earning security

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

Abbreviations:

ADR	American depositary receipt

REIT	Real estate investment trust

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses

Long

S&P 500 E-Mini Index		349		3-15-2019	$	48,728,228	$	48,593,015	$	0	$	(135,213	)

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		39,764,513		661,972,847		659,692,321		42,045,039	$	0	$	0	$	736,668	$	42,045,039		3.58	%

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


156		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Common Stocks: 95.44%

Communication Services: 3.26%

Diversified Telecommunication Services: 0.58%

ATN International Incorporated		2,098	$	117,761

Bandwidth Incorporated Class A †		1,844		102,748

Cincinnati Bell Incorporated †		11,129		107,951

Cogent Communications Group Incorporated		7,837		381,740

Consolidated Communications Holdings Incorporated		15,108		150,022

Frontier Communications Corporation †		26,617		81,182

Globalstar Incorporated †		150,485		75,498

IDT Corporation Class B		3,615		21,835

Ooma Incorporated †		3,534		57,640

Pareteum Corporation †		19,384		77,924

Vonage Holdings Corporation †		43,276		444,877

Windstream Holdings Incorporated †		7,895		3,158

				1,622,336


Entertainment: 0.21%

AMC Entertainment Holdings Class A		8,717		122,300

Global Eagle Entertainment Incorporated †		8,637		22,974

Glu Mobile Incorporated †		19,880		178,522

Marcus Corporation		3,678		155,910

Reading International Incorporated Class A †		3,059		49,280

Rosetta Stone Incorporated †		3,929		63,296

				592,282


Interactive Media & Services: 0.51%

Actua Corporation ‡(a)		9,483		6,069

Angi Homeservices Incorporated Class A †		12,487		205,037

Care.com Incorporated †		5,131		129,250

Cars.com Incorporated †		13,660		321,556

DHI Group Incorporated †		9,664		25,610

Eventbrite Incorporated Class A †		1,122		33,189

Match Group Incorporated		9,135		505,896

QuinStreet Incorporated †		7,806		104,522

The Meet Group Incorporated †		13,934		83,604

				1,414,733


Media: 1.62%

A.H. Belo Corporation Class A		3,656		14,807

AMC Networks Incorporated Class A †		8,673		569,903

Boston Omaha Corporation Class A †		1,423		35,547

Cardlytics Incorporated †		2,264		39,892

Clear Channel Outdoor Holdings Incorporated Class A †		6,127		33,576

Cumulus Media Incorporated Class A †		2,211		39,378

Daily Journal Corporation †		189		42,523

Emerald Expositions Events Class I		4,796		60,334

Entercom Communications Corporation		23,681		145,875

Entravision Communications Corporation Class A		13,480		53,246

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			157

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Media (continued)

Gannett Company Incorporated		21,632	$	253,960

Gray Television Incorporated †		15,850		347,274

Hemisphere Media Group Incorporated †		3,320		46,148

John Wiley & Sons Incorporated Class A		9,589		497,573

Lee Enterprises Incorporated †		9,887		30,155

Marchex Incorporated Class B		6,697		28,998

MSG Networks Incorporated Class A †		12,180		294,025

National CineMedia Incorporated		9,925		76,820

New Media Investment Group Incorporated		11,358		151,289

Saga Communications Incorporated Class A		1,027		34,507

Scholastic Corporation		4,869		206,007

Sinclair Broadcast Group Incorporated Class A		15,177		547,890

Techtarget †		4,599		76,251

Tegna Incorporated		42,076		554,141

The E.W. Scripps Company		10,960		231,804

Tribune Publishing Company †		3,007		36,264

WideOpenWest Incorporated †		5,211		42,834

				4,491,021


Wireless Telecommunication Services: 0.34%

Boingo Wireless Incorporated †		8,677		194,104

Gogo Incorporated †		10,721		49,209

NII Holdings Incorporated †		19,970		77,683

Shenandoah Telecommunications Company		9,776		434,445

Spok Holdings Incorporated		3,846		53,113

United States Cellular Corporation †		2,998		139,977

				948,531


Consumer Discretionary: 13.36%

Auto Components: 1.52%

American Axle & Manufacturing Holdings Incorporated †		22,917		368,964

Cooper Tire & Rubber Company		10,702		342,036

Cooper-Standard Holdings Incorporated †		3,725		223,910

Dorman Products Incorporated †		5,329		431,116

Fox Factory Holding Corporation †		6,931		439,287

Horizon Global Corporation †		4,693		12,624

LCI Industries		5,470		445,696

Modine Manufacturing Company †		10,440		156,913

Motorcar Parts of America Incorporated †		3,720		76,967

Shiloh Industries Incorporated †		3,111		19,382

Standard Motor Products Incorporated		3,951		194,784

Stoneridge Incorporated †		5,685		168,105

Strattec Security Corporation		657		20,354

Superior Industries International Incorporated		5,149		31,872

Tenneco Incorporated		17,631		610,033

Tower International Incorporated		4,137		106,114

Visteon Corporation †		6,554		561,416

Voxx International Corporation †		4,216		21,080

				4,230,653

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


158		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Automobiles: 0.08%

Winnebago Industries Incorporated		6,503	$	212,193


Distributors: 0.12%

Core Mark Holding Company Incorporated		8,739		275,366

Funko Incorporated Class A †		1,889		37,572

Weyco Group Incorporated		1,198		36,323

				349,261


Diversified Consumer Services: 0.97%

American Public Education Incorporated †		3,299		106,591

Bridgepoint Education Incorporated †		4,936		50,890

Career Education Corporation †		12,738		211,706

Carriage Services Incorporated		3,420		71,854

Collectors Universe Incorporated		1,685		29,740

Frontdoor Incorporated †		14,031		448,992

Graham Holdings Company Class B		820		560,642

K12 Incorporated †		7,209		230,976

Laureate Education Incorporated Class A †		14,929		228,264

Regis Corporation †		6,797		122,958

Select Interior Concepts Class A †		3,623		47,099

Strategic Education Incorporated		4,495		587,856

				2,697,568


Hotels, Restaurants & Leisure: 2.82%

BBX Capital Corporation		12,638		77,345

Biglari Holdings Incorporated Class B †		491		65,799

BJ’s Restaurants Incorporated		4,325		206,908

Bloomin’ Brands Incorporated		17,337		358,529

Bluegreen Vacations Corporation		1,475		19,308

Brinker International Incorporated		7,728		353,711

Carrols Restaurant Group Incorporated †		7,177		76,722

Century Casinos Incorporated †		5,592		47,141

Churchill Downs Incorporated		6,235		584,843

Chuy’s Holding Incorporated †		3,395		75,946

Dave & Buster’s Entertainment Incorporated		8,930		458,377

Del Frisco’s Restaurant Group Incorporated †		6,319		53,522

Del Taco Restaurants Incorporated †		5,832		60,303

Denny’s Corporation †		11,593		202,414

DineEquity Incorporated		3,458		343,034

Drive Shack Incorporated †		12,289		54,194

El Pollo Loco Holdings Incorporated †		4,277		64,711

Eldorado Resorts Incorporated †		12,292		592,597

Fiesta Restaurant Group Incorporated †		4,316		65,042

Golden Entertainment Incorporated †		3,442		62,713

International Speedway Corporation Class A		4,481		193,803

J. Alexander’s Holdings Incorporated †		2,825		25,792

Jack in the Box Incorporated		5,442		438,299

Lindblad Expeditions Holding †		4,814		65,422

Monarch Casino & Resort Incorporated †		2,256		98,926

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			159

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Hotels, Restaurants & Leisure (continued)

Nathan S Famous Incorporated		598	$	42,506

Noodles & Company †		4,378		34,324

Papa John’s International Incorporated		4,466		195,209

Penn National Gaming Incorporated †		19,850		493,273

Playa Hotels & Resorts NV †		16,464		125,456

Potbelly Corporation †		4,721		39,751

RCI Hospitality Holdings Incorporated		1,946		45,517

Red Lion Hotels Corporation †		4,738		37,809

Red Robin Gourmet Burgers Incorporated †		2,763		84,023

Red Rock Resorts Incorporated Class A		14,693		413,167

Ruth’s Chris Steak House Incorporated		5,509		140,039

SeaWorld Entertainment Incorporated †		10,666		291,075

Shake Shack Incorporated Class A †		6,347		349,974

Speedway Motorsports Incorporated		2,217		39,152

The Cheesecake Factory Incorporated		8,672		410,186

The Habit Restaurants Incorporated Class A †		4,215		47,503

Town Sports International Holdings Incorporated †		3,423		18,655

Wingstop Incorporated		5,677		378,145

				7,831,165


Household Durables: 1.95%

Bassett Furniture Industries Incorporated		2,007		39,638

Cavco Industries Incorporated †		1,867		258,449

Century Communities Incorporated †		5,428		123,921

CSS Industries Incorporated		1,539		10,604

Ethan Allen Interiors Incorporated		4,950		99,396

Flexsteel Industries Incorporated		1,485		36,962

GoPro Incorporated Class A †		22,255		129,747

Green Brick Partners Incorporated †		4,874		43,427

Hamilton Beach Brand Class A		1,608		39,026

Hooker Furniture Corporation		2,302		72,283

Hovnanian Enterprises Incorporated Class A †		26,838		18,172

iRobot Corporation †		5,329		666,445

KB Home Incorporated		17,603		401,524

La-Z-Boy Incorporated		9,621		331,059

LGI Homes Incorporated †		3,846		227,299

Libbey Incorporated		4,361		17,182

Lifetime Brands Incorporated		2,526		26,422

M/I Homes Incorporated †		5,640		146,866

MDC Holdings Incorporated		9,664		278,704

Meritage Corporation †		7,501		328,919

Skyline Champion Corporation		9,539		189,445

Sonos Incorporated †		3,235		33,418

Tempur-Pedic International Incorporated †		8,955		521,271

The New Home Company Incorporated †		2,807		15,382

TopBuild Corporation †		7,329		436,076

TRI Pointe Homes Incorporated †		30,605		385,623

Tupperware Brands Corporation		8,736		263,041

Turtle Beach Corporation †		1,769		27,225

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


160		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Household Durables (continued)

Universal Electronics Incorporated †		2,839	$	94,794

Vuzix Corporation †		4,213		13,819

William Lyon Homes Class A †		6,405		90,631

Zagg Incorporated †		5,357		62,141

				5,428,911


Internet & Direct Marketing Retail: 0.68%

1-800-Flowers.com Incorporated Class A †		4,599		82,046

Duluth Holdings Incorporated Class B †		4,196		106,578

Gaia Incorporated †		2,362		26,265

Lands End Incorporated †		2,945		53,687

Leaf Group Limited †		3,182		25,870

Liberty Expedia Holdings Incorporated Class A †		10,284		455,581

Liquidity Services Incorporated †		5,095		35,156

Nutrisystem Incorporated		4,704		203,589

Overstock.com Incorporated †		4,280		84,787

PetMed Express Incorporated		4,094		94,367

Shutterfly Incorporated †		7,305		327,337

Shutterstock Incorporated		3,578		165,769

Stitch Fix Incorporated Class A †		8,864		246,596

				1,907,628


Leisure Products: 0.51%

Acushnet Holdings Corporation		6,192		154,243

American Outdoor Brands Corporation †		9,559		119,965

Callaway Golf Company		18,354		315,872

Clarus Corporation		4,404		53,641

Escalade Incorporated		1,877		22,899

Johnson Outdoors Incorporated Class A		1,023		67,150

Malibu Boats Incorporated Class A †		4,772		220,514

Marine Products Corporation		1,760		24,922

Mastercraft Boat Holdings Incorporated †		4,187		103,293

Nautilus Group Incorporated †		6,352		41,479

Sturm, Ruger & Company Incorporated		3,199		182,183

Vista Outdoor Incorporated †		11,520		102,643

				1,408,804


Multiline Retail: 0.24%

Big Lots Stores Incorporated		11,357		358,086

Dillard’s Incorporated Class A		2,488		195,408

JCPenny Company Incorporated †		57,300		87,096

Tuesday Morning Corporation †		9,308		25,597

				666,187


Specialty Retail: 3.72%

Abercrombie & Fitch Company Class A		13,613		298,805

America’s Car-Mart Incorporated †		1,261		102,898

Asbury Automotive Group Incorporated †		4,149		297,857

Ascena Retail Group Incorporated †		30,399		67,486

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			161

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Specialty Retail (continued)

AutoNation Incorporated †		12,715	$	448,331

Barnes & Noble Education Incorporated †		9,664		66,585

Barnes & Noble Incorporated		10,943		68,941

Bed Bath & Beyond Incorporated		27,000		451,710

Big 5 Sporting Goods Corporation		4,438		17,885

Boot Barn Holdings Incorporated †		6,435		183,398

Build A Bear Workshop Incorporated †		3,286		16,923

Caleres Incorporated		7,415		230,607

Camping World Holdings Incorporated Class A		7,642		98,582

Chico’s FAS Incorporated		21,406		125,011

Children’s Place Retail Stores Incorporated		3,930		375,551

Citi Trends Incorporated		2,327		50,356

Container Store Group Incorporated †		3,705		25,305

Destination Xl Group Incorporated †		7,239		18,894

Dick’s Sporting Goods Incorporated		14,570		569,104

DSW Incorporated Class A		14,524		430,056

Express Incorporated †		14,785		76,882

Francescas Holdings Corporation †		9,309		7,795

GameStop Corporation Class A		19,763		231,227

Genesco Incorporated †		3,465		167,256

GNC Holdings Incorporated Class A †		16,955		50,526

Group 1 Automotive Incorporated		3,998		248,596

Guess? Incorporated		11,867		265,702

Haverty Furniture Companies Incorporated		3,520		85,747

Hibbett Sports Incorporated †		3,821		70,841

Hudson Limited Class A †		8,662		129,064

Kirkland’s Incorporated †		2,923		34,141

Lithia Motors Incorporated Class A		5,163		466,064

MarineMax Incorporated †		5,563		109,202

Monro Muffler Brake Incorporated		6,255		477,319

Murphy USA Incorporated †		6,255		486,451

Office Depot Incorporated		116,309		403,592

Party City Holdco Incorporated †		12,784		133,081

Penske Auto Group Incorporated		7,632		339,166

Pier 1 Imports Incorporated †		15,095		20,378

Rent-A-Center Incorporated †		9,164		170,542

RTW Retailwinds Incorporated †		6,450		19,608

Sally Beauty Holdings Incorporated †		25,245		456,177

Shoe Carnival Incorporated		2,606		99,393

Sleep Number Corporation †		6,908		301,534

Sonic Automotive Incorporated		4,755		71,468

Sportsman’s Warehouse Holdings Incorporated †		7,930		49,880

Tailored Brands Incorporated		10,460		135,562

The Buckle Incorporated		5,409		103,799

The Cato Corporation Class A		4,410		69,413

The Michaels Companies Incorporated †		20,268		286,590

Tile Shop Holdings Incorporated		8,334		53,171

Tilly’s Incorporated Class A		4,181		50,716

Travelcenters of America LLC †		6,625		30,078

Urban Outfitters Incorporated †		15,889		490,176

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


162		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Specialty Retail (continued)

Vitamin Shoppe Incorporated †		4,836	$	35,641

Winmark Corporation		463		79,752

Zumiez Incorporated †		3,952		97,614

				10,348,429


Textiles, Apparel & Luxury Goods: 0.75%

Crocs Incorporated †		13,353		342,905

Culp Incorporated		2,099		38,936

Delta Apparel Incorporated †		1,108		26,193

Fossil Group Incorporated †		9,290		145,296

G-III Apparel Group Limited †		10,506		374,119

Lakeland Industries Incorporated †		1,663		18,393

Movado Group Incorporated		3,334		116,790

Oxford Industries Incorporated		3,381		267,200

Rocky Brands Incorporated		1,488		44,566

Steven Madden Limited		16,684		550,405

Superior Uniform Group Incorporated		1,805		31,371

Unifi Incorporated †		3,174		70,209

Vera Bradley Incorporated †		5,501		52,535

				2,078,918


Consumer Staples: 4.47%

Beverages: 0.47%

Boston Beer Company Incorporated Class A †		1,618		505,722

Castle Brands Incorporated †		23,005		20,244

Coca Cola Bottling Corporation		887		219,852

Craft Brew Alliance Incorporated †		2,273		38,755

MGP Ingredients Incorporated		2,889		236,465

National Beverage Corporation		2,379		163,176

New Age Beverages Corporation †		4,272		25,077

Primo Water Corporation †		6,930		101,663

				1,310,954


Food & Staples Retailing: 0.94%

BJ’s Wholesale Club Holdings Incorporated †		11,215		283,964

Ingles Markets Incorporated Class A		2,500		77,800

Natural Grocers By Vitamin C †		1,984		28,173

Performance Food Group Company †		19,585		754,610

Pricesmart Incorporated		5,373		347,418

Rite Aid Corporation †		237,479		175,734

Smart & Final Stores Incorporated †		6,047		37,491

SpartanNash Company		6,416		121,776

The Andersons Incorporated		5,305		196,073

The Chef’s Warehouse Incorporated †		4,861		155,601

United Natural Foods Incorporated †		16,705		250,742

Village Super Market Class A		1,449		44,412

Weis Markets Incorporated		2,865		144,138

				2,617,932

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			163

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Food Products: 2.07%

Alico Incorporated		567	$	17,157

B&G Foods Incorporated		12,870		316,859

Cal-Maine Foods Incorporated		5,944		262,130

Calavo Growers Incorporated		3,408		290,123

Darling Ingredients Incorporated †		32,290		709,734

Dean Foods Company		19,605		78,616

Farmer Bros Corporation †		2,136		50,944

Fresh Del Monte Produce Incorporated		6,022		166,689

Freshpet Incorporated †		4,743		195,506

Hain Celestial Group Incorporated †		19,499		383,545

Hostess Brands Incorporated †		18,492		224,493

J & J Snack Foods Corporation		2,710		420,809

John B. Sanfilippo & Son Incorporated		1,629		113,183

Lancaster Colony Corporation		3,709		581,460

Landec Corporation †		5,446		69,927

Limoneira Corporation		3,273		76,588

Pilgrim’s Pride Corporation †		12,146		238,912

Sanderson Farms Incorporated		4,426		509,875

Seneca Foods Corporation Class A †		1,287		37,992

Simply Good Foods Company †		11,924		243,965

Tootsie Roll Industries Incorporated		3,421		127,227

TreeHouse Foods Incorporated †		10,547		638,937

				5,754,671


Household Products: 0.41%

Central Garden & Pet Company Class A †		7,841		218,372

Oil Dri Corporation of America		1,035		30,170

Spectrum Brands Holdings Incorporated		8,424		456,328

WD-40 Company		2,494		446,351

				1,151,221


Personal Products: 0.34%

Elf Beauty Incorporated †		5,089		40,458

Inter Parfums Incorporated		3,306		243,884

Lifevantage Corporation †		2,229		32,477

Medifast Incorporated		2,364		301,245

Natural Health Trends Corporation		1,448		18,419

Revlon Incorporated Class A †		1,393		37,179

USANA Health Sciences Incorporated †		2,596		255,706

				929,368


Tobacco: 0.24%

Pyxus International Incorporated †		1,606		43,346

Turning Point Brands Incorporated		1,457		59,577

Universal Corporation		4,644		275,575

Vector Group Limited		23,869		279,745

				658,243

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


164		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Energy: 2.93%

Energy Equipment & Services: 1.29%

Basic Energy Services Incorporated †		5,305	$	25,623

Bristow Group Incorporated †		7,642		9,018

C&J Energy Services Incorporated †		12,900		222,783

Cactus Incorporated Class A †		7,475		271,044

Covia Holdings Corporation		9,554		45,477

Dawson Geophysical Corporation †		4,240		15,306

Era Group Incorporated †		4,036		46,495

Exterran Corporation †		7,239		123,570

Forum Energy Technologies Incorporated †		21,174		123,444

FTS International Incorporated †		7,815		80,416

Gulf Island Fabrication Incorporated †		2,612		25,598

Hornbeck Offshore Services Incorporated †		7,435		12,640

Ion Geophysical Corporation †		2,485		32,703

Keane Group Incorporated †		9,665		106,508

Key Energy Services Incorporated †		3,043		7,790

KLX Energy Services †		2,937		77,419

Liberty Oilfield Services Class A		7,158		117,248

Mammoth Energy Services Incorporated		2,799		64,349

Matrix Service Company †		5,465		114,164

McDermott International Incorporated †		37,307		316,363

Natural Gas Services Group Incoporated †		2,489		45,997

NCS Multistage Holdings Incorporated †		2,586		14,249

Newpark Resources Incorporated †		19,243		170,108

Nine Energy Service Incorporated †		3,465		90,852

Oceaneering International Incorporated †		20,926		323,307

Parker Drilling Company †		2,262		543

PHI Incorporated - Non Voting †		2,436		7,576

Pioneer Energy Services Corporation †		16,717		29,589

ProPetro Holding Corporation †		16,503		327,750

RigNet Incorporated †		3,291		50,945

Seacor Holdings Incorporated †		3,313		147,959

Seacor Marine Holdings Incorporated †		4,154		56,993

Select Energy Services Incorporated Class A †		12,518		126,181

Solaris Oilfield Infrastructure Incorporated Class A		5,289		89,913

Superior Energy Services Incorporated †		40,698		190,467

Tetra Technologies Incorporated †		27,639		66,057

				3,576,444


Oil, Gas & Consumable Fuels: 1.64%

Adams Resources & Energy Incorporated		434		17,247

Alta Mesa Resources Incorporated †		19,146		4,940

Arch Coal Incorporated		3,133		291,870

Berry Petroleum Corporation		2,854		36,331

Chaparral Energy Incorporated Class A †		6,684		36,094

Cloud Peak Energy Incorporated †		17,587		9,145

CNX Resources Corporation †		28,588		303,033

Consol Energy Incorporated †		5,049		191,610

Contango Oil & Gas Company †		4,655		15,780

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			165

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)

CVR Energy Incorporated		2,943	$	119,309

Denbury Resources Incorporated †		90,789		174,315

DHT Holdings Incorporated		16,815		72,641

Dorian Lpg Limited †		6,471		38,179

Earthstone Energy Incorporated Class A †		5,425		35,751

Enlink Midstream LLC		12,179		135,796

Euronav NV		1		8

Evolution Petroleum Corporation		5,897		41,692

Falcon Minerals Corporation		7,580		58,745

Goodrich Petroleum Corporation †		2,043		26,498

Green Plains Renewable Energy Incorporated		7,691		119,980

Gulfport Energy Corporation †		26,160		200,386

Halcon Resources Corporation †		35,781		53,672

Hallador Energy Corporation		3,901		20,948

International Seaways Incorporated †		4,227		70,337

Laredo Petroleum Incorporated †		35,258		120,935

Legacy Reserves Incorporated †		22,521		27,025

Lilis Energy Incorporated †		7,853		14,135

Lonestar Resources US Incorporated Class A †		3,873		17,312

Magnolia Oil & Gas Corporation †		19,859		244,266

Nacco Industries Class A		715		26,148

Navigator Holdings Limited †		5,906		64,198

Overseas Shipholding Group Class A †		14,103		27,783

Pacific Ethanol Incorporated †		7,085		8,219

Par Pacific Holdings Incorporated †		6,478		109,478

Penn Virginia Corporation †		2,391		128,301

Renewable Energy Group Incorporated †		7,278		193,376

Rex American Resources Corporation †		1,089		86,804

Sanchez Energy Corporation †		27,646		6,035

SilverBow Resources Incorporated †		1,369		30,803

Southwestern Energy Company †		133,674		565,441

SRC Energy Incorporated †		51,688		237,765

Talos Energy Incorporated †		3,846		86,343

Vaalco Energy Incorporated †		10,211		23,792

W&T Offshore Incorporated †		20,164		105,054

World Fuel Services Corporation		13,508		374,037

				4,571,557


Financials: 19.24%

Banks: 10.48%

1st Constitution Bancorp		1,349		25,186

1st Source Corporation		1,975		93,911

ACNB Corporation		1,263		49,762

Allegiance Bancshares Incorporated †		4,260		162,988

Amalgamated Bank of New York Class A		6,904		122,270

American National Bankshares Incorporated		1,705		61,039

Ameris Bancorp		10,482		427,351

AMES National Corporation		1,778		49,482

Arrow Financial Corporation		2,723		96,449

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


166		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)

Atlantic Capital Bancshares †		5,083	$	98,000

Banc of California Incorporated		9,561		165,597

BancFirst Corporation		3,690		208,042

Bank of Commerce Holdings		3,314		37,614

Bank of Marin Bancorp		2,735		121,708

Bankwell Financial Group Incorporated		1,278		38,685

Banner Corporation		6,344		394,153

Bar Harbor Bankshares		3,029		78,209

Baycom Corporation †		2,090		48,216

BCB Bancorp Incorporated		2,551		33,469

Berkshire Hills Bancorp Incorporated		8,624		270,104

Blue Hills Bancorp Incorporated		4,753		118,255

Boston Private Financial Holdings Incorporated		17,945		213,366

Bridge Bancorp Incorporated		3,678		121,264

Brookline Bancorp Incorporated		16,348		261,241

Bryn Mawr Bank Corporation		4,099		167,075

Business First Bancshares Incorporated		2,343		57,919

Byline Bancorp Incorporated †		4,447		90,897

C&F Financial Corporation		682		35,184

Cadence Bancorp		25,708		513,903

Cambridge Bancorp		798		66,226

Camden National Corporation		3,223		144,552

Capital City Bank Group Incorporated		2,218		54,740

Capstar Financial Holdings Class I		2,289		38,364

Carolina Financial Corporation		4,375		160,213

CB Financial Services Incorporated		965		24,965

CBTX Incorporated		3,832		127,644

CenterState Banks Incorporated		19,844		525,072

Central Pacific Financial Company		5,816		169,711

Central Valley Community Bancorp		2,390		46,533

Century Bancorp Incorporated Class A		567		43,857

Chemung Financial Corporation		723		33,677

Citizens & Northern Corporation		2,371		62,215

City Holding Company		3,021		242,103

Civista Bancshares Incorporated		2,937		62,646

CNB Financial Corporation		3,005		83,539

Codorus Valley Bancorp Incorporated		1,853		42,026

Community Bank System Incorporated		10,253		664,292

Community Bankers Trust Corporation		4,391		35,040

Community Financial Corporation		917		27,565

Community Trust Bancorp		3,153		134,885

ConnectOne Bancorp Incorporated		6,155		132,763

County Bancorp Incorporated		1,064		20,312

Customers Bancorp Incorporated †		5,871		125,581

DNB Financial Corporation		704		27,456

Eagle Bancorp Incorporated †		6,790		401,900

Enterprise Bancorp Incorporated		1,824		57,857

Enterprise Financial Service		4,585		207,150

Equity Bancshares Incorporated Class A †		2,933		99,693

Esquire Financial Holdings Class I †		1,104		25,182

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			167

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)

Evans Bancorp Incorporated		972	$	34,652

Farmers & Merchants Banco		2,018		61,771

Farmers Natl Banc Corporation		5,284		77,780

FB Financial Corporation		3,410		120,885

Fidelity D&D Bancorp Incorporated		496		28,882

Fidelity Southern Corporation		4,471		145,665

Financial Institutions Incorporated		3,265		98,407

First Bancorp Incorporated		1,979		52,147

First Bancorp of North Carolina		6,368		249,562

First Bancshares Incorporated		2,592		84,914

First Bank		3,221		37,267

First Busey Corporation		9,380		252,697

First Business Financial Service		1,629		35,936

First Choice Bancorp		1,936		45,109

First Citizens BancShares Corporation Class A		1,210		528,262

First Commonwealth Financial Corporation		20,517		288,469

First Community Bancshares		2,864		102,674

First Community Corporation		1,446		28,992

First Financial Bancorp		19,641		544,645

First Financial Corporation		2,005		88,982

First Financial Northwest		1,615		26,195

First Foundation Incorporated		8,170		124,593

First Guaranty Bancshares Incorporated		1,025		21,412

First Internet Bancorp		2,075		44,820

First Interstate BancSystem Class A		7,649		318,504

First Merchants Corporation		10,309		416,381

First Mid-Illinois Bancshares		2,382		83,156

First Midwest Bancorp Incorporated		22,306		516,384

First Northwest Bancorp		1,805		29,097

First of Long Island Corporation		4,764		111,287

First United Corporation		1,388		24,012

Flushing Financial Corporation		5,531		128,375

Franklin Financial Network		3,001		98,433

FVCBankcorp Incorporated †		2,025		35,944

German American Bancorp		4,636		143,577

Great Southern Bancorp Incorporated		2,498		141,462

Great Western Bancorp Incorporated		12,319		462,578

Guaranty Bancshares Incorporated		1,620		49,831

Hanmi Financial Corporation		6,753		155,859

Harborone Bancorp Incorporated †		2,920		47,100

Hawthorn Bancshares Incorporated		1,043		24,657

Heartland Financial USA Incorporated		6,771		329,003

Heritage Commerce Corporation		8,837		123,453

Heritage Financial Corporation		7,571		249,237

Hilltop Holdings Incorporated		15,046		289,184

Hometrust Bancshares Incorporated		3,357		91,411

Hope Bancorp Incorporated		27,630		402,845

Horizon Bancorp Indiana		7,491		132,366

Howard Bancorp Incorporated †		2,908		38,589

Independent Bank Corporation		4,891		113,716

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


168		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)

Independent Bank Corporation		5,539	$	471,535

Independent Bank Group Incorporated		6,869		398,127

International Bancshares Corporation		12,199		497,963

Investar Holding Corporation		1,685		41,013

Lakeland Bancorp Incorporated		9,489		158,751

Lakeland Financial Corporation		5,141		248,413

LCNB Corporation		2,478		42,126

LegacyTexas Financial Group		9,832		410,289

Live Oak Bancshares Incorporated		5,484		88,896

Macatawa Bank Corporation		5,336		58,216

Mackinac Financial Corporation		1,925		30,357

Malvern Bancorp Incorporated †		1,528		31,721

MBT Financial Corporation		3,639		40,284

Mercantile Bank Corporation		3,420		118,435

Metropolitan Bank Holding Corporation †		950		36,604

Mid Penn Bancorp Incorporated		1,457		35,682

Middlefield Banc Corporation		641		26,890

Midland States Bancorp Incorporated		4,119		105,035

Midsouth Bancorp Incorporated		2,843		32,382

Midwestone Financial Group Class I		2,249		69,921

Mutualfirst Financial Incorporated		1,506		47,349

MVB Financial Corporation		2,019		30,891

National Bank Holdings Corporation Class A		5,509		199,040

National Bankshares Incorporated		1,361		53,760

National Commerce Corporation †		3,862		168,731

NBT Bancorp Incorporated		8,653		334,265

Nicolet Bankshares Incorporated †		1,619		92,963

Northeast Bancorp		1,509		30,603

Northrim BanCorp Incorporated		1,413		53,002

Norwood Financial Corporation		1,198		36,707

Oak Valley Bancorp		1,196		21,349

Ohio Valley Banc Corporation		785		28,660

Old Line Bancshares Incorporated		2,780		79,619

Old Point Financial Corporation		749		17,414

Old Second Bancorp Incorporated		5,908		84,366

Opus Bank		4,521		102,943

Origin Bancorp Incorporated		1,140		41,108

Orrstown Financial Services Incorporated		1,730		35,327

Pacific Mercantile Bancorp †		4,485		37,001

Pacific Premier Bancorp Incorporated		13,092		390,796

Park National Corporation		2,778		278,217

Parke Bancorp Incorporated		1,580		35,060

Peapack-Gladstone Financial Corporation		3,662		106,491

Penns Woods Bancorp Incorporated		896		39,299

People S Utah Bancorp		3,268		95,948

Peoples Bancorp Incorporated		3,623		120,791

Peoples Bancorp of North Carolina Incorporated		922		26,000

Peoples Financial Services		1,294		56,613

Plumas Bancorp		785		19,076

Preferred Bank (Los Angeles)		3,006		153,967

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			169

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)

Premier Financial Bancorp		2,250	$	37,283

QCR Holdings Incorporated		3,104		110,968

RBB Bancorp		2,994		64,820

Reliant Bancorp Incorporated		1,941		42,586

Renasant Corporation		12,282		470,155

Republic Bancorp Incorporated Class A		2,057		93,059

Republic First Bancorp Incorporated †		9,583		61,331

S&T Bancorp Incorporated		6,956		287,839

Sandy Spring Bancorp Incorporated		7,179		251,768

SB Financial Group Incorporated		1,184		22,200

SB One Bancorp		1,417		33,512

Seacoast Banking Corporation †		10,247		297,368

Select Bancorp Incorporated †		3,540		40,958

ServisFirst Bancshares Incorporated		9,972		348,721

Shore Bancshares Incorporated		2,467		38,855

Sierra Bancorp		2,785		75,056

Simmons First National Corporation Class A		18,256		489,808

Smartfinancial Incorporated †		2,412		47,323

Southern First Bancshares †		1,469		55,969

Southern National Bancorp of Virginia		4,226		66,982

Southside Bancshares Incorporated		6,624		229,985

Stock Yards Bancorp Incorporated		4,239		150,993

Summit Financial Group Incorporated		2,149		52,457

The Bancorp Incorporated †		10,958		99,389

The Bank of Princeton		1,154		37,540

Tompkins Trust Company Incorporated		2,994		240,748

Towne Bank		13,455		370,954

TriCo Bancshares		5,372		216,062

TriState Capital Holdings Incorporated †		5,276		119,290

Triumph Bancorp Incorporated †		4,945		167,487

Trustmark Corporation		12,933		458,863

Two River Bancorp		1,396		22,643

Union Bankshares Corporation		15,787		561,544

Union Bankshares Incorporated		662		30,783

United Community Bank		16,000		443,040

United Security Bancshare		2,672		28,858

Unity Bancorp Incorporated		1,534		33,886

Univest Corporation of Pennsylvania		5,814		154,129

Veritex Holdings Incorporated		9,343		261,697

Washington Trust Bancorp		2,879		150,860

WesBanco Incorporated		10,975		465,669

West Bancorporation		2,850		65,892

Westamerica Bancorporation		5,406		347,498

				29,137,081


Capital Markets: 1.93%

Ares Management Corporation Class A		14,711		347,474

Artisan Partners Asset Management Incorporated Class A		10,848		285,302

Associated Capital Group Class A		581		24,710

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


170		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Capital Markets (continued)

