Wells Fargo Master Trust NCSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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 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: August 31, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

August 31, 2018

◾

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

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Contents



Performance highlights
Wells Fargo Emerging Markets Bond Fund			2
Wells Fargo Factor Enhanced Emerging Markets Fund			4
Wells Fargo Factor Enhanced International Fund			6
Wells Fargo Factor Enhanced Large Cap Fund			8
Wells Fargo Factor Enhanced Small Cap Fund			10
Wells Fargo High Yield Corporate Bond Fund			12
Wells Fargo International Government Bond Fund			14
Wells Fargo U.S. Core Bond Fund			16

Fund expenses			18

Portfolio of investments
Wells Fargo Emerging Markets Bond Fund			19
Wells Fargo Factor Enhanced Emerging Markets Fund			20
Wells Fargo Factor Enhanced International Fund			21
Wells Fargo Factor Enhanced Large Cap Fund			22
Wells Fargo Factor Enhanced Small Cap Fund			23
Wells Fargo High Yield Corporate Bond Fund			24
Wells Fargo International Government Bond Fund			25
Wells Fargo U.S. Core Bond Fund			26

Financial statements
Statements of assets and liabilities			28
Statements of operations			30
Statements of changes in net assets			32
Financial highlights			40

Notes to financial statements			42



Master portfolios

Portfolio of investments
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			47
Wells Fargo Emerging Markets Bond Portfolio			60
Wells Fargo Factor Enhanced Emerging Markets Portfolio			65
Wells Fargo Factor Enhanced International Portfolio			92
Wells Fargo Factor Enhanced Large Cap Portfolio			115
Wells Fargo Factor Enhanced Small Cap Portfolio			136
Wells Fargo High Yield Corporate Bond Portfolio			173
Wells Fargo International Government Bond Portfolio			188
Wells Fargo Investment Grade Corporate Bond Portfolio			191
Wells Fargo Strategic Retirement Bond Portfolio			225
Wells Fargo U.S. Reit Portfolio			229

Financial statements
Statements of assets and liabilities			232
Statements of operations			236
Statements of changes in net assets			239
Financial highlights			250

Notes to financial statements			251

Other information			264

The views expressed and any forward-looking statements are as of August 31, 2018, 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.

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

Tony Norris

Alex Perrin

Average annual total returns (%) as of August 31, 2018


								Expense ratios² (%)
	Inception date	1 year			Since inception			Gross		Net³
Wells Fargo Emerging Markets Bond Fund (WBEMX)	8-3-2017		(3.22	)		(2.01	)		752.83		0.00
JP Morgan EMBI Global Diversified Index⁴	–		(3.37	)		(2.04	)*		–		–

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)


Ten largest holdings (%) as of August 31, 2018⁵
Dominican Republic, 5.95%, 1-25-2017			2.79
Republic of Colombia, 3.88%, 4-25-2027			2.28
Russian Federation, 12.75%, 6-24-2028			1.89
Petronas Capital Limited, 3.50%, 3-18-2025			1.64
United Mexican States, 6.75%, 9-27-2034			1.59
Republic of Argentina, 5.63%, 1-26-2022			1.46
Romania, 6.75%, 2-7-2022			1.37
Republic of Indonesia, 5.88%, 1-15-2024			1.35
Petroleos Mexicanos Company, 4.88%, 1-24-2022			1.34
Republic of Panama, 4.00%, 9-22-2024			1.30

Portfolio allocation (%) as of August 31, 2018⁶

LOGO

The Fund is a feeder fund that invests substantially all of its assets in a single affiliated master portfolio of the 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 Fund’s Total Annual Fund Operating Expenses After Fee Waivers 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. After this time, 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 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.

⁶	Amounts represent the portfolio allocation 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 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^®

Harindra de Silva, Ph.D., CFA^®

Monisha Jayakumar

David Krider, CFA^®

Average annual total returns (%) as of August 31, 2018


								Expense ratios² (%)
	Inception date	1 year			Since inception			Gross		Net³
Wells Fargo Factor Enhanced Emerging Markets Fund (WEEMX)	8-3-2017		(3.28	)		(1.79	)		728.50		0.00
Wells Fargo Factor Enhanced Emerging Markets Index (Net)⁴	–		(2.98	)		(1.33	)*		–		–

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 5.


Performance highlights (unaudited)		Wells Fargo Funds			5

Wells Fargo Factor Enhanced Emerging Markets Fund (continued)


Ten largest holdings (%) as of August 31, 2018⁵
SK Hynix Incorporated			1.39
Hon Hai Precision Industry Company Limited			1.34
Infosys Limited ADR			1.32
Itau Unibanco Holding SA			1.00
Tata Consultancy Services Limited			0.96
POSCO			0.89
China Petroleum & Chemical Corporation H Shares			0.85
Hindustan Unilever Limited			0.77
Naver Corporation			0.74
Banco Bradesco SA			0.71

Country allocation (%) as of August 31, 2018⁶

LOGO

Sector distribution (%) as of August 31, 2018⁶

^‡	Wells Capital Management Incorporated became the subadviser of the affiliated master portfolio on November 1, 2018.

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 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

⁶	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.


6		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^®

Harindra de Silva, Ph.D., CFA^®

Monisha Jayakumar

David Krider, CFA^®

Average annual total returns (%) as of August 31, 2018

Expense ratios² (%)

Inception date

1 year

Since

inception

Gross

Net³

Wells Fargo Factor Enhanced International Fund (WINTX)

8-3-2017

6.01

5.37

730.62

0.00

Wells Fargo Factor Enhanced International Index (Net)⁴

–

6.07

5.31

–

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 International Fund (continued)


Ten largest holdings (%) as of August 31, 2018⁵
Roche Holding AG			1.42
Royal Dutch Shell plc Class A			1.29
BP plc			1.27
Royal Bank of Canada			0.95
The Toronto-Dominion Bank			0.95
British American Tobacco plc			0.94
AIA Group Limited			0.87
GlaxoSmithKline plc			0.84
AstraZeneca plc			0.78
Unilever NV			0.74

Country allocation (%) as of August 31, 2018⁶

LOGO

Sector distribution (%) as of August 31, 2018⁶

^‡	Wells Capital Management Incorporated became the subadviser of the affiliated master portfolio on November 1, 2018.

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

⁶	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 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^®

Harindra de Silva, Ph.D., CFA^®

Monisha Jayakumar

Average annual total returns (%) as of August 31, 2018

Expense ratios² (%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo Factor Enhanced Large Cap Fund (WLECX)

8-3-2017

16.38

15.24

718.70

0.00

Wells Fargo Factor Enhanced Large Cap Index⁴

–

16.19

15.21

–

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. 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 9.


Performance highlights (unaudited)		Wells Fargo Funds			9

Wells Fargo Factor Enhanced Large Cap Fund (continued)


Ten largest holdings (%) as of August 31, 2018⁵
Johnson & Johnson			2.04
Exxon Mobil Corporation			1.93
Berkshire Hathaway Incorporated Class B			1.52
UnitedHealth Group Incorporated			1.45
Pfizer Incorporated			1.40
The Home Depot Incorporated			1.32
AT&T Incorporated			1.30
Chevron Corporation			1.29
Verizon Communications Incorporated			1.27
The Procter & Gamble Company			1.18

Sector distribution (%) as of August 31, 2018⁶

LOGO

^‡	Wells Capital Management Incorporated became the subadviser of the affiliated master portfolio on November 1, 2018.

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

⁶	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.


10		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 August 31, 2018

Expense ratios² (%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo Factor Enhanced Small Cap Fund (WFESX)

8-3-2017

26.62

23.47

717.31

0.00

Wells Fargo Factor Enhanced Small Cap Index⁴

–

25.76

23.01

–

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. 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 11.


Performance highlights (unaudited)		Wells Fargo Funds			11

Wells Fargo Factor Enhanced Small Cap Fund (continued)


Ten largest holdings (%) as of August 31, 2018⁵
Etsy Incorporated			0.32
Inogen Incorporated			0.29
Insperity Incorporated			0.28
Green Dot Corporation Class A			0.25
Tetra Tech Incorporated			0.24
Two Harbors Investment Corporation			0.24
Deckers Outdoor Corporation			0.23
Kemper Corporation			0.23
SiteOne Landscape Supply Incorporated			0.22
NuVasive Incorporated			0.22

Sector distribution (%) as of August 31, 2018⁶

LOGO

^‡	Wells Capital Management Incorporated became the subadviser of the affiliated master portfolio on November 1, 2018.

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

⁶	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.


12		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 August 31, 2018

Expense ratios² (%)

Inception date

1 year

Since
inception

Gross

Net³

Wells Fargo High Yield Corporate Bond Fund (WYCBX)

8-3-2017

2.57

2.19

761.12

0.00

Wells Fargo U.S. High Yield Bond Index⁴

–

3.29

2.95

–

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 13.


Performance highlights (unaudited)		Wells Fargo Funds			13

Wells Fargo High Yield Corporate Bond Fund (continued)


Ten largest holdings (%) as of August 31, 2018⁵
Ardagh Packaging Finance plc 7.25%, 5-15-2024			0.65
Tenet Healthcare Corporation 4.63%, 7-15-2024			0.60
Iron Mountain Incorporated 5.75%, 8-15-2024			0.52
Hexion Incorporated 6.63%, 4-15-2020			0.50
DISH DBS Corporation 5.88%, 11-15-2024			0.46
Alcoa Incorporated 6.75%, 1-15-2028			0.45
BMC Software Finance Incorporated 8.13%, 7-15-2021			0.45
United Rentals North America Incorporated 5.50%, 7-15-2025			0.45
Bombardier Incorporated 6.00%, 10-15-2022			0.44
Crown Americas Capital Corporation IV 4.50%, 1-15-2023			0.44

Credit quality (%) as of August 31, 2018⁶

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 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

⁶

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.


14		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

Tony Norris

Alex Perrin

Average annual total returns (%) as of August 31, 2018

Expense ratios² (%)

Inception date

Since
inception

Gross

Net³

Wells Fargo International Government Bond Fund (WIGBX)

10-31-2017

(0.04

)

1,007.15

0.00

Wells Fargo International Government Bond Index⁴

–

0.02

–

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.

Please see footnotes on page 15.


Performance highlights (unaudited)		Wells Fargo Funds			15

Wells Fargo International Government Bond Fund (continued)


Ten largest holdings (%) as of August 31, 2018⁵
Japan 0.10%, 12-15-2019			17.94
United Kingdom Gilt 4.25%, 12-7-2027			8.08
France Government Bond 1.00%, 5-25-2027			8.06
Italy Buoni Poliennali del Tesoro 2.15%, 12-15-2021			6.43
Finland 0.50%, 9-15-2027			4.03
Netherlands 2.50%, 1-15-2033			3.92
Belgium Government Bond Series 61 4.00%, 3-28-2032			3.91
Mexico 6.50%, 6-9-2022			3.83
Korea 2.00%, 3-10-2021			3.73
Republic of Austria 0.75%, 10-20-2026			3.70

Country allocation (%) as of August 31, 2018⁶

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

⁶	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.