B. Riley Financial Incorporated		3,257	$	55,499

Blucora Incorporated †		9,050		243,355

BrightSphere Investment Group Incorporated		17,367		245,743

Cohen & Steers Incorporated		4,163		173,847

Cowen Incorporated †		5,533		85,651

Diamond Hill Investment Group		738		104,766

Donnelley Financial Solutions †		6,718		95,463

Federated Investors Incorporated Class B		19,134		569,237

Focus Financial Partners Class A †		3,880		146,858

Gain Capital Holdings Incorporated		4,517		31,167

Gamco Investors Incorporated Class A		1,023		20,951

Greenhill & Company Incorporated		2,789		65,653

Hamilton Lane Incorporated Class A		3,463		161,653

Houlihan Lokey Incorporated		6,791		312,250

Intl Fcstone Incorporated †		2,922		127,107

Investment Technology Group Incorporated		6,089		184,070

Ladenburg Thalmann Financial Services Incorporated		20,104		59,106

Moelis Company Class A		9,489		423,304

Morningstar Incorporated		3,925		496,748

PJT Partners Incorporated Class A		3,929		181,638

Pzena Investment Managm Class A		3,537		35,229

Siebert Financial Corporation †		1,888		23,789

Victory Capital Holding Class A †		2,603		32,772

Virtu Financial Incorporated Class A		12,495		314,124

Virtus Investment Partners Incorporated		1,432		146,508

Waddell & Reed Financial Incorporated Class A		16,046		297,011

Westwood Holdings Group Incorporated		1,614		62,381

				5,353,366


Consumer Finance: 0.44%

Curo Group Holdings Corporation †		3,151		34,724

Elevate Credit Incorporated †		5,940		26,017

Encore Capital Group Incorporated †		7,012		239,810

Enova International Incorporated †		6,270		160,010

Ezcorp Incorporated †		9,522		93,030

Nelnet Incorporated Class A		2,643		144,889

PRA Group Incorporated †		10,112		325,505

Regional Management Corporation †		1,792		48,724

World Acceptance Corporation †		1,313		161,499

				1,234,208


Diversified Financial Services: 0.24%

Cannae Holdings Incorporated †		13,194		302,406

FGL Holdings		31,806		263,990

Marlin Business Services Incorporated		1,748		41,148

On Deck Capital Incorporated †		11,654		71,556

Schulman Incorporated Class A †‡(a)		6,818		2,952

				682,052

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			171

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Insurance: 2.48%

Ambac Financial Group Incorporated †		9,422	$	186,273

American National Insurance Company		1,493		219,755

Amerisafe Incorporated		3,709		234,075

Argo Group International Holdings Limited		6,420		446,254

Atlas Financial Holdings Incorporated †		1,997		18,133

Crawford & Company Class A		3,060		30,722

Crawford & Company Class B		2,293		23,572

Donegal Group Incorporated Class A		2,302		31,008

EMC Insurance Group Incorporated		1,715		54,760

Employers Holdings Incorporated		6,576		273,956

FBL Financial Group Incorporated		1,934		135,129

FedNat Holding Company		2,269		41,409

Genworth Financial Incorporated Class A †		103,659		401,160

Goosehead Insurance Incorporated Class A †		1,832		57,800

Hallmark Financial Services Incorporated †		2,645		27,640

HCI Group Incorporated		1,419		65,501

Health Insurance Innovations Incorporated Class A †		2,918		108,579

Heritage Insurance Holdings Incorporated		4,832		72,093

Horace Mann Educators Corporation		8,277		324,376

Independence Holding Company		942		35,975

Investors Title Company		253		43,114

James River Group Holdings Limited		5,748		236,185

Kingstone Company Incorporated		1,778		29,888

Kinsale Capital Group Incorporated		3,772		251,819

Maiden Holdings Limited		15,088		18,558

Mercury General Corporation		5,428		287,521

National General Holdings Corporation		12,179		314,340

National Western Life Group Class A		443		136,444

NI Holdings Incorporated †		1,816		27,403

ProAssurance Corporation		11,157		452,974

Protective Insurance Corporation Class B		1,872		39,518

RLI Corporation		8,533		601,747

Safety Insurance Group Incorporated		2,846		254,262

State Auto Financial Corporation		3,264		109,899

Stewart Information Services Corporation		4,511		193,657

The Navigators Group Incorporated		5,141		358,739

Tiptree Incorporated		4,999		30,644

Trupanion Incorporated †		5,864		177,972

United Fire Group Incorporated		4,218		205,585

United Insurance Holdings Company		4,141		67,830

Universal Insurance Holdings Company		6,856		267,658

				6,893,927


Mortgage REITs: 1.21%

AG Mortgage Investment Trust Incorporated		5,473		97,310

Anworth Mortgage Asset Corporation		18,490		78,767

Apollo Commercial Real Estate Finance Incorporated		23,889		433,824

Arbor Realty Trust Incorporated		11,994		155,202

Ares Commercial Real Estate		4,934		75,293

Arlington Asset Investment Class A		5,567		46,150

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


172		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Mortgage REITs (continued)

ARMOUR Residential REIT Incorporated		8,095	$	162,305

Capstead Mortgage Corporation		18,245		151,434

Cherry Hill Mortgage Investment REIT		2,881		53,414

Dynex Capital Incorporated		10,468		63,855

Ellington Residential Mortgage REIT		1,833		21,556

Exantas Capital Corporation REIT		5,858		63,559

Granite Point Mortgage Trust Incorporated		8,202		156,002

Great Ajax Corporation REIT		2,972		39,320

Invesco Mortgage Capital Incorporated		21,582		343,585

KKR Real Estate Finance Trust		3,925		79,952

Ladder Capital Corporation		17,349		318,354

New York Mortgage Trust Incorporated		26,981		161,886

Owens Realty Mortgage Incorporated		1,557		35,671

PennyMac Mortgage Investment Trust		11,628		236,979

Ready Capital Corporation		3,508		56,584

Redwood Trust Incorporated		16,288		249,206

Tpg Re Finance Trust Incorporated		9,758		195,355

Western Asset Mortgage Capital REIT		9,215		92,426

				3,367,989


Thrifts & Mortgage Finance: 2.46%

Axos Financial Incorporated †		11,383		367,443

BankFinancial Corporation		2,683		41,962

Beneficial Bancorp Incorporated		13,565		218,668

Bridgewater Bancshares Incorporated †		3,925		43,803

BSB Bancorp Incorporated †		1,785		63,011

Capitol Federal Financial Incorporated		27,519		367,929

Dime Community Bancshares		6,432		128,511

Entegra Financial Corporation †		1,461		35,108

Essa Bancorp Incorporated		1,818		29,070

Federal Agricultural Mortgage Corporation Class C		1,763		144,337

First Defiance Financial Corporation		4,083		126,328

Flagstar Bancorp Incorporated		6,540		213,596

FS Bancorp Incorporated		659		34,169

Greene County Bancorp Incorporated		685		21,578

Hingham Institution For Savings Corporation		274		53,649

Home Bancorp Incorporated		1,553		54,930

Homestreet Incorporated †		5,657		157,830

Kearny Financial Corporation		17,740		241,087

Luther Burbank Corporation		3,376		35,313

Merchants Bancorp Incorporated		3,543		73,872

Meridian Bancorp Incorporated		9,864		160,685

Meta Financial Group Incorporated		7,705		179,912

MMA Capital Management LLC †		872		24,721

Mr. Cooper Group Incorporated †		15,494		211,493

NewStar Financial Incorporated †(a)		9,129		0

NMI Holdings Incorporated Class A †		13,053		315,230

Northfield Bancorp Incorporated		8,726		130,105

Northwest Bancshares Incorporated		19,239		357,845

OceanFirst Financial Corporation		8,553		215,536

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			173

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Thrifts & Mortgage Finance (continued)

Ocwen Financial Corporation †		29,469	$	63,064

OP Bancorp		2,592		23,535

Oritani Financial Corporation		8,034		144,210

PCSB Financial Corporation		3,220		65,463

PDL Community Bancorp †		1,608		21,049

PennyMac Financial Services Incorporated		3,960		92,347

Provident Bancorp Incorporated †		943		21,717

Provident Financial Holdings		1,079		21,871

Provident Financial Services Incorporated		12,623		346,501

Prudential Bancorp Incorporated		1,275		23,167

Riverview Bancorp Incorporated		4,277		33,104

Si Financial Group Incorporated		2,079		30,665

Southern Missouri Bancorp		1,396		50,507

Standard AVB Financial Corporation		812		24,352

Sterling Bancorp Incorporated		3,294		33,236

Territorial Bancorp Incorporated		1,589		44,651

Timberland Bancorp Incorporated		1,570		48,042

Trustco Bank Corporation		20,009		169,476

United Community Financial Corporation		10,056		100,761

United Financial Bancorp Incorporated		10,084		156,605

Walker & Dunlop Incorporated		6,101		340,436

Washington Federal Incorporated		16,851		516,989

Waterstone Financial Incorporated		5,020		84,537

Western New England Bancorp		5,312		52,164

WSFS Financial Corporation		6,312		273,183

				6,829,353


Health Care: 10.88%

Biotechnology: 3.18%

Achaogen Incorporated †		6,281		4,554

Acorda Therapeutics Incorporated †		11,605		171,058

ADMA Biologics Incorporated †		5,892		24,098

Aeglea BioTherapeutics Incorporated †		3,486		29,143

AgeX Therapeutics Incorporated †		3,240		13,770

Akebia Therapeutics Incorporated †		7,640		55,619

Albireo Pharma Incorporated †		1,403		39,452

Aldeyra Therapeutics Incorporated †		4,260		34,421

Allogene Therapeutics Incorporated †		4,530		143,556

AMAG Pharmaceuticals Incorporated †		6,694		99,674

Anavex Life Sciences Corporation †		8,997		19,254

Anika Therapeutics Incorporated †		3,076		100,370

Aptinyx Incorporated †		1,218		6,455

Arcus Biosciences Incorporated †		5,135		60,542

Ardelyx Incorporated †		9,196		25,841

Arqule Incorporated †		20,971		68,575

Athenex Incorporated †		7,183		94,600

Athersys Incorporated †		21,845		32,549

Aveo Pharmaceuticals Incorporated †		23,448		12,650

Avid Bioservices Incorporated †		10,005		38,919

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


174		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Biotechnology (continued)

Biospecifics Technologies †		1,013	$	70,353

Calithera Biosciences Incorporated †		5,518		30,625

CareDx Incorporated †		5,511		171,502

Casi Pharmaceuticals Incorporated †		6,881		22,570

Catalyst Biosciences Incorporated †		2,326		19,818

Celcuity Incorporated †		1,324		29,525

Chemocentryx Incorporated †		7,561		81,281

Cohbar Incorporated †		5,637		17,926

Conatus Pharmaceuticals Incorporated †		14,543		28,213

Concert Pharmaceuticals Incorporated †		4,154		63,099

Contrafect Corporation †		16,451		7,750

Corbus Pharmaceuticals Holdings †		9,212		63,931

Crinetics Pharmaceuticals Incorporated †		1,211		28,943

Cti Biopharma Corporation †		9,171		9,354

Cue Biopharma Incorporated †		2,533		16,211

CytomX Therapeutics Incorporated †		7,687		86,248

Eagle Pharmaceuticals Incorporated †		2,654		132,886

Eiger BioPharmaceuticals Incorporated †		2,965		39,138

Emergent BioSolutions Incorporated †		9,256		540,088

Enanta Pharmaceuticals Incorporated †		3,011		308,748

Fate Therapeutics Incorporated †		7,917		124,376

Genomic Health Incorporated †		4,182		317,707

Halozyme Therapeutics Incorporated †		25,899		446,758

Infinity Pharmaceuticals Incorporated †		8,254		12,959

Inovio Pharmaceuticals Incorporated †		16,791		61,455

Insys Therapeutics Incorporated †		6,955		43,747

Invitae Corporation †		13,555		272,727

Ironwood Pharmaceuticals Incorporated †		31,830		453,259

Jounce Therapeutics Incorporated †		3,626		16,136

Kadmon Holdings Incorporated †		23,518		69,848

KalVista Pharmaceuticals Incorporated †		1,371		31,094

Kindred Biosciences Incorporated †		6,656		72,018

Kiniksa Pharmaceuticals Limited Class A †		990		17,771

Krystal Biotech Incorporated †		1,558		34,837

Macrogenics Incorporated †		9,167		183,340

Mannkind Corporation †		28,137		50,365

Medicinova Incorporated †		6,648		60,829

Mei Pharma Incorporated †		15,632		45,020

Minerva Neurosciences Incorporated †		6,289		49,872

Miragen Therapeutics Incorporated †		4,532		12,690

Momenta Pharmaceuticals Incorporated †		12,467		175,660

Myovant Sciences Limited †		3,974		87,428

Myriad Genetics Incorporated †		14,265		442,643

Natera Incorporated †		8,102		128,336

Ophthotech Corporation †		9,093		12,912

OPKO Health Incorporated †		70,677		180,226

Organovo Holdings Incorporated †		18,239		19,333

Osiris Therapeutics Incorporated †		3,248		56,548

Palatin Technologies Incorporated †		38,634		38,170

PDL BioPharma Incorporated †		27,962		101,502

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			175

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Biotechnology (continued)

Pfenex Incorporated †		4,960	$	22,270

Pieris Pharmaceuticals Incorporated †		10,464		31,392

Principia Biopharma Incorporated †		882		31,240

Protagonist Therapeutics Incorporated †		2,811		22,544

Proteostasis Therapeutics Incorporated †		5,045		20,785

PTC Therapeutics Incorporated †		9,129		315,316

Recro Pharma Incorporated †		2,686		23,073

REGENXBIO Incorporated †		7,217		373,335

Repligen Corporation †		8,034		478,184

Retrophin Incorporated †		7,871		177,570

Rocket Pharmaceuticals Incorporated †		4,157		72,373

Savara Incorporated †		6,026		41,459

Sorrento Therapeutics Incorporated †		18,212		36,970

Spring Bank Pharmaceuticals †		2,695		28,028

Syndax Pharmaceuticals Incorporated †		3,641		22,465

Synergy Pharmaceuticals Incorporated †		61,586		4,939

Synlogic Incorporated †		3,766		32,727

T2 Biosystems Incorporated †		6,445		27,971

Tyme Technologies Incorporated †		6,094		14,808

Unum Therapeutics Incorporated †		3,962		16,839

Vanda Pharmaceuticals Incorporated †		8,786		177,829

Veracyte Incorporated †		6,048		122,230

Vericel Corporation †		8,027		150,185

Viking Therapeutics Incorporated †		13,578		114,191

XOMA Corporation †		1,236		17,378

				8,838,976


Health Care Equipment & Supplies: 2.58%

Accuray Incorporated †		17,249		83,140

AngioDynamics Incorporated †		6,980		156,422

Antares Pharma Incorporated †		31,396		112,712

Apyx Medical Corporation †		5,341		37,494

Atricure Incorporated †		7,460		238,272

Atrion Corporation		277		217,824

Avanos Medical Incorporated †		9,156		431,064

Axogen Incorporated †		7,161		132,192

BioLife Solutions Incorporated †		2,416		46,049

Cardiovascular Systems Incorporated †		6,863		242,744

CONMED Corporation		5,150		396,035

CryoLife Incorporated †		6,854		202,741

Cryoport Incorporated †		5,565		63,998

Cutera Incorporated †		2,778		47,559

Cytosorbents Corporation †		5,622		45,426

Endologix Incorporated †		21,084		10,987

Fonar Corporation †		1,275		27,604

Glaukos Corporation †		6,331		469,570

Heska Corporation †		1,386		113,361

Integer Holdings Corporation †		6,350		577,596

Intricon Corporation †		1,786		48,079

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


176		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Health Care Equipment & Supplies (continued)

Invacare Corporation		6,468	$	62,934

IRadimed Corporation †		990		24,750

Lantheus Holdings Incorporated †		7,379		168,610

Lemaitre Vascular Incorporated		3,164		94,667

Meridian Diagnostics Incorporated		8,330		142,193

Misonix Incorporated †		1,311		25,827

Natus Medical Incorporated †		6,811		188,188

Neuronetics Incorporated †		1,186		20,696

Nuvectra Corporation †		3,790		47,640

OraSure Technologies Incorporated †		12,096		130,032

Orthopediatrics Corporation †		1,358		55,827

Oxford Immunotec Global plc †		5,056		84,385

Quidel Corporation †		7,817		512,483

RTI Biologics Incorporated †		11,371		56,628

Seaspine Holdings Corporation †		3,322		50,959

STAAR Surgical Company †		9,032		332,378

Surmodics Incorporated †		2,608		152,177

Tactile Systems Technology Class I †		3,180		241,712

Tandem Diabetes Care Incorporated †		9,733		638,193

Utah Medical Products Incorporated		725		61,538

Varex Imaging Corporation †		7,873		247,527

Viewray Incorporated †		15,189		128,803

				7,169,016


Health Care Providers & Services: 2.10%

AAC Holdings Incorporated †		1,739		4,434

Addus Homecare Corporation †		1,888		126,892

Amedisys Incorporated †		4,704		584,707

American Renal Associates Holdings †		2,632		32,874

Apollo Medical Holdings Incorporated †		4,384		85,663

BioScrip Incorporated †		24,915		80,974

Civitas Solutions Incorporated †		3,103		55,109

CorVel Corporation †		1,992		134,062

Cross Country Healthcare Incorporated †		7,671		67,045

Diplomat Pharmacy Incorporated †		12,251		79,019

Ensign Group Incorporated		9,114		450,687

LHC Group Incorporated †		5,733		628,853

Magellan Health Services Incorporated †		4,364		297,232

National Healthcare Corporation		2,039		165,995

National Research Corporation Class A		2,215		86,230

Owens & Minor Incorporated		13,896		86,711

Patterson Companies Incorporated		17,386		392,054

PetIQ Incorporated †		3,114		93,763

Premier Incorporated Class A †		10,354		378,749

Providence Service Corporation †		2,362		168,458

Psychemedics Corporation		1,180		23,081

Quorum Health Corporation †		6,692		18,671

R1 RCM Incorporated †		17,427		172,353

RadNet Incorporated †		7,729		105,424

Select Medical Holdings Corporation †		21,326		316,051

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			177

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Health Care Providers & Services (continued)

Surgery Partners Incorporated †		3,733	$	46,737

Tenet Healthcare Corporation †		21,551		615,928

Tivity Health Incorporated †		11,451		245,051

U.S. Physical Therapy Incorporated		2,545		280,561

				5,823,368


Health Care Technology: 0.93%

Allscripts Healthcare Solutions Incorporated †		36,776		394,239

Computer Programs & Systems Incorporated		2,597		85,545

HealthStream Incorporated		4,867		135,303

HMS Holdings Corporation †		14,692		506,286

Inovalon Holdings Incorporated Class A †		14,294		187,823

NextGen Healthcare Incorporated †		10,230		179,025

Omnicell Incorporated †		8,113		689,199

OptimizeRx Corporation †		1,774		25,475

Simulations Plus Incorporated		2,279		46,742

Tabula Rasa Healthcare Incorporated †		3,109		171,337

Vocera Communications Incorporated †		5,186		171,864

				2,592,838


Life Sciences Tools & Services: 0.59%

Cambrex Corporation †		7,047		291,323

Chromadex Corporation †		7,753		27,058

Codexis Incorporated †		10,592		228,999

Enzo Biochem Incorporated †		8,625		29,153

Harvard Bioscience Incorporated †		6,984		28,076

Luminex Corporation		8,685		221,294

Medpace Holdings Incorporated †		5,474		300,796

Nanostring Technologies Incorporated †		4,907		124,981

Neogenomics Incorporated †		19,941		390,844

				1,642,524


Pharmaceuticals: 1.50%

AcelRx Pharmaceuticals Incorporated †		12,047		40,478

Adamis Pharmaceuticals Corporation †		8,896		26,332

Akorn Incorporated †		28,272		114,502

Amneal Pharmaceuticals Incorporated †		23,245		314,505

Amphastar Pharmaceuticals Incorporated †		6,869		170,695

ANI Pharmaceuticals Incorporated †		1,684		110,790

Aquestive Therapeutics Incorporated †		3,225		25,961

Arvinas Incorporated †		1,745		33,783

Assertio Therapeutics Incorporated †		13,763		56,979

BioDelivery Sciences International Incorporated †		9,221		44,906

Collegium Pharmaceutical Incorporated †		5,571		97,994

Corcept Therapeutics Incorporated †		15,899		198,261

Corium International Incorporated †‡(a)		6,709		1,208

Cormedix Incorporated †		15,573		25,540

Cymabay Therapeutics Incorporated †		10,527		124,324

Dova Pharmaceuticals Incorporated †		2,352		18,063

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


178		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Pharmaceuticals (continued)

Durect Corporation †		34,405	$	27,177

Eloxx Pharmaceuticals Incorporated †		4,464		57,362

Eyepoint Pharmaceuticals Incorporated †		8,863		23,044

Innovate Biopharmaceuticals †		3,674		7,642

Innoviva Incorporated †		13,294		208,716

Intersect ENT Incorporated †		5,378		182,798

Lannett Company Incorporated †		6,865		64,600

Mallinckrodt plc †		17,718		442,241

Neos Therapeutics Incorporated †		4,438		10,163

Pacira Pharmaceuticals Incorporated †		7,797		321,080

Phibro Animal Health Corporation Class A		4,050		118,665

Prestige Brands Holdings Incorporated †		11,419		334,120

Reata Pharmaceuticals Incorporated Class A †		3,562		336,039

Siga Technologies Incorporated †		10,103		68,498

Strongbridge Biopharma plc †		9,342		49,699

Supernus Pharmaceuticals Incorporated †		12,493		510,214

Teligent Incorporated †		9,566		15,114

				4,181,493


Industrials: 14.73%

Aerospace & Defense: 0.72%

AAR Corporation		6,605		241,281

Aerojet Rocketdyne Holdings †		12,925		481,456

AeroVironment Incorporated †		4,324		344,493

Astronics Corporation		4,303		154,779

Cubic Corporation		5,317		328,059

Ducommun Incorporated †		2,065		87,618

KEYW Holding Corporation †		9,793		72,468

National Presto Industries Incorporated		1,005		112,701

Sparton Corporation †		1,463		27,036

Vectrus Incorporated †		2,379		64,138

Wesco Aircraft Holdings Incorporated †		10,369		88,033

				2,002,062


Air Freight & Logistics: 0.52%

Air Transport Services Group †		11,121		258,786

Atlas Air Worldwide Holdings Incorporated †		5,046		271,172

Echo Global Logistics Incorporated †		6,375		153,128

Forward Air Corporation		6,238		403,287

Hub Group Incorporated Class A †		7,157		307,608

Radiant Logistics Incorporated †		7,422		47,427

				1,441,408


Airlines: 0.25%

Allegiant Travel Company		2,344		309,642

Hawaiian Holdings Incorporated		13,029		387,613

				697,255

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			179

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Building Products: 1.37%

Advanced Drainage Systems Incorporated		7,773	$	197,590

American Woodmark Corporation †		3,407		290,276

Apogee Enterprises Incorporated		5,848		208,715

Armstrong Flooring Incorporated †		4,543		65,147

Armstrong World Industries Incorporated		9,365		685,331

Continental Building Product †		6,982		201,291

CSW Industrials Incorporated †		3,121		177,210

Gibraltar Industries Incorporated †		6,378		258,309

Griffon Corporation		8,846		157,813

Insteel Industries Incorporated		3,727		84,789

NCI Building Systems Incorporated †		8,602		60,386

Patrick Industries Incorporated †		5,274		238,438

PGT Incorporated †		11,863		178,894

Quanex Building Products Corporation		7,740		133,051

Simpson Manufacturing Company Incorporated		8,543		511,982

Universal Forest Products Incorporated		12,008		371,888

				3,821,110


Commercial Services & Supplies: 2.62%

ABM Industries Incorporated		14,560		519,210

ACCO Brands Corporation		22,843		212,440

Advanced Disposal Services Incorporated †		14,785		392,098

Arc Document Solutions Incorporated †		7,846		18,595

Brady Corporation Class A		9,264		438,280

BrightView Holdings Incorporated †		5,304		71,604

Casella Waste Systems Incorporated Class A †		8,130		286,826

Ceco Environmental Corporation †		5,973		45,514

Covanta Holding Corporation		23,176		393,528

Ennis Incorporated		5,358		113,590

Healthcare Services Group Incorporated		15,197		580,221

Heritage Crystal Clean Incorporated †		3,578		86,444

Herman Miller Incorporated		11,950		438,326

HNI Corporation		8,946		345,584

Interface Incorporated		11,750		208,563

Kimball International Incorporated Class B		7,424		116,483

Knoll Incorporated		10,118		214,097

LSC Communications Incorporated		7,574		64,076

Matthews International Corporation Class A		6,096		242,438

McGrath RentCorp		4,534		271,315

Multi-Color Corporation		3,087		153,887

NRC Group Holdings Corporation †		4,940		42,533

Pitney Bowes Incorporated		36,903		265,333

Quad Graphics Incorporated		7,326		106,886

RR Donnelley & Sons Company		16,273		87,549

SP Plus Corporation †		4,662		160,373

Steelcase Incorporated Class A		16,853		295,096

TEAM Incorporated †		5,933		92,673

UniFirst Corporation		3,178		457,060

US Ecology Incorporated		4,867		279,268

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


180		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Commercial Services & Supplies (continued)

Viad Corporation		4,007	$	232,005

VSE Corporation		1,507		53,272

				7,285,167


Construction & Engineering: 0.82%

Ameresco Incorporated Class A †		3,383		55,380

Argan Incorporated		3,070		142,755

Comfort Systems Incorporated		7,577		406,279

Construction Partners Incorporated Class A †		2,544		31,444

Goldfield Corporation †		3,947		10,578

Great Lakes Dredge & Dock Company †		10,251		91,234

HC2 Holdings Incorporated †		7,524		23,701

IES Holdings Incorporated †		1,621		29,794

KBR Incorporated		29,267		578,316

MYR Group Incorporated †		3,350		112,359

Northwest Pipe Company †		1,799		44,381

Nv5 Global Incorporated †		2,191		173,659

Orion Marine Group Incorporated †		5,417		23,022

Primoris Services Corporation		9,125		213,251

Sterling Construction Company Incorporated †		5,745		83,934

Tutor Perini Corporation †		8,008		150,711

WillScot Corporation †		9,458		96,377

				2,267,175


Electrical Equipment: 0.67%

Allied Motion Technologies		1,444		60,143

American Superconductor Corporation †		2,626		38,944

Atkore International Incorporated †		8,738		201,848

AZZ Incorporated		5,600		257,712

Babcock & Wilcox Enterprises Incorporated †		30,163		19,334

Bloom Energy Corporation Class A †		3,306		47,838

Encore Wire Corporation		3,961		234,650

GrafTech International Limited		17,943		258,738

LSI Industries Incorporated		5,038		16,928

Powell Industries Incorporated		1,986		63,731

Preformed Line Products Company		448		26,746

Sunrun Incorporated †		18,089		280,560

Thermon Group Holdings Incorporated †		6,336		157,640

TPI mposites Incorporated †		4,966		150,023

Vivint Solar Incorporated †		6,691		34,994

				1,849,829


Electronic Equipment, Instruments & Components: 0.07%

ScanSource Incorporated †		5,116		192,106


Industrial Conglomerates: 0.10%

Raven Industries Incorporated		7,271		290,258

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			181

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Machinery: 3.61%

Alamo Group Incorporated		1,993	$	191,408

Albany International Corporation Class A		5,706		442,500

Astec Industries Incorporated		4,434		169,201

Blue Bird Corporation †		3,359		62,477

Briggs & Stratton Corporation		8,807		115,460

Circor International Incorporated †		4,317		136,115

Columbus McKinnon Corporation		4,883		182,868

Commercial Vehicle Group Incorporated †		5,933		47,464

DMC Global Incorporated		2,150		101,007

Douglas Dynamics Incorporated		4,228		178,337

Eastern Company		1,001		29,129

EnPro Industries Incorporated		4,369		299,670

ESCO Technologies Incorporated		5,053		349,617

Evoqua Water Technologies Company †		11,105		150,806

Federal Signal Corporation		12,605		309,831

Foster Company Class A †		1,853		32,075

Franklin Electric Company Incorporated		8,097		430,841

Freightcar America Incorporated		2,747		21,289

Gencor Industries Incorporated †		1,781		23,705

Global Brass & Copper Holdings Incorporated		4,847		163,586

Gorman Rupp Company		4,097		138,520

Graham Corporation		1,992		45,119

Harsco Corporation †		19,399		434,150

Hillenbrand Incorporated		11,545		511,328

Hurco Companies Incorporated		1,240		53,171

Hyster Yale Materials Handeling Incorporated		1,899		128,486

Kadant Incorporated		2,206		192,915

Lindsay Manufacturing Company		2,086		192,892

Lydall Incorporated †		3,483		98,046

Manitex International Incorporated †		2,886		22,049

Meritor Incorporated †		15,736		350,598

Milacron Holdings Corporation †		14,730		206,073

Miller Industries Incorporated		2,163		73,347

Mueller Industries Incorporated		10,681		353,007

Mueller Water Products Incorporated Class A		31,195		325,676

NN Incorporated		8,358		82,828

Omega Flex Incorporated		574		42,419

Park Ohio Holdings Corporation		1,853		58,907

REV Group Incorporated		6,121		54,110

Spartan Motors Incorporated		6,734		61,549

SPX Corporation †		8,867		322,404

Standex International Corporation		2,722		223,231

Tennant Company		3,485		220,252

The Greenbrier Companies Incorporated		7,021		289,616

The Timken Company		13,920		603,989

Titan International Incorporated		11,428		71,539

Trimas Corporation †		9,234		298,535

Twin Disc Incorporated †		2,554		45,180

Wabash National Corporation		12,190		180,900

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


182		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Machinery (continued)

Watts Water Technologies Incorporated		5,528	$	445,225

Welbilt Incorporated †		30,050		479,899

				10,043,346


Marine: 0.13%

Genco Shipping & Trading Limited †		3,004		24,453

Matson Incorporated		8,953		323,293

				347,746


Professional Services: 1.59%

Acacia Research-Acacia Technologies †		9,034		27,554

Barrett Business Services Incorporated		1,540		120,952

BG Staffing Incorporated		1,754		43,762

CBIZ Incorporated †		10,679		220,308

CRA International Incorporated		1,545		77,188

Exponent Incorporated		9,792		554,521

Forrester Research Incorporated		2,067		103,763

Franklin Covey Company †		1,822		47,408

FTI Consulting Incorporated †		8,152		604,552

GP Strategies Corporation †		2,451		41,030

Heidrick & Struggles International Incorporated		3,814		164,422

Hill International Incorporated †		9,566		31,568

Huron Consulting Group Incorporated †		4,452		203,991

ICF International Incorporated		3,546		267,794

InnerWorkings Incorporated †		10,031		48,650

Kelly Services Incorporated Class A		6,682		161,237

Kforce Incorporated		4,753		175,909

Mistras Group Incorporated †		3,727		58,812

Navigant Consulting Incorporated		9,083		187,019

Resources Connection Incorporated		6,269		108,893

TriNet Group Incorporated †		9,051		554,736

TrueBlue Incorporated †		7,957		183,170

Upwork Incorporated †		3,051		72,278

WageWorks Incorporated †		8,655		284,750

Willdan Group Incorporated †		2,002		75,836

				4,420,103


Road & Rail: 0.67%

Arcbest Corporation		5,402		188,152

Covenant Transport Incorporated Class A †		2,736		62,408

Daseke Incorporated †		9,916		47,101

Heartland Express Incorporated		9,382		188,484

Marten Transport Limited		8,381		156,306

P.A.M. Transportation Services Incorporated †		492		24,925

Saia Incorporated †		5,448		360,440

Schneider National Incorporated Class B		15,215		333,056

Universal Truckload Services		1,899		42,063

US Xpress Enterprises Incorporated Class A †		5,449		47,679

USA Truck Incorporated †		1,979		34,039

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			183

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Road & Rail (continued)

Werner Enterprises Incorporated		9,546	$	329,623

YRC Worldwide Incorporated †		7,750		59,443

				1,873,719


Trading Companies & Distributors: 1.59%

Applied Industrial Technologies Incorporated		8,126		472,446

Bluelinx Holdings Incorporated †		1,871		59,947

BMC Stock Holdings Incorporated †		13,593		260,034

CAI International Incorporated †		3,895		91,766

DXP Enterprises Incorporated †		3,099		109,612

EVI Industries Incorporated		922		37,341

Foundation Building Material †		3,586		39,876

General Finance Corporation †		3,121		33,707

GMS Incorporated †		7,740		151,317

Houston Wire & Cable Company †		3,103		17,532

Kaman Corporation		5,248		323,172

Lawson Products Incorporated †		863		27,245

MRC Global Incorporated †		17,883		301,507

Nexeo Solutions Incorporated †		6,332		62,877

NOW Incorporated †		22,127		319,293

Rush Enterprises Incorporated		6,904		289,416

SiteOne Landscape Supply Incorporated †		8,723		468,512

Systemax Incorporated		2,423		49,090

Titan Machinery Incorporated †		3,940		75,687

Transcat Incorporated †		1,375		31,625

Univar Incorporated †		24,454		552,905

Veritiv Corporation †		3,210		92,737

WESCO International Incorporated †		9,736		530,125

Willis Lease Finance Corporation †		672		28,264

				4,426,033


Information Technology: 10.52%

Communications Equipment: 1.17%

ADTRAN Incorporated		9,570		143,741

Aerohive Networks Incorporated †		7,465		37,698

Applied Optoelectronics Incorporated †		3,684		49,734

Calamp Corporation †		7,733		107,489

Calix Networks Incorporated †		8,902		72,996

Casa Systems Incorporated †		6,219		63,372

Clearfield Incorporated †		2,317		33,643

Comtech Telecommunications Corporation		4,401		116,627

Digi International Incorporated †		5,206		68,719

Echostar Corporation †		9,695		373,839

Emcore Corporation †		5,018		20,574

Extreme Networks Incorporated †		23,202		190,720

Harmonic Incorporated †		16,171		89,264

Inseego Corporation †		8,050		42,987

InterDigital Incorporated		6,926		482,950

KVH Industries Incorporated †		3,092		35,125

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


184		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Communications Equipment (continued)

NETGEAR Incorporated		6,259	$	224,385

PCTEL Incorporated		3,521		17,992

Plantronics Incorporated		7,344		368,963

Quantenna Communications Incorporated †		4,614		83,744

Ribbon Communications Incorporated †		9,862		50,789

Tessco Technologies Incorporated		1,346		22,209

Viavi Solutions Incorporated †		42,756		561,386

				3,258,946


Electronic Equipment, Instruments & Components: 1.96%

Anixter International Incorporated †		5,755		337,703

AVX Corporation		9,426		171,553

Badger Meter Incorporated		5,653		332,623

Bel Fuse Incorporated Class B		2,125		51,956

Benchmark Electronics Incorporated		9,439		258,629

Control4 Corporation †		5,587		100,622

CTS Corporation		6,510		209,101

Daktronics Incorporated		7,603		61,736

Eplus Incorporated †		2,836		253,652

ID Systems Incorporated †		2,928		20,935

Insight Enterprises Incorporated †		7,067		394,480

Iteris Incorporated †		5,885		25,423

Kemet Corporation		10,818		205,001

Kimball Electronics Incorporated †		5,347		82,879

Mesa Laboratories Incorporated		695		159,913

MicroVision Incorporated †		24,737		28,200

MTS Systems Corporation		3,837		204,512

Napco Security Technologies Incorporated †		2,343		50,351

nLight Incorporated †		2,346		50,181

OSI Systems Incorporated †		3,116		270,625

Par Technology Corporation †		1,721		46,415

Park Electrochemical Corporation		3,648		63,439

PC Connection Incorporated		2,302		92,632

PC Mall Incorporated †		1,856		62,343

Plexus Corporation †		6,667		411,754

Sanmina Corporation †		11,787		376,477

Tech Data Corporation †		7,669		783,885

TTM Technologies Incorporated †		21,658		262,495

Vishay Precision Group †		2,145		74,775

				5,444,290


IT Services: 1.82%

Brightcove Incorporated †		5,885		52,200

Carbonite Incorporated †		6,455		150,208

Cardtronics Incorporated Class A †		6,148		181,427

Cass Information Systems Incorporated		2,549		133,134

CSG Systems International Incorporated		6,566		272,817

Everi Holdings Incorporated †		14,442		111,059

EVO Payments Incorporated Class A †		4,621		123,473

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			185

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

IT Services (continued)

Exela Technologies Incorporated †		7,031	$	27,983

ExlService Holdings Incorporated †		6,709		411,933

GreenSky Incorporated Class A †		8,492		95,960

Hackett Group Incorporated		4,734		76,975

I3 Verticals Incorporated Class A †		1,808		38,040

Information Services Group Incorporated †		6,623		28,545

Internap Corporation †		5,587		30,226

International Money Express †		2,170		22,416

Limelight Networks Incorporated †		21,332		62,289

Luxoft Holding Incorporated †		4,388		255,777

ManTech International Corporation Class A		5,210		283,164

Moneygram International Incorporated †		6,102		14,828

NIC Incorporated		12,675		216,616

Perficient Incorporated †		7,047		201,615

Pfsweb Incorporated †		3,523		22,054

Presidio Incorporated		7,257		120,684

PRGX Global Incorporated †		3,916		36,732

Science Applications International Corporation		9,075		677,903

ServiceSource International Incorporated †		14,522		13,513

Switch Incorporated Class A		9,280		80,086

Sykes Enterprises Incorporated †		8,171		241,780

Travelport Worldwide Limited		23,572		370,552

TTEC Holdings Incorporated		2,835		97,127

Unisys Corporation †		10,554		142,585

Verra Mobility Corporation †		17,852		189,231

Virtusa Corporation †		5,763		290,859

				5,073,791


Semiconductors & Semiconductor Equipment: 1.76%

Adesto Technologies Corporation †		4,570		26,872

Advanced Energy Industries Incorporated †		8,487		427,490

Alpha & Omega Semiconductor †		3,944		42,437

Amkor Technology Incorporated †		18,605		163,352

Aquantia Corporation †		4,178		32,797

Axcelis Technologies Incorporated †		6,646		139,699

AXT Incorporated †		8,793		39,217

Brooks Automation Incorporated		14,924		479,210

Cabot Microelectronics Corporation		6,016		680,410

Cirrus Logic Incorporated †		11,576		464,545

Cohu Incorporated		8,347		149,328

Cyberoptics Corporation †		1,397		27,884

Diodes Incorporated †		8,063		325,181

DSP Group Incorporated †		3,962		54,398

FormFactor Incorporated †		15,215		241,158

GSI Technology Incorporated †		2,721		22,040

Ichor Holdings Limited †		5,140		107,786

Lattice Semiconductor Corporation †		19,591		231,174

Nanometrics Incorporated †		4,884		138,999

Neophotonics Corporation †		8,857		70,856

NVE Corporation		941		96,754

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


186		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Semiconductors & Semiconductor Equipment (continued)

Photronics Incorporated †		13,308	$	130,551

Pixelworks Incorporated †		6,341		25,301

Quicklogic Corporation †		18,419		15,840

Rudolph Technologies Incorporated †		6,384		144,151

Smart Global Holdings Incorporated †		2,523		73,949

Synaptics Incorporated †		6,670		279,273

Ultra Clean Holdings Incorporated †		8,217		87,511

Xperi Corporation		7,087		170,088

				4,888,251


Software: 3.60%

A10 Networks Incorporated †		9,642		67,301

ACI Worldwide Incorporated †		22,271		709,777

Agilysys Incorporated †		3,544		74,070

Alarm.com Holdings Incorporated †		6,420		421,345

Altair Engineering Incorporated Class A †		6,200		219,852

Amber Road Incorporated †		5,174		50,912

American Software Incorporated Class A		5,606		64,974

AppFolio Incorporated Class A †		2,936		212,214

Appian Corporation †		3,617		131,984

Arlo Technologies Incorporated †		15,553		67,344

Asure Software Incorporated †		2,248		14,522

Avaya Holdings Corporation †		18,442		285,667

Bottomline Technologies (de) Incorporated †		8,704		434,156

Carbon Black Incorporated †		1,659		21,716

ChannelAdvisor Corporation †		4,840		62,581

Cision Limited †		13,394		174,390

CommVault Systems Incorporated †		8,351		562,774

Domo Incorporated Class B †		1,490		51,688

Ebix Incorporated		4,595		267,751

Egain Corporation †		3,025		34,304

Five9 Incorporated †		10,384		550,767

Fusion Connect Incorporated †		11,803		21,718

Instructure Incorporated †		5,939		277,529

LivePerson Incorporated †		9,785		273,589

MicroStrategy Incorporated Class A †		1,784		252,436

Mitek Systems Incorporated †		6,519		70,470

MobileIron Incorporated †		13,136		66,468

Model N Incorporated †		5,130		88,749

Monotype Imaging Holdings Incorporated		7,945		155,722

OneSpan Incorporated †		6,477		137,960

Park City Group Incorporated †		2,491		19,828

Pivotal Software Incorporated Class A †		8,018		179,764

Progress Software Corporation		8,510		312,998

PROS Holdings Incorporated †		6,333		269,786

Q2 Holdings Incorporated †		7,782		535,557

Qad Incorporated Class A		2,043		92,466

Rapid7 Incorporated †		6,735		310,012

Secureworks Corporation Class A †		1,734		38,477

Shotspotter Incorporated †		1,172		58,530

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			187

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Software (continued)

Smartsheet Incorporated Class A †		1,213	$	46,385

SPS Commerce Incorporated †		3,246		346,608

SVMK Incorporated †		3,813		57,843

Synchronoss Technologies Incorporated †		7,475		60,174

Telaria Incorporated †		6,111		34,099

TeleNav Incorporated †		6,825		40,814

The Rubicon Project Incorporated †		8,264		48,510

Tivo Corporation		21,724		217,892

Upland Software Incorporated †		3,393		119,094

Verint Systems Incorporated †		11,662		621,002

Workiva Incorporated †		5,099		252,146

Yext Incorporated †		9,552		177,476

Zix Corporation †		10,307		93,072

Zuora Inc †		10,552		250,716

				10,007,979


Technology Hardware, Storage & Peripherals: 0.21%

Astronova Incorporated		1,243		24,214

Avid Technology Incorporated †		7,690		36,528

Diebold Nixdorf Incorporated		16,252		149,356

Electronics for Imaging Incorporated †		8,433		228,028

Immersion Corporation †		5,391		48,411

Intevac Incorporated †		4,395		27,820

Transact Technologies Incorporated		1,510		15,629

USA Technologies Incorporated †		14,319		56,703

				586,689


Materials: 3.71%

Chemicals: 2.03%

Advanced Emissions Solutions		3,547		41,926

Advansix Incorporated †		6,337		207,537

Agrofresh Solutions Incorporated †		5,400		23,274

American Vanguard Corporation		5,450		102,351

Amyris Incorporated †		6,554		31,066

Balchem Corporation		6,636		588,812

Chase Corporation		1,530		147,722

Ferro Corporation †		18,306		354,953

Flotek Industries Incorporated †		11,102		35,526

Futurefuel Corporation		5,410		99,760

Hawkins Incorporated		1,801		74,237

HB Fuller Company		11,226		566,688

Innophos Holdings Incorporated		4,025		133,630

Innospec Incorporated		5,098		417,322

Kooper Holdings Incorporated †		4,067		100,008

Kraton Performance Polymers Incorporated †		6,517		231,875

Kronos Worldwide Incorporated		4,540		69,235

Northern Technologies International		833		25,906

Omnova Solutions Incorporated †		9,498		77,409

PolyOne Corporation		17,017		555,095

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


188		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Chemicals (continued)

Quaker Chemical Corporation		2,649	$	553,615

Rayonier Advanced Materials		12,333		173,772

Stepan Company		4,006		376,965

Trecora Resources †		4,474		42,950

Tredegar Corporation		5,927		103,248

Trinseo SA		8,659		434,595

Venator Materials plc †		13,141		77,400

				5,646,877


Construction Materials: 0.07%

Forterra Incorporated †		3,804		19,971

United States Lime & Mineral		400		28,800

US Concrete Incorporated †		3,384		135,732

				184,503


Containers & Packaging: 0.29%

Greif Incorporated Class A		5,503		221,221

Myers Industries Incorporated		5,477		104,501

Silgan Holdings Incorporated		15,073		426,717

UFP Technologies Incorporated †		1,415		47,403

				799,842


Metals & Mining: 0.95%

Commercial Metals Company		23,584		390,315

Compass Minerals International Incorporated		6,954		364,251

Constellium NV Class A †		22,879		216,435

Ferroglobe plc		15,564		42,801

Gold Resource Corporation		10,173		47,711

Kaiser Aluminum Corporation		3,364		368,291

Materion Corporation		4,203		242,849

Olympic Steel Incorporated		1,809		35,131

Ryerson Holding Corporation †		3,503		29,670

Schnitzer Steel Industries Incorporated Class A		5,206		126,506

Suncoke Energy Incorporated †		13,616		135,071

Synalloy Corporation		1,507		23,012

Universal Stainless & Alloy †		1,880		34,554

Warrior Met Coal Incorporated		9,034		264,516

Worthington Industries Incorporated		8,499		334,096

				2,655,209


Paper & Forest Products: 0.37%

Boise Cascade Company		8,150		227,304

Clearwater Paper Corporation †		3,449		98,641

Neenah Paper Incorporated		3,410		230,448

PH Glatfelter Company		9,468		127,345

Schweitzer-Mauduit International Incorporated		5,460		210,538

Verso Corporation Class A †		6,823		134,072

				1,028,348

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			189

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Real Estate: 9.77%

Equity REITs: 8.94%

Acadia Realty Trust		16,392	$	467,008

Agree Realty Corporation		6,174		405,817

Alexander & Baldwin Incorporated		14,207		325,767

Alexander’s Incorporated		396		151,157

American Assets Trust Incorporated		6,159		267,547

American Finance Trust Incorporated REIT		10,485		113,343

Armada Hoffler Properties Incorporated		9,351		143,070

Ashford Hospitality Trust Incorporated		19,855		106,423

Bluerock Residential Growth REIT Incorporated		4,416		46,810

Braemar Hotels & Resorts Incorporated REIT		5,426		70,647

Brandywine Realty Trust		35,275		554,523

Brookfield Property REIT Class A		32,372		635,139

BRT Apartments Corporation REIT		1,679		22,331

CareTrust REIT Incorporated		15,494		346,136

Catchmark Timber Trust Incorporated Class A		9,994		95,443

CBL & Associates Properties Incorporated		33,296		71,253

Cedar Shopping Centers Incorporated		17,749		61,767

Chatham Lodging Trust		9,056		180,939

Chesapeake Lodging Trust		11,763		354,302

Clipper Realty Incorporated		2,912		38,322

Columbia Property Trust Incorporated		23,874		516,395

Community Healthcare Trust Incorporated		3,379		120,597

CoreCivic Incorporated		23,141		490,126

CorEnergy Infrastructure Trust Incorporated		2,195		80,030

CorePoint Lodging Incorporated		8,701		121,553

Corporate Office Properties Trust		20,432		531,028

DiamondRock Hospitality		42,490		454,218

Easterly Government Properties Incorporated		12,145		218,367

Empire State Realty Trust Incorporated		33,842		515,075

Essential Properties Realty REIT		6,656		112,952

Farmland Partners REIT Incorporated		6,675		34,310

Four Corners Property Trust Incorporated		12,803		350,674

Franklin Street Properties Corporation		21,100		152,764

Front Yard Residential Corporation REIT		8,708		96,920

Getty Realty Corporation		6,197		204,191

Gladstone Commercial Corporation		5,483		113,169

Gladstone Land REIT Corporation		2,833		34,619

Global Medical REIT Incorporated		3,839		39,542

Global Net Lease Incorporated		14,282		254,791

Hannon Armstrong Sustainable		9,325		229,582

Hersha Hospitality Trust		7,574		142,770

Independence Realty Trust Incorporated		16,884		174,918

Industrial Logistics Properties Trust		4,021		83,878

InfraReit Incorporated		8,199		175,049

Innovative Industrial Properties Incorporated		1,675		132,308

Investors Real Estate Trust REIT		2,296		138,632

iStar Financial Incorporated		12,938		113,208

Jernigan Capital Incorporated		3,450		74,003

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


190		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)

Kite Realty Group Trust		16,591	$	261,142

Lexington Corporate Properties Trust		42,299		392,958

LTC Properties Incorporated		7,941		352,739

Mack-Cali Realty Corporation		17,079		358,830

Medequities Realty Trust Incorporated		4,375		46,594

MGM Growth Properties LLC Class A		13,450		413,722

Monmouth Real Estate Investment Corporation		16,598		220,089

National Health Investors Incorporated		7,625		594,979

National Storage Affiliates Trust		9,699		274,676

New Senior Investment Group Incorporated		18,067		93,226

New York REIT Liquidating LLC ‡(a)		4,209		59,684

NexPoint Residential		3,112		111,845

NorthStar Realty Europe Corporation		8,666		155,468

Office Properties Income Trust		9,504		289,967

One Liberty Properties Incorporated		2,842		81,906

OUTFRONT Media Incorporated		28,147		631,619

Pebblebrook Hotel Trust		13,528		433,031

Pennsylvania REIT		13,254		81,512

Physicians Realty Trust		35,836		647,557

Piedmont Office Realty Trust Incorporated Class A		25,378		519,488

Potlatch Corporation		12,439		447,680

Preferred Apartment Communities Incorporated Class A		7,654		116,647

PS Business Parks Incorporated		3,875		570,284

QTS Realty Trust Incorporated Class A		9,728		405,949

Retail Opportunity Investment Corporation		22,176		380,762

Retail Properties of America Incorporated Class A		42,683		531,830

Retail Value Incorporated		2,796		87,039

Rexford Industrial Realty Incorporated		18,344		628,832

RPT Realty		15,526		196,870

Safehold Incorporated REIT		1,767		33,838

Saul Centers Incorporated		2,429		137,651

Seritage Growth Property Class A		6,377		281,545

SITE Centers Corporation		27,230		363,521

Spirit MTA REIT		8,960		65,856

STAG Industrial Incorporated		20,600		570,208

Summit Hotel Properties Incorporated		21,034		239,577

Tanger Factory Outlet Centers Incorporated		17,904		386,547

Terreno Realty Corporation		11,326		463,233

The Geo Group Incorporated		23,365		530,853

Tier Incorporated		10,415		252,564

UMH Properties Incorporated		6,383		87,319

Universal Health Realty Income Trust		2,478		184,537

Urban Edge Properties		22,447		435,921

Urstadt Biddle Properties Incorporated		5,669		118,595

Washington Prime Group Incorporated		36,145		208,918

Washington REIT		15,477		409,986

Whitestone REIT		7,303		95,012

Xenia Hotels & Resorts Incorporated		22,451		438,468

				24,854,487

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			191

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Real Estate Management & Development: 0.83%

Altisource Portfolio Solutions SA †		1,319	$	33,067

Consolidated-Tomoka Land Company		776		45,862

eXp World Holdings Incorporated †		3,984		44,820

Five Point Holdings LLC Class A †		9,170		71,801

Forestar Group Incorporated †		2,194		37,232

FRP Holdings Incorporated †		1,290		66,113

Griffin Industrial Realty Incorporated		539		18,348

HFF Incorporated Class A		7,348		332,130

Kennedy Wilson Holdings Incorporated		23,111		480,247

Marcus & Millichap Incorporated †		4,401		169,967

Newmark Group Incorporated Class A		3,955		36,623

RE/MAX Holdings Incorporated Class A		3,714		145,700

Realogy Holdings Corporation		26,066		354,498

Redfin Corporation †		11,769		235,027

Stratus Properties Incorporated †		1,197		29,087

The RMR Group Incorporated Class A		1,315		94,088

The St. Joe Company †		6,747		104,848

				2,299,458


Utilities: 2.57%

Electric Utilities: 0.62%

AVANGRID Incorporated		10,506		507,965

El Paso Electric Company		7,784		418,779

MGE Energy Incorporated		6,547		418,484

Otter Tail Corporation		7,242		364,128

Spark Energy Incorporated Class A		2,344		23,417

				1,732,773


Gas Utilities: 0.44%

Chesapeake Utilities Corporation		2,834		255,088

Northwest Natural Holding Company		5,396		346,531

RGC Resources Incorporated		1,364		37,592

South Jersey Industries Incorporated		16,901		489,284

Star Group LP		9,295		91,556

				1,220,051


Independent Power & Renewable Electricity Producers: 0.60%

Clearway Energy Incorporated Class C		14,196		212,798

Nextera Energy Partners LP		10,969		473,751

Ormat Technologies Incorporated		7,908		441,504

Pattern Energy Group Incorporated		17,525		365,572

Terraform Power Incorporated Class A		12,917		161,592

				1,655,217


Multi-Utilities: 0.29%

Northwestern Corporation		9,537		653,666

Unitil Corporation		2,735		150,179

				803,845

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


192		Wells Fargo Funds		Portfolio of investments—February 28, 2019

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name				Shares		Value

Water Utilities: 0.62%

American States Water Company					6,860	$	487,952

Aquaventure Holdings Limited †					2,609		57,711

Artesian Resources Corporation Class A					1,521		59,684

California Water Service Group					8,729		454,083

Connecticut Water Service Incorporated					2,313		155,156

Global Water Resources Incorporated					1,857		17,660

Middlesex Water Company					2,798		164,718

Pure Cycle Corporation †					3,509		35,581

SJW Corporation					3,401		208,039

York Water Company					2,391		87,152

							1,727,736


Total Common Stocks (Cost $246,222,316)							265,370,810


	Yield
Short-Term Investments: 3.87%

Investment Companies: 3.87%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34	%		10,752,908		10,752,908


Total Short-Term Investments (Cost $10,752,908)							10,752,908


Total investments in securities (Cost $256,975,224)	99.31	%		276,123,718

Other assets and liabilities, net	0.69			1,911,062

Total net assets	100.00	%	$	278,034,780

†	Non-income-earning security

‡	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 Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

Abbreviations:

REIT	Real estate investment trust

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses

Long

E-Mini Russell 2000 Index		159		3-15-2019	$	12,645,939	$	12,525,225	$	0	$	(120,714	)

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			193

FACTOR ENHANCED SMALL CAP PORTFOLIO

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		14,195,316		194,060,451		197,502,859		10,752,908	$	0	$	0	$	210,967	$	10,752,908		3.87	%

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


194		Wells Fargo Funds		Portfolio of investments—February 28, 2019

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Corporate Bonds and Notes: 82.75%

Communication Services: 13.46%

Diversified Telecommunication Services: 3.38%

CenturyLink Incorporated		5.63	%		4-1-2025	$	300,000	$	286,038

CenturyLink Incorporated		6.45			6-15-2021		200,000		207,750

CenturyLink Incorporated		7.50			4-1-2024		600,000		634,684

Cincinnati Bell Incorporated 144A		7.00			7-15-2024		200,000		181,000

Embarq Corporation		8.00			6-1-2036		200,000		193,000

Frontier Communications Corporation 144A		8.50			4-1-2026		200,000		186,000

Hughes Satellite Systems Company		7.63			6-15-2021		300,000		321,750

Level 3 Financing Incorporated		5.25			3-15-2026		230,000		225,688

Level 3 Financing Incorporated		5.38			1-15-2024		200,000		201,250

Qwest Capital Funding		6.88			7-15-2028		200,000		171,000

Windstream Services Finance Company 144A††		9.00			6-30-2025		236,000		140,420

Zayo Group LLC		6.00			4-1-2023		200,000		202,500

									2,951,080


Entertainment: 1.10%

AMC Entertainment Holdings Incorporated		5.88			11-15-2026		300,000		270,030

Netflix Incorporated		4.88			4-15-2028		500,000		486,875

Viacom Incorporated (3 Month LIBOR +3.90%) ±		6.25			2-28-2057		200,000		198,878

									955,783


Interactive Media & Services: 0.23%

Sabre GLBL Incorporated 144A		5.38			4-15-2023		200,000		204,000


Media: 6.97%

AMC Networks Incorporated		4.75			8-1-2025		300,000		291,750

CCO Holdings LLC 144A		5.88			5-1-2027		500,000		513,594

Clear Channel Worldwide Holdings Incorporated 144A		9.25			2-15-2024		500,000		524,375

CSC Holdings LLC 144A		5.50			4-15-2027		200,000		201,000

CSC Holdings LLC 144A		6.50			2-1-2029		300,000		313,878

DISH DBS Corporation		5.88			7-15-2022		200,000		191,000

DISH DBS Corporation		5.88			11-15-2024		600,000		505,320

Gray Television Incorporated 144A		5.88			7-15-2026		300,000		303,000

Lamar Media Corporation		5.00			5-1-2023		200,000		203,500

Meredith Corporation		6.88			2-1-2026		300,000		309,840

Neptune Finco Corporation 144A		10.88			10-15-2025		200,000		232,000

Nielsen Finance LLC 144A		5.00			4-15-2022		200,000		199,500

Outfront Media Capital Corporation		5.63			2-15-2024		300,000		307,125

Sinclair Television Group Incorporated		6.13			10-1-2022		200,000		204,440

Sinclair Television Group Incorporated 144A		5.63			8-1-2024		200,000		202,000

Sirius XM Radio Incorporated 144A		3.88			8-1-2022		200,000		198,690

Sirius XM Radio Incorporated 144A		5.38			7-15-2026		200,000		200,500

Sirius XM Radio Incorporated 144A		6.00			7-15-2024		200,000		207,250

TEGNA Incorporated		6.38			10-15-2023		300,000		309,000

Tribune Media Company		5.88			7-15-2022		300,000		305,250

Univision Communications Incorporated 144A		5.13			5-15-2023		400,000		363,000

									6,086,012

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			195

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Wireless Telecommunication Services: 1.78%

Sprint Capital Corporation		8.75	%		3-15-2032	$	200,000	$	216,770

Sprint Communications Incorporated		7.00			8-15-2020		200,000		208,480

Sprint Corporation		7.13			6-15-2024		200,000		206,646

Sprint Corporation		7.25			9-15-2021		200,000		211,250

T-Mobile USA Incorporated		4.50			2-1-2026		300,000		295,875

T-Mobile USA Incorporated		5.38			4-15-2027		200,000		205,250

T-Mobile USA Incorporated		6.50			1-15-2024		200,000		207,500

									1,551,771


Consumer Discretionary: 10.92%

Auto Components: 1.01%

Allison Transmission Incorporated 144A		4.75			10-1-2027		200,000		191,500

American Axle & Manufacturing Incorporated		6.50			4-1-2027		300,000		296,250

Dana Holding Corporation		5.50			12-15-2024		200,000		198,250

Goodyear Tire & Rubber Company		5.13			11-15-2023		200,000		199,500

									885,500


Automobiles: 0.20%

Tesla Incorporated 144A		5.30			8-15-2025		200,000		178,000


Distributors: 0.21%

Ahern Rentals Incorporated 144A		7.38			5-15-2023		200,000		184,500


Diversified Consumer Services: 0.80%

APX Group Incorporated		7.63			9-1-2023		200,000		176,250

Laureate Education Incorporated 144A		8.25			5-1-2025		200,000		216,000

Service Corporation International		5.38			5-15-2024		300,000		306,750

									699,000


Hotels, Restaurants & Leisure: 4.14%

24 Hour Fitness Worldwide Incorporated 144A		8.00			6-1-2022		200,000		196,000

Boyd Gaming Corporation		6.88			5-15-2023		200,000		209,000

Caesars Resort Collection LLC 144A		5.25			10-15-2025		400,000		379,500

Eldorado Resorts Incorporated		6.00			4-1-2025		200,000		203,250

Golden Nugget Incorporated 144A		6.75			10-15-2024		300,000		301,500

Jack Ohio Finance LLC 144A		6.75			11-15-2021		200,000		206,000

KFC Holding Company 144A		5.00			6-1-2024		300,000		303,834

MGM Resorts International		4.63			9-1-2026		400,000		380,000

MGM Resorts International		5.25			3-31-2020		200,000		203,550

MGM Resorts International		6.63			12-15-2021		200,000		213,524

Scientific Games International Incorporated		10.00			12-1-2022		400,000		420,500

Six Flags Entertainment Company 144A		4.88			7-31-2024		200,000		197,000

Wynn Las Vegas LLC 144A		5.50			3-1-2025		400,000		398,120

									3,611,778


Household Durables: 1.42%

Hovnanian Enterprises Incorporated 144A		10.00			7-15-2022		200,000		160,000

Lennar Corporation		4.50			4-30-2024		300,000		297,750

Lennar Corporation		4.88			12-15-2023		200,000		203,000

Pulte Group Incorporated		4.25			3-1-2021		200,000		201,500

Toll Brothers Finance Corporation		4.38			4-15-2023		200,000		200,500

William Lyon Homes Incorporated		5.88			1-31-2025		200,000		180,000

									1,242,750

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


196		Wells Fargo Funds		Portfolio of investments—February 28, 2019

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Household Products: 0.24%

Avon International Operations Incorporated 144A		7.88	%		8-15-2022	$	200,000	$	206,000


Leisure Products: 0.22%

Mattel Incorporated 144A		6.75			12-31-2025		200,000		197,000


Multiline Retail: 0.56%

J.C. Penney Corporation Incorporated 144A		5.88			7-1-2023		300,000		255,750

J.C. Penney Corporation Incorporated		6.38			10-15-2036		200,000		74,000

Neiman Marcus Group Limited 144A		8.00			10-15-2021		300,000		156,000

									485,750


Specialty Retail: 1.89%

Gap Incorporated		5.95			4-12-2021		200,000		207,869

Group 1 Automotive Incorporated		5.00			6-1-2022		100,000		100,500

L Brands Incorporated		5.63			10-15-2023		200,000		198,500

L Brands Incorporated		6.75			7-1-2036		200,000		169,000

New Albertsons Incorporated		7.45			8-1-2029		200,000		176,050

Penske Auto Group Incorporated		5.75			10-1-2022		300,000		304,500

PetSmart Incorporated 144A		5.88			6-1-2025		200,000		159,000

PetSmart Incorporated 144A		7.13			3-15-2023		200,000		135,500

Sally Holdings LLC		5.63			12-1-2025		200,000		196,250

									1,647,169


Textiles, Apparel & Luxury Goods: 0.23%

HanesBrands Incorporated 144A		4.63			5-15-2024		200,000		199,780


Consumer Staples: 3.36%

Beverages: 0.23%

Cott Beverages Incorporated 144A		5.50			4-1-2025		200,000		197,750


Food & Staples Retailing: 0.97%

Albertsons Companies LLC 144A		7.50			3-15-2026		200,000		206,000

Aramark Services Incorporated		4.75			6-1-2026		300,000		297,750

Rite Aid Corporation 144A		6.13			4-1-2023		400,000		341,716

									845,466


Food Products: 1.71%

B&G Foods Incorporated		4.63			6-1-2021		200,000		199,750

JBS USA Finance Incorporated 144A		5.75			6-15-2025		300,000		304,290

JBS USA Finance Incorporated 144A		6.75			2-15-2028		200,000		206,750

Lamb Weston Holdings Incorporated 144A		4.88			11-1-2026		200,000		200,250

Pilgrim’s Pride Corporation 144A		5.88			9-30-2027		200,000		196,500

Post Holdings Incorporated 144A		5.00			8-15-2026		200,000		192,250

Post Holdings Incorporated 144A		5.63			1-15-2028		200,000		193,250

									1,493,040


Household Products: 0.22%

Energizer Holdings Incorporated 144A		5.50			6-15-2025		200,000		195,500

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			197

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Personal Products: 0.23%

First Quality Finance Company 144A		4.63	%		5-15-2021	$	200,000	$	199,500


Energy: 14.38%

Energy Equipment & Services: 1.35%

Bruin E&P Partners LLC 144A		8.88			8-1-2023		200,000		195,500

Diamond Offshore Drilling Incorporated		5.70			10-15-2039		300,000		202,500

Hilcorp Energy Company 144A		5.75			10-1-2025		200,000		198,750

NGPL PipeCo LLC 144A		4.88			8-15-2027		200,000		201,188

SESI LLC		7.13			12-15-2021		200,000		185,000

Unit Corporation		6.63			5-15-2021		200,000		196,000

									1,178,938


Oil, Gas & Consumable Fuels: 13.03%

Antero Resources Corporation		5.13			12-1-2022		200,000		200,320

Antero Resources Corporation		5.63			6-1-2023		200,000		200,500

Ascent Resources Utica Holdings LLC 144A		10.00			4-1-2022		195,000		210,113

California Resources Corporation 144A		8.00			12-15-2022		400,000		319,500

Carrizo Oil & Gas Incorporated		6.25			4-15-2023		200,000		197,250

Cheniere Corpus Christi Holdings LLC		5.88			3-31-2025		300,000		319,503

Cheniere Energy Partners LP		5.25			10-1-2025		200,000		202,500

Chesapeake Energy Corporation		6.13			2-15-2021		300,000		306,750

Chesapeake Energy Corporation		8.00			6-15-2027		200,000		198,070

CONSOL Energy Incorporated		5.88			4-15-2022		300,000		303,000

Crestwood Midstream Partners LP		6.25			4-1-2023		200,000		205,304

CrownRock LP 144A		5.63			10-15-2025		200,000		193,750

DCP Midstream Operating LP		3.88			3-15-2023		200,000		198,500

DCP Midstream Operating LP 144A		4.75			9-30-2021		200,000		203,500

DCP Midstream Operating LP (3 Month LIBOR +3.85%) 144A±		5.85			5-21-2043		200,000		177,000

Denbury Resources Incorporated 144A		9.00			5-15-2021		400,000		403,500

Diamondback Energy Incorporated		4.75			11-1-2024		200,000		202,250

Energy Transfer Equity LP		4.25			3-15-2023		200,000		202,540

Energy Transfer Equity LP		5.88			1-15-2024		200,000		214,500

Enlink Midstream LLC		5.45			6-1-2047		350,000		308,875

EP Energy Corporation 144A		9.38			5-1-2024		200,000		93,500

EP Energy LLC 144A		7.75			5-15-2026		200,000		177,250

Extraction Oil & Gas Incorporated 144A		5.63			2-1-2026		200,000		166,000

Genesis Energy LP		6.75			8-1-2022		400,000		407,000

Gulfport Energy Corporation		6.00			10-15-2024		300,000		271,500

Jonah Energy LLC 144A		7.25			10-15-2025		200,000		129,000

McDermott Technology Americas Incorporated 144A		10.63			5-1-2024		200,000		166,000

Murphy Oil Corporation		6.88			8-15-2024		200,000		211,554

Nabors Industries Incorporated		5.00			9-15-2020		200,000		200,750

Newfield Exploration Company		5.63			7-1-2024		200,000		213,875

Oasis Petroleum Incorporated		6.88			3-15-2022		190,000		189,763

Parsley Energy LLC 144A		5.38			1-15-2025		300,000		300,750

PDC Energy Incorporated		5.75			5-15-2026		200,000		193,250

QEP Resources Incorporated		5.25			5-1-2023		200,000		192,500

Range Resources Corporation		4.88			5-15-2025		400,000		366,375

Rowan Companies Incorporated		4.88			6-1-2022		400,000		372,750

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


198		Wells Fargo Funds		Portfolio of investments—February 28, 2019

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)

Sanchez Energy Corporation 144A		7.25	%		2-15-2023	$	400,000	$	345,000

SM Energy Company		6.75			9-15-2026		200,000		191,500

Southwestern Energy Company		7.75			10-1-2027		200,000		207,750

Suburban Propane Partners LP		5.50			6-1-2024		200,000		197,500

Sunoco LP		4.88			1-15-2023		210,000		212,625

Tallgrass Energy Partners LP 144A		5.50			1-15-2028		200,000		199,500

Targa Resources Partners LP		4.25			11-15-2023		200,000		197,500

Targa Resources Partners LP		5.13			2-1-2025		200,000		201,000

Targa Resources Partners LP		5.25			5-1-2023		200,000		202,748

Transocean Incorporated		6.80			3-15-2038		300,000		226,500

Vine Oil & Gas LP 144A		8.75			4-15-2023		200,000		161,500

Whiting Petroleum Corporation		5.75			3-15-2021		200,000		202,250

WPX Energy Incorporated		6.00			1-15-2022		400,000		413,000

									11,377,415


Financials: 6.88%

Banks: 0.47%

CIT Group Incorporated		5.00			8-15-2022		200,000		206,500

CIT Group Incorporated		5.00			8-1-2023		200,000		207,302

									413,802


Capital Markets: 0.79%

Banff Merger Subordinate Incorporated 144A		9.75			9-1-2026		300,000		290,625

Jefferies Finance LLC 144A		6.88			4-15-2022		200,000		199,500

MSCI Incorporated 144A		5.25			11-15-2024		200,000		205,000

									695,125


Consumer Finance: 2.71%

Ally Financial Incorporated		5.13			9-30-2024		300,000		315,000

Ally Financial Incorporated		5.75			11-20-2025		200,000		212,000

Navient Corporation		5.88			3-25-2021		200,000		203,750

Navient Corporation		5.88			10-25-2024		200,000		192,500

Navient Corporation		6.50			6-15-2022		200,000		205,000

Navient Corporation		6.75			6-25-2025		200,000		195,750

Quicken Loans Incorporated 144A		5.25			1-15-2028		400,000		364,500

Springleaf Finance Corporation		6.13			5-15-2022		300,000		311,250

Springleaf Finance Corporation		8.25			12-15-2020		340,000		364,055

									2,363,805


Diversified Financial Services: 1.53%

Harland Clarke Holdings 144A		9.25			3-1-2021		200,000		198,000

Hilton Domestic Operating Company		4.25			9-1-2024		200,000		197,000

Prime Services Company 144A		9.25			5-15-2023		214,000		225,663

Refinitiv U.S. Holdings Company 144A		8.25			11-15-2026		300,000		293,531

Transocean Incorporated 144A		9.00			7-15-2023		400,000		422,000

									1,336,194

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			199

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Insurance: 0.91%

Alliant Holdings International LLC 144A		8.25	%		8-1-2023	$	200,000	$	206,625

Genworth Holdings Incorporated		7.63			9-24-2021		200,000		195,050

HUB International Limited 144A		7.00			5-1-2026		200,000		196,000

USIS Merger Subordinate Incorporated 144A		6.88			5-1-2025		200,000		194,500

									792,175


Thrifts & Mortgage Finance: 0.47%

Ladder Capital Finance LLC 144A		5.25			3-15-2022		200,000		203,000

Nationstar Mortgage Holdings Incorporated 144A		9.13			7-15-2026		200,000		204,500