16		Wells Fargo Funds		Performance highlights (unaudited)

Wells Fargo U.S. Core Bond Fund

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 August 31, 2018


								Expense ratios² (%)
	Inception date	1 year			Since inception			Gross		Net³
Wells Fargo U.S. Core Bond Fund (WUSBX)	8-3-2017		(1.09	)		(0.64	)		762.71		0.00
Wells Fargo U.S. Core Bond Index⁴	–		(1.07	)		(0.52	)*		–		–

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 secities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 17.


Performance highlights (unaudited)		Wells Fargo Funds			17

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


Ten largest holdings (%) as of August 31, 2018⁵
U.S. Treasury Bond, 3.00%, 5-15-2047			2.27
U.S. Treasury Note, 1.50%, 6-15-2020			2.01
FNMA, 3.00%, 7-1-2047			1.96
FNMA, 3.50%, 9-1-2043			1.73
U.S. Treasury Note, 1.75%, 6-30-2022			1.70
GNMA, 3.50%, 2-20-2045			1.62
FHLMC, 3.00%, 2-1-2047			1.60
FNMA, 4.00%, 9-13-2048			1.52
FHLMC, 3.50%, 2-1-2044			1.38
GNMA, 3.00%, 3-20-2046			1.17

Credit quality (%) as of August 31, 2018⁶

LOGO

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.

Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.06% of acquired fund fees and expenses from affiliated master portfolio(s). The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses from the affiliated master portfolio(s).

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 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 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.

⁶

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(s) 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(s). 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.


18		Wells Fargo Funds		Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the 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 March 1, 2018 to August 31, 2018.

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 3-1-2018		Ending account value 8-31-2018		Expenses paid during the period¹		Annualized net expense ratio²
Actual	$	1,000.00	$	975.61	$	0.00		0.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	$	0.00		0.00	%
Factor Enhanced Emerging Markets Fund
Actual	$	1,000.00	$	906.05	$	0.00		0.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	$	0.00		0.00	%
Factor Enhanced International Fund
Actual	$	1,000.00	$	1,006.69	$	0.00		0.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	$	0.00		0.00	%
Factor Enhanced Large Cap Fund
Actual	$	1,000.00	$	1,069.19	$	0.00		0.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	$	0.00		0.00	%
Factor Enhanced Small Cap Fund
Actual	$	1,000.00	$	1,172.61	$	0.00		0.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	$	0.00		0.00	%
High Yield Corporate Bond Fund
Actual	$	1,000.00	$	1,018.34	$	0.00		0.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	$	0.00		0.00	%
International Government Bond Fund
Actual	$	1,000.00	$	957.87	$	0.00		0.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	$	0.00		0.00	%
U.S. Core Bond Fund
Actual	$	1,000.00	$	1,010.67	$	0.00		0.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	$	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—August 31, 2018 (unaudited)		Wells Fargo Funds			19

EMERGING MARKETS BOND FUND

Security name

Value

Investment Companies: 99.99%

Affiliated Master Portfolio: 99.99%

Wells Fargo Emerging Markets Bond Portfolio

1,007,768

Total Investment Companies (Cost $1,010,093)

1,007,768


Total investments in securities (Cost $1,010,093)	99.99	%		1,007,768
Other assets and liabilities, net	0.01			114

Total net assets	100.00	%	$	1,007,882

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			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Interest allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Emerging Markets Bond Portfolio		0.01	%		1.58	%	$	(369	)	$	(2,120	)	$	754	$	10	$	1,007,768		99.99	%

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


20		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS FUND

Security name

Value

Investment Companies: 99.99%

Affiliated Master Portfolio: 99.99%

Wells Fargo Factor Enhanced Emerging Markets Portfolio

1,012,566

Total Investment Companies (Cost $1,009,101)

1,012,566


Total investments in securities (Cost $1,009,101)	99.99	%		1,012,566
Other assets and liabilities, net	0.01			112

Total net assets	100.00	%	$	1,012,678

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			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00	%*		0.33	%	$	(1,440	)	$	3,034	$	303	$	11	$	1,012,566		99.99	%

The amount owned is less than 0.005%.

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			21

FACTOR ENHANCED INTERNATIONAL FUND

Security name

Value

Investment Companies: 100.00%

Affiliated Master Portfolio: 100.00%

Wells Fargo Factor Enhanced International Portfolio

1,000,841

Total Investment Companies (Cost $1,010,403)

1,000,841


Total investments in securities (Cost $1,010,403)	100.00	%		1,000,841
Other assets and liabilities, net	0.00			45

Total net assets	100.00	%	$	1,000,886

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			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Factor Enhanced International Portfolio		0.00	%*		0.10	%	$	(59	)	$	(9,820	)	$	288	$	11	$	1,000,841		100.00	%

The amount owned is less than 0.005%.

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


22		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP FUND

Security name

Value

Investment Companies: 100.00%

Affiliated Master Portfolio: 100.00%

Wells Fargo Factor Enhanced Large Cap Portfolio

1,012,147

Total Investment Companies (Cost $1,020,915)

1,012,147


Total investments in securities (Cost $1,020,915)	100.00	%		1,012,147
Other assets and liabilities, net	0.00			25

Total net assets	100.00	%	$	1,012,172

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		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00	%*		0.06	%	$	10,123	$	(9,079	)	$	287	$	4	$	1,012,147		100.00	%

The amount owned is less than 0.005%.

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			23

FACTOR ENHANCED SMALL CAP FUND

Security name

Value

Investment Companies: 100.00%

Affiliated Master Portfolio: 100.00%

Wells Fargo Factor Enhanced Small Cap Portfolio

1,017,105

Total Investment Companies (Cost $1,018,631)

1,017,105


Total investments in securities (Cost $1,018,631)	100.00	%		1,017,105
Other assets and liabilities, net	0.00			41

Total net assets	100.00	%	$	1,017,146

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		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00	%*		0.25	%	$	8,259	$	(2,011	)	$	226	$	9	$	1,017,105		100.00	%

The amount owned is less than 0.005%.

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


24		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

HIGH YIELD CORPORATE BOND FUND

Security name

Value

Investment Companies: 100.04%

Affiliated Master Portfolio: 100.04%

Wells Fargo High Yield Corporate Bond Portfolio

1,010,034

Total Investment Companies (Cost $1,010,164)

1,010,034


Total investments in securities (Cost $1,010,164)	100.04	%		1,010,034
Other assets and liabilities, net	(0.04	)		(441	)

Total net assets	100.00	%	$	1,009,593

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			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Interest allocated from affiliated Master Portfolio		Income from affiliated securities allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo High Yield Corporate Bond Portfolio		0.01	%		0.89	%	$	(268	)	$	73	$	899	$	6	$	1,010,034		100.04	%

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			25

INTERNATIONAL GOVERNMENT BOND FUND

Security name

Value

Investment Companies: 99.98%

Affiliated Master Portfolio: 99.98%

Wells Fargo International Government Bond Portfolio

1,006,514

Total Investment Companies (Cost $995,212)

1,006,514


Total investments in securities (Cost $995,212)	99.98	%		1,006,514
Other assets and liabilities, net	0.02			213

Total net assets	100.00	%	$	1,006,727

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		Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		Interest allocated from affiliated Master Portfolio		Income from affiliated securities allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo International Government Bond Portfolio		0.10	%		9.43	%	$	14,705	$	10,888	$	226	$	15	$	1,006,514		99.98	%

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


26		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

U.S. CORE BOND FUND

Security name

Value

Investment Companies: 100.03%

Affiliated Master Portfolios: 100.03%

Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio

756,236

Wells Fargo Investment Grade Corporate Bond Portfolio

253,525

Total Investment Companies (Cost $1,009,497)

1,009,761


Total investments in securities (Cost $1,009,497)	100.03	%		1,009,761
Other assets and liabilities, net	(0.03	)		(301	)

Total net assets	100.00	%	$	1,009,460

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 Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%*		0.09	%	$	(599	)	$	802		$	173	$	8	$	756,236
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00	%*		0.07	%		(4	)		(251	)		148		0		253,525

							$	(603	)	$	551		$	321	$	8	$	1,009,761		100.03	%

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.


28		Wells Fargo Funds		Statements of assets and liabilities—August 31, 2018 (unaudited)


	Emerging Markets Bond Fund			Factor Enhanced Emerging Markets Fund

Assets
Investments in affiliated Master Portfolio(s), at value (see cost below)	$	1,007,768		$	1,012,566
Cash		6,729			3,217
Receivable from manager		4,669			4,672
Prepaid expenses and other assets		0			2,498

Total assets		1,019,166			1,022,953


Liabilities
Professional fees payable		4,677			4,678
Shareholder report expenses payable		3,378			3,378
Trustees’ fees and expenses payable		1,134			1,134
Custodian and accounting fees payable		1,084			1,085
Dividends payable		0			0
Accrued expenses and other liabilities		1,011			0

Total liabilities		11,284			10,275

Total net assets	$	1,007,882		$	1,012,678


NET ASSETS CONSIST OF
Paid-in capital	$	1,009,999		$	1,009,961
Undistributed (overdistributed) net investment income		632			379
Accumulated net realized gains (losses) on investments		(424	)		(1,127	)
Net unrealized gains (losses) on investments		(2,325	)		3,465

Total net assets	$	1,007,882		$	1,012,678


COMPUTATION OF NET ASSET VALUE
Net assets	$	1,007,882		$	1,012,678
Shares outstanding¹		107,610			103,987
Net asset value per share		$9.37			$9.74

Investments in affiliated Master Portfolio(s), at cost	$	1,010,093		$	1,009,101

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—August 31, 2018 (unaudited)		Wells Fargo Funds			29


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


$	1,000,841		$	1,012,147		$	1,017,105		$	1,010,034		$	1,006,514		$	1,009,761
	6,714			6,705			6,713			6,519			11,638			6,700
	4,643			4,632			4,641			4,658			4,700			4,627
	0			0			0			0			0			0

	1,012,198			1,023,484			1,028,459			1,021,211			1,022,852			1,021,088



	4,678			4,678			4,678			4,678			9,645			4,677
	3,378			3,378			3,378			3,378			3,682			3,378
	1,134			1,134			1,134			1,134			1,407			1,134
	1,085			1,085			1,085			1,085			841			1,085
	0			0			0			510			0			0
	1,037			1,037			1,038			833			550			1,354

	11,312			11,312			11,313			11,618			16,125			11,628

$	1,000,886		$	1,012,172		$	1,017,146		$	1,009,593		$	1,006,727		$	1,009,460



$	1,010,092		$	1,010,083		$	1,009,888		$	1,009,986		$	1,010,000		$	1,010,015
	375			360			279			71			131			(124	)
	(19	)		10,497			8,505			(334	)		(14,706	)		(695	)
	(9,562	)		(8,768	)		(1,526	)		(130	)		11,302			264

$	1,000,886		$	1,012,172		$	1,017,146		$	1,009,593		$	1,006,727		$	1,009,460



$	1,000,886		$	1,012,172		$	1,017,146		$	1,009,593		$	1,006,727		$	1,009,460
	95,073			87,356			81,386			106,042			102,112			105,058
	$10.53			$11.59			$12.50			$9.52			$9.86			$9.61