									407,500


Health Care: 7.15%

Health Care Equipment & Supplies: 0.56%

Crimson Incorporated 144A		6.63			5-15-2022		300,000		288,750

Hologic Incorporated 144A		4.38			10-15-2025		200,000		196,500

									485,250


Health Care Providers & Services: 5.53%

Centene Corporation		4.75			5-15-2022		200,000		203,750

Centene Corporation		6.13			2-15-2024		200,000		209,250

CHS Incorporated		5.13			8-1-2021		400,000		392,500

Community Health Systems Incorporated		6.88			2-1-2022		200,000		131,000

Davita Incorporated		5.00			5-1-2025		200,000		192,940

Davita Incorporated		5.13			7-15-2024		300,000		297,000

Encompass Health Corporation		5.75			11-1-2024		200,000		202,060

Envision Healthcare Corporation 144A		8.75			10-15-2026		200,000		180,500

HCA Incorporated		7.50			2-15-2022		300,000		328,875

Jaguar Holding Company II 144A		6.38			8-1-2023		200,000		201,500

MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		300,000		298,875

MPT Operating Partnership LP		5.00			10-15-2027		200,000		198,500

Polaris Intermediate Corporation 144A		8.50			12-1-2022		300,000		296,163

RegionalCare Hospital Partners 144A		8.25			5-1-2023		200,000		214,000

Team Health Holdings Incorporated 144A		6.38			2-1-2025		300,000		238,125

Tenet Healthcare Corporation		5.13			5-1-2025		300,000		297,375

Tenet Healthcare Corporation		6.88			11-15-2031		350,000		323,750

Tenet Healthcare Corporation		7.00			8-1-2025		200,000		200,500

Vizient Incorporated 144A		10.38			3-1-2024		200,000		216,500

Wellcare Health Plans		5.25			4-1-2025		200,000		204,190

									4,827,353


Health Care Technology: 0.23%

Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		200,000		203,000


Pharmaceuticals: 0.83%

Elanco Animal Health Incorporated 144A		4.90			8-28-2028		300,000		310,803

Endo Finance LLC 144A		5.38			1-15-2023		500,000		415,000

									725,803

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


200		Wells Fargo Funds		Portfolio of investments—February 28, 2019

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Industrials: 6.49%

Aerospace & Defense: 1.62%

Alcoa Incorporated		5.87	%		2-23-2022	$	600,000	$	626,250

Alcoa Incorporated		6.15			8-15-2020		200,000		206,500

TransDigm Group Incorporated		6.38			6-15-2026		200,000		194,500

TransDigm Group Incorporated		6.50			7-15-2024		200,000		202,000

Triumph Group Incorporated		7.75			8-15-2025		200,000		190,000

									1,419,250


Air Freight & Logistics: 0.23%

XPO Logistics Incorporated 144A		6.13			9-1-2023		200,000		199,500


Building Products: 0.23%

Griffon Corporation		5.25			3-1-2022		200,000		197,500


Commercial Services & Supplies: 1.35%

ADT Corporation		3.50			7-15-2022		200,000		196,750

ADT Corporation 144A		4.88			7-15-2032		200,000		168,500

APTIM Corporation 144A		7.75			6-15-2025		200,000		157,250

Aramark Services Incorporated 144A		5.00			4-1-2025		200,000		203,500

Pitney Bowes Incorporated		4.38			5-15-2022		300,000		284,340

West Corp Company 144A		8.50			10-15-2025		200,000		165,192

									1,175,532


Construction & Engineering: 0.93%

AECOM		5.88			10-15-2024		300,000		314,295

United Rentals North America Incorporated		5.50			5-15-2027		500,000		500,000

									814,295


Electrical Equipment: 0.23%

Vertiv Group Corporation 144A		9.25			10-15-2024		200,000		200,260


Machinery: 0.34%

Gates Global LLC 144A		6.00			7-15-2022		95,000		95,371

Navistar International Corporation 144A		6.63			11-1-2025		200,000		206,206

									301,577


Professional Services: 0.44%

Brand Industrial Services Incorporated 144A		8.50			7-15-2025		200,000		180,500

Exela Technologies Incorporated 144A		10.00			7-15-2023		200,000		204,000

									384,500


Road & Rail: 0.67%

Hertz Corporation		6.25			10-15-2022		300,000		282,000

Hertz Corporation		7.38			1-15-2021		300,000		300,000

									582,000


Trading Companies & Distributors: 0.45%

Beacon Escrow Corporation 144A		4.88			11-1-2025		200,000		186,188

United Rentals North America Incorporated		5.75			11-15-2024		200,000		206,000

									392,188

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			201

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Information Technology: 4.29%

Communications Equipment: 0.49%

CommScope Incorporated 144A		5.50	%		6-15-2024	$	260,000	$	249,600

CommScope Technologies Finance LLC 144A		5.00			3-15-2027		200,000		179,060

									428,660


IT Services: 1.04%

Infor Software Parent LLC (PIK at 7.88%) 144A¥		7.13			5-1-2021		400,000		401,600

Verisign Incorporated		5.25			4-1-2025		300,000		311,625

Zayo Group LLC 144A		5.75			1-15-2027		200,000		194,000

									907,225


Software: 0.89%

CDK Global Incorporated		4.88			6-1-2027		200,000		196,542

Solera Finance Incorporated 144A		10.50			3-1-2024		200,000		216,750

Symantec Corporation 144A		5.00			4-15-2025		200,000		199,243

Veritas US Incorporated 144A		10.50			2-1-2024		200,000		168,308

									780,843


Technology Hardware, Storage & Peripherals: 1.87%

CDW Finance Corporation		5.00			9-1-2023		200,000		202,000

Dell International LLC 144A		5.88			6-15-2021		200,000		203,940

Dell International LLC 144A		7.13			6-15-2024		200,000		212,227

NCR Corporation		5.00			7-15-2022		300,000		299,967

Western Digital Corporation		4.75			2-15-2026		400,000		378,000

Xerox Corporation		3.63			3-15-2023		340,000		333,625

									1,629,759


Materials: 9.32%

Chemicals: 2.90%

Avantor Incorporated 144A		6.00			10-1-2024		300,000		306,000

Avantor Incorporated 144A		9.00			10-1-2025		200,000		214,500

Calumet Specialty Products Partners LP		7.63			1-15-2022		200,000		181,000

CF Industries Incorporated		3.45			6-1-2023		300,000		290,250

CF Industries Incorporated		4.95			6-1-2043		200,000		167,250

Chemours Company		6.63			5-15-2023		200,000		207,510

CVR Partners LP 144A		9.25			6-15-2023		200,000		210,980

Hexion Incorporated		6.63			4-15-2020		200,000		170,500

Huntsman International LLC		4.88			11-15-2020		200,000		205,125

Olin Corporation		5.00			2-1-2030		200,000		194,250

TPC Group Incorporated 144A		8.75			12-15-2020		200,000		196,000

Tronox Incorporated 144A		6.50			4-15-2026		200,000		189,250

									2,532,615


Construction Materials: 0.78%

Standard Industries Incorporated 144A		5.00			2-15-2027		500,000		476,250

Summit Materials LLC		6.13			7-15-2023		200,000		205,000

									681,250

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


202		Wells Fargo Funds		Portfolio of investments—February 28, 2019

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Containers & Packaging: 3.14%

Ball Corporation		4.00	%		11-15-2023	$	200,000	$	200,500

Ball Corporation		5.25			7-1-2025		200,000		210,000

Berry Global Incorporated		6.00			10-15-2022		300,000		308,250

BWAY Holding Company 144A		5.50			4-15-2024		300,000		295,779

Crown Americas Capital Corporation IV		4.50			1-15-2023		300,000		303,000

Flex Acquisition Company Incorporated 144A		6.88			1-15-2025		200,000		189,000

Owens-Brockway Glass Container Incorporated 144A		5.88			8-15-2023		200,000		210,500

Reynolds Group Issuer Incorporated 144A		5.13			7-15-2023		200,000		200,000

Reynolds Group Issuer Incorporated 144A		7.00			7-15-2024		400,000		409,592

Sealed Air Corporation 144A		5.25			4-1-2023		200,000		205,750

Sealed Air Corporation 144A		5.50			9-15-2025		200,000		208,500

									2,740,871


Metals & Mining: 2.50%

Big River Steel LLC 144A		7.25			9-1-2025		200,000		207,250

Cleveland-Cliffs Incorporated		5.75			3-1-2025		200,000		195,500

Freeport-McMoRan Copper & Gold Incorporated		5.40			11-14-2034		400,000		365,000

Freeport-McMoRan Copper & Gold Incorporated		6.88			2-15-2023		300,000		316,875

Joseph T Ryerson & Son Incorporated 144A		11.00			5-15-2022		200,000		209,750

Novelis Corporation 144A		6.25			8-15-2024		300,000		302,157

Steel Dynamics Incorporated		5.00			12-15-2026		200,000		203,500

United States Steel Corporation		6.25			3-15-2026		200,000		189,250

United States Steel Corporation		6.88			8-15-2025		200,000		197,000

									2,186,282


Real Estate: 3.59%

Equity REITs: 2.53%

CBL & Associates LP		5.95			12-15-2026		300,000		227,250

Equinix Incorporated		5.38			4-1-2023		300,000		305,250

Equinix Incorporated		5.88			1-15-2026		200,000		209,500

ESH Hospitality Incorporated 144A		5.25			5-1-2025		200,000		199,000

Iron Mountain Incorporated		5.75			8-15-2024		400,000		401,000

Istar Incorporated		5.25			9-15-2022		200,000		195,442

MGM Growth Properties Operating Partnership LP		4.50			9-1-2026		300,000		287,499

SBA Communications Corporation		4.88			7-15-2022		200,000		202,280

Uniti Group Incorporated 144A		6.00			4-15-2023		200,000		185,500

									2,212,721


Real Estate Management & Development: 1.06%

Icahn Enterprises Company		6.25			2-1-2022		300,000		308,940

Icahn Enterprises Company		6.75			2-1-2024		400,000		418,500

Kennedy Wilson Incorporated		5.88			4-1-2024		200,000		196,742

									924,182


Utilities: 2.91%

Electric Utilities: 0.75%

Clearway Energy Operating LLC		5.00			9-15-2026		300,000		279,750

NextEra Energy Operating Partners LP 144A		4.25			9-15-2024		200,000		196,500

Talen Energy Supply LLC		6.50			6-1-2025		200,000		178,200

									654,450

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			203

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Gas Utilities: 0.65%

AmeriGas Partners LP		5.50	%		5-20-2025	$	300,000	$	297,000

Ferrellgas LP		6.75			6-15-2023		300,000		268,500

									565,500


Independent Power & Renewable Electricity Producers: 1.51%

Calpine Corporation		5.38			1-15-2023		500,000		495,000

Dynergy Incorporated		5.88			6-1-2023		200,000		205,500

NRG Energy Incorporated		5.75			1-15-2028		200,000		205,250

The AES Corporation		5.50			4-15-2025		200,000		206,250

Vistra Operations Company LLC 144A		5.63			2-15-2027		200,000		206,000

									1,318,000


Total Corporate Bonds and Notes (Cost $74,283,997)									72,252,449


Yankee Corporate Bonds and Notes: 15.14%

Communication Services: 3.72%

Diversified Telecommunication Services: 1.54%

SFR Group SA 144A		7.38			5-1-2026		300,000		295,011

Telecom IItalia Capital SpA		6.00			9-30-2034		200,000		180,000

Telecom Italia SpA 144A		5.30			5-30-2024		200,000		195,500

Virgin Media Finance plc 144A		6.00			10-15-2024		200,000		205,250

Wind Tre SpA 144A		5.00			1-20-2026		200,000		172,420

Ziggo Bond Finance BV 144A		5.88			1-15-2025		300,000		291,660

									1,339,841


Media: 1.73%

Altice Finco SA 144A		8.13			1-15-2024		600,000		606,000

Altice Luxembourg SA 144A		7.75			5-15-2022		300,000		298,125

UPC Holding BV 144A		5.50			1-15-2028		200,000		205,500

Videotron Limited 144A		5.13			4-15-2027		200,000		203,000

Virgin Media Secured Finance plc 144A		5.25			1-15-2026		200,000		200,596

									1,513,221


Wireless Telecommunication Services: 0.45%

C&W Senior Financing Designated Activity 144A		6.88			9-15-2027		200,000		196,000

Inmarsat Finance plc 144A		4.88			5-15-2022		200,000		200,000

									396,000


Consumer Discretionary: 1.55%

Automobiles: 0.53%

Fiat Chrysler Automobiles NV		5.25			4-15-2023		300,000		304,800

Jaguar Land Rover Automotive plc 144A		4.50			10-1-2027		200,000		155,480

									460,280


Construction Materials: 0.21%

Cimpor Financial Operations BV 144A		5.75			7-17-2024		200,000		179,000

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


204		Wells Fargo Funds		Portfolio of investments—February 28, 2019

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Hotels, Restaurants & Leisure: 0.81%

International Game Technology plc 144A		6.50	%		2-15-2025	$	400,000	$	425,500

Wynn Macau Limited 144A		5.50			10-1-2027		300,000		286,032

									711,532


Consumer Staples: 0.12%

Food & Staples Retailing: 0.12%

Tesco Place 144A		6.15			11-15-2037		100,000		104,472


Energy: 2.30%

Energy Equipment & Services: 1.04%

Alcoa Nederland Holding Company BV 144A		6.75			9-30-2024		200,000		211,250

Alcoa Nederland Holding Company BV 144A		7.00			9-30-2026		100,000		107,000

Ensco plc		5.20			3-15-2025		300,000		230,250

Noble Holding International Limited		8.95			4-1-2045		200,000		164,000

Precision Drilling Corporation 144A		7.13			1-15-2026		200,000		196,500

									909,000


Oil, Gas & Consumable Fuels: 1.26%

KCA Deutag UK Finance plc 144A		9.63			4-1-2023		200,000		152,500

MEG Energy Corporation 144A		6.50			1-15-2025		300,000		294,750

Seven Generations Energy 144A		5.38			9-30-2025		400,000		385,000

Weatherford International Limited		7.00			3-15-2038		200,000		119,500

Weatherford International Limited		8.25			6-15-2023		200,000		142,500

									1,094,250


Financials: 2.90%

Banks: 0.67%

Barclays plc		4.38			9-11-2024		200,000		196,267

Intesa Sanpaolo SpA 144A		5.02			6-26-2024		200,000		185,224

Nielsen Holding and Finance BV 144A		5.50			10-1-2021		200,000		201,750

									583,241


Capital Markets: 0.43%

Deutsche Bank AG		4.50			4-1-2025		400,000		372,356


Diversified Financial Services: 1.80%

GW Honos Security Corporation 144A		8.75			5-15-2025		200,000		191,500

Intelsat Jackson Holdings SA		5.50			8-1-2023		400,000		367,000

Intelsat Jackson Holdings SA 144A		8.00			2-15-2024		200,000		208,125

New Red Finance Incorporated 144A		5.00			10-15-2025		420,000		407,295

Park Aerospace Holdings Company 144A		4.50			3-15-2023		200,000		198,500

Park Aerospace Holdings Company 144A		5.25			8-15-2022		200,000		204,742

									1,577,162


Health Care: 1.17%

Pharmaceuticals: 1.17%

Bausch Health Companies Incorporated 144A		6.50			3-15-2022		300,000		310,875

Bausch Health Companies Incorporated 144A		8.50			1-31-2027		300,000		310,688

Mallinckrodt plc 144A		5.50			4-15-2025		300,000		244,500

Valeant Pharmaceuticals International Incorporated 144A		5.63			12-1-2021		156,000		156,234

									1,022,297

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			205

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Industrials: 1.25%

Aerospace & Defense: 0.57%

Bombardier Incorporated 144A		7.50	%		3-15-2025	$	200,000	$	200,250

Bombardier Incorporated 144A		6.00			10-15-2022		300,000		301,500

									501,750


Electrical Equipment: 0.46%

Sensata Technologies BV 144A		5.00			10-1-2025		400,000		404,000


Professional Services: 0.22%

GFL Environmental Incorporated 144A		5.38			3-1-2023		200,000		188,375


Information Technology: 0.48%

Communications Equipment: 0.24%

Nokia Corporation		6.63			5-15-2039		200,000		210,000


Software: 0.24%

Open Text Corporation 144A		5.63			1-15-2023		200,000		205,250


Materials: 1.65%

Containers & Packaging: 0.70%

Ardagh Packaging Finance plc 144A		6.00			2-15-2025		200,000		197,500

Ardagh Packaging Finance plc 144A		7.25			5-15-2024		400,000		417,000

									614,500


Metals & Mining: 0.95%

Constellium NV Company 144A		5.75			5-15-2024		250,000		244,900

FMG Resources Proprietary Limited 144A		4.75			5-15-2022		200,000		200,000

Hudbay Minerals Incorporated 144A		7.63			1-15-2025		200,000		207,250

New Gold Incorporated 144A		6.25			11-15-2022		200,000		177,250

									829,400


Total Yankee Corporate Bonds and Notes (Cost $13,670,080)									13,215,927


	Yield					Shares
Short-Term Investments: 0.56%

Investment Companies: 0.56%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					486,162		486,162


Total Short-Term Investments (Cost $486,162)									486,162


Total investments in securities (Cost $88,440,239)	98.45	%		85,954,538

Other assets and liabilities, net	1.55			1,354,546

Total net assets	100.00	%	$	87,309,084

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


206		Wells Fargo Funds		Portfolio of investments—February 28, 2019

HIGH YIELD CORPORATE BOND PORTFOLIO

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.

††	On the last interest date, partial interest was paid.

±	Variable rate investment. The rate shown is the rate in effect at period end.

¥	A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

Abbreviations:

LIBOR

London Interbank Offered Rate

REIT	Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,484,192		37,576,170		38,574,200		486,162	$	0	$	0	$	23,896	$	486,162		0.56	%

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			207

INTERNATIONAL GOVERNMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @: 99.16%

Australian Government Bond Series 153 (AUD)		2.25	%		11-21-2022		580,000	$	420,360

Belgium Government Bond (EUR) 144A		1.45			6-22-2037		100,000		116,407

Belgium Government Bond Series 44 (EUR) 144A		5.00			3-28-2035		100,000		178,206

Belgium Government Bond Series 78 (EUR) 144A		1.60			6-22-2047		120,000		135,841

Bundesrepublik Deutschland (EUR)		0.50			2-15-2028		290,000		342,397

Canada (CAD)		1.00			6-1-2027		600,000		423,951

Czech Republic (CZK)		0.75			2-23-2021		2,330,000		101,140

France Government Bond (EUR)		1.25			5-25-2034		360,000		422,258

France Government Bond (EUR) 144A		2.00			5-25-2048		330,000		414,418

Ireland Government Bond (EUR)		0.90			5-15-2028		280,000		324,892

Italy Buoni Poliennali del Tesoro (EUR)		1.20			4-1-2022		230,000		262,193

Italy Buoni Poliennali del Tesoro (EUR)		5.50			9-1-2022		450,000		584,543

Japan (JPY)		0.10			8-1-2020		33,800,000		304,362

Japan (JPY)		0.10			11-1-2020		175,650,000		1,582,639

Japan (JPY)		2.20			12-20-2021		25,600,000		244,856

Korea (KRW)		2.13			3-10-2047		240,490,000		216,205

Korea (KRW)		2.63			9-10-2035		216,090,000		206,733

Malaysia Government Bond (MYR)		4.19			7-15-2022		1,260,000		314,617

Mexico (MXN)		7.75			11-13-2042		4,740,000		222,265

Mexico (MXN)		8.50			11-18-2038		3,710,000		189,587

Netherlands Government Bond (EUR) 144A		0.75			7-15-2027		350,000		416,672

New Zealand Government Bond (NZD)		4.50			4-15-2027		130,000		105,214

Norway Government Bond Series 480 (NOK) 144A		2.00			4-26-2028		810,000		96,755

Poland (PLN)		2.50			7-25-2027		1,230,000		318,560

Republic of Austria (EUR) 144A		0.50			4-20-2027		370,000		427,455

Singapore Government Bond (SGD)		2.75			4-1-2042		290,000		218,680

Spain Government Bond (EUR) 144A		1.45			10-31-2027		380,000		446,940

Sweden Government Bond Series 1053 (SEK)		3.50			3-30-2039		2,520,000		393,064

Switzerland Bonds (CHF)		3.25			6-27-2027		100,000		131,036

Thailand Government Bond (THB)		4.00			6-17-2066		2,160,000		73,968

Thailand Government Bond (THB)		4.68			6-29-2044		3,400,000		133,616

United Kingdom Gilt (GBP)		1.75			1-22-2049		140,000		182,328

United Kingdom Gilt (GBP)		3.50			1-22-2045		380,000		675,912

Total Foreign Government Bonds (Cost $10,544,395)									10,628,070


	Yield					Shares
Short-Term Investments: 0.12%

Investment Companies: 0.12%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					13,185		13,185


Total Short-Term Investments (Cost $13,185)									13,185


Total investments in securities (Cost $10,557,580)	99.28	%		10,641,255

Other assets and liabilities, net	0.72			77,386

Total net assets	100.00	%	$	10,718,641

@	Foreign bond principal is denominated in the local currency of the issuer.

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.

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

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


208		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INTERNATIONAL GOVERNMENT BOND PORTFOLIO

Abbreviations:

AUD	Australian dollar

CAD	Canadian dollar

CHF	Swiss franc

CZK	Czech koruna

DKK	Danish krone

EUR

Euro

GBP	Great British pound

JPY	Japanese yen

KRW	Republic of Korea won

MXN	Mexican peso

MYR	Malaysian ringgit

NOK	Norwegian krone

NZD	New Zealand dollar

PLN	Polish zloty

RUB	Russian ruble

SEK	Swedish krona

SGD	Singapore dollar

THB

Thai baht

Forward Foreign Currency Contracts


Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses

434,652 USD	340,000 GBP	State Street Bank	3/6/2019	$	0	$	(16,353	)

91,332 USD	1,860,000 MXN	State Street Bank	3/6/2019		0		(5,103	)

174,817 USD	230,000 CAD	State Street Bank	3/6/2019		19		0

103,959 USD	150,000 NZD	State Street Bank	3/6/2019		1,804		0

79,582 USD	300,000 PLN	State Street Bank	3/6/2019		294		0

94,842 USD	3,100,000 THB	State Street Bank	3/6/2019		0		(3,535	)

102,566 USD	140,000 SGD	State Street Bank	3/6/2019		0		(987	)

274,024 USD	2,460,000 SEK	State Street Bank	3/6/2019		7,633		0

430,000 AUD	317,666 USD	State Street Bank	3/6/2019		0		(12,631	)

90,600,000 JPY	804,700 USD	State Street Bank	3/6/2019		8,233		0

1,525,000 DKK	234,036 USD	State Street Bank	3/6/2019		0		(1,502	)

115,000 NOK	13,531 USD	State Street Bank	3/6/2019		0		(90	)

118,500 EUR	135,602 USD	State Street Bank	3/6/2019		0		(792	)

214,766 USD	14,450,000 RUB	State Street Bank	3/12/2019		0		(4,067	)

340,000,000 KRW	306,859 USD	State Street Bank	3/12/2019		0		(4,495	)

204,987 USD	855,000 MYR	State Street Bank	3/12/2019		0		(5,233	)


				$	17,983	$	(54,788	)

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			209

INTERNATIONAL GOVERNMENT BOND PORTFOLIO

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		41,773		1,678,331		1,706,919		13,185	$	0	$	0	$	1,075	$	13,185		0.12	%

The following table shows the percent of total long-term investments by country allocation as of February 28, 2019:


Japan	20.05	%
United Kingdom	8.08
Italy	7.97
France	7.87
Spain	4.21
Belgium	4.05
Austria	4.02
Canada	3.99
South Korea	3.97
Australia	3.96
Netherlands	3.92
Mexico	3.88
Sweden	3.70
Germany	3.22
Ireland	3.06
Poland	3.00
Malaysia	2.96
Singapore	2.06
Thailand	1.95
Switzerland	1.23
New Zealand	0.99
Czech Republic	0.95
Norway	0.91

	100.00	%

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


210		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Corporate Bonds and Notes: 82.20%

Communication Services: 4.53%

Diversified Telecommunication Services: 0.76%

AT&T Incorporated		3.00	%		2-15-2022	$	200,000	$	198,928

AT&T Incorporated		4.30			12-15-2042		350,000		306,561

AT&T Incorporated		4.50			5-15-2035		230,000		216,671

AT&T Incorporated		5.00			3-1-2021		200,000		208,544

Verizon Communications Incorporated		3.85			11-1-2042		260,000		234,327

Verizon Communications Incorporated		4.13			3-16-2027		200,000		204,751

Verizon Communications Incorporated		4.67			3-15-2055		655,000		638,127

									2,007,909


Entertainment: 0.84%

Viacom Incorporated		4.25			9-1-2023		180,000		184,387

Viacom Incorporated		4.50			3-1-2021		350,000		357,795

Viacom Incorporated		5.85			9-1-2043		87,000		90,682

Viacom Incorporated		6.88			4-30-2036		238,000		271,145

Walt Disney Company		2.55			2-15-2022		175,000		174,400

Walt Disney Company		2.75			8-16-2021		350,000		350,507

Walt Disney Company		3.00			2-13-2026		350,000		346,731

Walt Disney Company		4.13			12-1-2041		175,000		177,065

Walt Disney Company		4.13			6-1-2044		245,000		248,443

									2,201,155


Interactive Media & Services: 0.17%

Alphabet Incorporated		3.38			2-25-2024		87,000		89,323

Alphabet Incorporated		3.63			5-19-2021		350,000		358,178

									447,501


Media: 2.77%

21st Century Fox America Incorporated		3.00			9-15-2022		262,000		261,433

21st Century Fox America Incorporated		4.50			2-15-2021		350,000		359,245

21st Century Fox America Incorporated		8.15			10-17-2036		175,000		252,976

CBS Corporation		3.70			8-15-2024		350,000		347,735

CBS Corporation		4.85			7-1-2042		140,000		133,387

CBS Corporation		4.90			8-15-2044		350,000		331,814

Charter Communications Operating LLC		3.58			7-23-2020		200,000		200,905

Charter Communications Operating LLC		4.46			7-23-2022		400,000		410,287

Charter Communications Operating LLC		4.91			7-23-2025		400,000		414,367

Comcast Corporation		2.35			1-15-2027		210,000		192,206

Comcast Corporation		3.13			7-15-2022		350,000		352,158

Comcast Corporation		4.00			11-1-2049		200,000		185,734

Comcast Corporation		4.40			8-15-2035		210,000		212,429

Comcast Corporation		4.75			3-1-2044		262,000		271,983

Discovery Communications LLC		3.30			5-15-2022		175,000		173,525

Discovery Communications LLC		3.95			3-20-2028		400,000		380,784

Discovery Communications LLC		4.38			6-15-2021		210,000		214,450

Discovery Communications LLC		6.35			6-1-2040		175,000		187,101

Omnicom Group Incorporated		3.63			5-1-2022		175,000		176,116

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			211

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Media (continued)

Time Warner Cable Incorporated		4.00	%		1-15-2022	$	210,000	$	214,089

Time Warner Cable Incorporated		4.70			1-15-2021		175,000		180,153

Time Warner Cable Incorporated		5.50			9-1-2041		210,000		198,719

Time Warner Cable Incorporated		6.55			5-1-2037		300,000		318,120

Time Warner Cable Incorporated		7.63			4-15-2031		200,000		257,456

Time Warner Cable Incorporated		8.38			3-15-2023		175,000		201,951

Time Warner Entertainment Company LP		3.40			6-15-2022		70,000		70,191

Time Warner Entertainment Company LP		4.75			3-29-2021		350,000		362,264

Time Warner Entertainment Company LP		4.90			6-15-2042		36,000		34,178

Time Warner Entertainment Company LP		8.38			7-15-2033		210,000		265,806

Viacom Incorporated		5.50			5-15-2033		140,000		148,062

									7,309,624


Consumer Discretionary: 5.47%

Auto Components: 0.12%

Lear Corporation		5.25			1-15-2025		297,000		304,844


Automobiles: 1.08%

American Honda Finance Corporation		1.65			7-12-2021		500,000		484,820

American Honda Finance Corporation		2.90			2-16-2024		200,000		197,120

Ford Motor Company		7.45			7-16-2031		700,000		738,152

General Motors Company		6.25			10-2-2043		175,000		172,518

General Motors Company		6.60			4-1-2036		350,000		361,351

Toyota Motor Credit Corporation		1.95			4-17-2020		300,000		297,372

Toyota Motor Credit Corporation		2.60			1-11-2022		300,000		297,522

Toyota Motor Credit Corporation		2.63			1-10-2023		310,000		305,161

									2,854,016


Diversified Consumer Services: 0.09%

President & Fellows of Harvard College		4.88			10-15-2040		210,000		244,894


Hotels, Restaurants & Leisure: 0.96%

Marriott International Incorporated		3.38			10-15-2020		117,000		117,109

McDonald’s Corporation		2.63			1-15-2022		250,000		247,946

McDonald’s Corporation		3.38			5-26-2025		245,000		243,703

McDonald’s Corporation		3.50			7-15-2020		140,000		141,204

McDonald’s Corporation		3.63			5-20-2021		70,000		70,941

McDonald’s Corporation		4.60			5-26-2045		175,000		174,279

McDonald’s Corporation		6.30			10-15-2037		210,000		251,585

Starbucks Corporation		3.75			12-1-2047		800,000		685,345

Starbucks Corporation		4.00			11-15-2028		500,000		507,870

Starbucks Corporation		4.30			6-15-2045		105,000		98,764

									2,538,746


Household Durables: 0.25%

Newell Rubbermaid Incorporated		4.70			8-15-2020		350,000		354,772

Whirlpool Corporation		4.00			3-1-2024		87,000		87,719

Whirlpool Corporation		4.70			6-1-2022		140,000		144,091

Whirlpool Corporation		4.85			6-15-2021		70,000		72,093

									658,675

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


212		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Internet & Direct Marketing Retail: 0.78%

Amazon.com Incorporated		3.80	%		12-5-2024	$	200,000	$	208,418

Amazon.com Incorporated		4.05			8-22-2047		400,000		401,420

Amazon.com Incorporated		4.25			8-22-2057		400,000		405,451

Amazon.com Incorporated		4.95			12-5-2044		300,000		341,555

eBay Incorporated		3.25			10-15-2020		140,000		140,298

eBay Incorporated		4.00			7-15-2042		175,000		140,202

Expedia Incorporated		4.50			8-15-2024		70,000		71,393

QVC Incorporated		4.38			3-15-2023		210,000		211,733

QVC Incorporated		5.13			7-2-2022		140,000		145,801

									2,066,271


Leisure Products: 0.04%

Hasbro Incorporated		6.35			3-15-2040		108,000		113,636


Multiline Retail: 0.66%

Dollar General Corporation		3.25			4-15-2023		245,000		241,439

Kohl’s Corporation		3.25			2-1-2023		105,000		102,724

Macy’s Retail Holdings Incorporated		3.88			1-15-2022		140,000		140,436

Nordstrom Incorporated		4.00			10-15-2021		175,000		177,716

Nordstrom Incorporated		4.75			5-1-2020		94,000		95,783

Nordstrom Incorporated		5.00			1-15-2044		70,000		59,900

Target Corporation		2.90			1-15-2022		175,000		176,229

Target Corporation		3.63			4-15-2046		210,000		188,922

Target Corporation		3.90			11-15-2047		600,000		565,702

									1,748,851


Specialty Retail: 1.31%

AutoZone Incorporated		2.88			1-15-2023		175,000		170,312

AutoZone Incorporated		3.13			7-15-2023		105,000		103,367

AutoZone Incorporated		4.00			11-15-2020		140,000		141,264

Home Depot Incorporated		3.50			9-15-2056		260,000		229,167

Home Depot Incorporated		3.75			2-15-2024		350,000		363,059

Home Depot Incorporated		3.95			9-15-2020		280,000		284,910

Home Depot Incorporated		4.40			4-1-2021		350,000		360,201

Lowe’s Companies Incorporated		2.50			4-15-2026		350,000		319,791

Lowe’s Companies Incorporated		3.12			4-15-2022		140,000		139,785

Lowe’s Companies Incorporated		3.75			4-15-2021		105,000		106,403

Lowe’s Companies Incorporated		3.88			9-15-2023		175,000		177,923

Lowe’s Companies Incorporated		4.25			9-15-2044		175,000		161,169

Lowe’s Companies Incorporated		4.38			9-15-2045		200,000		186,025

O’Reilly Automotive Incorporated		3.80			9-1-2022		105,000		106,656

O’Reilly Automotive Incorporated		4.63			9-15-2021		105,000		108,364

O’Reilly Automotive Incorporated		4.88			1-14-2021		31,000		31,913

Unilever Capital Corporation		2.00			7-28-2026		500,000		454,648

									3,444,957

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			213

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Textiles, Apparel & Luxury Goods: 0.18%

Nike Incorporated		2.25	%		5-1-2023	$	70,000	$	68,915

Nike Incorporated		3.63			5-1-2043		70,000		66,693

Nike Incorporated		3.88			11-1-2045		350,000		346,173

									481,781


Consumer Staples: 7.10%

Beverages: 2.05%

Anheuser-Busch InBev Finance Company		4.00			1-17-2043		210,000		176,946

Anheuser-Busch InBev Finance Company		4.63			2-1-2044		245,000		224,437

Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		252,000		208,386

Anheuser-Busch InBev Worldwide Incorporated		4.75			4-15-2058		400,000		363,076

Constellation Brands Incorporated		3.50			5-9-2027		500,000		474,744

Constellation Brands Incorporated		3.75			5-1-2021		98,000		98,626

Constellation Brands Incorporated		4.25			5-1-2023		360,000		370,778

Keurig Dr Pepper Incorporated 144A		4.60			5-25-2028		700,000		707,645

Molson Coors Brewing Company		2.10			7-15-2021		260,000		252,914

PepsiCo Incorporated		2.75			3-5-2022		259,000		259,125

PepsiCo Incorporated		3.00			8-25-2021		175,000		176,127

PepsiCo Incorporated		3.60			8-13-2042		285,000		268,598

PepsiCo Incorporated		4.00			3-5-2042		175,000		174,853

PepsiCo Incorporated		4.25			10-22-2044		140,000		144,230

PepsiCo Incorporated		5.50			1-15-2040		210,000		249,645

The Coca-Cola Company		2.50			4-1-2023		245,000		243,207

The Coca-Cola Company		2.55			6-1-2026		500,000		478,893

The Coca-Cola Company		2.88			10-27-2025		200,000		197,647

The Coca-Cola Company		3.20			11-1-2023		280,000		284,957

The Coca-Cola Company		3.30			9-1-2021		49,000		49,692

									5,404,526


Food & Staples Retailing: 1.16%

Sysco Corporation		3.30			7-15-2026		200,000		193,300

Sysco Corporation		5.38			9-21-2035		200,000		219,723

The Kroger Company		3.40			4-15-2022		175,000		175,496

The Kroger Company		3.85			8-1-2023		175,000		177,613

The Kroger Company		5.00			4-15-2042		175,000		165,270

The Kroger Company		5.15			8-1-2043		105,000		100,502

The Kroger Company		6.90			4-15-2038		210,000		241,240

Wal-Mart Stores Incorporated		3.63			7-8-2020		270,000		273,538

Wal-Mart Stores Incorporated		4.25			4-15-2021		350,000		361,059

Wal-Mart Stores Incorporated		4.88			7-8-2040		175,000		195,500

Wal-Mart Stores Incorporated		5.63			4-1-2040		180,000		218,204

Wal-Mart Stores Incorporated		5.88			4-5-2027		70,000		81,558

Walgreens Boots Alliance Incorporated		3.45			6-1-2026		200,000		191,506

Walgreens Boots Alliance Incorporated		3.80			11-18-2024		200,000		201,039

Walgreens Boots Alliance Incorporated		4.80			11-18-2044		300,000		280,190

									3,075,738

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


214		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Food Products: 2.03%

Archer-Daniels-Midland Company		4.54	%		3-26-2042	$	175,000	$	182,983

Campbell Soup Company		2.50			8-2-2022		85,000		81,871

ConAgra Brands Incorporated		4.60			11-1-2025		200,000		203,001

ConAgra Brands Incorporated		4.85			11-1-2028		600,000		602,481

ConAgra Foods Incorporated		8.25			9-15-2030		84,000		107,749

General Mills Incorporated		3.65			2-15-2024		175,000		176,275

General Mills Incorporated		4.20			4-17-2028		800,000		808,838

J.M. Smucker Company		3.50			10-15-2021		210,000		211,550

Kellogg Company		4.00			12-15-2020		155,000		157,399

Kraft Heinz Foods Company		2.80			7-2-2020		400,000		397,812

Kraft Heinz Foods Company		3.00			6-1-2026		500,000		460,392

Kraft Heinz Foods Company		4.38			6-1-2046		300,000		248,572

Mead Johnson Nutrition Company		5.90			11-1-2039		70,000		83,591

Tyson Foods Incorporated		4.35			3-1-2029		300,000		301,431

Tyson Foods Incorporated		4.50			6-15-2022		350,000		362,293

Tyson Foods Incorporated		4.88			8-15-2034		175,000		175,080

Unilever Capital Corporation		4.25			2-10-2021		300,000		308,490

Unilever Capital Corporation		5.90			11-15-2032		410,000		501,737

									5,371,545


Household Products: 0.74%

Clorox Company		3.05			9-15-2022		113,000		113,015

Clorox Company		3.50			12-15-2024		140,000		141,240

Colgate-Palmolive Company		2.30			5-3-2022		350,000		345,412

Kimberly-Clark Corporation		2.40			6-1-2023		105,000		102,207

Kimberly-Clark Corporation		5.30			3-1-2041		171,000		198,914

Kimberly-Clark Corporation		6.63			8-1-2037		140,000		184,578

Procter & Gamble Company		2.45			11-3-2026		900,000		857,284

									1,942,650


Personal Products: 0.06%

Estee Lauder Companies Incorporated		6.00			5-15-2037		140,000		172,037


Tobacco: 1.06%

Altria Group Incorporated		4.00			1-31-2024		62,000		62,584

Altria Group Incorporated		4.25			8-9-2042		350,000		282,685

Altria Group Incorporated		4.50			5-2-2043		175,000		144,859

Altria Group Incorporated		4.75			5-5-2021		200,000		206,787

Philip Morris International Incorporated		2.50			8-22-2022		175,000		171,293

Philip Morris International Incorporated		2.63			3-6-2023		122,000		119,277

Philip Morris International Incorporated		3.25			11-10-2024		210,000		208,382

Philip Morris International Incorporated		4.13			3-4-2043		210,000		188,832

Philip Morris International Incorporated		4.25			11-10-2044		210,000		192,713

Philip Morris International Incorporated		4.50			3-20-2042		140,000		132,423

Reynolds American Incorporated		4.00			6-12-2022		280,000		283,387

Reynolds American Incorporated		4.45			6-12-2025		350,000		352,947

Reynolds American Incorporated		5.70			8-15-2035		210,000		207,079

Reynolds American Incorporated		6.15			9-15-2043		87,000		85,699

Reynolds American Incorporated		7.25			6-15-2037		140,000		153,020

									2,791,967

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			215

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Energy: 8.55%

Energy Equipment & Services: 0.45%

Halliburton Company		3.25	%		11-15-2021	$	140,000	$	140,525

Halliburton Company		3.50			8-1-2023		350,000		352,073

Halliburton Company		3.80			11-15-2025		350,000		351,614

Halliburton Company		4.50			11-15-2041		175,000		167,983

Halliburton Company		4.75			8-1-2043		175,000		175,271

									1,187,466


Oil, Gas & Consumable Fuels: 8.10%

Anadarko Finance Company		7.50			5-1-2031		227,000		274,720

Anadarko Petroleum Corporation		6.20			3-15-2040		210,000		230,546

Anadarko Petroleum Corporation		6.45			9-15-2036		160,000		180,066

Apache Corporation		3.25			4-15-2022		253,000		250,659

Apache Corporation		5.10			9-1-2040		402,000		379,379

Apache Corporation		5.25			2-1-2042		70,000		67,647

Boardwalk Pipelines LP		3.38			2-1-2023		70,000		67,728

BP Capital Markets America Incorporated		3.94			9-21-2028		200,000		205,914

BP Capital Markets America Incorporated		4.50			10-1-2020		350,000		358,694

Buckeye Partners LP		4.15			7-1-2023		175,000		173,941

Chevron Corporation		2.10			5-16-2021		260,000		256,351

Chevron Corporation		2.36			12-5-2022		525,000		515,691

Chevron Corporation		2.42			11-17-2020		350,000		348,456

Columbia Pipeline Group Incorporated		5.80			6-1-2045		140,000		151,865

ConocoPhillips Company		4.30			11-15-2044		210,000		215,716

ConocoPhillips Company		4.95			3-15-2026		350,000		383,234

ConocoPhillips Company		5.90			10-15-2032		175,000		210,144

ConocoPhillips Company		6.95			4-15-2029		210,000		266,500

Devon Energy Corporation		4.00			7-15-2021		140,000		141,781

Devon Energy Corporation		7.95			4-15-2032		150,000		193,617

El Paso Pipeline Partners Operating LLC		4.70			11-1-2042		70,000		65,894

Enbridge Energy Partners LP		5.50			9-15-2040		140,000		152,080

Enbridge Energy Partners LP		7.50			4-15-2038		189,000		246,038

Energy Transfer Partners LP		4.75			1-15-2026		280,000		285,140

Energy Transfer Partners LP		4.90			2-1-2024		210,000		218,458

Energy Transfer Partners LP		5.95			10-1-2043		140,000		140,183

Energy Transfer Partners LP		7.50			7-1-2038		70,000		82,213

Enterprise Products Operating LLC		3.35			3-15-2023		245,000		245,340

Enterprise Products Operating LLC		4.45			2-15-2043		355,000		342,828

Enterprise Products Operating LLC		4.85			3-15-2044		280,000		285,873

Enterprise Products Operating LLC		5.70			2-15-2042		140,000		156,062

Enterprise Products Operating LLC		5.95			2-1-2041		70,000		80,114

Enterprise Products Operating LLC		7.55			4-15-2038		70,000		91,823

EOG Resources Incorporated		3.90			4-1-2035		140,000		136,729

EOG Resources Incorporated		4.10			2-1-2021		140,000		142,637

EOG Resources Incorporated		4.40			6-1-2020		210,000		213,460

EQT Corporation		4.88			11-15-2021		210,000		215,625

Exxon Mobil Corporation		2.71			3-6-2025		350,000		344,954

Exxon Mobil Corporation		3.04			3-1-2026		500,000		498,767

Hess Corporation		7.30			8-15-2031		269,000		306,474

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


216		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)

Kerr-McGee Corporation		6.95	%		7-1-2024	$	140,000	$	157,830

Kinder Morgan Energy Partners LP		3.45			2-15-2023		175,000		175,253

Kinder Morgan Energy Partners LP		5.00			8-15-2042		175,000		171,414

Kinder Morgan Energy Partners LP		5.00			3-1-2043		157,000		153,626

Kinder Morgan Energy Partners LP		5.30			9-15-2020		87,000		89,666

Kinder Morgan Energy Partners LP		5.50			3-1-2044		210,000		217,489

Kinder Morgan Energy Partners LP		5.80			3-15-2035		70,000		74,510

Magellan Midstream Partners LP		5.15			10-15-2043		140,000		144,901

Marathon Oil Corporation		3.85			6-1-2025		245,000		241,572

Marathon Oil Corporation		5.20			6-1-2045		140,000		144,091

Marathon Petroleum Corporation		3.63			9-15-2024		350,000		346,218

Marathon Petroleum Corporation 144A		3.80			4-1-2028		385,000		371,339

Marathon Petroleum Corporation		5.13			3-1-2021		24,000		24,823

MPLX LP		4.13			3-1-2027		200,000		196,001

MPLX LP		4.70			4-15-2048		500,000		458,498

MPLX LP		4.88			6-1-2025		200,000		208,173

MPLX LP		5.20			3-1-2047		220,000		214,564

NextEra Energy Capital		4.50			6-1-2021		140,000		143,264

Noble Energy Incorporated		3.90			11-15-2024		210,000		207,104

Occidental Petroleum Corporation		3.00			2-15-2027		200,000		194,621

Occidental Petroleum Corporation		3.50			6-15-2025		200,000		202,022

Occidental Petroleum Corporation		4.10			2-1-2021		322,000		328,614

Occidental Petroleum Corporation		4.40			4-15-2046		200,000		204,781

ONEOK Incorporated		4.00			7-13-2027		200,000		196,646

ONEOK Incorporated		4.55			7-15-2028		500,000		506,730

ONEOK Partners LP		3.38			10-1-2022		350,000		350,001

Phillips 66		4.30			4-1-2022		500,000		517,161

Phillips 66		4.65			11-15-2034		140,000		144,687

Phillips 66		5.88			5-1-2042		400,000		463,299

Plains All American Pipeline LP		3.60			11-1-2024		210,000		204,820

Plains All American Pipeline LP		3.85			10-15-2023		350,000		348,112

Plains All American Pipeline LP		4.90			2-15-2045		175,000		160,611

Plains All American Pipeline LP		5.00			2-1-2021		140,000		142,915

Plains All American Pipeline LP		6.65			1-15-2037		140,000		153,056

Sabine Pass Liquefaction LLC		4.20			3-15-2028		270,000		265,803

Sabine Pass Liquefaction LLC		5.00			3-15-2027		400,000		415,546

Sabine Pass Liquefaction LLC		5.63			3-1-2025		200,000		216,444

Sabine Pass Liquefaction LLC		5.88			6-30-2026		200,000		218,332

Spectra Energy Partners LP		3.38			10-15-2026		300,000		287,725

Spectra Energy Partners LP		4.75			3-15-2024		245,000		257,018

Sunoco Logistics Partner LP		3.45			1-15-2023		140,000		138,144

Sunoco Logistics Partner LP		4.95			1-15-2043		105,000		93,887

Sunoco Logistics Partner LP		5.35			5-15-2045		140,000		132,035

TC Pipelines LP		4.65			6-15-2021		210,000		213,625

Tennessee Gas Pipeline Company		7.00			10-15-2028		175,000		208,052

Texas Eastern Transmission LP		7.00			7-15-2032		227,000		275,147

Valero Energy Corporation		7.50			4-15-2032		210,000		261,009

Western Gas Partners LP		4.00			7-1-2022		280,000		281,171

Williams Partners LP		3.35			8-15-2022		175,000		173,447

Williams Partners LP		4.13			11-15-2020		210,000		212,456

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			217

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)

Williams Partners LP		5.25	%		3-15-2020	$	448,000	$	457,338

Williams Partners LP		6.30			4-15-2040		273,000		306,877

									21,395,809


Financials: 17.21%

Banks: 7.07%

ABB Finance (USA) Incorporated		4.38			5-8-2042		26,000		26,826

Australia & New Zealand Banking Group Limited		2.55			11-23-2021		250,000		245,978

Australia & New Zealand Banking Group Limited		2.63			5-19-2022		300,000		294,634

Australia & New Zealand Banking Group Limited		2.63			11-9-2022		500,000		490,758

Bank of America Corporation		3.25			10-21-2027		525,000		502,380

Bank of America Corporation (3 Month LIBOR +1.19%) ±		3.95			1-23-2049		200,000		189,353

Bank of America Corporation		4.18			11-25-2027		560,000		557,375

Bank of America Corporation		4.25			10-22-2026		280,000		281,282

Bank One Corporation		7.63			10-15-2026		168,000		205,224

BB&T Corporation		2.05			5-10-2021		210,000		205,923

BB&T Corporation		2.85			10-26-2024		500,000		489,711

BB&T Corporation		3.80			10-30-2026		400,000		402,230

Citigroup Incorporated		2.75			4-25-2022		200,000		197,444

Citigroup Incorporated		4.45			9-29-2027		525,000		526,818

Citigroup Incorporated		4.60			3-9-2026		200,000		204,466

Citigroup Incorporated		4.65			7-30-2045		300,000		311,801

Citigroup Incorporated		4.75			5-18-2046		300,000		295,697

Citizens Financial Group Incorporated		4.30			12-3-2025		200,000		201,694

City National Corporation		5.25			9-15-2020		140,000		144,160

Compass Bank Subordinated		3.88			4-10-2025		250,000		243,092

Discover Bank		3.10			6-4-2020		500,000		499,589

Discover Bank		4.20			8-8-2023		310,000		316,776

Discover Bank		4.25			3-13-2026		250,000		247,151

Fifth Third Bank		2.25			6-14-2021		200,000		196,476

Fifth Third Bank		2.88			10-1-2021		300,000		297,451

Fifth Third Bank		3.85			3-15-2026		800,000		798,571

HSBC Bank USA NA		5.00			9-27-2020		350,000		358,219

HSBC Bank USA NA		5.63			8-15-2035		225,000		253,637

Huntington Bancshares Incorporated		2.30			1-14-2022		500,000		487,983

Huntington Bancshares Incorporated		3.15			3-14-2021		500,000		499,680

Huntington Bancshares Incorporated		7.00			12-15-2020		17,000		18,084

JPMorgan Chase & Company		2.95			10-1-2026		525,000		500,528

JPMorgan Chase & Company		3.20			1-25-2023		200,000		200,132

JPMorgan Chase & Company		4.13			12-15-2026		500,000		505,977

JPMorgan Chase & Company (3 Month LIBOR +1.58%) ±		4.26			2-22-2048		240,000		236,591

Key Bank NA		2.40			6-9-2022		700,000		683,872

Key Bank NA		3.18			10-15-2027		250,000		247,119

Key Bank NA		3.30			6-1-2025		250,000		247,694

KeyCorp		5.10			3-24-2021		300,000		312,037

National Australia Bank		2.63			1-14-2021		500,000		497,058

People’s United Financial Incorporated		3.65			12-6-2022		105,000		104,665

PNC Bank NA		2.15			4-29-2021		250,000		245,487

PNC Bank NA		2.95			1-30-2023		300,000		295,892

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


218		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)

PNC Bank NA		3.30	%		10-30-2024	$	500,000	$	501,273

PNC Bank NA		4.20			11-1-2025		250,000		259,820

Santander Holdings USA Incorporated		4.50			7-17-2025		350,000		355,297

Santander UK Group Holdings plc (3 Month LIBOR +1.40%) ±		3.82			11-3-2028		1,000,000		942,266

SunTrust Banks Incorporated		3.30			5-15-2026		1,200,000		1,167,538

UnionBanCal Corporation		3.50			6-18-2022		140,000		140,600

US Bancorp		2.38			7-22-2026		190,000		178,333

US Bancorp		3.00			3-15-2022		350,000		350,142

US Bancorp		3.60			9-11-2024		350,000		355,136

US Bancorp		4.13			5-24-2021		350,000		359,167

									18,677,087


Capital Markets: 3.16%

AGL Capital Corporation		4.40			6-1-2043		140,000		134,694

Ameriprise Financial Incorporated		5.30			3-15-2020		210,000		215,049

Bank of New York Mellon Corporation		2.50			4-15-2021		350,000		347,138

Bank of New York Mellon Corporation		2.95			1-29-2023		300,000		298,649

Bank of New York Mellon Corporation		3.40			1-29-2028		300,000		299,679

Bank of New York Mellon Corporation		3.55			9-23-2021		420,000		426,791

Charles Schwab Corporation		4.45			7-22-2020		140,000		143,036

CME Group Incorporated		4.15			6-15-2048		200,000		203,708

Deutsche Bank AG		3.15			1-22-2021		200,000		195,365

Goldman Sachs Group Incorporated (3 Month LIBOR +1.51%) ±		3.69			6-5-2028		700,000		677,836

Goldman Sachs Group Incorporated		3.75			5-22-2025		350,000		348,308

Goldman Sachs Group Incorporated		5.95			1-15-2027		200,000		218,733

Goldman Sachs Group Incorporated		6.13			2-15-2033		200,000		236,520

Intercontinental Exchange Incorporated		2.75			12-1-2020		350,000		348,720

Jefferies Group Incorporated		5.13			1-20-2023		175,000		181,511

Jefferies Group Incorporated		6.45			6-8-2027		105,000		111,180

Jefferies Group Incorporated		6.88			4-15-2021		105,000		111,206

Legg Mason Incorporated		4.75			3-15-2026		190,000		192,406

Moody’s Corporation		4.50			9-1-2022		175,000		181,282

Moody’s Corporation		5.25			7-15-2044		210,000		226,941

Morgan Stanley		4.30			1-27-2045		350,000		342,914

Morgan Stanley		5.00			11-24-2025		200,000		210,225

Morgan Stanley		6.25			8-9-2026		300,000		341,243

Morgan Stanley		7.25			4-1-2032		329,000		427,886

Northern Trust Corporation		3.95			10-30-2025		175,000		181,750

PPL Capital Funding Incorporated		3.10			5-15-2026		100,000		94,042

S&P Global Incorporated		4.00			6-15-2025		227,000		234,055

State Street Corporation		1.95			5-19-2021		600,000		587,342

State Street Corporation		2.65			5-19-2026		400,000		380,449

State Street Corporation		4.38			3-7-2021		300,000		308,778

TD Ameritrade Holding Corporation		3.63			4-1-2025		140,000		141,294

									8,348,730


Consumer Finance: 1.95%

American Express Company		2.50			8-1-2022		600,000		587,451

American Express Company		2.65			12-2-2022		402,000		395,965

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			219

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Consumer Finance (continued)

American Express Company		4.20	%		11-6-2025	$	200,000	$	207,709

American Express Credit Corporation		2.25			5-5-2021		200,000		197,047

American Express Credit Corporation		2.38			5-26-2020		175,000		173,891

American Honda Finance Corporation		3.45			7-14-2023		200,000		202,752

Capital One Financial Corporation		3.75			7-28-2026		525,000		499,083

Capital One Financial Corporation		3.75			3-9-2027		330,000		316,547

Capital One Financial Corporation		4.75			7-15-2021		315,000		324,887

Caterpillar Financial Services Corporation		2.63			3-1-2023		260,000		255,146

Caterpillar Financial Services Corporation		3.25			12-1-2024		200,000		200,086

Caterpillar Financial Services Corporation		3.75			11-24-2023		175,000		179,525

Discover Financial Services		3.95			11-6-2024		200,000		197,952

Ford Motor Credit Company LLC		3.10			5-4-2023		200,000		183,892

Ford Motor Credit Company LLC		5.75			2-1-2021		200,000		205,359

General Motors Financial Company Incorporated		3.70			5-9-2023		380,000		374,013

John Deere Capital Corporation		3.90			7-12-2021		210,000		215,082

Synchrony Financial		3.70			8-4-2026		200,000		182,211

Toyota Motor Credit Corporation		3.40			9-15-2021		245,000		248,555

									5,147,153


Diversified Financial Services: 0.82%

Berkshire Hathaway Incorporated		3.00			2-11-2023		75,000		75,468

Berkshire Hathaway Incorporated		3.13			3-15-2026		525,000		519,268

Berkshire Hathaway Incorporated		3.40			1-31-2022		175,000		178,722

Berkshire Hathaway Incorporated		4.50			2-11-2043		275,000		290,950

Block Financial LLC		5.50			11-1-2022		140,000		145,551

National Rural Utilities Cooperative Finance Corporation		3.25			11-1-2025		300,000		297,439

National Rural Utilities Cooperative Finance Corporation		3.40			2-7-2028		300,000		296,689

National Rural Utilities Cooperative Finance Corporation		4.02			11-1-2032		140,000		144,385

National Rural Utilities Cooperative Finance Corporation (3 Month LIBOR +2.91%) ±		4.75			4-30-2043		175,000		169,337

TECO Finance Incorporated		5.15			3-15-2020		45,000		45,913

									2,163,722


Insurance: 4.08%

ACE INA Holdings Incorporated		2.70			3-13-2023		280,000		275,830

ACE INA Holdings Incorporated		3.15			3-15-2025		200,000		198,088

ACE INA Holdings Incorporated		3.35			5-15-2024		350,000		351,424

Alleghany Corporation		5.63			9-15-2020		70,000		72,217

Allstate Corporation (3 Month LIBOR +2.12%) ±		6.50			5-15-2067		140,000		149,800

American International Group Incorporated		4.50			7-16-2044		300,000		275,164

American International Group Incorporated		4.88			6-1-2022		600,000		628,740

American International Group Incorporated (3 Month LIBOR +2.87%) ±		5.75			4-1-2048		200,000		185,500

American International Group Incorporated		6.40			12-15-2020		200,000		211,130

Aon Corporation		6.25			9-30-2040		70,000		83,588

Arch Capital Group Limited		5.14			11-1-2043		147,000		156,033

Berkshire Hathaway Finance Corporation		2.90			10-15-2020		150,000		150,524

Berkshire Hathaway Finance Corporation		4.40			5-15-2042		180,000		186,641

Berkshire Hathaway Finance Corporation		5.75			1-15-2040		175,000		211,568

Chubb Corporation		6.00			5-11-2037		196,000		242,334

Chubb INA Holdings Incorporated		2.30			11-3-2020		200,000		198,047

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


220		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Insurance (continued)

CNA Financial Corporation		5.88	%		8-15-2020	$	350,000	$	362,833

Hartford Financial Services Group Incorporated		4.30			4-15-2043		30,000		28,828

Hartford Financial Services Group Incorporated		5.13			4-15-2022		168,000		176,866

Hartford Financial Services Group Incorporated		5.95			10-15-2036		52,000		59,515

Hartford Financial Services Group Incorporated		6.10			10-1-2041		175,000		204,810

Lincoln National Corporation		4.00			9-1-2023		175,000		179,332

Lincoln National Corporation		4.85			6-24-2021		56,000		57,845

Loews Corporation		2.63			5-15-2023		105,000		102,829

Loews Corporation		4.13			5-15-2043		140,000		132,291

Marsh & McLennan Companies Incorporated		4.38			3-15-2029		1,100,000		1,133,702

Marsh & McLennan Companies Incorporated		4.80			7-15-2021		210,000		217,203

MetLife Incorporated		3.05			12-15-2022		190,000		189,615

MetLife Incorporated		4.13			8-13-2042		210,000		202,373

MetLife Incorporated		4.37			9-15-2023		400,000		420,734

MetLife Incorporated		4.72			12-15-2044		175,000		183,593

MetLife Incorporated		4.75			2-8-2021		200,000		206,281

MetLife Incorporated		6.38			6-15-2034		196,000		242,855

MetLife Incorporated		6.40			12-15-2066		200,000		212,000

MetLife Incorporated		6.50			12-15-2032		140,000		177,268

Principal Financial Group Incorporated		3.30			9-15-2022		175,000		174,446

Principal Financial Group Incorporated		3.40			5-15-2025		140,000		137,927

Progressive Corporation		6.25			12-1-2032		252,000		312,318

Prudential Financial Incorporated		3.91			12-7-2047		155,000		142,739

Prudential Financial Incorporated		3.94			12-7-2049		200,000		185,985

Prudential Financial Incorporated		4.50			11-16-2021		175,000		181,391

Prudential Financial Incorporated		4.60			5-15-2044		350,000		361,402

Prudential Financial Incorporated (3 Month LIBOR +3.04%) ±		5.20			3-15-2044		175,000		173,250

Prudential Financial Incorporated		5.75			7-15-2033		350,000		400,818

Prudential Financial Incorporated		6.63			12-1-2037		45,000		56,060

Reinsurance Group of America Incorporated		5.00			6-1-2021		42,000		43,443

Transatlantic Holdings Incorporated		8.00			11-30-2039		70,000		93,067

Travelers Companies Incorporated		5.35			11-1-2040		245,000		285,853

WR Berkley Corporation		5.38			9-15-2020		140,000		143,707

									10,759,807


Mortgage REITs: 0.13%

CC Holdings GS V LLC		3.85			4-15-2023		350,000		352,284


Health Care: 10.32%

Biotechnology: 1.68%

AbbVie Incorporated		2.30			5-14-2021		350,000		343,990

AbbVie Incorporated		2.50			5-14-2020		250,000		248,340

AbbVie Incorporated		3.20			5-14-2026		420,000		396,076

AbbVie Incorporated		4.45			5-14-2046		200,000		175,685

Amgen Incorporated		3.63			5-15-2022		200,000		202,768

Amgen Incorporated		3.63			5-22-2024		350,000		355,033

Amgen Incorporated		3.88			11-15-2021		200,000		203,600

Amgen Incorporated		4.50			3-15-2020		45,000		45,691

Amgen Incorporated		5.75			3-15-2040		56,000		61,728

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			221

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Biotechnology (continued)

Amgen Incorporated		6.40	%		2-1-2039	$	175,000	$	204,249

Baxalta Incorporated		5.25			6-23-2045		280,000		289,252

Celgene Corporation		3.25			8-15-2022		350,000		348,111

Celgene Corporation		3.88			8-15-2025		175,000		175,335

Celgene Corporation		3.95			10-15-2020		140,000		141,645

Celgene Corporation		4.63			5-15-2044		240,000		224,608

Genzyme Corporation		5.00			6-15-2020		140,000		143,876

Gilead Sciences Incorporated		3.65			3-1-2026		350,000		347,889

Gilead Sciences Incorporated		4.50			2-1-2045		200,000		192,963

Gilead Sciences Incorporated		4.75			3-1-2046		350,000		351,209

									4,452,048


Health Care Equipment & Supplies: 1.65%

Abbott Laboratories		4.90			11-30-2046		700,000		767,632

Abbott Laboratories		5.30			5-27-2040		175,000		194,779

Abbott Laboratories		6.00			4-1-2039		105,000		123,416

Abbott Laboratories		6.15			11-30-2037		166,000		196,928

Becton Dickinson & Company		2.89			6-6-2022		500,000		494,449

Becton Dickinson & Company		3.13			11-8-2021		210,000		209,255

Becton Dickinson & Company		3.25			11-12-2020		245,000		244,640

Boston Scientific Corporation		3.85			5-15-2025		200,000		202,776

Boston Scientific Corporation		4.70			3-1-2049		600,000		602,221

Medtronic Incorporated		2.50			3-15-2020		220,000		219,518

Medtronic Incorporated		3.15			3-15-2022		350,000		352,800

Medtronic Incorporated		3.50			3-15-2025		200,000		203,175

Medtronic Incorporated		4.63			3-15-2044		175,000		192,582

Stryker Corporation		4.63			3-15-2046		350,000		359,273

									4,363,444


Health Care Providers & Services: 3.47%

Aetna Incorporated		4.13			6-1-2021		340,000		345,489

Aetna Incorporated		4.13			11-15-2042		175,000		152,386

Aetna Incorporated		4.50			5-15-2042		200,000		184,017

Aetna Incorporated		4.75			3-15-2044		400,000		380,539

AmerisourceBergen Corporation		3.50			11-15-2021		210,000		211,073

AmerisourceBergen Corporation		4.25			3-1-2045		175,000		152,129

Anthem Incorporated		4.38			12-1-2047		200,000		191,682

Cardinal Health Incorporated		2.62			6-15-2022		400,000		388,403

Catholic Health Initiatives		4.35			11-1-2042		175,000		158,282

CIGNA Corporation		4.00			2-15-2022		175,000		178,345

CIGNA Corporation		4.50			3-15-2021		70,000		71,524

CIGNA Corporation		5.13			6-15-2020		150,000		153,655

Coventry Health Care Incorporated		5.45			6-15-2021		406,000		422,087

CVS Caremark Corporation		2.75			12-1-2022		350,000		341,567

CVS Caremark Corporation		5.30			12-5-2043		210,000		212,388

CVS Health Corporation		2.13			6-1-2021		260,000		253,530

Express Scripts Holding Company		4.80			7-15-2046		210,000		205,381

Express Scripts Holding Company		6.13			11-15-2041		175,000		197,170

Halfmoon Parent Incorporated 144A		4.90			12-15-2048		200,000		199,134

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


222		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Health Care Providers & Services (continued)

HCA Incorporated		5.50	%		6-15-2047	$	800,000	$	825,477

Humana Incorporated		3.15			12-1-2022		210,000		209,113

Kaiser Foundation Hospitals		4.88			4-1-2042		175,000		195,573

Laboratory Corporation of America Holdings		3.60			2-1-2025		350,000		344,150

Laboratory Corporation of America Holdings		3.75			8-23-2022		39,000		39,456

Laboratory Corporation of America Holdings		4.00			11-1-2023		105,000		105,785

McKesson Corporation		2.85			3-15-2023		140,000		135,961

Quest Diagnostics Incorporated		4.70			4-1-2021		112,000		114,934

UnitedHealth Group Incorporated		2.70			7-15-2020		320,000		319,991

UnitedHealth Group Incorporated		4.20			1-15-2047		200,000		200,651

UnitedHealth Group Incorporated		4.25			3-15-2043		175,000		178,149

UnitedHealth Group Incorporated		4.25			4-15-2047		300,000		303,955

UnitedHealth Group Incorporated		4.25			6-15-2048		300,000		302,750

UnitedHealth Group Incorporated		5.80			3-15-2036		175,000		211,014

UnitedHealth Group Incorporated		6.63			11-15-2037		105,000		135,851

WellPoint Incorporated		3.13			5-15-2022		350,000		349,212

WellPoint Incorporated		3.30			1-15-2023		200,000		200,355

WellPoint Incorporated		4.65			1-15-2043		315,000		314,652

WellPoint Incorporated		4.65			8-15-2044		50,000		49,861

WellPoint Incorporated		5.85			1-15-2036		200,000		223,144

									9,158,815


Life Sciences Tools & Services: 0.51%

Agilent Technologies Incorporated		3.88			7-15-2023		105,000		106,753

Life Technologies Corporation		5.00			1-15-2021		105,000		107,232

Thermo Fisher Scientific Incorporated		3.00			4-15-2023		200,000		197,083

Thermo Fisher Scientific Incorporated		3.30			2-15-2022		210,000		210,833

Thermo Fisher Scientific Incorporated		3.60			8-15-2021		280,000		283,232

Thermo Fisher Scientific Incorporated		4.15			2-1-2024		280,000		289,088

Thermo Fisher Scientific Incorporated		5.30			2-1-2044		140,000		153,977

									1,348,198


Pharmaceuticals: 3.01%

Allergan Incorporated		3.38			9-15-2020		350,000		350,226

Bristol-Myers Squibb Company		3.25			11-1-2023		109,000		109,661

Bristol-Myers Squibb Company		3.25			8-1-2042		175,000		142,603

Bristol-Myers Squibb Company		4.50			3-1-2044		200,000		199,079

Eli Lilly & Company		2.75			6-1-2025		70,000		68,516

Eli Lilly & Company		3.95			5-15-2047		600,000		590,757

Eli Lilly & Company		5.50			3-15-2027		280,000		319,108

GlaxoSmithKline Capital Incorporated		2.80			3-18-2023		140,000		138,555

GlaxoSmithKline Capital Incorporated		2.85			5-8-2022		700,000		697,936

GlaxoSmithKline Capital Incorporated		5.38			4-15-2034		210,000		241,910

Johnson & Johnson		3.38			12-5-2023		300,000		307,961

Johnson & Johnson		3.70			3-1-2046		175,000		170,054

Johnson & Johnson		4.38			12-5-2033		200,000		215,291

Johnson & Johnson		4.85			5-15-2041		140,000		158,406

Johnson & Johnson		4.95			5-15-2033		126,000		144,099

Merck & Company Incorporated		2.35			2-10-2022		250,000		247,450

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			223

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Pharmaceuticals (continued)

Merck & Company Incorporated		2.75	%		2-10-2025	$	270,000	$	264,527

Merck & Company Incorporated		3.60			9-15-2042		175,000		164,727

Merck & Company Incorporated		3.70			2-10-2045		200,000		190,534

Merck & Company Incorporated		3.88			1-15-2021		245,000		249,797

Mylan Incorporated		4.20			11-29-2023		200,000		198,941

Mylan NV Company		3.15			6-15-2021		280,000		276,809

Novartis Capital Corporation		2.40			9-21-2022		350,000		345,772

Novartis Capital Corporation		3.70			9-21-2042		175,000		168,340

Novartis Capital Corporation		4.40			4-24-2020		350,000		356,903

Pfizer Incorporated		3.00			12-15-2026		400,000		390,190

Pfizer Incorporated		4.13			12-15-2046		420,000		427,343

Pfizer Incorporated		4.30			6-15-2043		210,000		217,462

Schering-Plough Corporation		6.50			12-1-2033		175,000		228,165

Zoetis Incorporated		4.70			2-1-2043		350,000		360,229

									7,941,351


Industrials: 8.59%

Aerospace & Defense: 2.57%

Boeing Company		3.20			3-1-2029		200,000		196,144

General Dynamics Corporation		2.25			11-15-2022		350,000		343,133

General Dynamics Corporation		3.75			5-15-2028		600,000		614,937

General Dynamics Corporation		3.88			7-15-2021		140,000		142,882

L-3 Communications Corporation		4.95			2-15-2021		350,000		359,200

Lockheed Martin Corporation		2.50			11-23-2020		260,000		258,028

Lockheed Martin Corporation		3.35			9-15-2021		175,000		176,825

Lockheed Martin Corporation		4.07			12-15-2042		229,000		223,925

Lockheed Martin Corporation		4.70			5-15-2046		350,000		377,190

Lockheed Martin Corporation		6.15			9-1-2036		122,000		149,083

Northrop Grumman Corporation		3.50			3-15-2021		210,000		212,503

Northrop Grumman Corporation		4.03			10-15-2047		400,000		374,389

Northrop Grumman Corporation		5.05			11-15-2040		70,000		75,664

Northrop Grumman Corporation		7.75			2-15-2031		210,000		282,175

Precision Castparts Corporation		2.50			1-15-2023		175,000		172,534

Precision Castparts Corporation		3.90			1-15-2043		140,000		133,914

Raytheon Company		2.50			12-15-2022		245,000		241,515

Raytheon Company		7.20			8-15-2027		84,000		106,500

Rockwell Collins Incorporated		3.70			12-15-2023		245,000		245,571

Rockwell Collins Incorporated		4.80			12-15-2043		175,000		175,973

Textron Incorporated		4.30			3-1-2024		140,000		142,672

The Boeing Company		2.60			10-30-2025		300,000		289,568

The Boeing Company		2.80			3-1-2023		200,000		200,362

The Boeing Company		5.88			2-15-2040		21,000		26,190

The Boeing Company		6.13			2-15-2033		126,000		157,532

United Technologies Corporation		3.10			6-1-2022		200,000		199,395

United Technologies Corporation		3.75			11-1-2046		200,000		175,922

United Technologies Corporation		4.05			5-4-2047		400,000		367,605

United Technologies Corporation		4.50			4-15-2020		350,000		355,858

									6,777,189

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


224		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Air Freight & Logistics: 0.79%