$	1,010,403		$	1,020,915		$	1,018,631		$	1,010,164		$	995,212		$	1,009,497

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


30		Wells Fargo Funds		Statements of operations—six months ended August 31, 2018 (unaudited)


	Emerging Markets Bond Fund			Factor Enhanced Emerging Markets Fund

Investment income
Interest allocated from affiliated Master Portfolio(s)	$	754		$	0
Dividends allocated from affiliated Master Portfolio(s)*		0			303
Affiliated income allocated from affiliated Master Portfolio(s)		10			11
Expenses allocated from affiliated Master Portfolio(s)		(68	)		(90	)
Waivers allocated from affiliated Master Portfolio(s)		1			17

Total investment income		697			241


Expenses
Custody and accounting fees		512			512
Professional fees		14,864			14,864
Registration fees		512			512
Shareholder report expenses		4,516			4,516
Trustees’ fees and expenses		10,246			10,246
Other fees and expenses		1,538			1,538

Total expenses		32,188			32,188
Less: Fee waivers and/or expense reimbursements		(32,256	)		(32,278	)

Net expenses		(68	)		(90	)

Net investment income		765			331


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		(369	)		(1,440	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio(s)		(2,120	)		3,034

Net realized and unrealized gains (losses) on investments		(2,489	)		1,594

Net increase (decrease) in net assets resulting from operations	$	(1,724	)	$	1,925


* Net of foreign dividend withholding taxes in the amount of		$0			$33

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


Statements of operations—six months ended August 31, 2018 (unaudited)		Wells Fargo Funds			31


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		$	0		$	899		$	226		$	321
	288			287			226			0			0			0
	11			4			9			6			15			8
	(37	)		(20	)		(33	)		(52	)		(154	)		(11	)
	3			1			2			1			0			1

	265			272			204			854			87			319



	512			512			512			512			512			512
	14,864			14,864			14,864			14,865			15,325			14,864
	512			512			512			512			512			512
	4,516			4,516			4,516			4,516			4,516			4,516
	10,246			10,246			10,246			10,246			10,246			10,246
	1,538			1,537			1,538			1,537			1,537			1,538

	32,188			32,187			32,188			32,188			32,648			32,188
	(32,225	)		(32,207	)		(32,221	)		(32,240	)		(32,802	)		(32,199	)

	(37	)		(20	)		(33	)		(52	)		(154	)		(11	)

	302			292			237			906			241			330



	(59	)		10,123			8,259			(268	)		(14,705	)		(603	)
	(9,820	)		(9,079	)		(2,011	)		73			10,888			551

	(9,879	)		1,044			6,248			(195	)		(3,817	)		(52	)

$	(9,577	)	$	1,336		$	6,485		$	711		$	(3,576	)	$	278


	$9			$0			$0			$0			$0			$0

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


32		Wells Fargo Funds		Statements of changes in net assets


	Emerging Markets Bond Fund
	Six months ended August 31, 2018 (unaudited)					Year ended February 28, 2018¹

Operations
Net investment income			$	765				$	261
Net realized losses on investments				(369	)				(26	)
Net change in unrealized gains (losses) on investments				(2,120	)				(206	)

Net increase (decrease) in net assets resulting from operations				(1,724	)				29


Distributions to shareholders from
Net investment income				(190	)				(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				998,086					9,796


Net assets
Beginning of period				9,796					0

End of period			$	1,007,882				$	9,796

Undistributed net investment income			$	632				$	57

¹	For the period from August 3, 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			33


	Factor Enhanced Emerging Markets Fund
	Six months ended August 31, 2018 (unaudited)					Year ended February 28, 2018¹

Operations
Net investment income			$	331				$	107
Net realized gains (losses) on investments				(1,440	)				326
Net change in unrealized gains (losses) on investments				3,034					392

Net increase in net assets resulting from operations				1,925					825


Distributions to shareholders from
Net investment income				0					(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				1,001,925					10,753


Net assets
Beginning of period				10,753					0

End of period			$	1,012,678				$	10,753

Undistributed net investment income			$	379				$	48

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

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


34		Wells Fargo Funds		Statements of changes in net assets


	Factor Enhanced International Fund
	Six months ended August 31, 2018 (unaudited)					Year ended February 28, 2018¹

Operations
Net investment income			$	302				$	115
Net realized gains (losses) on investments				(59	)				47
Net change in unrealized gains (losses) on investments				(9,820	)				350

Net increase (decrease) in net assets resulting from operations				(9,577	)				512


Distributions to shareholders from
Net investment income				0					(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				990,423					10,463


Net assets
Beginning of period				10,463					0

End of period			$	1,000,886				$	10,463

Undistributed net investment income			$	375				$	73

¹	For the period from August 3, 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			35


	Factor Enhanced Large Cap Fund
	Six months ended August 31, 2018 (unaudited)					Year ended February 28, 2018¹

Operations
Net investment income			$	292				$	124
Net realized gains on investments				10,123					374
Net change in unrealized gains (losses) on investments				(9,079	)				394

Net increase in net assets resulting from operations				1,336					892


Distributions to shareholders from
Net investment income				0					(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				1,001,336					10,836


Net assets
Beginning of period				10,836					0

End of period			$	1,012,172				$	10,836

Undistributed net investment income			$	360				$	68

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

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


36		Wells Fargo Funds		Statements of changes in net assets


	Factor Enhanced Small Cap Fund
	Six months ended August 31, 2018 (unaudited)					Year ended February 28, 2018¹

Operations
Net investment income			$	237				$	84
Net realized gains on investments				8,259					246
Net change in unrealized gains (losses) on investments				(2,011	)				373

Net increase in net assets resulting from operations				6,485					703


Distributions to shareholders from
Net investment income				0					(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				1,006,485					10,661


Net assets
Beginning of period				10,661					0

End of period			$	1,017,146				$	10,661

Undistributed net investment income			$	279				$	42

¹	For the period from August 3, 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			37


	High Yield Corporate Bond Fund
	Six months ended August 31, 2018 (unaudited)					Year ended February 28, 2018¹

Operations
Net investment income			$	906				$	326
Net realized losses on investments				(268	)				(66	)
Net change in unrealized gains (losses) on investments				73					(209	)

Net increase in net assets resulting from operations				711					51


Distributions to shareholders from
Net investment income				(776	)				(385	)
Tax basis return of capital				0					(8	)

Total distributions to shareholders				(776	)				(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				999,935					9,658


Net assets
Beginning of period				9,658					0

End of period			$	1,009,593				$	9,658

Undistributed (overdistributed) net investment income			$	71				$	(59	)

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

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


38		Wells Fargo Funds		Statements of changes in net assets


	International Government Bond Fund
	Six months ended August 31, 2018 (unaudited)					Year ended February 28, 2018¹

Operations
Net investment income			$	241				$	54
Net realized losses on investments				(14,705	)				(27	)
Net change in unrealized gains (losses) on investments				10,888					414

Net increase (decrease) in net assets resulting from operations				(3,576	)				441


Distributions to shareholders from
Net investment income				(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				996,321					10,406


Net assets
Beginning of period				10,406					0

End of period			$	1,006,727				$	10,406

Undistributed (overdistributed) net investment income			$	131				$	(7	)

¹	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.


Statements of changes in net assets		Wells Fargo Funds			39


	U.S. Core Bond Fund
	Six months ended August 31, 2018 (unaudited)					Year ended February 28, 2018¹

Operations
Net investment income			$	330				$	137
Net realized losses on investments				(603	)				(63	)
Net change in unrealized gains (losses) on investments				551					(250	)

Net increase (decrease) in net assets resulting from operations				278					(176	)


Distributions to shareholders from
Net investment income				(454	)				(166	)
Tax basis return of capital				0					(22	)

Total distributions to shareholders				(454	)				(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				999,824					9,636


Net assets
Beginning of period				9,636					0

End of period			$	1,009,460				$	9,636

Undistributed (overdistributed) net investment income			$	(124	)			$	0

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

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


40		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			Tax basis return of capital			Ending net asset value per share

Emerging Markets Bond Fund
Six months ended August 31, 2018 (unaudited)	$	9.80		0.20			(0.44	)		(0.19	)		0.00		$	9.37
Year ended February 28, 2018⁵	$	10.00		0.26			(0.23	)		(0.23	)		0.00		$	9.80

Factor Enhanced Emerging Markets Fund
Six months ended August 31, 2018 (unaudited)	$	10.75		0.20			(1.21	)		0.00			0.00		$	9.74
Year ended February 28, 2018⁵	$	10.00		0.11			0.70			(0.06	)		0.00		$	10.75

Factor Enhanced International Fund
Six months ended August 31, 2018 (unaudited)	$	10.46		0.20	⁷		(0.13	)		0.00			0.00		$	10.53
Year ended February 28, 2018⁵	$	10.00		0.12			0.39			(0.05	)		0.00		$	10.46

Factor Enhanced Large Cap Fund
Six months ended August 31, 2018 (unaudited)	$	10.84		0.20	⁷		0.55			0.00			0.00		$	11.59
Year ended February 28, 2018⁵	$	10.00		0.12			0.78			(0.06	)		0.00		$	10.84

Factor Enhanced Small Cap Fund
Six months ended August 31, 2018 (unaudited)	$	10.66		0.16			1.68			0.00			0.00		$	12.50
Year ended February 28, 2018⁵	$	10.00		0.08			0.62			(0.04	)		0.00		$	10.66

High Yield Corporate Bond Fund
Six months ended August 31, 2018 (unaudited)	$	9.66		0.37			(0.19	)		(0.32	)		0.00		$	9.52
Year ended February 28, 2018⁵	$	10.00		0.33			(0.28	)		(0.38	)		(0.01	)	$	9.66

International Government Bond Fund
Six months ended August 31, 2018 (unaudited)	$	10.41		0.11			(0.56	)		(0.10	)		0.00		$	9.86
Year ended February 28, 2018⁶	$	10.00		0.05			0.40			(0.04	)		0.00		$	10.41

U.S. Core Bond Fund
Six months ended August 31, 2018 (unaudited)	$	9.64		0.13			(0.03	)		(0.13	)		0.00		$	9.61
Year ended February 28, 2018⁵	$	10.00		0.14			(0.31	)		(0.17	)		(0.02	)	$	9.64

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 investments have been the initial seed capital investments, the gross expenses are higher than the typical operation of a fund. These expenses were waived by the manager.

²	Ratios include net expenses allocated from the affiliated Master Portfolio(s), which are waived by the manager. These amounts were as follows:


	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018
Emerging Markets Bond Fund		0.43	%		0.39	%⁵
Factor Enhanced Emerging Markets Fund		0.55			0.46	⁵
Factor Enhanced International Fund		0.22			0.20	⁵
Factor Enhanced Large Cap Fund		0.35			0.11	⁵
Factor Enhanced Small Cap Fund		0.20			0.18	⁵
High Yield Corporate Bond Fund		0.33			0.33	⁵
International Government Bond Fund		0.95			1.76	⁶
U.S. Core Bond Fund		0.21			0.06	⁵

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

⁷	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Funds			41


Ratio to average net assets (annualized)									Total Return³			Portfolio turnover rate⁴			Net assets at end of period (000s omitted)
Net investment income			Gross expenses^1,2			Net expenses²			Total Return³			Portfolio turnover rate⁴			Net assets at end of period (000s omitted)


	4.82	%		203.24	%		0.00	%		(2.44	)%		17	%	$	1,008
	4.55	%		752.83	%		0.00	%		0.29	%		18	%	$	10


	1.95	%		199.60	%		0.00	%		(9.40	)%		33	%	$	1,013
	1.80	%		728.50	%		0.00	%		8.25	%		79	%	$	11


	1.85	%		196.94	%		0.00	%		0.67	%		21	%	$	1,001
	1.94	%		730.62	%		0.00	%		5.09	%		44	%	$	10


	5.19	%		572.51	%		0.00	%		6.92	%		14	%	$	1,012
	2.06	%		718.70	%		0.00	%		8.96	%		36	%	$	11


	1.39	%		190.78	%		0.00	%		17.26	%		53	%	$	1,017
	1.39	%		717.33	%		0.00	%		7.01	%		44	%	$	11


	5.72	%		203.46	%		0.00	%		1.83	%		16	%	$	1,010
	5.73	%		761.12	%		0.00	%		0.52	%		51	%	$	10


	1.49	%		203.14	%		0.00	%		(4.21	)%		141	%	$	1,007
	1.62	%		1,007.15	%		0.00	%		4.46	%		127	%	$	10


	2.08	%		203.03	%		0.00	%		1.07	%		34	%	$	1,009
	2.43	%		762.71	%		0.00	%		(1.74	)%		62	%	$	10

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


42		Wells Fargo Funds		Notes to financial statements (unaudited)

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 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 (each, an “affiliated Master Portfolio”, 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 six months ended August 31, 2018 are included in this report and should be read in conjunction with each Fund’s financial statements. As of August 31, 2018, each Fund in a master-feeder structure own the following percentages of the respective affiliated Master Portfolio:

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

1.58

N/A

Wells Fargo Factor Enhanced Emerging Markets Portfolio

N/A

0.33

N/A

Wells Fargo Factor Enhanced International Portfolio

N/A

0.10

N/A

Wells Fargo Factor Enhanced Large Cap Portfolio

N/A

0.06

N/A

Wells Fargo Factor Enhanced Small Cap Portfolio

N/A

0.25

N/A

Wells Fargo High Yield Corporate Bond Portfolio

N/A

0.89

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.

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.


Notes to financial statements (unaudited)		Wells Fargo Funds			43

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 periods 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.

As of August 31, 2018, 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	$	1,009,168	$	0	$	(1,400	)	$	(1,400	)
Factor Enhanced Emerging Markets Fund		1,009,097		3,469		0			3,469
Factor Enhanced International Fund		1,005,327		0		(4,486	)		(4,486	)
Factor Enhanced Large Cap Fund		1,019,176		0		(7,029	)		(7,029	)
Factor Enhanced Small Cap Fund		1,009,362		0		7,743			7,743
High Yield Corporate Bond Fund		1,009,519		515		0			515
International Government Bond Fund		994,349		12,165		0			12,165
U.S. Core Bond Fund		1,009,445		599		(283	)		316


44		Wells Fargo Funds		Notes to financial statements (unaudited)

As of February 28, 2018, capital loss carryforwards available to offset future net realized capital gains were as follows:


	No expiration
	Short-term		Long-term
Emerging Markets Bond Fund	$	55	$	0
High Yield Corporate Bond Fund		32		0
U.S. Core Bond Fund		33		20

At February 28, 2018, current year deferred post-October capital losses and late-year ordinary losses, which were recognized on the first day of the current fiscal year were as follows:


	Deferred post-October capital losses
	Short-term		Long-term
High Yield Corporate Bond Fund	$	60	$	0
International Government Bond Fund		14		0
U.S. Core Bond Fund		27		11

3. FAIR VALUATION MEASUREMENTS

At August 31, 2018, each Fund’s investment in the affiliated Master Portfolio(s) was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The aggregate value of the affiliated Master Portfolio(s) of each Fund was as follows:


	Aggregate value of affiliated Master Portfolio(s)
Emerging Markets Bond Fund	$	1,007,768
Factor Enhanced Emerging Markets Fund		1,012,566
Factor Enhanced International Fund		1,000,841
Factor Enhanced Large Cap Fund		1,012,147
Factor Enhanced Small Cap Fund		1,017,105
High Yield Corporate Bond Fund		1,010,034
International Government Bond Fund		1,006,514
U.S. Core Bond Fund		1,009,761


Notes to financial statements (unaudited)		Wells Fargo Funds			45

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, before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index, 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 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. After the 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.


46		Wells Fargo Funds		Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2018 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	$	180,649	$	0	$	351,016
Factor Enhanced Emerging Markets Fund		0		349,219		0		452,788
Factor Enhanced International Fund		0		221,636		0		424,614
Factor Enhanced Large Cap Fund		0		148,982		0		400,399
Factor Enhanced Small Cap Fund		0		544,932		0		826,734
High Yield Corporate Bond Fund		0		170,575		0		316,939
International Government Bond Fund		0		1,428,636		0		1,319,474
U.S. Core Bond Fund		349,574		28,748		480,728		97,071

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 six months ended August 31, 2018, there were no borrowings by the Funds under the agreement.

7. CONCENTRATION OF OWNERSHIP

At August 31, 2018, 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.

8. 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.

9. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY CHANGES

On August 17, 2018, the Securities and Exchange Commission (“SEC”) adopted Disclosure Update and Simplification, which amends certain disclosure requirements. The amendments are effective for filings subsequent to November 5, 2018. Management expects these amendments will impact the classification of disclosures in the financial statements.

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 is currently evaluating the potential impact of this new guidance to the financial statements.

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.


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			47

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 38.50%
FFCB		1.95	%		1-10-2020	$	670,000	$	664,215
FHLB		1.00			9-26-2019		120,000		118,139
FHLB		2.00			9-13-2019		330,000		328,116
FHLB		2.13			2-11-2020		1,740,000		1,728,152
FHLB		3.00			3-1-2048		199,384		192,840
FHLB		5.63			3-14-2036		60,000		78,247
FHLMC		1.13			7-14-2021		120,000		114,788
FHLMC		1.25			10-2-2019		1,680,000		1,657,263
FHLMC		2.13			6-9-2023		520,000		505,091
FHLMC		2.38			12-13-2019		280,000		279,394
FHLMC		2.38			1-13-2022		2,040,000		2,014,323
FHLMC		2.50			3-1-2032		6,760,625		6,570,381
FHLMC		2.75			12-13-2024		1,560,000		1,539,789
FHLMC		3.00			2-1-2047		18,595,736		17,995,283
FHLMC ±±		3.31			5-25-2023		50,000		50,537
FHLMC		3.50			2-1-2044		15,466,754		15,491,619
FHLMC		3.50			4-1-2045		657,885		656,556
FHLMC		3.50			8-1-2047		10,214,993		10,161,496
FHLMC		4.50			9-13-2019		360,000		367,233
FHLMC		6.00			7-1-2040		2,967,944		3,277,925
FHLMC Multifamily Structured Pass-Through Certificate Series K070 Class A2 ±±		3.30			11-25-2027		540,000		535,715
FHLMC Series K005 Class A2		4.32			11-25-2019		875,000		885,525
FHLMC Series K015 Class A2		3.23			7-25-2021		60,000		60,326
FHLMC Series K028 Class A1		2.18			11-25-2022		525,998		518,011
FHLMC Series K029 Class A2 ±±		3.32			2-25-2023		545,000		550,908
FHLMC Series K030 Class A2 ±±		3.25			4-25-2023		760,000		767,444
FHLMC Series K034 Class A2 ±±		3.53			7-25-2023		60,000		61,192
FHLMC Series K035 Class A2 ±±		3.46			8-25-2023		55,000		55,972
FHLMC Series K048 Class A2 ±±		3.28			6-25-2025		215,000		216,252
FHLMC Series K062 Class A2		3.41			12-25-2026		750,000		754,093
FHLMC Series K063 Class A2 ±±		3.43			1-25-2027		45,000		45,300
FHLMC Series K152 Class A2		3.08			1-25-2031		125,000		118,745
FHLMC Series K717 Class A2		2.99			9-25-2021		900,000		900,525
FNMA ¤		0.00			10-9-2019		790,000		767,656
FNMA		1.00			10-24-2019		650,000		638,906
FNMA		1.38			2-26-2021		120,000		116,153
FNMA		1.50			11-30-2020		120,000		116,921
FNMA		1.90			10-27-2020		1,050,000		1,030,213
FNMA		2.13			4-24-2026		910,000		857,590
FNMA		2.50			12-1-2027		923,524		905,251
FNMA		2.50			9-1-2031		7,431,084		7,237,116
FNMA ±±		2.99			9-25-2027		167,319		159,865
FNMA		3.00			12-1-2026		4,337,073		4,335,501
FNMA		3.00			12-1-2030		614,750		611,254
FNMA		3.00			7-1-2032		6,737,836		6,699,513
FNMA		3.00			9-18-2033		3,085,000		3,065,546
FNMA		3.00			8-1-2036		296,189		291,788
FNMA		3.00			2-1-2037		5,798,185		5,711,823
FNMA		3.00			11-1-2046		864,241		836,350
FNMA		3.00			7-1-2047		22,667,238		21,935,454

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


48		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		3.00	%		3-1-2048	$	3,192,676	$	3,089,434
FNMA		3.50			6-1-2031		3,309,440		3,351,374
FNMA		3.50			9-18-2033		3,900,000		3,941,156
FNMA		3.50			1-1-2035		226,540		229,576
FNMA		3.50			3-1-2036		3,353,159		3,383,723
FNMA		3.50			4-1-2037		2,352,376		2,375,694
FNMA		3.50			6-1-2042		3,097,153		3,102,491
FNMA		3.50			7-1-2042		1,275,939		1,279,489
FNMA		3.50			10-1-2042		6,545,743		6,557,023
FNMA		3.50			9-1-2043		19,303,678		19,378,764
FNMA		3.50			3-1-2048		3,410,831		3,391,399
FNMA		4.00			6-1-2042		1,146,651		1,175,838
FNMA		4.00			6-1-2042		11,587,407		11,882,350
FNMA		4.00			8-1-2043		8,484,614		8,677,507
FNMA		4.00			9-13-2048		16,780,000		17,081,761
FNMA		4.50			5-1-2040		489,753		512,846
FNMA		4.50			9-1-2040		12,100,959		12,628,866
FNMA		4.50			2-1-2047		3,762,115		3,906,735
FNMA		4.50			9-13-2048		4,770,000		4,952,159
FNMA		5.00			1-1-2042		439,073		470,230
FNMA		5.00			6-1-2045		1,631,645		1,748,706
FNMA		5.00			7-1-2045		5,561,217		5,933,090
FNMA		5.50			9-1-2040		4,427,282		4,778,300
FNMA		6.00			5-1-2041		167,762		185,442
FNMA		7.13			1-15-2030		1,340,000		1,836,521
FNMA		7.25			5-15-2030		80,000		111,397
FNMA Series 2016-M6 Class A2		2.49			5-25-2026		430,000		405,052
FNMA Series 2016-M7 Class A2		2.50			9-25-2026		495,000		466,401
FNMA Series 2017-M1 Class A2 ±±		2.50			10-25-2026		275,000		256,947
FNMA Series 2017-M11 Class A2		2.98			8-25-2029		320,000		302,611
FNMA Series 2017-M3 Class A2 ±±		2.57			12-25-2026		995,000		933,558
FNMA Series 2017-M5 Class A2 ±±		3.30			4-25-2029		70,000		67,606
GNMA		3.00			4-20-2045		9,273,008		9,102,370
GNMA		3.00			11-20-2045		679,474		666,480
GNMA		3.00			3-20-2046		13,429,576		13,165,121
GNMA		3.00			5-20-2046		670,682		658,097
GNMA		3.00			8-20-2046		1,360,585		1,332,740
GNMA		3.50			2-20-2045		18,023,449		18,124,655
GNMA		3.50			6-20-2045		2,933,599		2,950,073
GNMA		3.50			11-20-2045		3,346,350		3,369,269
GNMA		3.50			7-20-2047		10,313,224		10,353,452
GNMA		3.50			12-20-2047		2,271,217		2,280,076
GNMA		3.50			5-20-2048		282,874		283,977
GNMA		4.00			7-20-2044		3,206,150		3,307,286
GNMA		4.00			8-20-2044		1,572,060		1,621,730
GNMA		4.00			9-20-2044		3,163,822		3,263,657
GNMA		4.00			12-20-2047		8,870,744		9,089,384
TVA		2.88			2-1-2027		35,000		34,182
TVA		3.50			12-15-2042		120,000		118,561
TVA		3.88			2-15-2021		800,000		820,531