FedEx Corporation		3.88	%		8-1-2042	$	140,000	$	119,570

FedEx Corporation		4.00			1-15-2024		203,000		208,857

FedEx Corporation		4.55			4-1-2046		350,000		326,342

FedEx Corporation		4.90			1-15-2034		175,000		183,957

FedEx Corporation		5.10			1-15-2044		210,000		211,980

United Parcel Service Incorporated		2.35			5-16-2022		300,000		295,165

United Parcel Service Incorporated		2.45			10-1-2022		280,000		277,427

United Parcel Service Incorporated		3.13			1-15-2021		200,000		201,564

United Parcel Service Incorporated		6.20			1-15-2038		206,000		256,281

									2,081,143


Airlines: 0.29%

American Airlines Incorporated		3.20			12-15-2029		55,769		53,259

American Airlines Incorporated		3.38			11-1-2028		26,499		25,561

American Airlines Incorporated		4.95			7-15-2024		110,803		113,916

Continental Airlines Incorporated Series A		7.25			5-10-2021		5,885		6,020

Delta Air Lines Incorporated		6.82			2-10-2024		34,215		37,164

United Airlines Incorporated		4.00			10-11-2027		281,944		282,396

United Airlines Incorporated		4.30			2-15-2027		178,841		182,288

US Airways Group Incorporated		3.95			5-15-2027		75,427		75,391

									775,995


Building Products: 0.17%

Johnson Controls International plc		5.00			3-30-2020		100,000		101,710

Masco Corporation		4.38			4-1-2026		190,000		188,496

Owens Corning Incorporated		4.20			12-15-2022		149,000		150,345

									440,551


Commercial Services & Supplies: 0.32%

Cintas Corporation No. 2		3.25			6-1-2022		70,000		70,247

Republic Services Incorporated		2.90			7-1-2026		260,000		248,081

Republic Services Incorporated		5.25			11-15-2021		35,000		36,889

Waste Management Incorporated		4.10			3-1-2045		350,000		342,849

Waste Management Incorporated		4.60			3-1-2021		140,000		143,307

									841,373


Electrical Equipment: 0.18%

Eaton Corporation		4.15			11-2-2042		350,000		338,930

Emerson Electric Company		4.25			11-15-2020		140,000		143,031

									481,961


Industrial Conglomerates: 1.05%

3M Company		4.00			9-14-2048		800,000		804,224

3M Company		5.70			3-15-2037		227,000		273,303

General Electric Capital Corporation		3.10			1-9-2023		300,000		293,433

General Electric Capital Corporation		4.38			9-16-2020		200,000		202,795

General Electric Capital Corporation		4.63			1-7-2021		300,000		306,922

General Electric Capital Corporation		5.88			1-14-2038		200,000		209,532

General Electric Company		4.13			10-9-2042		400,000		337,395

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			225

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Industrial Conglomerates (continued)

General Electric Company		4.50	%		3-11-2044	$	200,000	$	179,034

Honeywell International Incorporated		3.35			12-1-2023		140,000		141,863

Honeywell International Incorporated		4.25			3-1-2021		35,000		35,971

									2,784,472


Machinery: 0.82%

Caterpillar Incorporated		3.80			8-15-2042		105,000		100,662

Caterpillar Incorporated		4.75			5-15-2064		300,000		316,904

Deere & Company		2.60			6-8-2022		350,000		348,212

Deere & Company		3.90			6-9-2042		350,000		348,352

Deere & Company		5.38			10-16-2029		210,000		243,700

Dover Corporation		5.38			10-15-2035		140,000		149,143

Illinois Tool Works Incorporated		3.38			9-15-2021		84,000		84,959

Illinois Tool Works Incorporated		3.90			9-1-2042		214,000		214,907

Parker Hannifin Corporation		3.50			9-15-2022		70,000		70,338

Parker Hannifin Corporation		6.25			5-15-2038		42,000		51,844

Stanley Black & Decker Incorporated		2.90			11-1-2022		245,000		241,595

									2,170,616


Professional Services: 0.07%

Verisk Analytics Incorporated		4.13			9-12-2022		175,000		178,702


Road & Rail: 1.73%

Burlington Northern Santa Fe LLC		3.00			3-15-2023		210,000		209,806

Burlington Northern Santa Fe LLC		3.40			9-1-2024		210,000		213,735

Burlington Northern Santa Fe LLC		4.55			9-1-2044		210,000		220,350

Burlington Northern Santa Fe LLC		4.95			9-15-2041		140,000		154,614

Burlington Northern Santa Fe LLC		5.15			9-1-2043		210,000		238,007

CSX Corporation		3.40			8-1-2024		278,000		279,115

CSX Corporation		3.70			10-30-2020		175,000		176,707

CSX Corporation		4.50			8-1-2054		350,000		335,963

CSX Corporation		4.75			5-30-2042		161,000		165,593

CSX Corporation		6.22			4-30-2040		140,000		166,830

Kansas City Southern		3.00			5-15-2023		51,000		49,976

Kansas City Southern		4.30			5-15-2043		140,000		132,342

Norfolk Southern Corporation		2.90			6-15-2026		250,000		240,435

Norfolk Southern Corporation		2.90			2-15-2023		400,000		395,695

Norfolk Southern Corporation		3.15			6-1-2027		300,000		289,118

Norfolk Southern Corporation		3.85			1-15-2024		140,000		143,094

Ryder System Incorporated		2.50			5-11-2020		140,000		139,011

Union Pacific Corporation		2.75			4-15-2023		200,000		196,806

Union Pacific Corporation		3.25			1-15-2025		175,000		173,279

Union Pacific Corporation		3.75			3-15-2024		140,000		142,794

Union Pacific Corporation		3.80			10-1-2051		200,000		177,395

Union Pacific Corporation		4.15			1-15-2045		175,000		164,303

Union Pacific Corporation		4.30			6-15-2042		175,000		169,545

									4,574,513

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


226		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Trading Companies & Distributors: 0.60%

Air Lease Corporation		3.25	%		3-1-2025	$	200,000	$	189,142

Air Lease Corporation		3.63			12-1-2027		900,000		819,214

GATX Corporation		4.85			6-1-2021		70,000		71,854

International Lease Finance Corporation		8.25			12-15-2020		200,000		215,841

W.W. Grainger Incorporated		4.60			6-15-2045		280,000		288,907

									1,584,958


Information Technology: 6.51%

Communications Equipment: 0.53%

Cisco Systems Incorporated		2.45			6-15-2020		420,000		418,735

Cisco Systems Incorporated		2.90			3-4-2021		210,000		210,583

Cisco Systems Incorporated		2.95			2-28-2026		340,000		334,815

Cisco Systems Incorporated		3.00			6-15-2022		340,000		342,683

Motorola Incorporated		7.50			5-15-2025		84,000		95,866

									1,402,682


Electronic Equipment, Instruments & Components: 0.29%

Amphenol Corporation		4.00			2-1-2022		210,000		214,791

Avnet Incorporated		5.88			6-15-2020		70,000		71,811

Corning Incorporated		4.25			8-15-2020		175,000		177,251

Corning Incorporated		5.75			8-15-2040		105,000		113,409

Keysight Technologies Incorporated		4.55			10-30-2024		175,000		179,143

									756,405


IT Services: 1.68%

Fidelity National Information Services Incorporated		3.00			8-15-2026		400,000		372,829

Fidelity National Information Services Incorporated		3.50			4-15-2023		49,000		48,678

Fidelity National Information Services Incorporated		4.75			5-15-2048		300,000		278,974

Fidelity National Information Services Incorporated		5.00			10-15-2025		195,000		205,350

Fiserv Incorporated		2.70			6-1-2020		280,000		278,070

Fiserv Incorporated		3.85			6-1-2025		210,000		210,672

IBM Corporation		1.88			8-1-2022		280,000		268,914

IBM Corporation		3.38			8-1-2023		210,000		211,408

IBM Corporation		4.00			6-20-2042		350,000		333,507

IBM Corporation		5.88			11-29-2032		175,000		209,877

IBM Corporation		7.00			10-30-2025		210,000		253,008

Mastercard Incorporated		3.50			2-26-2028		400,000		405,110

Total System Services Incorporated		3.75			6-1-2023		105,000		104,612

Visa Incorporated		2.75			9-15-2027		300,000		289,247

Visa Incorporated		2.80			12-14-2022		800,000		800,230

Western Union Company		5.25			4-1-2020		56,000		57,096

Western Union Company		6.20			11-17-2036		122,000		123,536

									4,451,118


Semiconductors & Semiconductor Equipment: 1.65%

Analog Devices Incorporated		2.88			6-1-2023		105,000		102,012

Applied Materials Incorporated		4.30			6-15-2021		210,000		216,095

Applied Materials Incorporated		5.85			6-15-2041		140,000		167,888

Broadcom Corporation		3.50			1-15-2028		900,000		796,807

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			227

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Semiconductors & Semiconductor Equipment (continued)

Broadcom Corporation		3.88	%		1-15-2027	$	300,000	$	277,882

Intel Corporation		2.60			5-19-2026		220,000		210,784

Intel Corporation		4.10			5-19-2046		300,000		300,486

Intel Corporation		4.10			5-11-2047		310,000		312,184

Intel Corporation		4.25			12-15-2042		175,000		180,041

Intel Corporation		4.90			7-29-2045		230,000		260,155

Qualcomm Incorporated		2.25			5-20-2020		500,000		495,700

Qualcomm Incorporated		3.45			5-20-2025		700,000		687,833

Texas Instruments Incorporated		2.25			5-1-2023		175,000		171,026

Xilinx Incorporated		3.00			3-15-2021		175,000		173,871

									4,352,764


Software: 0.90%

Autodesk Incorporated		3.60			12-15-2022		175,000		175,464

Microsoft Corporation		3.00			10-1-2020		280,000		281,563

Microsoft Corporation		3.75			5-1-2043		33,000		32,273

Microsoft Corporation		4.00			2-12-2055		350,000		348,657

Microsoft Corporation		4.50			2-6-2057		250,000		270,944

Microsoft Corporation		5.20			6-1-2039		77,000		91,041

Oracle Corporation		3.88			7-15-2020		245,000		248,665

Oracle Corporation		4.00			7-15-2046		350,000		335,385

Oracle Corporation		4.30			7-8-2034		175,000		182,155

Oracle Corporation		4.38			5-15-2055		200,000		199,392

Salesforce.com Incorporated		3.70			4-11-2028		200,000		204,866

									2,370,405


Technology Hardware, Storage & Peripherals: 1.46%

Apple Incorporated		3.35			2-9-2027		200,000		199,938

Apple Incorporated		3.75			11-13-2047		400,000		378,325

Apple Incorporated		4.38			5-13-2045		350,000		363,549

Apple Incorporated		4.65			2-23-2046		200,000		215,285

Dell International LLC 144A		8.10			7-15-2036		400,000		455,499

Diamond 1 Finance Corporation 144A		4.42			6-15-2021		400,000		407,187

Hewlett Packard Enterprise Company		4.40			10-15-2022		200,000		206,501

Hewlett Packard Enterprise Company		4.90			10-15-2025		900,000		937,250

Hewlett-Packard Company		3.75			12-1-2020		29,000		29,272

Hewlett-Packard Company		6.00			9-15-2041		332,000		338,656

Seagate HDD		4.75			1-1-2025		350,000		336,560

									3,868,022


Materials: 2.77%

Chemicals: 1.57%

Air Products & Chemicals Incorporated		3.00			11-3-2021		175,000		175,655

Dow Chemical Company		3.50			10-1-2024		200,000		197,268

Dow Chemical Company		4.13			11-15-2021		350,000		357,472

Dow Chemical Company		4.25			10-1-2034		175,000		162,324

Dow Chemical Company		5.25			11-15-2041		175,000		176,396

DowDuPont Incorporated		4.73			11-15-2028		1,100,000		1,148,116

Eastman Chemical Company		4.80			9-1-2042		140,000		132,687

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


228		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Chemicals (continued)

Ecolab Incorporated		4.35	%		12-8-2021	$	286,000	$	296,335

Mosaic Company		3.75			11-15-2021		80,000		80,405

Mosaic Company		5.63			11-15-2043		175,000		178,385

Praxair Incorporated		2.45			2-15-2022		140,000		137,859

Praxair Incorporated		2.70			2-21-2023		105,000		103,298

Praxair Incorporated		4.05			3-15-2021		140,000		143,038

The Sherwin-Williams Company		3.45			8-1-2025		400,000		392,295

The Sherwin-Williams Company		4.00			12-15-2042		92,000		78,384

The Sherwin-Williams Company		4.50			6-1-2047		400,000		373,542

									4,133,459


Containers & Packaging: 0.58%

International Paper Company		3.00			2-15-2027		200,000		186,881

International Paper Company		3.65			6-15-2024		350,000		354,745

International Paper Company		4.75			2-15-2022		24,000		24,967

International Paper Company		4.80			6-15-2044		175,000		166,829

International Paper Company		7.30			11-15-2039		175,000		212,821

International Paper Company		7.50			8-15-2021		214,000		235,175

MeadWestvaco Corporation		7.95			2-15-2031		35,000		44,310

Packaging Corporation of America		3.65			9-15-2024		175,000		173,815

Packaging Corporation of America		3.90			6-15-2022		140,000		142,044

									1,541,587


Metals & Mining: 0.55%

Barrick Gold Finance Company LLC		5.70			5-30-2041		210,000		230,017

Newmont Mining Corporation		4.88			3-15-2042		350,000		349,290

Nucor Corporation		4.00			8-1-2023		132,000		135,939

Nucor Corporation		5.20			8-1-2043		140,000		152,033

Nucor Corporation		6.40			12-1-2037		140,000		170,216

Southern Copper Corporation		5.38			4-16-2020		63,000		64,550

Southern Copper Corporation		6.75			4-16-2040		308,000		358,046

									1,460,091


Paper & Forest Products: 0.07%

Georgia-Pacific LLC		8.00			1-15-2024		140,000		168,519


Real Estate: 4.38%

Equity REITs: 4.38%

American Campus Communities Incorporated		3.75			4-15-2023		70,000		69,883

American Tower Corporation		3.50			1-31-2023		295,000		294,744

American Tower Corporation		4.00			6-1-2025		350,000		353,225

American Tower Corporation		5.00			2-15-2024		245,000		259,658

AvalonBay Communities Incorporated		3.45			6-1-2025		140,000		139,901

AvalonBay Communities Incorporated		3.63			10-1-2020		140,000		141,328

AvalonBay Communities Incorporated		4.20			12-15-2023		175,000		181,602

Boston Properties LP		2.75			10-1-2026		500,000		462,622

Boston Properties LP		3.13			9-1-2023		105,000		103,619

Boston Properties LP		3.80			2-1-2024		300,000		302,324

Boston Properties LP		3.85			2-1-2023		200,000		203,392

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			229

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Equity REITs (continued)

Boston Properties LP		4.13	%		5-15-2021	$	210,000	$	214,015

Corporate Office Properties LP		3.60			5-15-2023		70,000		68,417

Crown Castle International Corporation		3.70			6-15-2026		350,000		341,207

Crown Castle International Corporation		4.88			4-15-2022		50,000		52,050

Crown Castle International Corporation		5.25			1-15-2023		350,000		369,573

Digital Realty Trust LP		3.63			10-1-2022		140,000		140,354

Digital Realty Trust LP		3.95			7-1-2022		140,000		141,760

Digital Realty Trust LP		5.25			3-15-2021		70,000		72,221

Entertainment Properties Trust		5.75			8-15-2022		105,000		110,481

Equity One Incorporated		3.75			11-15-2022		175,000		175,913

Essex Portfolio LP		3.25			5-1-2023		70,000		69,037

Federal Realty Investment Trust		4.50			12-1-2044		175,000		177,382

HCP Incorporated		3.15			8-1-2022		70,000		69,227

HCP Incorporated		6.75			2-1-2041		95,000		117,417

Health Care REIT Incorporated		4.00			6-1-2025		210,000		211,832

Health Care REIT Incorporated		4.50			1-15-2024		140,000		144,903

Hospitality Properties Trust		4.65			3-15-2024		350,000		347,835

Host Hotels & Resorts Company		3.75			10-15-2023		70,000		68,535

Host Hotels & Resorts Company		4.75			3-1-2023		175,000		179,520

Kilroy Realty Corporation		3.80			1-15-2023		175,000		175,449

Kimco Realty Corporation		2.80			10-1-2026		350,000		322,790

Liberty Property LP		4.40			2-15-2024		109,000		112,667

Liberty Property LP		4.75			10-1-2020		175,000		178,448

Mid-America Apartments LP		4.30			10-15-2023		35,000		35,976

National Retail Properties Incorporated		3.30			4-15-2023		70,000		69,140

National Retail Properties Incorporated		3.80			10-15-2022		70,000		70,738

Plum Creek Timberlands LP		3.25			3-15-2023		192,000		190,068

Realty Income Corporation		4.65			8-1-2023		210,000		220,707

Simon Property Group LP		3.30			1-15-2026		410,000		403,206

Simon Property Group LP		3.75			2-1-2024		175,000		178,760

Simon Property Group LP		4.13			12-1-2021		210,000		215,449

Simon Property Group LP		4.38			3-1-2021		350,000		358,575

Simon Property Group LP		4.75			3-15-2042		175,000		185,967

UDR Incorporated		3.70			10-1-2020		175,000		176,172

UDR Incorporated		4.63			1-10-2022		70,000		72,177

Ventas Realty LP		3.50			2-1-2025		400,000		394,233

Ventas Realty LP		4.25			3-1-2022		700,000		717,200

Ventas Realty LP		5.70			9-30-2043		175,000		193,780

VEREIT Operating Partnership LP		4.13			6-1-2021		80,000		80,514

VEREIT Operating Partnership LP		4.60			2-6-2024		98,000		99,572

VEREIT Operating Partnership LP		4.88			6-1-2026		119,000		121,357

Welltower Incorporated		4.13			3-15-2029		1,100,000		1,094,339

Welltower Incorporated		5.25			1-15-2022		70,000		73,221

Weyerhaeuser Company		7.38			3-15-2032		200,000		252,195

									11,576,677

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


230		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Utilities: 6.76%

Electric Utilities: 5.31%

Alabama Power Company		3.55	%		12-1-2023	$	175,000	$	177,115

Alabama Power Company		3.85			12-1-2042		140,000		131,136

Alabama Power Company		4.15			8-15-2044		105,000		103,314

American Electric Power Company Incorporated		2.95			12-15-2022		300,000		296,438

Appalachian Power Company		3.40			6-1-2025		175,000		173,455

Appalachian Power Company		4.45			6-1-2045		175,000		173,659

Appalachian Power Company		7.00			4-1-2038		70,000		88,353

Arizona Public Service Company		3.15			5-15-2025		105,000		103,324

Arizona Public Service Company		4.50			4-1-2042		70,000		71,264

Baltimore Gas & Electric Company		3.50			8-15-2046		50,000		44,409

Carolina Power & Light Company		2.80			5-15-2022		175,000		174,383

CenterPoint Energy Houston		3.55			8-1-2042		175,000		161,212

CenterPoint Energy Houston		4.50			4-1-2044		175,000		184,941

Commonwealth Edison Company		3.80			10-1-2042		70,000		66,138

Commonwealth Edison Company		5.90			3-15-2036		175,000		206,699

Connecticut Light & Power Company		4.15			6-1-2045		87,000		88,814

Consolidated Edison Company of New York Incorporated Series 07-A		6.30			8-15-2037		175,000		214,150

Consolidated Edison Company of New York Incorporated Series 14-C		4.63			12-1-2054		300,000		300,558

Consolidated Edison Company of New York Incorporated Series 16-C		4.30			12-1-2056		245,000		232,023

Constellation Energy Group Incorporated		5.15			12-1-2020		70,000		71,947

DTE Electric Company		3.65			3-15-2024		105,000		107,065

Duke Energy Carolinas LLC		4.30			6-15-2020		50,000		50,986

Duke Energy Corporation		3.05			8-15-2022		70,000		69,628

Duke Energy Corporation		3.95			10-15-2023		140,000		143,308

Duke Energy Florida Incorporated		3.85			11-15-2042		70,000		67,175

Duke Energy Indiana Incorporated		4.90			7-15-2043		105,000		115,687

Duke Energy Indiana Incorporated		6.45			4-1-2039		45,000		56,632

Duke Energy Progress Incorporated		4.10			3-15-2043		105,000		104,211

Emera US Finance LP		3.55			6-15-2026		200,000		191,854

Entergy Arkansas Incorporated		3.70			6-1-2024		175,000		178,972

Entergy Corporation		5.13			9-15-2020		175,000		178,245

Entergy Gulf States Louisiana LLC		5.59			10-1-2024		84,000		93,207

Entergy Louisiana LLC		5.40			11-1-2024		175,000		193,440

Exelon Corporation		4.95			6-15-2035		140,000		143,648

Exelon Generation Company LLC		4.25			6-15-2022		157,000		160,604

FirstEnergy Corporation		4.25			3-15-2023		168,000		172,060

Florida Power & Light Company		4.05			6-1-2042		175,000		176,166

Florida Power & Light Company		5.95			2-1-2038		224,000		278,396

Florida Power & Light Company		5.96			4-1-2039		175,000		219,631

Florida Power Corporation		5.65			4-1-2040		87,000		103,669

Georgia Power Company		4.30			3-15-2042		175,000		164,685

Interstate Power & Light Company		6.25			7-15-2039		21,000		25,646

Kansas City Power & Light Company		3.15			3-15-2023		140,000		137,791

LG&E & KU Energy LLC		3.75			11-15-2020		70,000		70,475

MidAmerican Energy Holdings Company		5.95			5-15-2037		210,000		250,522

MidAmerican Energy Holdings Company		6.13			4-1-2036		140,000		169,896

MidAmerican Energy Holdings Company		6.75			12-30-2031		105,000		135,080

Northeast Utilities		2.80			5-1-2023		122,000		119,838

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			231

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)

Northern States Power Company of Minnesota		2.15	%		8-15-2022	$	175,000	$	169,926

Northern States Power Company of Minnesota		2.60			5-15-2023		105,000		103,416

Northern States Power Company of Minnesota		3.40			8-15-2042		175,000		160,061

Northern States Power Company of Minnesota		5.35			11-1-2039		28,000		32,700

NSTAR Electric Company		2.38			10-15-2022		140,000		136,336

NSTAR Electric Company		5.50			3-15-2040		70,000		80,851

Oglethorpe Power Corporation		5.38			11-1-2040		210,000		225,577

Oglethorpe Power Corporation		5.95			11-1-2039		105,000		118,068

Ohio Edison Company		6.88			7-15-2036		175,000		217,672

Ohio Power Company		5.38			10-1-2021		45,000		47,721

Oncor Electric Delivery Company LLC		4.55			12-1-2041		140,000		150,432

Oncor Electric Delivery Company LLC		7.00			5-1-2032		122,000		160,141

PacifiCorp		3.60			4-1-2024		175,000		178,633

PacifiCorp		4.10			2-1-2042		70,000		68,373

PacifiCorp		5.75			4-1-2037		175,000		207,559

Potomac Electric Power Company		3.60			3-15-2024		175,000		177,979

Potomac Electric Power Company		6.50			11-15-2037		140,000		175,755

PPL Capital Funding Incorporated		4.20			6-15-2022		140,000		142,614

PPL Capital Funding Incorporated		4.70			6-1-2043		87,000		86,376

PPL Electric Utilities		4.75			7-15-2043		105,000		113,567

PPL Electric Utilities		6.25			5-15-2039		31,000		38,938

PSEG Power LLC		5.13			4-15-2020		196,000		200,266

PSEG Power LLC		8.63			4-15-2031		75,000		98,061

Public Service Company of Colorado		2.25			9-15-2022		70,000		68,241

Public Service Company of Colorado		3.20			11-15-2020		210,000		210,872

Public Service Electric & Gas Company		2.38			5-15-2023		140,000		136,501

Public Service Electric & Gas Company		3.65			9-1-2042		175,000		164,210

Public Service Electric & Gas Company		3.80			1-1-2043		140,000		134,270

Public Service Electric & Gas Company		3.95			5-1-2042		70,000		68,749

Public Service Electric & Gas Company		5.80			5-1-2037		70,000		83,930

South Carolina Electric & Gas Company		4.50			6-1-2064		200,000		205,197

Southern California Edison Company		3.88			6-1-2021		449,000		451,784

Southern California Edison Company		3.90			3-15-2043		105,000		93,669

Southern California Edison Company		5.35			7-15-2035		126,000		129,747

Southern California Edison Company		5.50			3-15-2040		140,000		151,355

Southern California Edison Company		6.00			1-15-2034		70,000		77,195

Southern Company		2.75			6-15-2020		175,000		174,546

Southern Company		2.95			7-1-2023		200,000		196,473

Southwestern Electric Power Company		6.20			3-15-2040		35,000		41,290

TXU Electric Delivery Company		7.25			1-15-2033		52,000		69,514

Union Electric Company		3.90			9-15-2042		175,000		171,746

Union Electric Company		8.45			3-15-2039		56,000		83,040

Virginia Electric & Power Company		3.10			5-15-2025		70,000		68,628

Virginia Electric & Power Company		3.45			2-15-2024		105,000		106,149

Virginia Electric & Power Company		4.20			5-15-2045		105,000		103,310

Virginia Electric & Power Company		4.45			2-15-2044		105,000		106,810

Virginia Electric & Power Company		6.00			1-15-2036		70,000		83,080

Westar Energy Incorporated		4.10			4-1-2043		210,000		206,140

Wisconsin Electric Power Company		5.63			5-15-2033		70,000		81,605

Wisconsin Electric Power Company		5.70			12-1-2036		105,000		125,055

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


232		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)

Wisconsin Power & Light Company		6.38	%		8-15-2037	$	175,000	$	219,407

Xcel Energy Incorporated		4.70			5-15-2020		175,000		177,329

									14,022,713


Gas Utilities: 0.32%

Atmos Energy Corporation		4.13			10-15-2044		245,000		240,627

Atmos Energy Corporation		5.50			6-15-2041		42,000		48,949

CenterPoint Energy Resources Corporation		4.50			1-15-2021		45,000		45,947

CenterPoint Energy Resources Corporation		5.85			1-15-2041		77,000		88,603

National Fuel Gas Company		3.75			3-1-2023		218,000		215,030

One Gas Incorporated		3.61			2-1-2024		70,000		70,618

One Gas Incorporated		4.66			2-1-2044		35,000		37,193

Piedmont Natural Gas Company		4.65			8-1-2043		35,000		36,501

Southern California Gas Company		5.13			11-15-2040		70,000		77,182

									860,650


Multi-Utilities: 1.05%

Black Hills Corporation		4.25			11-30-2023		210,000		214,394

CMS Energy Corporation		5.05			3-15-2022		245,000		256,008

Consumers Energy Company		3.95			5-15-2043		140,000		139,047

Dominion Resources Incorporated		2.75			9-15-2022		210,000		204,680

Dominion Resources Incorporated		4.90			8-1-2041		42,000		42,955

Dominion Resources Incorporated		5.95			6-15-2035		157,000		178,842

DTE Energy Company		3.30			6-15-2022		70,000		69,697

DTE Energy Company		3.85			12-1-2023		170,000		172,398

NiSource Finance Corporation		5.65			2-1-2045		140,000		155,722

Puget Energy Incorporated		3.65			5-15-2025		140,000		136,908

Puget Energy Incorporated		6.00			9-1-2021		175,000		184,717

Sempra Energy		2.88			10-1-2022		140,000		135,891

Sempra Energy		3.25			6-15-2027		300,000		279,820

Sempra Energy		4.00			2-1-2048		400,000		348,567

WEC Energy Group Incorporated		2.45			6-15-2020		105,000		104,152

WEC Energy Group Incorporated		3.55			6-15-2025		140,000		140,199

									2,763,997


Water Utilities: 0.08%

American Water Capital Corporation		3.40			3-1-2025		210,000		209,170


Total Corporate Bonds and Notes (Cost $216,688,996)									217,106,969


Yankee Corporate Bonds and Notes: 16.51%

Communication Services: 1.38%

Diversified Telecommunication Services: 0.53%

British Telecommunications plc		9.63			12-15-2030		200,000		279,398

Telefonica Emisiones SA		4.90			3-6-2048		800,000		735,021

Telefonica Europe BV		8.25			9-15-2030		294,000		379,408

									1,393,827

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			233

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Wireless Telecommunication Services: 0.85%

America Movil SAB de CV		3.13	%		7-16-2022	$	220,000	$	219,154

America Movil SAB de CV		4.38			7-16-2042		250,000		251,342

America Movil SAB de CV		6.13			11-15-2037		70,000		83,030

America Movil SAB de CV		6.38			3-1-2035		395,000		473,943

Rogers Communications Incorporated		3.00			3-15-2023		140,000		139,218

Rogers Communications Incorporated		4.50			3-15-2043		140,000		137,982

Vodafone Group plc		2.95			2-19-2023		190,000		185,787

Vodafone Group plc		4.38			2-19-2043		350,000		300,213

Vodafone Group plc		6.25			11-30-2032		210,000		234,471

Vodafone Group plc		7.88			2-15-2030		175,000		217,527

									2,242,667


Consumer Discretionary: 0.38%

Auto Components: 0.07%

Magna International Incorporated		4.15			10-1-2025		175,000		180,096


Internet & Direct Marketing Retail: 0.31%

Alibaba Group Holding Limited		3.13			11-28-2021		250,000		249,965

Alibaba Group Holding Limited		3.40			12-6-2027		400,000		382,602

Alibaba Group Holding Limited		3.60			11-28-2024		200,000		201,886

									834,453


Consumer Staples: 0.13%

Beverages: 0.13%

Diageo Capital plc		2.63			4-29-2023		210,000		207,177

Diageo Capital plc		5.88			9-30-2036		122,000		147,146

									354,323


Energy: 1.68%

Oil, Gas & Consumable Fuels: 1.68%

BP Capital Markets plc		3.81			2-10-2024		350,000		359,210

Canadian Natural Resources Limited		3.85			6-1-2027		200,000		195,670

Canadian Natural Resources Limited		3.90			2-1-2025		210,000		210,612

Canadian Natural Resources Limited		4.95			6-1-2047		200,000		208,243

Canadian Natural Resources Limited		6.75			2-1-2039		110,000		132,393

Cenovus Energy Incorporated		3.00			8-15-2022		145,000		140,119

Cenovus Energy Incorporated		6.75			11-15-2039		240,000		253,459

Encana Corporation		6.50			8-15-2034		200,000		228,278

Husky Energy Incorporated		6.80			9-15-2037		70,000		83,605

Petro-Canada		5.95			5-15-2035		140,000		157,472

Suncor Energy Incorporated		5.95			12-1-2034		52,000		59,099

Total Capital Canada Limited		2.75			7-15-2023		245,000		241,899

Total Capital International SA		2.70			1-25-2023		385,000		380,457

Total Capital International SA		2.88			2-17-2022		175,000		174,953

Total Capital International SA		3.75			4-10-2024		350,000		360,117

Total Capital SA		4.13			1-28-2021		70,000		71,793

TransCanada PipeLines Limited		3.75			10-16-2023		175,000		178,057

TransCanada PipeLines Limited		3.80			10-1-2020		210,000		212,493

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


234		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)

TransCanada PipeLines Limited		5.60	%		3-31-2034	$	70,000	$	76,795

TransCanada PipeLines Limited		6.10			6-1-2040		210,000		243,243

TransCanada PipeLines Limited		7.63			1-15-2039		350,000		461,675

									4,429,642


Financials: 10.23%

Banks: 8.47%

Banco Santander SA		3.80			2-23-2028		200,000		187,710

Banco Santander SA		4.38			4-12-2028		1,200,000		1,180,602

Bancolombia SA		5.95			6-3-2021		200,000		209,250

Bank of Montreal		1.90			8-27-2021		470,000		458,226

Bank of Montreal		2.35			9-11-2022		200,000		195,177

Bank of Montreal (5 Year USD Swap +1.43%) ±		3.80			12-15-2032		800,000		764,400

Bank of Nova Scotia		2.45			9-19-2022		300,000		293,316

Bank of Nova Scotia		4.38			1-13-2021		350,000		358,672

Bank of Nova Scotia		4.50			12-16-2025		500,000		512,559

Bank of Nova Scotia (3 Month LIBOR +2.65%) ±		4.65			12-31-2099		200,000		182,750

Barclays plc		2.88			6-8-2020		300,000		297,967

Barclays plc		3.25			1-12-2021		500,000		496,561

Barclays plc		4.38			1-12-2026		200,000		198,367

BNP Paribas		4.25			10-15-2024		400,000		402,222

BPCE SA		2.75			12-2-2021		330,000		325,389

Cooperatieve Rabobank UA		3.75			7-21-2026		780,000		753,665

Credit Suisse Group Funding Limited		3.45			4-16-2021		550,000		551,085

Credit Suisse Group Funding Limited		4.55			4-17-2026		750,000		768,329

HSBC Holdings plc		4.00			3-30-2022		200,000		205,021

HSBC Holdings plc (3 Month LIBOR +1.55%) ±		4.04			3-13-2028		500,000		493,882

HSBC Holdings plc		4.88			1-14-2022		175,000		183,084

ING Banking Group plc		4.55			10-2-2028		300,000		306,466

Lloyds Banking Group plc (3 Month LIBOR +1.21%) ±		3.57			11-7-2028		800,000		753,365

Lloyds Banking Group plc		4.58			12-10-2025		250,000		246,767

Lloyds Banking Group plc		5.30			12-1-2045		300,000		298,714

Mitsubishi UFJ Financial Group Incorporated		2.19			9-13-2021		600,000		584,838

Mitsubishi UFJ Financial Group Incorporated		2.76			9-13-2026		700,000		657,846

Mitsubishi UFJ Financial Group Incorporated		3.68			2-22-2027		200,000		199,951

Mizuho Financial Group		2.95			2-28-2022		750,000		741,975

Mizuho Financial Group		3.17			9-11-2027		600,000		580,543

National Australia Bank Limited		2.50			7-12-2026		800,000		742,114

Rabobank Nederland NV		3.88			2-8-2022		250,000		255,345

Rabobank Nederland NV		4.50			1-11-2021		350,000		359,977

Royal Bank of Canada		2.50			1-19-2021		350,000		347,400

Royal Bank of Canada		4.65			1-27-2026		700,000		731,913

Royal Bank of Scotland Group plc		3.88			9-12-2023		300,000		297,361

Royal Bank of Scotland Group plc		4.80			4-5-2026		400,000		405,491

Royal Bank of Scotland Group plc (3 Month LIBOR +1.91%) ±		5.08			1-27-2030		600,000		616,327

Santander UK plc		4.00			3-13-2024		200,000		205,998

Sumitomo Mitsui Banking Corporation		3.95			7-19-2023		250,000		255,502

Sumitomo Mitsui Financial Group		3.01			10-19-2026		655,000		628,558

Sumitomo Mitsui Financial Group		3.78			3-9-2026		500,000		505,138

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			235

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)

Svenska Handelsbanken AB		1.95	%		9-8-2020	$	1,150,000	$	1,131,796

Toronto Dominion Bank		1.80			7-13-2021		200,000		194,918

Toronto Dominion Bank		2.50			12-14-2020		300,000		297,944

Toronto Dominion Bank		3.50			7-19-2023		300,000		304,855

Toronto Dominion Bank (5 Year USD Swap +2.21%) ±		3.63			9-15-2031		525,000		507,002

Westpac Banking Corporation		2.10			5-13-2021		350,000		342,341

Westpac Banking Corporation		2.50			6-28-2022		200,000		196,017

Westpac Banking Corporation		2.85			5-13-2026		700,000		665,364

									22,380,060


Capital Markets: 0.44%

Deutsche Bank AG		3.13			1-13-2021		350,000		341,555

Deutsche Bank AG		3.70			5-30-2024		700,000		656,099

Invesco Finance plc		4.00			1-30-2024		175,000		177,275

									1,174,929


Diversified Financial Services: 1.11%

Barrick Australian Finance Proprietary Limited		5.95			10-15-2039		135,000		151,617

BHP Billiton Finance USA Limited		3.85			9-30-2023		200,000		205,634

Brookfield Finance Incorporated		4.25			6-2-2026		200,000		196,828

ConocoPhillips Canada Funding Company		5.95			10-15-2036		210,000		253,209

GE Capital International Funding Company		3.37			11-15-2025		550,000		528,843

Shell International Finance BV		2.25			1-6-2023		175,000		170,810

Shell International Finance BV		2.38			8-21-2022		175,000		172,003

Shell International Finance BV		2.88			5-10-2026		230,000		223,389

Shell International Finance BV		3.25			5-11-2025		350,000		351,008

Shell International Finance BV		3.40			8-12-2023		175,000		178,035

Shell International Finance BV		3.63			8-21-2042		175,000		164,314

WPP Finance 2010		3.75			9-19-2024		200,000		192,495

WPP Finance 2010		5.63			11-15-2043		140,000		130,459

									2,918,644


Insurance: 0.21%

Aon plc		3.88			12-15-2025		200,000		203,282

Aon plc		4.00			11-27-2023		105,000		106,708

XL Capital Limited		6.25			5-15-2027		70,000		80,441

XLIT Limited		5.25			12-15-2043		140,000		152,714

									543,145


Health Care: 1.26%

Health Care Equipment & Supplies: 0.09%

Koninklijke Philips Electronics NV		6.88			3-11-2038		175,000		225,988


Pharmaceuticals: 1.17%

Actavis Funding SCS		3.85			6-15-2024		350,000		348,684

Actavis Funding SCS		4.85			6-15-2044		350,000		323,575

AstraZeneca plc		2.38			11-16-2020		350,000		346,359

AstraZeneca plc		3.38			11-16-2025		500,000		491,551

AstraZeneca plc		4.38			11-16-2045		200,000		193,760

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


236		Wells Fargo Funds		Portfolio of investments—February 28, 2019

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Pharmaceuticals (continued)

AstraZeneca plc		6.45	%		9-15-2037	$	180,000	$	219,035

Mylan NV		3.95			6-15-2026		700,000		652,775

Shire plc ADR		3.20			9-23-2026		560,000		525,092

									3,100,831


Industrials: 0.77%

Aerospace & Defense: 0.12%

Embraer Netherlands Finance BV		5.05			6-15-2025		290,000		307,693


Professional Services: 0.12%

Thomson Reuters Corporation		4.30			11-23-2023		210,000		213,796

Thomson Reuters Corporation		5.85			4-15-2040		94,000		101,647

									315,443


Road & Rail: 0.14%

Canadian National Railway Company		6.20			6-1-2036		140,000		173,514

Canadian Pacific Railway Company		4.45			3-15-2023		140,000		144,356

Canadian Pacific Railway Company		5.95			5-15-2037		45,000		52,862

									370,732


Trading Companies & Distributors: 0.39%

AerCap Ireland Capital DAC		4.25			7-1-2020		200,000		201,800

AerCap Ireland Capital DAC		3.95			2-1-2022		520,000		522,279

AerCap Ireland Capital DAC		4.63			10-30-2020		300,000		304,794

									1,028,873


Materials: 0.68%

Chemicals: 0.29%

LyondellBasell Industries NV		4.63			2-26-2055		350,000		301,172

Nutrien Limited		4.88			3-30-2020		178,000		180,648

Nutrien Limited		5.63			12-1-2040		140,000		146,010

Nutrien Limited		6.13			1-15-2041		115,000		127,356

									755,186


Metals & Mining: 0.39%

Goldcorp Incorporated		3.70			3-15-2023		210,000		211,304

Rio Tinto Finance (USA) Limited		4.13			8-21-2042		175,000		175,957

Vale Overseas Limited		4.38			1-11-2022		140,000		140,308

Vale Overseas Limited		6.88			11-21-2036		382,000		417,411

Vale Overseas Limited		6.88			11-10-2039		91,000		99,873

									1,044,853


Total Yankee Corporate Bonds and Notes (Cost $43,823,644)									43,601,385


	Yield					Shares
Short-Term Investments: 0.34%

Investment Companies: 0.32%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					854,059		854,059

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			237

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Yield			Maturity date		Principal		Value

U.S. Treasury Securities: 0.02%

U.S. Treasury Bill (z)		2.21	%		3-14-2019	$	50,000	$	49,957


Total Short-Term Investments (Cost $904,016)									904,016


Total investments in securities (Cost $261,416,656)	99.05	%		261,612,370

Other assets and liabilities, net	0.95			2,517,646

Total net assets	100.00	%	$	264,130,016

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.