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			49

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
TVA		4.63	%		9-15-2060	$	35,000	$	42,017
TVA		5.38			4-1-2056		100,000		133,834
TVA		6.75			11-1-2025		190,000		234,100

Total Agency Securities (Cost $343,085,492)									333,923,933


Asset-Backed Securities: 0.73%
Bank of America Credit Card Trust Series 2017-A1 Class A1		1.95			8-15-2022		15,000		14,793
Capital One Multi Asset Execution Trust Series 2017-A1 Class A1		2.00			1-17-2023		15,000		14,805
Capital One Multi Asset Execution Trust Series 2017-A3 Class A3		2.43			1-15-2025		225,000		220,285
Capital One Multi Asset Execution Trust Series 2017-A4 Class A4		1.99			7-17-2023		230,000		225,755
Capital One Multi Asset Execution Trust Series 2017-A6 Class A6		2.29			7-15-2025		85,000		82,391
CarMax Auto Owner Trust Series 2016-2 Class A4		1.68			9-15-2021		335,000		328,437
CarMax Auto Owner Trust Series 2016-3 Class A3		1.97			4-15-2022		375,000		370,019
CarMax Auto Owner Trust Series 2016-3 Class A4		1.60			1-18-2022		17,000		16,583
CarMax Auto Owner Trust Series 2016-4 Class A4		1.60			6-15-2022		10,000		9,702
CarMax Auto Owner Trust Series 2017-2 Class A4		2.25			9-15-2022		195,000		191,306
CarMax Auto Owner Trust Series 2017-3 Class A4		2.22			11-15-2022		89,000		87,190
Chase Issuance Trust Series 2012-A7 Class A7		2.16			9-15-2024		205,000		198,075
Chase Issuance Trust Series 2016-A4 Class A4		1.49			7-15-2022		330,000		321,526
Citibank Credit Card Issuance Trust Series 2014-A5 Class A5		2.68			6-7-2023		110,000		108,981
Citibank Credit Card Issuance Trust Series 2017-A3 Class A3		1.92			4-7-2022		590,000		581,081
Discover Card Execution Note Trust Series 2017-A2 Class A2		2.39			7-15-2024		335,000		327,777
Ford Credit Floorplan Master Owner Trust Series 2016-5 Class A1		1.95			11-15-2021		40,000		39,557
Ford Credit Floorplan Master Owner Trust Series 2017-3 Class A		2.48			9-15-2024		50,000		48,586
Hyundai Auto Receivables Trust Series 2016-B Class D		2.68			9-15-2023		130,000		127,606
Mercedes-Benz Auto Lease Trust Series 2017-A Class A4		2.01			1-17-2023		60,000		59,558
Nissan Auto Lease Trust Series 2017-A Class A4		2.04			9-15-2022		160,000		158,462
Nissan Auto Receivables Owner Trust Series 2017-A Class A4		2.11			5-15-2023		15,000		14,716
Nissan Auto Receivables Owner Trust Series 2017-C Class A3		2.12			4-18-2022		290,000		285,881
Nissan Auto Receivables Owner Trust Series 2017-C Class A4		2.28			2-15-2024		95,000		93,089
Synchrony Credit Card Master Note Trust Series 2012-7 Class A		1.76			9-15-2022		130,000		128,517
Synchrony Credit Card Master Note Trust Series 2015-1 Class A		2.37			3-15-2023		425,000		421,013
Synchrony Credit Card Master Note Trust Series 2016-2 Class A		2.21			5-15-2024		175,000		170,662
Synchrony Credit Card Master Note Trust Series 2018-2 Class A		3.47			5-15-2026		105,000		105,771
Toyota Auto Receivables Owner Trust Series 2017-B Class A3		1.76			7-15-2021		425,000		420,083
World Financial Network Credit Card Master Trust Series 2016-A Class A		2.03			4-15-2025		487,000		471,750
World Omni Auto Receivables Trust Series 2016-B Class A4		1.48			11-15-2022		192,000		186,388
World Omni Auto Receivables Trust Series 2017-A Class A3		1.93			9-15-2022		95,000		93,964
World Omni Auto Receivables Trust Series 2017-A Class A4		2.24			6-15-2023		210,000		206,315
World Omni Auto Receivables Trust Series 2017-B Class A4		2.25			10-16-2023		205,000		199,988

Total Asset-Backed Securities (Cost $6,420,684)									6,330,612


Municipal Obligations: 0.82%

California: 0.27%

Education Revenue: 0.01%
California Series B		3.90			11-1-2047		15,000		14,772
University of California Series AD		4.86			5-15-2112		70,000		73,361

									88,133

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


50		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

GO Revenue: 0.18%
California Build America Bonds		5.70	%		11-1-2021	$	90,000	$	97,404
California Build America Bonds		6.20			10-1-2019		80,000		82,965
California Build America Bonds		7.55			4-1-2039		110,000		163,133
California Build America Bonds		7.60			11-1-2040		15,000		22,665
California Build America Bonds		7.63			3-1-2040		450,000		666,369
California Build America Bonds Taxable Various Purpose		7.50			4-1-2034		160,000		224,830
Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		5,000		7,312
Los Angeles CA Unified School District Build America Bonds		5.75			7-1-2034		15,000		18,262
Los Angeles CA Unified School District Build America Bonds		5.76			7-1-2029		60,000		69,712
Los Angeles CA Unified School District Build America Bonds		6.76			7-1-2034		160,000		211,469

									1,564,121


Transportation Revenue: 0.06%
Bay Area CA Toll Authority Series 1		6.26			4-1-2049		100,000		138,697
Bay Area CA Toll Authority Series 1		6.92			4-1-2040		15,000		20,398
Bay Area CA Toll Authority Series 1		7.04			4-1-2050		260,000		383,050

									542,145


Utilities Revenue: 0.02%
California Department of Water Resources Series P		2.00			5-1-2022		55,000		53,458
Los Angeles CA DW&P Build America Bonds		6.57			7-1-2045		55,000		78,017

									131,475


									2,325,874


Florida: 0.03%

Miscellaneous Revenue: 0.03%
Florida Board of Administrative Finance Series A		2.64			7-1-2021		240,000		237,223


Georgia: 0.03%

Utilities Revenue: 0.03%
Municipal Electric Authority of Georgia Build America Bonds		6.66			4-1-2057		209,000		250,574
Municipal Electric Authority of Georgia Build America Bonds		7.06			4-1-2057		10,000		11,951

									262,525


Illinois: 0.11%

GO Revenue: 0.07%
Chicago IL Series B		6.31			1-1-2044		50,000		51,242
Illinois Taxable Pension		5.10			6-1-2033		640,000		617,664

									668,906


Miscellaneous Revenue: 0.01%
Illinois Build America Bonds Series 3		6.73			4-1-2035		45,000		48,286


Tax Revenue: 0.03%
Chicago IL Transit Authority Series B		6.90			12-1-2040		210,000		270,509


									987,701

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			51

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Kansas: 0.00%

Miscellaneous Revenue: 0.00%
Kansas Development Finance Authority Series H		4.93	%		4-15-2045	$	5,000	$	5,452


Massachusetts: 0.03%

GO Revenue: 0.03%
Massachusetts Build America Bonds Series A		4.91			5-1-2029		130,000		144,112
Massachusetts Build America Bonds Series D		4.50			8-1-2031		85,000		91,488
Massachusetts Build America Bonds Series E		4.20			12-1-2021		10,000		10,281

									245,881


New Jersey: 0.07%

Miscellaneous Revenue: 0.05%
New Jersey EDA Series A (National Insured)		7.43			2-15-2029		395,000		480,186


Transportation Revenue: 0.02%
New Jersey Turnpike Authority Build America Bonds Series A		7.10			1-1-2041		120,000		168,600


									648,786


New York: 0.13%

Airport Revenue: 0.03%
Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		270,000		287,064


Tax Revenue: 0.05%
New York Metropolitan Transportation Authority Dedicated Tax Fund Build America Bonds		7.34			11-15-2039		210,000		307,245
New York NY Transitional Finance Authority Build America Bonds Subseries C-2		5.77			8-1-2036		100,000		118,772

									426,017


Water & Sewer Revenue: 0.05%
New York NY Municipal Water Finance Authority		5.44			6-15-2043		10,000		12,241
New York NY Municipal Water Finance Authority Series CC		5.88			6-15-2044		280,000		364,487

									376,728


									1,089,809


Ohio: 0.02%

Education Revenue: 0.00%
Ohio State University Build America Bonds		4.91			6-1-2040		5,000		5,726


Utilities Revenue: 0.02%
American Municipal Power Ohio Incorporated Build America Bonds		5.94			2-15-2047		150,000		188,403
American Municipal Power Ohio Incorporated Build America Bonds Series E		6.27			2-15-2050		10,000		12,592

									200,995


									206,721

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


52		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oregon: 0.03%

Tax Revenue: 0.03%
Oregon		5.76	%		6-1-2023	$	159,867	$	171,251
Oregon Department of Transportation Build America Bonds Series A		5.83			11-15-2034		50,000		61,618

									232,869


Pennsylvania: 0.00%

Transportation Revenue: 0.00%
Pennsylvania Turnpike Commission Series B		5.51			12-1-2045		5,000		6,116


Texas: 0.09%

Miscellaneous Revenue: 0.06%
Texas Build America Bonds		5.52			4-1-2039		400,000		498,220


Utilities Revenue: 0.03%
San Antonio TX		4.43			2-1-2042		250,000		270,113


									768,333


Wisconsin: 0.01%

Tax Revenue: 0.01%
Wisconsin General Fund Annual Appropriations Series C		3.15			5-1-2027		80,000		77,822


Total Municipal Obligations (Cost $7,269,144)									7,095,112


Non-Agency Mortgage-Backed Securities: 1.54%
Benchmark Mortgage Trust Series 2018-B1 Class A2		3.57			1-15-2051		480,000		485,423
Benchmark Mortgage Trust Series 2018-B1 Class A4		3.40			1-15-2051		695,000		684,330
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3		3.84			12-10-2054		20,000		20,177
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		55,000		53,798
Citigroup Commercial Mortgage Trust Series 2016 GC37 Class B		4.23			4-10-2049		535,000		540,551
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5		3.62			2-10-2049		1,465,000		1,466,079
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class B ±±		4.92			2-10-2049		40,000		41,688
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class C ±±		4.92			2-10-2049		95,000		95,392
Citigroup Commercial Mortgage Trust Series 2016-P4 Class A4		2.90			7-10-2049		135,000		128,543
Citigroup Commercial Mortgage Trust Series 2016-P5 Class A2		2.40			10-10-2049		141,000		137,721
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		54,483		53,551
Commercial Mortgage Pass-Through Certificate Series 2013-CR9 Class A4 ±±		4.37			7-10-2045		505,000		526,613
Commercial Mortgage Trust Series 2012-LC4 Class A4		3.29			12-10-2044		1,025,000		1,024,187
Commercial Mortgage Trust Series 2013-CR6 Class A4		3.10			3-10-2046		60,000		59,569
Commercial Mortgage Trust Series 2014 UBS5 Class C ±±		4.76			9-10-2047		390,000		389,913
Commercial Mortgage Trust Series 2014-UBS6 Class C ±±		4.61			12-10-2047		60,000		58,471
Commercial Mortgage Trust Series 2015-CR23 Class A3		3.23			5-10-2048		60,000		59,130
Commercial Mortgage Trust Series 2016-COR1 Class C ±±		4.54			10-10-2049		65,000		64,352
Commercial Mortgage Trust Series 2016-CR28 Class A4		3.76			2-10-2049		1,055,000		1,065,579
Goldman Sachs Mortgage Securities Trust Series 2012-GC6 Class A3		3.48			1-10-2045		722,272		727,918
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ9 Class AS		3.12			11-10-2045		40,000		39,057
Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class B ±±		4.89			1-10-2047		80,000		82,802
Goldman Sachs Mortgage Securities Trust Series 2017-GS5 Class A3		3.41			3-10-2050		600,000		590,049
GS Mortgage Securities Trust Series 2013-GC14 Class A5		4.24			8-10-2046		1,150,000		1,195,609

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			53

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 2013-C15 Class A4		4.10	%		11-15-2045	$	20,000	$	20,664
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C28 Class A4		3.23			10-15-2048		100,000		98,274
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C30 Class A5		3.82			7-15-2048		1,450,000		1,473,836
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C31 Class A3		3.80			8-15-2048		195,000		197,867
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		20,000		19,926
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class A4		3.18			8-15-2045		60,000		59,802
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class AS ±±		4.50			8-15-2046		360,000		371,264
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C8 Class A4		3.13			12-15-2048		50,000		49,690
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class A4		3.31			4-15-2048		60,000		59,158
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class B ±±		3.88			4-15-2048		1,030,000		1,015,140
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24 Class A4		3.73			5-15-2048		400,000		403,679

Total Non-Agency Mortgage-Backed Securities (Cost $13,767,980)									13,359,802


U.S. Treasury Securities: 48.07%
U.S. Treasury Bond		2.13			11-30-2024		4,755,000		4,572,415
U.S. Treasury Bond		2.50			2-15-2046		915,000		825,001
U.S. Treasury Bond		2.75			8-15-2042		6,035,000		5,760,596
U.S. Treasury Bond		2.75			11-15-2042		6,085,000		5,804,995
U.S. Treasury Bond		2.75			11-15-2047		1,255,000		1,187,740
U.S. Treasury Bond		2.88			5-15-2028		2,295,000		2,295,359
U.S. Treasury Bond		2.88			5-15-2043		5,955,000		5,803,799
U.S. Treasury Bond		2.88			8-15-2045		735,000		714,673
U.S. Treasury Bond		3.00			5-15-2042		5,800,000		5,789,578
U.S. Treasury Bond		3.00			11-15-2044		585,000		582,509
U.S. Treasury Bond		3.00			5-15-2045		105,000		104,569
U.S. Treasury Bond		3.00			11-15-2045		55,000		54,766
U.S. Treasury Bond		3.00			2-15-2047		70,000		69,702
U.S. Treasury Bond		3.00			5-15-2047		25,556,000		25,431,215
U.S. Treasury Bond		3.00			2-15-2048		435,000		432,808
U.S. Treasury Bond		3.13			11-15-2041		2,125,000		2,167,251
U.S. Treasury Bond		3.13			2-15-2042		1,555,000		1,585,614
U.S. Treasury Bond		3.38			5-15-2044		1,565,000		1,663,302
U.S. Treasury Bond		3.63			8-15-2043		1,100,000		1,216,059
U.S. Treasury Bond		3.63			2-15-2044		35,000		38,735
U.S. Treasury Bond		3.75			8-15-2041		1,740,000		1,954,917
U.S. Treasury Bond		4.25			11-15-2040		1,410,000		1,696,627
U.S. Treasury Bond		4.75			2-15-2041		390,000		501,622
U.S. Treasury Bond		5.00			5-15-2037		3,264,000		4,237,207
U.S. Treasury Bond		5.25			2-15-2029		760,000		922,034
U.S. Treasury Bond		5.38			2-15-2031		2,017,000		2,537,481
U.S. Treasury Bond		5.50			8-15-2028		1,805,000		2,212,958
U.S. Treasury Bond		6.13			11-15-2027		2,285,000		2,884,991
U.S. Treasury Bond		6.38			8-15-2027		730,000		932,461
U.S. Treasury Bond		6.88			8-15-2025		2,430,000		3,051,738
U.S. Treasury Note		1.00			11-15-2019		2,360,000		2,317,686
U.S. Treasury Note		1.00			11-30-2019		6,015,000		5,902,924

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


54		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

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	%		12-31-2019	$	6,010,000	$	5,899,660
U.S. Treasury Note		1.13			4-30-2020		4,905,000		4,787,931
U.S. Treasury Note		1.13			2-28-2021		1,855,000		1,785,945
U.S. Treasury Note		1.13			6-30-2021		2,555,000		2,446,612
U.S. Treasury Note		1.13			9-30-2021		3,655,000		3,485,242
U.S. Treasury Note		1.25			1-31-2020		4,605,000		4,521,894
U.S. Treasury Note		1.25			3-31-2021		6,035,000		5,821,889
U.S. Treasury Note		1.25			10-31-2021		6,010,000		5,745,419
U.S. Treasury Note		1.38			12-15-2019		5,970,000		5,882,082
U.S. Treasury Note		1.38			2-15-2020		2,925,000		2,875,184
U.S. Treasury Note		1.38			2-29-2020		435,000		427,354
U.S. Treasury Note		1.38			5-31-2020		3,325,000		3,254,863
U.S. Treasury Note		1.38			8-31-2020		5,190,000		5,063,291
U.S. Treasury Note		1.38			9-30-2020		5,030,000		4,901,696
U.S. Treasury Note		1.38			10-31-2020		3,365,000		3,274,960
U.S. Treasury Note		1.38			1-31-2021		1,750,000		1,697,227
U.S. Treasury Note		1.38			4-30-2021		6,025,000		5,823,304
U.S. Treasury Note		1.38			6-30-2023		6,170,000		5,789,195
U.S. Treasury Note		1.38			8-31-2023		435,000		407,116
U.S. Treasury Note		1.38			9-30-2023		6,135,000		5,734,308
U.S. Treasury Note		1.50			11-30-2019		1,125,000		1,110,850
U.S. Treasury Note		1.50			6-15-2020		23,000,000		22,553,477
U.S. Treasury Note		1.50			8-15-2020		5,170,000		5,059,330
U.S. Treasury Note		1.50			3-31-2023		6,085,000		5,760,308
U.S. Treasury Note		1.50			8-15-2026		1,680,000		1,520,663
U.S. Treasury Note		1.63			12-31-2019		5,935,000		5,862,899
U.S. Treasury Note		1.63			3-15-2020		10,000		9,856
U.S. Treasury Note		1.63			8-15-2022		5,765,000		5,526,293
U.S. Treasury Note		1.63			11-15-2022		2,035,000		1,945,015
U.S. Treasury Note		1.63			4-30-2023		3,940,000		3,747,617
U.S. Treasury Note		1.63			5-31-2023		6,085,000		5,782,652
U.S. Treasury Note		1.63			10-31-2023		6,080,000		5,748,925
U.S. Treasury Note		1.63			2-15-2026		6,240,000		5,736,656
U.S. Treasury Note		1.63			5-15-2026		6,285,000		5,762,068
U.S. Treasury Note		1.75			10-31-2020		3,080,000		3,021,889
U.S. Treasury Note		1.75			12-31-2020		10,000		9,795
U.S. Treasury Note		1.75			11-30-2021		1,975,000		1,915,981
U.S. Treasury Note		1.75			2-28-2022		1,030,000		996,766
U.S. Treasury Note		1.75			6-30-2022		19,763,000		19,057,399
U.S. Treasury Note		1.75			9-30-2022		10,000		9,619
U.S. Treasury Note		1.75			5-15-2023		775,000		741,063
U.S. Treasury Note		1.88			11-30-2021		5,925,000		5,770,857
U.S. Treasury Note		1.88			7-31-2022		1,670,000		1,616,704
U.S. Treasury Note		1.88			9-30-2022		3,245,000		3,137,002
U.S. Treasury Note		2.00			5-31-2021		5,890,000		5,783,014
U.S. Treasury Note		2.00			10-31-2021		1,160,000		1,135,033
U.S. Treasury Note		2.00			12-31-2021		3,630,000		3,547,049
U.S. Treasury Note		2.00			10-31-2022		1,990,000		1,932,010
U.S. Treasury Note		2.00			2-15-2023		30,000		29,068
U.S. Treasury Note		2.00			6-30-2024		9,501,000		9,101,290