±	Variable rate investment. The rate shown is the rate in effect at period end.

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

(z)	Zero coupon security. The rate represents the current yield to maturity.

Abbreviations:

ADR	American depositary receipt

LIBOR

London Interbank Offered Rate

REIT	Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		0		118,155,611		117,301,552		854,059		0	$	0	$	47,308	$	854,059		0.32	%

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


238		Wells Fargo Funds		Portfolio of investments—February 28, 2019

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 2.00%

FHLB		2.13	%		3-13-2020	$	170,000	$	169,358

FHLB		2.13			6-9-2023		35,000		34,274

FHLB		2.26			10-4-2022		10,000		9,837

FHLB		2.38			3-30-2020		390,000		389,318

FHLB		2.75			12-13-2024		20,000		20,059

FHLMC		3.25			6-9-2023		50,000		51,455

FNMA		1.38			10-7-2021		45,000		43,669

FNMA		1.50			6-22-2020		33,000		32,547

FNMA		1.50			11-30-2020		110,000		107,995

FNMA		1.88			9-24-2026		95,000		88,655

FNMA		2.13			4-24-2026		28,000		26,715

FNMA		2.50			4-23-2020		390,000		389,836

FNMA		2.63			9-6-2024		100,000		99,916

Total Agency Securities (Cost $1,465,617)									1,463,634


U.S. Treasury Securities: 97.63%

TIPS		0.13			4-15-2020		1,917,344		1,902,664

TIPS		0.13			4-15-2021		1,097,245		1,082,758

TIPS		0.13			1-15-2022		1,559,733		1,536,398

TIPS		0.13			4-15-2022		953,616		936,704

TIPS		0.13			7-15-2022		3,909,394		3,858,160

TIPS		0.13			1-15-2023		2,954,325		2,896,046

TIPS		0.13			7-15-2024		2,437,012		2,380,751

TIPS		0.13			7-15-2026		1,805,052		1,733,908

TIPS		0.25			1-15-2025		1,272,996		1,242,489

TIPS		0.38			7-15-2023		59,382		58,974

TIPS		0.38			7-15-2025		1,165,483		1,146,726

TIPS		0.38			1-15-2027		1,388,627		1,349,518

TIPS		0.38			7-15-2027		493,037		479,507

TIPS		0.50			1-15-2028		1,853,907		1,810,528

TIPS		0.63			7-15-2021		494,980		496,769

TIPS		0.63			4-15-2023		460,260		459,568

TIPS		0.63			1-15-2024		1,880,180		1,880,474

TIPS		0.63			1-15-2026		502,289		499,895

TIPS		0.75			7-15-2028		1,156,132		1,156,945

TIPS		0.88			1-15-2029		686,612		692,995

TIPS		1.13			1-15-2021		2,074,390		2,092,216

TIPS		1.25			7-15-2020		1,405,599		1,424,047

TIPS		1.75			1-15-2028		1,163,379		1,259,017

TIPS		2.00			1-15-2026		1,019,090		1,107,404

TIPS		2.38			1-15-2025		1,324,982		1,454,918

TIPS		2.38			1-15-2027		732,613		823,404

TIPS		2.50			1-15-2029		567,591		659,292

TIPS		3.63			4-15-2028		77,675		96,802

U.S. Treasury Bond		3.13			11-15-2028		480,000		496,388

U.S. Treasury Bond		6.38			8-15-2027		125,000		159,717

U.S. Treasury Bond		6.88			8-15-2025		20,000		25,040

U.S. Treasury Note		2.88			11-30-2025		430,000		436,752

U.S. Treasury Note		1.13			4-30-2020		369,000		363,004

U.S. Treasury Note		1.13			7-31-2021		493,000		477,016

U.S. Treasury Note		1.13			9-30-2021		510,000		492,628

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			239

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)

U.S. Treasury Note		1.25	%		10-31-2021	$	513,000	$	496,408

U.S. Treasury Note		1.25			7-31-2023		488,000		462,113

U.S. Treasury Note		1.38			3-31-2020		275,000		271,541

U.S. Treasury Note		1.38			4-30-2020		3,000		2,960

U.S. Treasury Note		1.38			5-31-2020		99,000		97,561

U.S. Treasury Note		1.38			10-31-2020		510,000		500,159

U.S. Treasury Note		1.38			4-30-2021		479,000		467,455

U.S. Treasury Note		1.38			6-30-2023		489,000		466,040

U.S. Treasury Note		1.38			8-31-2023		490,000		466,132

U.S. Treasury Note		1.38			9-30-2023		339,000		322,169

U.S. Treasury Note		1.50			4-15-2020		1,000		989

U.S. Treasury Note		1.50			5-15-2020		347,000		342,663

U.S. Treasury Note		1.50			5-31-2020		488,000		481,671

U.S. Treasury Note		1.50			3-31-2023		450,000		432,264

U.S. Treasury Note		1.50			8-15-2026		670,000		618,284

U.S. Treasury Note		1.63			3-15-2020		19,000		18,819

U.S. Treasury Note		1.63			6-30-2020		2,000		1,975

U.S. Treasury Note		1.63			7-31-2020		505,000		498,411

U.S. Treasury Note		1.63			8-15-2022		365,000		354,278

U.S. Treasury Note		1.63			4-30-2023		483,000		465,963

U.S. Treasury Note		1.63			5-31-2023		20,000		19,279

U.S. Treasury Note		1.63			10-31-2023		486,000		466,807

U.S. Treasury Note		1.63			2-15-2026		663,000		620,760

U.S. Treasury Note		1.63			5-15-2026		669,000		624,836

U.S. Treasury Note		1.75			10-31-2020		473,000		466,736

U.S. Treasury Note		1.75			2-28-2022		483,000		472,585

U.S. Treasury Note		1.75			3-31-2022		484,000		473,318

U.S. Treasury Note		1.75			5-31-2022		507,000		495,097

U.S. Treasury Note		1.75			6-30-2022		305,000		297,744

U.S. Treasury Note		1.75			1-31-2023		10,000		9,714

U.S. Treasury Note		1.75			5-15-2023		595,000		576,662

U.S. Treasury Note		1.88			6-30-2020		406,000		402,368

U.S. Treasury Note		1.88			2-28-2022		450,000		441,844

U.S. Treasury Note		1.88			4-30-2022		505,000		495,433

U.S. Treasury Note		1.88			8-31-2022		417,000		408,155

U.S. Treasury Note		1.88			8-31-2024		160,000		154,438

U.S. Treasury Note		2.00			7-31-2020		434,000		430,575

U.S. Treasury Note		2.00			9-30-2020		376,000		372,769

U.S. Treasury Note		2.00			11-30-2020		449,000		444,756

U.S. Treasury Note		2.00			5-31-2021		469,000		463,705

U.S. Treasury Note		2.00			10-31-2021		479,000		472,751

U.S. Treasury Note		2.00			2-15-2022		10,000		9,860

U.S. Treasury Note		2.00			11-30-2022		645,000		633,083

U.S. Treasury Note		2.00			2-15-2023		285,000		279,434

U.S. Treasury Note		2.00			4-30-2024		10,000		9,737

U.S. Treasury Note		2.00			5-31-2024		269,000		261,781

U.S. Treasury Note		2.00			6-30-2024		185,000		179,884

U.S. Treasury Note		2.00			2-15-2025		597,000		577,458

U.S. Treasury Note		2.00			8-15-2025		645,000		621,694

U.S. Treasury Note		2.00			11-15-2026		660,000		630,016

U.S. Treasury Note		2.13			1-31-2021		157,000		155,773

U.S. Treasury Note		2.13			12-31-2021		474,000		469,112

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


240		Wells Fargo Funds		Portfolio of investments—February 28, 2019

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)

U.S. Treasury Note		2.13	%		12-31-2022	$	510,000	$	502,709

U.S. Treasury Note		2.13			2-29-2024		378,000		370,676

U.S. Treasury Note		2.13			5-15-2025		75,000		72,952

U.S. Treasury Note		2.25			3-31-2021		458,000		455,370

U.S. Treasury Note		2.25			7-31-2021		463,000		460,197

U.S. Treasury Note		2.25			12-31-2023		472,000		465,971

U.S. Treasury Note		2.25			1-31-2024		474,000		467,723

U.S. Treasury Note		2.25			10-31-2024		490,000		481,750

U.S. Treasury Note		2.25			11-15-2024		385,000		378,308

U.S. Treasury Note		2.25			2-15-2027		580,000		562,895

U.S. Treasury Note		2.25			8-15-2027		480,000		464,306

U.S. Treasury Note		2.25			11-15-2027		420,000		405,497

U.S. Treasury Note		2.38			12-31-2020		443,000		441,616

U.S. Treasury Note		2.38			5-15-2027		453,000		443,268

U.S. Treasury Note		2.50			12-31-2020		595,000		594,465

U.S. Treasury Note		2.50			1-15-2022		585,000		584,909

U.S. Treasury Note		2.50			8-15-2023		544,000		543,469

U.S. Treasury Note		2.63			8-15-2020		493,000		493,385

U.S. Treasury Note		2.63			11-15-2020		275,000		275,290

U.S. Treasury Note		2.63			12-31-2023		595,000		597,464

U.S. Treasury Note		2.63			1-31-2026		445,000		445,243

U.S. Treasury Note		2.75			11-30-2020		585,000		586,920

U.S. Treasury Note		2.75			9-15-2021		560,000		563,303

U.S. Treasury Note		2.75			8-31-2023		510,000		514,961

U.S. Treasury Note		2.75			11-15-2023		16,000		16,156

U.S. Treasury Note		2.88			8-15-2028		390,000		395,058

U.S. Treasury Note		3.50			5-15-2020		4,000		4,044

U.S. Treasury Note		6.00			2-15-2026		146,000		177,128

U.S. Treasury Note		6.50			11-15-2026		30,000		38,016

U.S. Treasury Note		6.75			8-15-2026		220,000		281,041

U.S. Treasury Note		8.00			11-15-2021		331,000		378,090

U.S. Treasury Note		8.13			5-15-2021		309,000		345,742

U.S. Treasury Note		8.13			8-15-2021		300,000		339,621

U.S. Treasury Note		8.75			8-15-2020		76,000		82,668

Total U.S. Treasury Securities (Cost $72,113,129)									71,405,652


	Yield					Shares
Short-Term Investments: 0.21%

Investment Companies: 0.19%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					140,309		140,309


						Principal
U.S. Treasury Securities: 0.02%

U.S. Treasury Bill (z)		2.23			3-14-2019	$	15,000		14,987


Total Short-Term Investments (Cost $155,296)									155,296


Total investments in securities (Cost $73,734,042)	99.84	%		73,024,582

Other assets and liabilities, net	0.16			114,434

Total net assets	100.00	%	$	73,139,016

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			241

STRATEGIC RETIREMENT BOND PORTFOLIO

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

(z)	Zero coupon security. The rate represents the current yield to maturity.

Abbreviations:

FHLB	Federal Home Loan Bank

FHLMC

Federal Home Loan Mortgage Corporation

FNMA	Federal National Mortgage Association

TIPS	Treasury inflation-protected securities

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		0		29,991,093		29,850,784		140,309	$	0	$	0	$	8,885	$	140,309		0.19	%

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


242		Wells Fargo Funds		Portfolio of investments—February 28, 2019

U.S. REIT PORTFOLIO


Security name	Shares		Value

Common Stocks: 99.51%

Real Estate: 99.51%

Equity REITs: 99.51%

Acadia Realty Trust		4,646	$	132,365

Alexander & Baldwin Incorporated		3,838		88,005

Alexandria Real Estate Equities Incorporated		6,106		829,744

American Assets Trust Incorporated		2,092		90,876

American Campus Communities Incorporated		7,859		354,127

American Homes 4 Rent Class A		14,465		315,916

Americold Realty Trust		5,941		170,804

Apartment Investment & Management Company Class A		8,932		437,031

Apple Hospitality REIT Incorporated		12,307		202,819

AvalonBay Communities Incorporated		7,981		1,553,342

Boston Properties Incorporated		8,837		1,172,582

Brandywine Realty Trust		10,194		160,250

Brixmor Property Group Incorporated		17,069		298,025

Brookfield Property REIT Class A		7,067		138,655

Camden Property Trust		5,328		522,624

CBL & Associates Properties Incorporated		9,523		20,379

Chesapeake Lodging Trust		3,393		102,197

Colony Capital Incorporated		26,305		146,256

Columbia Property Trust Incorporated		6,767		146,370

CoreCivic Incorporated		6,912		146,396

CorePoint Lodging Incorporated		2,427		33,905

Corporate Office Properties Trust		6,245		162,308

Cousins Properties Incorporated		24,286		231,203

CubeSmart		10,698		327,787

DiamondRock Hospitality		11,877		126,965

Digital Realty Trust Incorporated		12,030		1,360,834

Douglas Emmett Incorporated		9,287		358,478

Duke Realty Corporation		20,593		608,935

Easterly Government Properties Incorporated		3,466		62,319

EastGroup Properties Incorporated		2,025		213,962

Empire State Realty Trust Incorporated		9,839		149,750

Equity Commonwealth		6,834		223,130

Equity Lifestyle Properties Incorporated		4,703		510,934

Equity Residential		21,118		1,556,185

Essex Property Trust Incorporated		3,786		1,059,474

Extra Space Storage Incorporated		7,142		685,203

Federal Realty Investment Trust		4,222		564,017

First Industrial Realty Trust Incorporated		7,227		242,249

Gaming and Leisure Properties Incorporated		11,674		424,700

HCP Incorporated		27,437		844,236

Healthcare Realty Trust Incorporated		7,082		224,145

Healthcare Trust of America Incorporated Class A		11,921		339,629

Hersha Hospitality Trust		2,176		41,018

Highwoods Properties Incorporated		5,840		270,450

Hospitality Properties Trust		9,451		255,839

Host Hotels & Resorts Incorporated		41,935		822,345

Hudson Pacific Properties Incorporated		8,933		296,754

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


Portfolio of investments—February 28, 2019		Wells Fargo Funds			243

U.S. REIT PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)

Independence Realty Trust Incorporated		5,135	$	53,199

Industrial Logistics Properties Trust		3,716		77,516

Innovative Industrial Properties Incorporated		544		42,971

Invitation Homes Incorporated		16,995		390,885

Iron Mountain Incorporated		16,465		583,190

JBG Smith Properties		6,434		259,226

Kilroy Realty Corporation		5,771		425,380

Kimco Realty Corporation		23,353		410,779

Kite Realty Group Trust		4,714		74,198

Lamar Advertising Company Class A		4,931		382,498

Liberty Property Trust		8,500		402,305

Life Storage Incorporated		2,650		258,640

LTC Properties Incorporated		2,244		99,678

Mack-Cali Realty Corporation		5,032		105,722

Mid-America Apartment Communities Incorporated		6,556		679,070

National Health Investors Incorporated		2,362		184,307

National Storage Affiliates Trust		3,221		91,219

Office Properties Income Trust		2,759		84,177

Outfront Media Incorporated		7,969		178,824

Paramount Group Incorporated		11,962		171,774

Park Hotels & Resorts Incorporated		11,406		356,323

Pebblebrook Hotel Trust		7,464		238,923

Pennsylvania REIT		3,608		22,189

Piedmont Office Realty Trust Incorporated Class A		7,304		149,513

Preferred Apartment Communities Incorporated Class A		2,417		36,835

Prologis Incorporated		36,152		2,532,809

PS Business Parks Incorporated		1,136		167,185

Public Storage Incorporated		8,679		1,835,522

Regency Centers Corporation		9,126		595,472

Retail Opportunity Investment Corporation		6,395		109,802

Rexford Industrial Realty Incorporated		5,339		183,021

RLJ Lodging Trust		9,845		182,822

RPT Realty		4,449		56,413

Ryman Hospitality Properties Incorporated		2,608		211,222

SBA Communications Corporation †		6,568		1,185,918

Senior Housing Properties Trust		13,732		177,829

Seritage Growth Property Class A		1,834		80,971

Simon Property Group Incorporated		17,668		3,200,735

SITE Centers Corporation		8,200		109,470

SL Green Realty Corporation		4,884		443,076

STAG Industrial Incorporated		6,282		173,886

Summit Hotel Properties Incorporated		5,865		66,802

Sun Communities Incorporated		4,877		553,881

Sunstone Hotel Investors Incorporated		12,996		195,590

Tanger Factory Outlet Centers Incorporated		5,317		114,794

Taubman Centers Incorporated		3,304		176,368

Terreno Realty Corporation		3,333		136,320

The Geo Group Incorporated		6,967		158,290

The Macerich Company		7,910		344,876

Tier Incorporated		3,062		74,254

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


244		Wells Fargo Funds		Portfolio of investments—February 28, 2019

U.S. REIT PORTFOLIO


Security name				Shares		Value

Equity REITs (continued)

UDR Incorporated					15,722	$	698,371

Uniti Group Incorporated					10,025		96,641

Urban Edge Properties					6,294		122,229

Ventas Incorporated					20,580		1,291,395

VICI Properties Incorporated					23,421		499,102

Vornado Realty Trust					10,035		675,456

Washington Prime Group Incorporated					10,533		60,881

Washington REIT					4,509		119,443

Weingarten Realty Investors					6,881		198,242

Welltower Incorporated					21,717		1,613,790

Xenia Hotels & Resorts Incorporated					6,507		127,082

Total Common Stocks (Cost $39,048,618)							43,354,818


	Yield
Short-Term Investments: 0.44%

Investment Companies: 0.44%

Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34	%		192,034		192,034


Total Short-Term Investments (Cost $192,034)							192,034


Total investments in securities (Cost $39,240,652)	99.95	%		43,546,852

Other assets and liabilities, net	0.05			19,930

Total net assets	100.00	%	$	43,566,782

†	Non-income-earning security

(l)	The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

Abbreviations:

REIT	Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		336,973		13,544,503		13,689,442		192,034	$	0	$	0	$	3,619	$	192,034		0.44	%

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

This page is intentionally left blank.


246		Wells Fargo Funds		Statements of assets and liabilities—February 28, 2019


	Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Emerging Markets Bond Portfolio

Assets
Investments in unaffiliated securities, at value (see cost below)	$	605,192,235	$	42,838,187
Investments in affiliated securities, at value (see cost below)		6,855,231		2,749,145
Cash		0		246,552
Segregated cash for futures contracts		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		11,132,997		0
Receivable for dividends and interest		2,859,349		592,126
Unrealized gains on forward foreign currency contracts		0		0
Receivable from adviser		0		0
Prepaid expenses and other assets		1,943		0

Total assets		626,041,755		46,426,010


Liabilities
Payable for investments purchased		14,070,117		2,252,536
Custodian and accounting fees payable		118,791		0
Professional fees payable		72,977		43,183
Shareholder report expenses payable		18,780		19,487
Advisory fee payable		13,870		3,059
Due to custodian bank		6,782		0
Trustees’ fees and expenses payable		1,035		1,035
Payable for daily variation margin on open futures contracts		0		0
Unrealized losses on forward foreign currency contracts		0		0
Accrued expenses and other liabilities		0		10,538

Total liabilities		14,302,352		2,329,838

Total net assets	$	611,739,403	$	44,096,172


Investments in unaffiliated securities, at cost	$	615,998,671	$	44,185,147

Investments in affiliated securities, at cost	$	6,855,231	$	2,749,145

Foreign currency, at cost	$	0	$	0

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


Statements of assets and liabilities—February 28, 2019		Wells Fargo Funds			247


Factor Enhanced Emerging Markets Portfolio		Factor Enhanced International Portfolio		Factor Enhanced Large Cap Portfolio		Factor Enhanced Small Cap Portfolio		High Yield Corporate Bond Portfolio		International Government Bond Portfolio		Investment Grade Corporate Bond Portfolio


$	245,581,170	$	663,515,588	$	1,123,063,800	$	265,370,810	$	85,468,376	$	10,628,070	$	260,758,311
	7,871,946		25,160,866		42,045,039		10,752,908		486,162		13,185		854,059
	0		0		73		16,605		3,783,182		0		5,036,409
	1,778,773		3,474,972		6,508,000		1,880,000		0		0		0
	1,446,555		777,083		0		0		0		62,524		0
	53,699		0		4,319		0		308,861		6,033,997		1,213,017
	1,092,728		3,256,257		2,707,922		223,016		1,410,949		73,821		2,861,628
	0		0		0		0		0		17,983		0
	22,330		0		0		0		0		0		0
	37,660		2,638,209		27,401		3,065		0		0		67,637

	257,884,861		698,822,975		1,174,356,554		278,246,404		91,457,530		16,829,580		270,791,061



	112,398		73,757		201,768		49,383		4,092,043		6,014,959		6,449,936
	950,402		637,569		0		0		0		0		110,714
	46,869		11,888		0		0		0		0		92,966
	106		636		0		16		0		0		0
	0		44,730		74,036		23,129		12,180		2,064		3,623
	0		0		0		0		0		0		0
	1,035		1,035		1,035		1,035		1,035		1,055		1,125
	149,460		67,295		181,480		52,470		0		0		0
	0		0		0		0		0		54,788		0
	0		1,451		350,645		85,591		43,188		38,073		2,681

	1,260,270		838,361		808,964		211,624		4,148,446		6,110,939		6,661,045

$	256,624,591	$	697,984,614	$	1,173,547,590	$	278,034,780	$	87,309,084	$	10,718,641	$	264,130,016


$	243,410,013	$	648,982,277	$	942,205,343	$	246,222,316	$	87,954,077	$	10,544,395	$	260,562,597

$	7,871,946	$	25,160,866	$	42,045,039	$	10,752,908	$	486,162	$	13,185	$	854,059

$	1,447,404	$	778,234	$	0	$	0	$	0	$	60,524	$	0

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


248		Wells Fargo Funds		Statements of assets and liabilities—February 28, 2019


	Strategic Retirement Bond Portfolio		U.S. REIT Portfolio

Assets
Investments in unaffiliated securities, at value (see cost below)	$	72,884,273	$	43,354,818
Investments in affiliated securities, at value (see cost below)		140,309		192,034
Receivable for dividends and interest		192,226		42,923
Receivable from adviser		2,221		793
Prepaid expenses and other assets		7,501		0

Total assets		73,226,530		43,590,568


Liabilities
Payable for investments purchased		2,016		2,554
Professional fees payable		57,489		19,456
Shareholder report expenses payable		26,060		741
Due to custodian bank		914		0
Trustees’ fees and expenses payable		1,035		1,035

Total liabilities		87,514		23,786

Total net assets	$	73,139,016	$	43,566,782


Investments in unaffiliated securities, at cost	$	73,593,733	$	39,048,618

Investments in affiliated securities, at cost	$	140,309	$	192,034

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

This page is intentionally left blank.


250		Wells Fargo Funds		Statements of operations—year ended February 28, 2019


	Bloomberg Barclays US Aggregate ex-Corporate Portfolio			Emerging Markets Bond Portfolio

Investment income
Interest*	$	19,860,715		$	3,050,052
Income from affiliated securities		403,835			17,183
Dividends**		0			0

Total investment income		20,264,550			3,067,235


Expenses
Advisory fee		413,355			150,465
Custody and accounting fees		110,361			9,873
Professional fees		52,206			50,005
Shareholder report expenses		16,626			16,107
Trustees’ fees and expenses		20,838			20,838
Other fees and expenses		19,404			19,604

Total expenses		632,790			266,892
Less: Fee waivers and/or expense reimbursements		(46,025	)		(25,639	)

Net expenses		586,765			241,253

Net investment income		19,677,785			2,825,982


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(11,607,027	)		(2,373,659	)
Futures contracts		(14,035	)		0
Forward foreign currency contracts		0			0
Foreign currency and foreign currency translations		0			0

Net realized gains (losses) on investments		(11,621,062	)		(2,373,659	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		15,499,429			226,207
Futures contracts		0			0
Forward foreign currency contracts		0			0
Foreign currency and foreign currency translations		0			0

Net change in unrealized gains (losses) on investments		15,499,429			226,207

Net realized and unrealized gains (losses) on investments		3,878,367			(2,147,452	)

Net increase (decrease) in net assets resulting from operations	$	23,556,152		$	678,530


* Net of foreign interest withholding taxes in the amount of		$1,181			$0
** Net of foreign dividend withholding taxes in the amount of		$0			$0

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


Statements of operations—year ended February 28, 2019		Wells Fargo Funds			251


Factor Enhanced Emerging Markets Portfolio			Factor Enhanced International Portfolio			Factor Enhanced Large Cap Portfolio			Factor Enhanced Small Cap Portfolio			High Yield Corporate Bond Portfolio			International Government Bond Portfolio			Investment Grade Corporate Bond Portfolio


$	22,787		$	45,977		$	82,077		$	25,950		$	6,882,656		$	141,106		$	14,001,566
	157,778			475,385			736,668			210,967			23,896			1,075			47,308
	8,301,561			29,949,789			34,338,987			5,246,495			0			0			0

	8,482,126			30,471,151			35,157,732			5,483,412			6,906,552			142,181			14,048,874



	456,299			1,410,928			1,585,471			570,211			271,345			25,652			183,708
	1,217,129			696,566			282,878			115,450			8,515			4,000			47,242
	52,206			52,206			52,206			52,206			48,903			48,067			52,206
	5,457			5,457			5,457			5,844			6,234			7,486			16,626
	20,838			20,838			20,838			20,838			20,838			20,838			20,838
	12,001			13,452			9,001			9,000			14,001			7,001			6,501

	1,763,930			2,199,447			1,955,851			773,549			369,836			113,044			327,121
	(405,732	)		(253,587	)		(126,516	)		(65,715	)		(21,941	)		0			(35,227	)

	1,358,198			1,945,860			1,829,335			707,834			347,895			113,044			291,894

	7,123,928			28,525,291			33,328,397			4,775,578			6,558,657			29,137			13,756,980





	(24,731,190	)		(24,198,948	)		125,479,207			32,755,315			(3,427,913	)		(416,693	)		(4,336,680	)
	(2,192,568	)		(3,996,814	)		(4,432,548	)		(482,397	)		0			0			87,292
	(2,736	)		0			0			0			0			4,349			0
	(918,114	)		(344,692	)		0			0			0			(16,402	)		0

	(27,844,608	)		(28,540,454	)		121,046,659			32,272,918			(3,427,913	)		(428,746	)		(4,249,388	)



	(17,821,385	)		(35,357,830	)		(53,077,239	)		(6,520,971	)		55,211			(33,832	)		(4,066,644	)
	206,325			1,730,006			1,726,199			425,024			0			0			0
	0			0			0			0			0			(42,046	)		0
	(801	)		4,707			0			0			0			(918	)		0

	(17,615,861	)		(33,623,117	)		(51,351,040	)		(6,095,947	)		55,211			(76,796	)		(4,066,644	)

	(45,460,469	)		(62,163,571	)		69,695,619			26,176,971			(3,372,702	)		(505,542	)		(8,316,032	)

$	(38,336,541	)	$	(33,638,280	)	$	103,024,016		$	30,952,549		$	3,185,955		$	(476,405	)	$	5,440,948


	$0			$477			$0			$0			$471			$3,935			$5,031
	$1,271,444			$3,102,285			$71,059			$0			$0			$0			$0

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


252		Wells Fargo Funds		Statements of operations—year ended February 28, 2019


	Strategic Retirement Bond Portfolio			U.S. REIT Portfolio

Investment income
Interest	$	2,353,647		$	0
Income from affiliated securities		8,885			3,619
Dividends		0			1,783,532

Total investment income		2,362,532			1,787,151


Expenses
Advisory fee		49,858			56,855
Custody and accounting fees		7,939			3,070
Professional fees		52,206			52,206
Shareholder report expenses		19,484			5,844
Trustees’ fees and expenses		20,838			20,838
Other fees and expenses		6,501			9,001

Total expenses		156,826			147,814
Less: Fee waivers and/or expense reimbursements		(21,274	)		(17,660	)

Net expenses		135,552			130,154

Net investment income		2,226,980			1,656,997


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(1,311,344	)		1,717,011
Futures contracts		(4,501	)		0

Net realized gains (losses) on investments		(1,315,845	)		1,717,011
Net change in unrealized gains (losses) on investments		1,248,713			7,122,923

Net realized and unrealized gains (losses) on investments		(67,132	)		8,839,934

Net increase in net assets resulting from operations	$	2,159,848		$	10,496,931

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


Statements of changes in net assets		Wells Fargo Funds			253


	Bloomberg Barclays US Aggregate ex-Corporate Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	19,677,785		$	13,940,324
Net realized gains (losses) on investments		(11,621,062	)		2,695,847
Net change in unrealized gains (losses) on investments		15,499,429			(26,443,863	)

Net increase (decrease) in net assets resulting from operations		23,556,152			(9,807,692	)


Capital transactions
Transactions in investors’ beneficial interests
Contributions		133,856,823			1,487,528,060
Withdrawals		(572,102,499	)		(451,291,441	)

Net increase (decrease) in net assets resulting from capital transactions		(438,245,676	)		1,036,236,619

Total increase (decrease) in net assets		(414,689,524	)		1,026,428,927


Net assets
Beginning of period		1,026,428,927			0

End of period	$	611,739,403		$	1,026,428,927

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


254		Wells Fargo Funds		Statements of changes in net assets


	Emerging Markets Bond Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	2,825,982		$	2,384,919
Net realized gains (losses) on investments		(2,373,659	)		717,913
Net change in unrealized gains (losses) on investments		226,207			(1,714,801	)

Net increase in net assets resulting from operations		678,530			1,388,031


Capital transactions
Transactions in investors’ beneficial interests
Contributions		15,122,153			129,766,929
Withdrawals		(46,658,191	)		(56,201,280	)

Net increase (decrease) in net assets resulting from capital transactions		(31,536,038	)		73,565,649

Total increase (decrease) in net assets		(30,857,508	)		74,953,680


Net assets
Beginning of period		74,953,680			0

End of period	$	44,096,172		$	74,953,680

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


Statements of changes in net assets		Wells Fargo Funds			255


	Factor Enhanced Emerging Markets Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	7,123,928		$	3,823,944
Net realized gains (losses) on investments		(27,844,608	)		15,886,798
Net change in unrealized gains (losses) on investments		(17,615,861	)		19,565,366

Net increase (decrease) in net assets resulting from operations		(38,336,541	)		39,276,108


Capital transactions
Transactions in investors’ beneficial interests
Contributions		94,308,309			515,679,635
Withdrawals		(162,925,681	)		(191,377,239	)

Net increase (decrease) in net assets resulting from capital transactions		(68,617,372	)		324,302,396