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			55

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Note		2.00	%		2-15-2025	$	340,000	$	323,744
U.S. Treasury Note		2.00			8-15-2025		3,385,000		3,209,403
U.S. Treasury Note		2.13			12-31-2021		3,880,000		3,806,795
U.S. Treasury Note		2.13			12-31-2022		3,190,000		3,109,129
U.S. Treasury Note		2.13			11-30-2023		4,850,000		4,699,385
U.S. Treasury Note		2.13			7-31-2024		2,455,000		2,366,198
U.S. Treasury Note		2.13			5-15-2025		160,000		153,269
U.S. Treasury Note		2.25			3-31-2021		5,810,000		5,747,588
U.S. Treasury Note		2.25			4-30-2021		5,825,000		5,759,924
U.S. Treasury Note		2.25			7-31-2021		5,580,000		5,510,250
U.S. Treasury Note		2.25			10-31-2024		4,675,000		4,530,915
U.S. Treasury Note		2.25			11-15-2024		4,275,000		4,141,072
U.S. Treasury Note		2.25			12-31-2024		3,550,000		3,437,121
U.S. Treasury Note		2.25			11-15-2025		4,360,000		4,197,011
U.S. Treasury Note		2.25			2-15-2027		400,000		382,047
U.S. Treasury Note		2.25			8-15-2027		2,870,000		2,731,881
U.S. Treasury Note		2.38			4-15-2021		2,895,000		2,872,270
U.S. Treasury Note		2.38			8-15-2024		3,705,000		3,619,611
U.S. Treasury Note		2.38			5-15-2027		8,628,000		8,314,224
U.S. Treasury Note		2.50			8-15-2023		5,540,000		5,475,727
U.S. Treasury Note		2.75			5-31-2023		1,895,000		1,895,370
U.S. Treasury Note		2.75			11-15-2023		2,040,000		2,039,123
U.S. Treasury Note		2.75			2-28-2025		3,500,000		3,489,746
U.S. Treasury Note		2.75			6-30-2025		1,270,000		1,264,841
U.S. Treasury Note		2.75			2-15-2028		3,935,000		3,896,111
U.S. Treasury Note		2.88			8-15-2028		1,675,000		1,680,627
U.S. Treasury Note		3.13			5-15-2021		2,430,000		2,457,053
U.S. Treasury Note		3.38			11-15-2019		3,910,000		3,948,489
U.S. Treasury Note		6.00			2-15-2026		2,955,000		3,587,439
U.S. Treasury Note		7.25			8-15-2022		3,150,000		3,679,102
U.S. Treasury Note		8.00			11-15-2021		760,000		882,342
U.S. Treasury Note		8.13			5-15-2021		2,490,000		2,839,281
U.S. Treasury Note		8.75			5-15-2020		1,865,000		2,055,580

Total U.S. Treasury Securities (Cost $426,898,391)									416,912,320


Yankee Corporate Bonds and Notes: 0.87%

Energy: 0.46%

Oil, Gas & Consumable Fuels: 0.46%
Ecopetrol SA		5.88			9-18-2023		520,000		552,760
Ecopetrol SA		7.38			9-18-2043		40,000		45,000
Nexen Incorporated		7.50			7-30-2039		150,000		208,759
Nexen Incorporated		7.88			3-15-2032		200,000		271,000
Petroleos Mexicanos Company		4.50			1-23-2026		140,000		129,500
Petroleos Mexicanos Company		5.50			6-27-2044		1,490,000		1,231,783
Petroleos Mexicanos Company		6.38			2-4-2021		430,000		449,350
Petroleos Mexicanos Company		6.50			3-13-2027		530,000		536,572
Petroleos Mexicanos Company		6.50			6-2-2041		110,000		100,722
Petroleos Mexicanos Company		6.63			6-15-2038		10,000		9,519

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


56		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Statoil ASA		2.90	%		11-8-2020	$	110,000	$	109,687
Statoil ASA		4.80			11-8-2043		310,000		339,110

									3,983,762


Financials: 0.41%

Banks: 0.41%
Corporacion Andina de Fomento		2.13			9-27-2021		10,000		9,623
Corporación Andina de Fomento		4.38			6-15-2022		270,000		278,348
Export-Import Bank of Korea		2.88			1-21-2025		400,000		377,578
Export-Import Bank of Korea		5.13			6-29-2020		510,000		526,523
Japan Bank for International Cooperation		1.88			4-20-2021		1,480,000		1,437,109
Japan Bank for International Cooperation		2.75			11-16-2027		360,000		344,287
Nordic Investment Bank		1.25			8-2-2021		400,000		381,992
Oesterreichische Kontrollbank AG		2.88			3-13-2023		260,000		259,169

									3,614,629


Total Yankee Corporate Bonds and Notes (Cost $7,865,831)									7,598,391


Yankee Government Bonds: 4.48%
African Development Bank		1.13			9-20-2019		570,000		561,376
Asian Development Bank		1.63			5-5-2020		140,000		137,485
Asian Development Bank		2.00			2-16-2022		1,290,000		1,252,189
Asian Development Bank		2.00			4-24-2026		160,000		149,164
Asian Development Bank		2.63			1-12-2027		900,000		873,791
Asian Development Bank		5.82			6-16-2028		10,000		11,994
Asian Development Bank		6.22			8-15-2027		160,000		195,021
Canada		2.00			11-15-2022		70,000		67,612
Council of Europe		1.88			1-27-2020		370,000		365,711
European Bank for Reconstruction and Development		2.13			3-7-2022		780,000		759,473
European Investment Bank		1.25			12-16-2019		370,000		363,361
European Investment Bank		1.38			6-15-2020		970,000		946,937
European Investment Bank		1.63			8-14-2020		570,000		557,809
European Investment Bank		1.63			12-15-2020		280,000		272,798
European Investment Bank		1.88			2-10-2025		110,000		102,737
European Investment Bank		2.13			10-15-2021		750,000		733,415
European Investment Bank		2.38			6-15-2022		1,540,000		1,505,858
European Investment Bank		2.88			8-15-2023		120,000		119,606
European Investment Bank		3.25			1-29-2024		100,000		101,408
Export Development Canada		1.63			1-17-2020		530,000		522,293
Export Development Canada		2.00			11-30-2020		170,000		166,984
FMS Wertmanagement		1.75			3-17-2020		550,000		541,903
Hydro-Quebec		9.40			2-1-2021		865,000		988,244
Inter-American Development Bank		1.75			4-14-2022		580,000		557,685
Inter-American Development Bank		2.13			1-18-2022		60,000		58,566
Inter-American Development Bank		2.13			1-15-2025		690,000		656,681
Inter-American Development Bank		3.20			8-7-2042		50,000		49,633
Inter-American Development Bank		3.88			2-14-2020		140,000		142,345
Inter-American Development Bank		4.38			1-24-2044		30,000		35,835
International Bank for Reconstruction & Development		1.13			8-10-2020		190,000		184,377

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			57

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)
International Bank for Reconstruction & Development		1.38	%		3-30-2020	$	1,070,000	$	1,048,356
International Bank for Reconstruction & Development		1.38			5-24-2021		890,000		856,214
International Bank for Reconstruction & Development		1.75			9-14-2022		1,180,000		1,129,018
International Bank for Reconstruction & Development		1.88			4-21-2020		1,040,000		1,026,320
International Bank for Reconstruction & Development		2.00			1-26-2022		240,000		233,208
International Bank for Reconstruction & Development		2.50			7-29-2025		250,000		243,270
International Bank for Reconstruction & Development		4.75			2-15-2035		110,000		133,543
International Finance Corporation		1.75			9-16-2019		590,000		584,854
Italy		5.38			6-15-2033		200,000		211,703
Italy		6.88			9-27-2023		100,000		109,387
KfW ¤		0.00			4-18-2036		340,000		197,492
KfW		1.25			9-30-2019		10,000		9,860
KfW		1.50			6-15-2021		890,000		858,387
KfW		2.00			5-2-2025		40,000		37,708
KfW		2.13			3-7-2022		1,820,000		1,773,599
KfW		2.13			6-15-2022		130,000		126,367
KfW		2.13			1-17-2023		1,500,000		1,451,236
KfW		2.75			9-8-2020		1,080,000		1,079,164
Korea Development Bank		2.25			5-18-2020		650,000		638,928
Landwirtschaftliche Rentenbank		1.75			7-27-2026		10,000		9,122
Landwirtschaftliche Rentenbank		2.25			10-1-2021		700,000		687,497
Oriental Republic of Uruguay		5.10			6-18-2050		650,000		661,050
Province of Alberta		1.90			12-6-2019		230,000		227,549
Province of Alberta		2.20			7-26-2022		90,000		86,895
Province of British Columbia		2.00			10-23-2022		15,000		14,416
Province of British Columbia		2.25			6-2-2026		230,000		215,392
Province of Manitoba		2.10			9-6-2022		240,000		230,345
Province of Manitoba		2.13			6-22-2026		20,000		18,375
Province of Ontario		1.88			5-21-2020		60,000		59,001
Province of Ontario		2.50			4-27-2026		660,000		627,155
Province of Ontario		3.20			5-16-2024		5,000		5,000
Province of Ontario		4.40			4-14-2020		440,000		450,943
Province of Quebec		2.50			4-20-2026		75,000		71,750
Province of Quebec		2.63			2-13-2023		60,000		58,840
Republic of Chile		2.25			10-30-2022		200,000		191,120
Republic of Chile		3.63			10-30-2042		285,000		266,048
Republic of Colombia		4.38			7-12-2021		330,000		337,920
Republic of Colombia		6.13			1-18-2041		335,000		382,738
Republic of Colombia		7.38			9-18-2037		510,000		652,163
Republic of Hungary		5.38			3-25-2024		315,000		337,390
Republic of Hungary		6.38			3-29-2021		30,000		32,123
Republic of Hungary		7.63			3-29-2041		245,000		343,613
Republic of Indonesia		2.95			1-11-2023		200,000		192,124
Republic of Korea		3.88			9-11-2023		210,000		214,578
Republic of Panama		6.70			1-26-2036		60,000		74,850
Republic of Panama		9.38			4-1-2029		475,000		674,500
Republic of Peru		5.63			11-18-2050		390,000		466,440
Republic of Peru		6.55			3-14-2037		45,000		57,263
Republic of Peru		7.35			7-21-2025		130,000		160,225
Republic of Poland		3.00			3-17-2023		660,000		648,490

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


58		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

BLOOMBERG BARCLAYS US AGGREGATE EX-CORPORATE PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)
Republic of Poland		3.25	%		4-6-2026	$	10,000	$	9,725
Republic of Poland		5.13			4-21-2021		10,000		10,479
Republic of the Philippines		4.00			1-15-2021		105,000		106,544
Republic of the Philippines		5.50			3-30-2026		705,000		786,711
Republic of the Philippines		6.38			10-23-2034		415,000		519,679
State of Israel		4.00			6-30-2022		365,000		373,450
State of Israel		5.50			12-4-2023		240,000		269,822
State of Israel		5.50			4-26-2024		60,000		67,897
State of Israel		5.50			9-18-2033		176,000		219,430
Swedish Export Credit ¤		0.00			5-11-2037		175,000		90,850
Swedish Export Credit		1.88			6-23-2020		590,000		580,094
United Mexican States		4.00			10-2-2023		445,000		446,113
United Mexican States		4.15			3-28-2027		420,000		414,330
United Mexican States		4.35			1-15-2047		225,000		204,188
United Mexican States		5.75			10-12-2099		275,000		275,688
United Mexican States		6.05			1-11-2040		60,000		67,050
United Mexican States		7.50			4-8-2033		715,000		900,900
United Mexican States		8.13			12-30-2019		205,000		220,888
United Mexican States		8.30			8-15-2031		60,000		83,250

Total Yankee Government Bonds (Cost $39,847,145)									38,832,908


	Yield					Shares
Short-Term Investments: 3.93%

Investment Companies: 3.93%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87					34,114,908		34,114,908


Total Short-Term Investments (Cost $34,114,908)									34,114,908


Total investments in securities (Cost $879,269,575)	98.94	%		858,167,986
Other assets and liabilities, net	1.06			9,191,467

Total net assets	100.00	%	$	867,359,453

±±	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 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.