Total increase (decrease) in net assets		(106,953,913	)		363,578,504


Net assets
Beginning of period		363,578,504			0

End of period	$	256,624,591		$	363,578,504

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


256		Wells Fargo Funds		Statements of changes in net assets


	Factor Enhanced International Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	28,525,291		$	13,815,516
Net realized gains (losses) on investments		(28,540,454	)		129,352,717
Net change in unrealized gains (losses) on investments		(33,623,117	)		(67,926,428	)

Net increase (decrease) in net assets resulting from operations		(33,638,280	)		75,241,805


Capital transactions
Transactions in investors’ beneficial interests
Contributions		104,744,531			1,627,315,279
Withdrawals		(510,735,440	)		(564,943,281	)

Net increase (decrease) in net assets resulting from capital transactions		(405,990,909	)		1,062,371,998

Total increase (decrease) in net assets		(439,629,189	)		1,137,613,803


Net assets
Beginning of period		1,137,613,803			0

End of period	$	697,984,614		$	1,137,613,803

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


Statements of changes in net assets		Wells Fargo Funds			257


	Factor Enhanced Large Cap Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	33,328,397		$	25,720,430
Net realized gains on investments		121,046,659			360,790,673
Net change in unrealized gains (losses) on investments		(51,351,040	)		(216,930,577	)

Net increase in net assets resulting from operations		103,024,016			169,580,526


Capital transactions
Transactions in investors’ beneficial interests
Contributions		148,666,933			2,690,661,084
Withdrawals		(987,981,319	)		(950,403,650	)

Net increase (decrease) in net assets resulting from capital transactions		(839,314,386	)		1,740,257,434

Total increase (decrease) in net assets		(736,290,370	)		1,909,837,960


Net assets
Beginning of period		1,909,837,960			0

End of period	$	1,173,547,590		$	1,909,837,960

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


258		Wells Fargo Funds		Statements of changes in net assets


	Factor Enhanced Small Cap Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	4,775,578		$	3,985,942
Net realized gains on investments		32,272,918			14,886,344
Net change in unrealized gains (losses) on investments		(6,095,947	)		15,424,466

Net increase in net assets resulting from operations		30,952,549			34,296,752


Capital transactions
Transactions in investors’ beneficial interests
Contributions		64,244,206			671,189,441
Withdrawals		(273,672,529	)		(248,975,639	)

Net increase (decrease) in net assets resulting from capital transactions		(209,428,323	)		422,213,802

Total increase (decrease) in net assets		(178,475,774	)		456,510,554


Net assets
Beginning of period		456,510,554			0

End of period	$	278,034,780		$	456,510,554

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


Statements of changes in net assets		Wells Fargo Funds			259


	High Yield Corporate Bond Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	6,558,657		$	4,096,582
Net realized losses on investments		(3,427,913	)		(309,369	)
Net change in unrealized gains (losses) on investments		55,211			(2,960,512	)

Net increase in net assets resulting from operations		3,185,955			826,701


Capital transactions
Transactions in investors’ beneficial interests
Contributions		14,575,719			220,176,332
Withdrawals		(60,910,365	)		(90,545,258	)

Net increase (decrease) in net assets resulting from capital transactions		(46,334,646	)		129,631,074

Total increase (decrease) in net assets		(43,148,691	)		130,457,775


Net assets
Beginning of period		130,457,775			0

End of period	$	87,309,084		$	130,457,775

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


260		Wells Fargo Funds		Statements of changes in net assets


	International Government Bond Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income (loss)	$	29,137		$	(9,546	)
Net realized gains (losses) on investments		(428,746	)		78,824
Net change in unrealized gains (losses) on investments		(76,796	)		126,757

Net increase (decrease) in net assets resulting from operations		(476,405	)		196,035


Capital transactions
Transactions in investors’ beneficial interests
Contributions		1,004,217			10,000,000
Withdrawals		(5,171	)		(35	)

Net increase in net assets resulting from capital transactions		999,046			9,999,965

Total increase in net assets		522,641			10,196,000


Net assets
Beginning of period		10,196,000			0

End of period	$	10,718,641		$	10,196,000

¹	For the period from August 16, 2017 (commencement of operations) to February 28, 2018

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


Statements of changes in net assets		Wells Fargo Funds			261


	Investment Grade Corporate Bond Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	13,756,980		$	11,821,570
Net realized gains (losses) on investments		(4,249,388	)		7,149,309
Net change in unrealized gains (losses) on investments		(4,066,644	)		4,187,744

Net increase in net assets resulting from operations		5,440,948			23,158,623


Capital transactions
Transactions in investors’ beneficial interests
Contributions		66,284,750			699,980,637
Withdrawals		(269,591,983	)		(261,142,959	)

Net increase (decrease) in net assets resulting from capital transactions		(203,307,233	)		438,837,678

Total increase (decrease) in net assets		(197,866,285	)		461,996,301


Net assets
Beginning of period		461,996,301			0

End of period	$	264,130,016		$	461,996,301

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


262		Wells Fargo Funds		Statements of changes in net assets


	Strategic Retirement Bond Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	2,226,980		$	1,236,369
Net realized gains (losses) on investments		(1,315,845	)		326,544
Net change in unrealized gains (losses) on investments		1,248,713			(2,020,610	)

Net increase (decrease) in net assets resulting from operations		2,159,848			(457,697	)


Capital transactions
Transactions in investors’ beneficial interests
Contributions		19,159,799			184,009,394
Withdrawals		(74,404,978	)		(57,327,350	)

Net increase (decrease) in net assets resulting from capital transactions		(55,245,179	)		126,682,044

Total increase (decrease) in net assets		(53,085,331	)		126,224,347


Net assets
Beginning of period		126,224,347			0

End of period	$	73,139,016		$	126,224,347

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


Statements of changes in net assets		Wells Fargo Funds			263


	U.S. REIT Portfolio
	Year ended February 28, 2019			Year ended February 28, 2018¹

Operations
Net investment income	$	1,656,997		$	891,262
Net realized gains on investments		1,717,011			1,952,565
Net change in unrealized gains (losses) on investments		7,122,923			(8,390,155	)

Net increase (decrease) in net assets resulting from operations		10,496,931			(5,546,328	)


Capital transactions
Transactions in investors’ beneficial interests
Contributions		9,516,600			92,668,856
Withdrawals		(42,660,330	)		(20,908,947	)

Net increase (decrease) in net assets resulting from capital transactions		(33,143,730	)		71,759,909

Total increase (decrease) in net assets		(22,646,799	)		66,213,581


Net assets
Beginning of period		66,213,581			0

End of period	$	43,566,782		$	66,213,581

¹	For the period from May 23, 2017 (commencement of operations) to February 28, 2018

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


264		Wells Fargo Funds		Financial highlights


	Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Bloomberg Barclays US Aggregate ex-Corporate Portfolio
Year ended February 28, 2019		2.38	%		0.08	%		0.07	%		3.23	%		72	%
Year ended February 28, 2018²		2.03	%		0.08	%		0.07	%		(1.39	)%		221	%

Emerging Markets Bond Portfolio
Year ended February 28, 2019		4.70	%		0.44	%		0.40	%		2.84	%		38	%
Year ended February 28, 2018²		4.19	%		0.44	%		0.43	%		0.62	%		174	%

Factor Enhanced Emerging Markets Portfolio
Year ended February 28, 2019		2.33	%		0.58	%		0.45	%		(11.16	)%		81	%
Year ended February 28, 2018²		1.56	%		0.49	%		0.49	%		13.43	%		136	%

Factor Enhanced International Portfolio
Year ended February 28, 2019		3.03	%		0.23	%		0.20	%		(2.91	)%		47	%
Year ended February 28, 2018²		1.74	%		0.21	%		0.21	%		8.99	%		106	%

Factor Enhanced Large Cap Portfolio
Year ended February 28, 2019		2.09	%		0.12	%		0.11	%		7.60	%		23	%
Year ended February 28, 2018²		1.94	%		0.12	%		0.12	%		11.92	%		75	%

Factor Enhanced Small Cap Portfolio
Year ended February 28, 2019		1.29	%		0.21	%		0.19	%		7.05	%		37	%
Year ended February 28, 2018²		1.23	%		0.19	%		0.19	%		8.75	%		85	%

High Yield Corporate Bond Portfolio
Year ended February 28, 2019		6.06	%		0.34	%		0.32	%		3.70	%		47	%
Year ended February 28, 2018²		5.36	%		0.37	%		0.37	%		0.49	%		122	%

International Government Bond Portfolio
Year ended February 28, 2019		0.28	%		1.10	%		1.10	%		(4.67	)%		276	%
Year ended February 28, 2018³		(0.18	)%		1.69	%		1.69	%		1.95	%		224	%

Investment Grade Corporate Bond Portfolio
Year ended February 28, 2019		3.74	%		0.09	%		0.08	%		2.29	%		25	%
Year ended February 28, 2018²		3.48	%		0.08	%		0.08	%		(0.12	)%		61	%

Strategic Retirement Bond Portfolio
Year ended February 28, 2019		2.23	%		0.16	%		0.14	%		2.47	%		23	%
Year ended February 28, 2018²		1.45	%		0.17	%		0.17	%		(1.40	)%		193	%

U.S. REIT Portfolio
Year ended February 28, 2019		2.91	%		0.26	%		0.23	%		19.52	%		20	%
Year ended February 28, 2018²		2.53	%		0.33	%		0.32	%		(8.74	)%		51	%

¹	Returns for periods of less than one year are not annualized.

²	For the period from May 23, 2017 (commencement of class operations) to February 28, 2018

³	For the period from August 16, 2017 (commencement of class operations) to February 28, 2018

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


Notes to financial statements		Wells Fargo Funds			265

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following portfolios: Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio (“Bloomberg Barclays US Aggregate ex-Corporate Portfolio”), Wells Fargo Emerging Markets Bond Portfolio (“Emerging Markets Bond Portfolio”), Wells Fargo Factor Enhanced Emerging Markets Portfolio (“Factor Enhanced Emerging Markets Portfolio”), Wells Fargo Factor Enhanced International Portfolio (“Factor Enhanced International Portfolio”), Wells Fargo Factor Enhanced Large Cap Portfolio (“Factor Enhanced Large Cap Portfolio”), Wells Fargo Factor Enhanced Small Cap Portfolio (“Factor Enhanced Small Cap Portfolio”), Wells Fargo High Yield Corporate Bond Portfolio (“High Yield Corporate Bond Portfolio”), Wells Fargo International Government Bond Portfolio (“International Government Bond Portfolio”), Wells Fargo Investment Grade Corporate Bond Portfolio (“Investment Grade Corporate Bond Portfolio”), Wells Fargo Strategic Retirement Bond Portfolio (“Strategic Retirement Bond Portfolio”), and Wells Fargo U.S. REIT Portfolio (“U.S. REIT Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust and is structured as a partnership for for federal income tax purposes.

The Portfolios offer their shares to multiple affiliated funds rather than directly to the public.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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 Portfolios may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Equity securities and futures contracts 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 Portfolios’ Valuation Procedures.

Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).

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 Portfolios 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 February 28, 2019, such fair value pricing was used in pricing certain foreign securities in Factor Enhanced Emerging Markets Portfolio.

Investments in registered open-end investment companies are valued at net asset value.


266		Wells Fargo Funds		Notes to financial statements

Investments which are not valued using 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.

Foreign currency translation

The accounting records of each Portfolio 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.

Participation notes

Each Portfolio may invest in participation notes to gain exposure to securities in certain foreign markets. Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying foreign security. Participation notes involve transaction costs, which may be higher than those applicable to the underlying foreign security. The holder of the participation note is entitled to receive from the bank or broker-dealer, an amount equal to the dividend paid by the issuer of the underlying foreign security; however, the holder is not entitled to the same rights (i.e. dividends, voting rights) as an owner of the underlying foreign security. Investments in participation notes involve risks beyond those normally associated with a direct investment in an underlying security. The Portfolio has no rights against the issuer of the underlying foreign security and participation notes expose the Portfolio to counterparty risk in the event the counterparty does not perform. There is also no assurance there will be a secondary trading market for the participation note or that the trading price of the participation note will equal the underlying value of the foreign security that it seeks to replicate.

Forward foreign currency contracts

Each Portfolio may be subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Portfolio could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.

When-issued transactions

Each Portfolio may purchase securities on a forward commitment or when-issued basis. A Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio 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.

Futures contracts

Each Portfolio is subject to equity price risk and foreign currency risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of


Notes to financial statements		Wells Fargo Funds			267

a commodity, financial instrument or currency at specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statements of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in

the Statements of Operations.

Swap contracts

Swap contracts are agreements between the Portfolio and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Portfolio and a counterparty in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”) with a central clearinghouse.

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuations in market value are recorded as unrealized gains or losses on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Portfolio’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Portfolio is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

Credit default swaps

Each Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. Each Portfolio may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

Each Portfolio may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Portfolio is the buyer of protection and a credit event occurs, the Portfolio will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Portfolio is the seller of protection and a credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of


268		Wells Fargo Funds		Notes to financial statements

the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Portfolio is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Portfolio could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

Certain credit default swap contracts entered into by the Portfolio provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities which are recorded as soon as the custodian verifies the ex-dividend date.

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio is not required to pay federal income taxes on its net investment income and net capital gain as it is treated as a partnership for federal income tax purposes. All interest, dividends, gains and losses of the Portfolio are deemed to have been “passed through” to the interestholders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.

Each Portfolio’s income and federal tax returns and all financial records supporting those returns for the fiscal year since commencement of operations will be subject to examination by the federal revenue authority. Management has analyzed each Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:


	Tax Cost		Gross unrealized gains		Gross unrealized losses			Net unrealized gains (losses)

Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	622,560,267	$	647,078	$	(11,159,879	)	$	(10,512,801	)

Emerging Markets Bond Portfolio		46,975,095		385,690		(1,773,453	)		(1,387,763	)

Factor Enhanced Emerging Markets Portfolio		261,621,341		16,669,777		(25,001,553	)		(8,331,776	)

Factor Enhanced International Portfolio		681,342,389		52,133,809		(44,764,029	)		7,369,780

Factor Enhanced Large Cap Portfolio		989,774,001		211,885,545		(36,685,920	)		175,199,625

Factor Enhanced Small Cap Portfolio		262,820,840		38,906,768		(25,724,604	)		13,182,164

High Yield Corporate Bond Portfolio		88,537,787		476,322		(3,059,571	)		(2,583,249	)

International Government Bond Portfolio		10,578,371		94,965		(68,886	)		26,079

Investment Grade Corporate Bond Portfolio		262,208,299		4,505,857		(5,101,786	)		(595,929	)

Strategic Retirement Bond Portfolio		73,780,491		73,717		(829,626	)		(755,909	)

U.S. REIT Portfolio		40,302,592		4,932,337		(1,688,077	)		3,244,260


Notes to financial statements		Wells Fargo Funds			269

3. 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 each Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Each Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎

Level 1 – quoted prices in active markets for identical securities

∎

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing each Portfolio’s assets and liabilities as of February 28, 2019:



Bloomberg Barclays US Aggregate ex-Corporate Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Agency securities	$	0	$	241,696,559	$	0	$	241,696,559

Asset-backed securities		0		3,974,315		0		3,974,315

Municipal obligations		0		5,008,662		0		5,008,662

Non-agency mortgage-backed securities		0		9,905,014		0		9,905,014

U.S. Treasury securities		311,073,358		0		0		311,073,358

Yankee corporate bonds and notes		0		20,780,793		0		20,780,793

Yankee government bonds		0		12,683,594		0		12,683,594

Short-term investments

Investment companies		6,855,231		0		0		6,855,231

U.S. Treasury securities		69,940		0		0		69,940

Total assets	$	317,998,529	$	294,048,937	$	0	$	612,047,466



Emerging Markets Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Yankee corporate bonds and notes	$	0	$	7,375,669	$	0	$	7,375,669

Yankee government bonds		0		35,462,518		0		35,462,518

Short-term investments

Investment companies		2,749,145		0		0		2,749,145

Total assets	$	2,749,145	$	42,838,187	$	0	$	45,587,332


270		Wells Fargo Funds		Notes to financial statements



Factor Enhanced Emerging Markets Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Common stocks

Brazil	$	11,217,212	$	0	$	0	$	11,217,212

Chile		4,236,258		0		0		4,236,258

China		42,189,376		107,277		0		42,296,653

Columbia		1,274,082		0		0		1,274,082

Czech Republic		999,856		0		0		999,856

Egypt		655,549		0		0		655,549

Greece		781,718		0		0		781,718

Hong Kong		800,114		0		0		800,114

Hungary		1,567,263		0		0		1,567,263

India		34,741,652		0		73,095		34,814,747

Indonesia		3,286,917		0		0		3,286,917

Malaysia		9,262,912		0		0		9,262,912

Mexico		10,111,990		0		0		10,111,990

Netherlands		172,799		0		0		172,799

Philippines		3,171,311		0		30,790		3,202,101

Russia		12,980,780		0		0		12,980,780

South Africa		10,167,097		0		0		10,167,097

South Korea		38,123,691		0		0		38,123,691

Taiwan		889,234		31,864,426		0		32,753,660

Thailand		12,132,481		0		0		12,132,481

Turkey		3,179,341		0		0		3,179,341

Preferred stocks

Brazil		10,480,093		0		0		10,480,093

Chile		153,430		0		0		153,430

Colombia		491,703		0		0		491,703

Russia		375,312		0		0		375,312

South Korea		44,228		0		8,346		52,574

Warrants

Malaysia		0		8,580		0		8,580

Thailand		0		2,257		0		2,257

Short-term investments

Investment companies		7,871,946		0		0		7,871,946

Total assets	$	221,358,345	$	31,982,540	$	112,231	$	253,453,116

Liabilities

Future contracts	$	163,551	$	0	$	0	$	163,551

Total liabilities	$	163,551	$	0	$	0	$	163,551


Notes to financial statements		Wells Fargo Funds			271



Factor Enhanced International Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Common stocks

Australia	$	67,804,356	$	0	$	0	$	67,804,356

Austria		2,346,982		0		0		2,346,982

Belgium		3,670,930		0		0		3,670,930

Canada		66,899,089		1,380,078		0		68,279,167

China		3,787,327		0		0		3,787,327

Denmark		15,542,653		0		0		15,542,653

Finland		13,205,496		0		0		13,205,496

France		38,244,891		0		0		38,244,891

Germany		35,515,583		0		0		35,515,583

Hong Kong		24,983,620		0		0		24,983,620

Ireland		4,343,383		0		0		4,343,383

Italy		5,476,150		0		0		5,476,150

Japan		145,368,570		0		0		145,368,570

Luxembourg		1,496,035		0		0		1,496,035

Malta		156,407		0		0		156,407

Netherlands		19,980,842		0		0		19,980,842

New Zealand		2,533,927		0		0		2,533,927

Norway		6,492,553		0		0		6,492,553

Poland		3,072,175		0		0		3,072,175

Portugal		1,420,355		0		0		1,420,355

Singapore		12,314,393		0		0		12,314,393

South Africa		461,862		0		0		461,862

Spain		16,924,080		0		0		16,924,080

Sweden		22,204,290		0		0		22,204,290

Switzerland		37,725,531		0		0		37,725,531

Thailand		317,440		0		0		317,440

United Kingdom		105,901,807		0		0		105,901,807

Preferred stocks

Germany		3,944,783		0		0		3,944,783

Short-term investments

Investment companies		25,160,866		0		0		25,160,866

		687,296,376		1,380,078		0		688,676,454

Futures contracts		35,715		0		0		35,715

Total assets	$	687,332,091	$	1,380,078	$	0	$	688,712,169


272		Wells Fargo Funds		Notes to financial statements



Factor Enhanced Large Cap Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Common stocks

Communication services	$	105,327,324	$	0	$	0	$	105,327,324

Consumer discretionary		105,309,790		0		0		105,309,790

Consumer staples		119,923,483		0		0		119,923,483

Energy		43,268,794		0		0		43,268,794

Financials		132,052,621		0		0		132,052,621

Health care		180,162,590		0		0		180,162,590

Industrials		162,469,544		0		0		162,469,544

Information technology		112,253,832		0		0		112,253,832

Materials		34,189,097		0		0		34,189,097

Real estate		68,688,724		0		0		68,688,724

Utilities		59,418,001		0		0		59,418,001

Short-term investments

Investment companies		42,045,039		0		0		42,045,039

Total assets	$	1,165,108,839	$	0	$	0	$	1,165,108,839
Liabilities

Future contracts	$	135,213	$	0	$	0	$	135,213

Total liabilities	$	135,213	$	0	$	0	$	135,213



Factor Enhanced Small Cap Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Common stocks

Communication services	$	9,062,834	$	0	$	6,069	$	9,068,903

Consumer discretionary		37,159,717		0		0		37,159,717

Consumer staples		12,422,389		0		0		12,422,389

Energy		8,148,001		0		0		8,148,001

Financials		53,495,024		0		2,952		53,497,976

Health care		30,247,007		0		1,208		30,248,215

Industrials		40,957,317		0		0		40,957,317

Information technology		29,259,946		0		0		29,259,946

Materials		10,314,779		0		0		10,314,779

Real estate		27,094,261		0		59,684		27,153,945

Utilities		7,139,622		0		0		7,139,622

Short-term investments

Investment companies		10,752,908		0		0		10,752,908

Total assets	$	276,053,805	$	0	$	69,913	$	276,123,718
Liabilities

Future contracts	$	120,714	$	0	$	0	$	120,714

Total liabilities	$	120,714	$	0	$	0	$	120,714


Notes to financial statements		Wells Fargo Funds			273



High Yield Corporate Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Corporate bonds and notes	$	0	$	72,252,449	$	0	$	72,252,449

Yankee corporate bonds and notes		0		13,215,927		0		13,215,927

Short-term investments

Investment companies		486,162		0		0		486,162

Total assets	$	486,162	$	85,468,376	$	0	$	85,954,538



International Government Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Foreign government bonds	$	0	$	10,628,070	$	0	$	10,628,070

Short-term investments

Investment companies		13,185		0		0		13,185

		13,185		10,628,070		0		10,641,255

Forward foreign currency contracts		0		17,983		0		17,983

Total assets	$	13,185	$	10,646,053	$	0	$	10,659,238
Liabilities

Forward foreign currency contracts	$	0	$	54,788	$	0	$	54,788

Total liabilities	$	0	$	54,788	$	0	$	54,788



Investment Grade Corporate Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Corporate bonds and notes	$	0	$	217,106,969	$	0	$	217,106,969

Yankee corporate bonds and notes		0		43,601,385		0		43,601,385

Short-term investments

Investment companies		854,059		0		0		854,059

U.S. Treasuries securities		49,957		0		0		49,957

Total assets	$	904,016	$	260,708,354	$	0	$	261,612,370



Strategic Retirement Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Agency securities	$	0	$	1,463,634	$	0	$	1,463,634

U.S. Treasury securities		71,405,652		0		0		71,405,652

Short-term investments

Investment companies		140,309		0		0		140,309

U.S. Treasury securities		14,987		0		0		14,987

Total assets	$	71,560,948	$	1,463,634	$	0	$	73,024,582


274		Wells Fargo Funds		Notes to financial statements



U.S. REIT Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Common stocks

Real estate	$	43,354,818	$	0	$	0	$	43,354,818

Short-term investments

Investment companies		192,034		0		0		192,034

Total assets	$	43,546,852	$	0	$	0	$	43,546,852

Additional sector, industry or geographic detail for each Portfolio is included in the Portfolio of Investments.

Future contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statements of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

At February 28, 2019, the Portfolios, except Factor Enhanced Emerging Markets Portfolio and Factor Enhanced Small Cap Portfolio, did not have any transfers into/out of Level 3. The Factor Enhanced Emerging Markets Portfolio and Factor Enhanced Small Cap Portfolio had no material transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fees

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the applicable subadvisers, who are responsible for day-to-day portfolio management of the Portfolios. Pursuant to the contract, Funds Management is entitled to receive an advisory fee at the following annual rate based on the average daily net assets of each Portfolio.


Bloomberg Barclays US Aggregate ex-Corporate Portfolio Investment Grade Corporate Bond Strategic Retirement Bond Portfolio	Average daily net assets	Advisory fee

	First $5 billion		0.05	%

	Next $5 billion		0.04

	Over $10 billion		0.03


Emerging Markets Bond Portfolio High Yield Corporate Bond Portfolio International Government Bond Portfolio	Average daily net assets	Advisory fee

	First $5 billion		0.25	%

	Next $5 billion		0.23

	Over $10 billion		0.21


Factor Enhanced Emerging Markets Portfolio Factor Enhanced International Portfolio Factor Enhanced Small Cap Portfolio	Average daily net assets	Advisory fee

	First $5 billion		0.15	%

	Next $5 billion		0.13

	Over $10 billion		0.11


Notes to financial statements		Wells Fargo Funds			275


Factor Enhanced Large Cap Portfolio U.S. REIT Portfolio	Average daily net assets	Advisory fee

	First $5 billion		0.10	%

	Next $5 billion		0.08

	Over $10 billion		0.06

For the year ended February 28, 2019, the advisory fee was equivalent to an annual rate for each Portfolio as follows:


	Advisory fee

Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.05	%

Emerging Markets Bond Portfolio		0.25

Factor Enhanced Emerging Markets Portfolio		0.15

Factor Enhanced International Portfolio		0.15

Factor Enhanced Large Cap Portfolio		0.10

Factor Enhanced Small Cap Portfolio		0.15

High Yield Corporate Bond Portfolio		0.25

International Government Bond Portfolio		0.25

Investment Grade Corporate Bond Portfolio		0.05

Strategic Retirement Bond Portfolio		0.05

U.S. REIT Portfolio		0.10

Funds Management has retained the services of certains subadvisers to provide daily portfolio management to the Portfolios. Funds Management has engaged Wells Capital Management Incorporated (“WellsCap”) and Wells Fargo Asset Management (International), LLC, each an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, as subadvisers. The fee for sub-advisory services is borne by Funds Management. The subadvisers are each entitled to receive from Funds Management an annual subadvisory fee which is calculated based on the average daily net assets of each Portfolio as follows:


		Subadvisory fee
	Subadviser	starting at			declining to

Bloomberg Barclays US Aggregate ex-Corporate Portfolio	WellsCap		0.04	%		0.03	%

Emerging Markets Bond Portfolio	Wells Fargo Asset Management (International), LLC		0.09			0.07

Factor Enhanced Emerging Markets Portfolio	WellsCap*		0.08			0.05

Factor Enhanced International Portfolio	WellsCap*		0.08			0.05

Factor Enhanced Large Cap Portfolio	WellsCap*		0.06			0.04

Factor Enhanced Small Cap Portfolio	WellsCap*		0.08			0.05

High Yield Corporate Bond Portfolio	WellsCap		0.09			0.07

International Government Bond Portfolio	Wells Fargo Asset Management (International), LLC		0.09			0.07

Investment Grade Corporate Bond Portfolio	WellsCap		0.04			0.03

Strategic Retirement Bond Portfolio	WellsCap		0.04			0.03

U.S. REIT Portfolio	WellsCap		0.06			0.04

*	On November 1, 2018, Analytic Investors, LLC was consolidated into WellsCap and WellsCap became the subadviser to the Portfolio. The consolidation did not result in any changes to the services provided to the Portfolio or to its strategy or fees and expenses.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios.


276		Wells Fargo Funds		Notes to financial statements

Interfund transactions

The Portfolios may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, High Yield Corporate Bond Portfolio had $394,500 and $554,250 in interfund purchases and sales, respectively, during the year ended February 28, 2019.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended February 28, 2019 were as follows:


	Purchase at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government

Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	580,982,711	$	12,157,641	$	917,067,927	$	56,735,684

Emerging Markets Bond Portfolio		0		21,853,670		0		49,647,791

Factor Enhanced Emerging Markets Portfolio		0		236,087,838		0		300,636,899

Factor Enhanced International Portfolio		0		417,172,902		0		790,784,490

Factor Enhanced Large Cap Portfolio		0		349,010,987		0		1,127,986,135

Factor Enhanced Small Cap Portfolio		0		131,586,157		0		315,991,976

High Yield Corporate Bond Portfolio		0		49,359,030		0		85,937,905

International Government Bond Portfolio		0		29,390,309		0		28,119,186

Investment Grade Corporate Bond Portfolio		0		88,666,081		0		274,758,637

Strategic Retirement Bond Portfolio		22,270,821		0		76,635,021		0

U.S. REIT Portfolio		0		11,435,631		0		41,991,710

6. DERIVATIVE TRANSACTIONS

During the year ended February 28, 2019, Bloomberg Barclays US Aggregate ex-Corporate Portfolio, Factor Enhanced Emerging Markets Portfolio, Factor Enhanced International Portfolio, Factor Enhanced Large Cap Portfolio, Factor Enhanced Small Cap Portfolio, Investment Grade Corporate Bond Portfolio, and Strategic Retirement Bond Portfolio entered into futures contracts to gain market exposure. Factor Enhanced Emerging Markets Portfolio and International Government Bond Portfolio entered into forward foreign currency contracts for economic hedging purposes.

The table below discloses the volume of the each Portfolio’s derivative transactions during the year months ended February 28, 2019.


	Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Factor Enhanced Emerging Markets Portfolio		Factor Enhanced International Portfolio		Factor Enhanced Large Cap Portfolio		Factor Enhanced Small Cap Portfolio		International Government Bond Portfolio		Investment Grade Corporate Bond Portfolio		Strategic Retirement Bond Portfolio
Futures contracts

Average notional balance on long futures	$	139,240	$	11,715,583	$	33,497,766	$	52,204,915	$	14,050,589		N/A	$	198,237	$	9,439

Average notional balance on short futures		34,252		0		0		0		0		N/A		52,200		0

Forward foreign currency contracts

Average contract amounts to buy		N/A		1,232		N/A		N/A		N/A	$	1,971,497		N/A		N/A

Average contract amounts to sell		N/A		11,864		N/A		N/A		N/A		1,899,400		N/A		N/A

The fair value, realized gains or losses and change in unrealized gains or losses, on these derivative transactions are reflected in the corresponding financial statement captions.

For certain types of derivative transactions, the Portfolios have entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with


Notes to financial statements		Wells Fargo Funds			277

an exchange or broker-dealer as collateral and allows a Portfolio to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of a Portfolio under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities are not offset across transactions between a Portfolio and the applicable counterparty. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:



	Counterparty	Gross amounts of assets in the Statements of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets

International Government Bond Portfolio	State Street Bank	$17,983	$	(17,983	)	$	0	$	0



	Counterparty	Gross amounts of liabilities in the Statements of assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities

International Government Bond Portfolio	State Street Bank	$54,788	$	(17,983	)	$	0	$	36,805

7. BANK BORROWINGS

The Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby each Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the year ended February 28, 2019, there were no borrowings by the Portfolios under the agreement.

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.


278		Wells Fargo Funds		Report of independent registered public accounting firm

TO THE SHAREHOLDERS OF THE PORTFOLIOS AND BOARD OF TRUSTEES OF WELLS FARGO MASTER TRUST:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio, Wells Fargo Emerging Markets Bond Portfolio, Wells Fargo Factor Enhanced Emerging Markets Portfolio, Wells Fargo Factor Enhanced International Portfolio, Wells Fargo Factor Enhanced Large Cap Portfolio, Wells Fargo Factor Enhanced Small Cap Portfolio, Wells Fargo High Yield Corporate Bond Portfolio, Wells Fargo International Government Bond Portfolio, Wells Fargo Investment Grade Corporate Bond Portfolio, Wells Fargo Strategic Retirement Bond Portfolio, and Wells Fargo U.S. REIT Portfolio (collectively, the Portfolios), eleven of the portfolios constituting Wells Fargo Master Trust, including the portfolios of investments, as of February 28, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for the year then ended and for the period from May 23, 2017 (commencement of operations) to February 28, 2018, except for Wells Fargo International Government Bond Portfolio which is for the year then ended and for the period from August 16, 2017 (commencement of operations) to February 28, 2018, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods from the commencement of operations to February 28, 2019. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolios as of February 28, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods from the commencement of operations to February 28, 2019, and the financial highlights for each of the years or periods from the commencement of operations to February 28, 2019, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2019, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

Boston, Massachusetts

April 26, 2019


Other information (unaudited)		Wells Fargo Funds			279

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, the percentage of ordinary income dividends qualifying for the corporate dividends-received deduction was as follows for the fiscal year ended February 28, 2019:


	Dividends-received deduction

Factor Enhanced Large Cap Fund		93.09	%

Factor Enhanced Small Cap Fund		91.55

Pursuant to Section 852 of the Internal Revenue Code, the following amounts were designated as a 20% rate gain distribution for the fiscal year ended February 28, 2019:


	20% rate gain distribution

Factor Enhanced Emerging Markets Fund	$	77

Factor Enhanced International Fund		47

Factor Enhanced Large Cap Fund		363

Factor Enhanced Small Cap Fund		156

For the fiscal year ended February 28, 2019, the percentage of ordinary income distributed which was derived from interest on U.S. government securities was as follows:


	% of U.S. government income

U.S. Core Bond Fund		30.08	%

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wfam.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. Each Fund and Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-03


280		Wells Fargo Funds		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships

William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A

Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A

Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation

Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A


Other information (unaudited)		Wells Fargo Funds			281


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships

David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A

Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A

James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A

Pamela Wheelock (Born 1959)	Trustee, since 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


282		Wells Fargo Funds		Other information (unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer

Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.

Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.

Alexander Kymn (Born 1973)	Secretary and Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.

Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012; Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

Jeremy DePalma acts as Treasurer of the Bloomberg Barclays US Aggregate ex-Corporate Portfolio, Emerging Markets Bond Portfolio, Factor Enhanced Emerging Markets Portfolio, Factor Enhanced International Portfolio, Factor Enhanced Large Cap Portfolio, Factor Enhanced Small Cap Portfolio, High Yield Corporate Bond Portfolio, International Government Bond Portfolio, Investment Grade Corporate Bond Portfolio, Strategic Retirement Bond Portfolio and the U.S. REIT Portfolio and as the Assistant Treasurer of the remaining funds in this report. In addition, Jeremy DePalma acts as Treasurer of 65 other funds and Assistant Treasurer of 68 other funds in the Fund Complex. Nancy Wiser acts as Treasurer of 8 funds in this shareholder report and 68 other funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wfam.com.

³	Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

This page is intentionally left blank.

LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Funds’ website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Funds. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Funds’ website at wfam.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


		321621 04-19

ITEM 2.

CODE OF ETHICS

(a) As of the end of the period covered by the report, Wells Fargo Master Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Master Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered

to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by

the Registrant’s audit committee.


	Fiscal year ended February 28, 2019		Fiscal year ended February 28, 2018
Audit fees	$	342,540	$	337,728
Audit-related fees		—		—
Tax fees (1)		76,415		77,065
All other fees		—		—

	$	418,955	$	414,793

(1)	Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) The Chairman of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Master Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) Not applicable

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6.

INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Master Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11.

CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Master Trust (the “Trust”) 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 Trust 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 Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURES OF SECURITIWS LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS

(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit COE.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

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 Master Trust

By:		/s/ Andrew Owen

		Andrew Owen
		President

Date:		April 26, 2019

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 date indicated.


Wells Fargo Master Trust

By:		/s/ Andrew Owen

		Andrew Owen
		President

Date:		April 26, 2019

By:		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date:		April 26, 2019