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.


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			59

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		144,728,208		183,447,427		34,114,908	$	0	$	0	$	273,020	$	34,114,908		3.93	%

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


60		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Expiration date		Principal		Value

Participation Notes: 0.48%

United Kingdom: 0.48%
Biz Finance plc (State Export-Import Ukreximbank) (Financials, Banks)		9.63	%		4-27-2022	$	300,000	$	303,767


Total Participation Notes (Cost $313,748)									303,767


				Maturity date
Yankee Corporate Bonds and Notes: 13.27%

Azerbaijan: 0.62%
State Oil Company of the Azerbaijan Republic (Energy, Oil, Gas & Consumable Fuels)		4.75			3-13-2023		400,000		393,240


Cayman Islands: 0.28%
Lamar Funding Limited (Utilities, Electric Utilities)		3.96			5-7-2025		200,000		179,125


Chile: 1.20%
Banco del Estado de Chile (Financials, Banks)		4.13			10-7-2020		300,000		303,426
Codelco Incorporated (Materials, Metals & Mining)		4.50			8-13-2023		200,000		204,471
Codelco Incorporated (Materials, Metals & Mining)		4.88			11-4-2044		250,000		253,078

									760,975


China: 0.68%
Export-Import Bank of China (Financials, Banks)		2.00			4-26-2021		450,000		433,079


Hong Kong: 0.32%
CNAC Hong Kong Finbridge Company Limited (Materials, Chemicals)		4.63			3-14-2023		200,000		202,028


Indonesia: 0.63%
PT Pertamina Persero (Energy, Oil, Gas & Consumable Fuels)		5.63			5-20-2043		400,000		398,010


Kazakhstan: 0.99%
KazMunayGas National Company JSC (Energy, Oil, Gas & Consumable Fuels)		5.75			4-19-2047		450,000		439,875
KaztransGas Company JSC (Energy, Oil, Gas & Consumable Fuels)		4.38			9-26-2027		200,000		190,000

									629,875


Malaysia: 1.64%
Petronas Capital Limited (Energy, Oil, Gas & Consumable Fuels)		3.50			3-18-2025		1,066,000		1,046,486


Mexico: 3.42%
Comision Federal de Electricidad (Utilities, Electric Utilities)		5.75			2-14-2042		200,000		197,250
Mexico City Airport Trust (Industrials, Airlines)		5.50			7-31-2047		200,000		177,486
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		3.50			1-30-2023		225,000		212,029
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		4.88			1-24-2022		850,000		854,888
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		5.38			3-13-2022		225,000		229,950
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		5.63			1-23-2046		400,000		329,560
Petroleos Mexicanos Company (Energy, Oil, Gas & Consumable Fuels)		6.35			2-12-2048		200,000		177,500

									2,178,663


Peru: 0.46%
Petroleos del Peru SA (Energy, Oil, Gas & Consumable Fuels)		4.75			6-19-2032		300,000		292,725

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			61

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Russia: 0.42%
Vnesheconombank (Financials, Banks)		5.94	%		11-21-2023	$	275,000	$	264,184


South Africa: 0.71%
Eskom Holdings SOC Limited (Utilities, Electric Utilities)		5.75			1-26-2021		275,000		262,973
Eskom Holdings SOC Limited (Utilities, Electric Utilities)		6.75			8-6-2023		200,000		190,516

									453,489


Venezuela: 0.37%
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) ††		5.38			4-12-2027		550,000		112,750
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) ††		5.50			4-12-2037		200,000		41,000
Petroleos de Venezuela SA (Energy, Oil, Gas & Consumable Fuels) ††		9.00			11-17-2021		400,000		81,200

									234,950


Virgin Islands (British): 1.53%
CCTI 2017 Limited (Financials, Capital Markets)		3.63			8-8-2022		200,000		189,981
Charming Light Investments Limited (Financials, Diversified Financial Services)		2.38			8-30-2021		200,000		189,749
Chinalco Capital Holdings Limited (Materials, Metals & Mining)		4.25			4-21-2022		200,000		190,052
Sinochem Capital Company Limited (5 Year Treasury Constant Maturity +4.30%) (Materials, Chemicals) ±		5.00			12-29-2049		25,000		25,038
Sinopec Group Overseas Development (2015) Limited (Energy, Oil, Gas & Consumable Fuels)		3.00			4-12-2022		200,000		195,113
State Grid Overseas Investment (2016) Limited (Utilities, Electric Utilities)		2.88			5-18-2026		200,000		185,235

									975,168


Total Yankee Corporate Bonds and Notes (Cost $8,832,628)									8,441,997


Yankee Government Bonds: 79.01%
Arab Republic of Egypt		5.75			4-29-2020		200,000		202,489
Arab Republic of Egypt		5.88			6-11-2025		387,000		363,893
Arab Republic of Egypt		6.13			1-31-2022		200,000		198,850
Arab Republic of Egypt		8.50			1-31-2047		750,000		732,867
China Development Bank		4.00			1-24-2037		600,000		583,261
Dominican Republic		5.95			1-25-2027		1,750,000		1,782,813
Export Credit Bank of Turkey		5.00			9-23-2021		200,000		162,064
Export-Import Bank of India		4.00			1-14-2023		475,000		472,639
Federal Republic of Brazil		2.63			1-5-2023		200,000		180,700
Federal Republic of Brazil		5.63			1-7-2041		450,000		388,580
Federation of Malaysia		3.18			4-27-2026		650,000		624,813
Federative Republic of Brazil		5.63			2-21-2047		200,000		167,000
Federative Republic of Brazil		6.00			4-7-2026		423,000		424,058
Federative Republic of Brazil		10.13			5-15-2027		425,000		548,250
Government of Jamaica		6.75			4-28-2028		325,000		353,438
Government of Jamaica		7.88			7-28-2045		300,000		345,000
Islamic Republic of Pakistan		8.25			4-15-2024		550,000		552,836
Kingdom of Jordan		5.75			1-31-2027		300,000		279,390
Kingdom of Morocco		5.50			12-11-2042		200,000		212,000
Lebanese Republic		6.00			1-27-2023		500,000		428,660
Lebanese Republic		6.38			3-9-2020		200,000		192,479
Lebanese Republic		6.60			11-27-2026		500,000		395,569
Lebanese Republic		7.05			11-2-2035		200,000		151,330

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


62		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)
Lebanese Republic		8.25	%		4-12-2021	$	350,000	$	338,513
Mongolia Government		5.63			5-1-2023		450,000		435,532
Oman Government International Bond		4.75			6-15-2026		375,000		347,594
Oriental Republic of Uruguay		4.13			11-20-2045		850,000		790,075
Oriental Republic of Uruguay		4.50			8-14-2024		500,000		509,975
Oriental Republic of Uruguay		7.88			1-15-2033		250,000		338,500
Republic of Angola		8.25			5-9-2028		400,000		397,599
Republic of Angola		9.50			11-12-2025		250,000		275,368
Republic of Argentina		5.63			1-26-2022		1,100,000		929,500
Republic of Argentina		7.63			4-22-2046		1,000,000		736,010
Republic of Armenia		6.00			9-30-2020		200,000		203,604
Republic of Azerbaijan		3.50			9-1-2032		200,000		165,000
Republic of Belarus		7.63			6-29-2027		200,000		208,320
Republic of Chile		3.86			6-21-2047		550,000		524,425
Republic of Colombia		3.88			4-25-2027		1,493,000		1,453,436
Republic of Colombia		5.00			6-15-2045		586,000		589,663
Republic of Costa Rica		7.00			4-4-2044		350,000		333,375
Republic of Croatia		6.00			1-26-2024		425,000		460,156
Republic of Croatia		6.63			7-14-2020		628,000		661,568
Republic of Ecuador		7.95			6-20-2024		550,000		499,813
Republic of Ecuador		9.63			6-2-2027		500,000		476,250
Republic of Ecuador		9.65			12-13-2026		200,000		191,500
Republic of Ecuador		10.50			3-24-2020		725,000		743,125
Republic of El Salvador		7.65			6-15-2035		547,000		534,654
Republic of Gabon		6.38			12-12-2024		350,000		318,011
Republic of Ghana		7.63			5-16-2029		300,000		293,271
Republic of Ghana		8.13			1-18-2026		225,000		230,241
Republic of Guatemala		4.38			6-5-2027		400,000		376,400
Republic of Hungary		5.38			2-21-2023		450,000		479,250
Republic of Hungary		5.38			3-25-2024		200,000		214,216
Republic of Hungary		6.25			1-29-2020		450,000		469,211
Republic of Hungary		7.63			3-29-2041		200,000		280,500
Republic of Indonesia		4.55			3-29-2026		500,000		500,375
Republic of Indonesia		4.63			4-15-2043		200,000		193,827
Republic of Indonesia		5.88			1-15-2024		800,000		862,985
Republic of Indonesia		7.75			1-17-2038		475,000		630,653
Republic of Iraq		5.80			1-15-2028		500,000		458,377
Republic of Ivory Coast		5.38			7-23-2024		375,000		350,970
Republic of Ivory Coast		6.13			6-15-2033		250,000		216,165
Republic of Kazakhstan		3.88			10-14-2024		594,000		601,098
Republic of Kazakhstan		4.88			10-14-2044		300,000		306,799
Republic of Kenya		6.88			6-24-2024		400,000		392,256
Republic of Kenya		8.25			2-28-2048		200,000		186,627
Republic of Lithuania		6.63			2-1-2022		450,000		497,588
Republic of Nigeria		6.38			7-12-2023		300,000		298,836
Republic of Nigeria		6.50			11-28-2027		550,000		510,681
Republic of Nigeria		7.88			2-16-2032		300,000		292,344
Republic of Panama		4.00			9-22-2024		813,000		829,260
Republic of Panama		4.50			5-15-2047		600,000		604,500
Republic of Panama		5.20			1-30-2020		200,000		206,200

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			63

EMERGING MARKETS BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds (continued)
Republic of Paraguay		4.63	%		1-25-2023	$	225,000	$	230,175
Republic of Paraguay		5.00			4-15-2026		250,000		258,125
Republic of Peru		6.55			3-14-2037		565,000		718,963
Republic of Peru		7.35			7-21-2025		200,000		246,500
Republic of Peru		8.75			11-21-2033		325,000		482,300
Republic of Poland		3.25			4-6-2026		750,000		729,375
Republic of Poland		5.13			4-21-2021		625,000		654,938
Republic of Senegal		6.75			3-13-2048		250,000		213,575
Republic of Serbia		4.88			2-25-2020		425,000		430,896
Republic of South Africa		4.85			9-27-2027		200,000		186,513
Republic of South Africa		4.88			4-14-2026		400,000		379,574
Republic of South Africa		5.00			10-12-2046		200,000		167,820
Republic of South Africa		6.25			3-8-2041		200,000		195,600
Republic of Sri Lanka		6.25			7-27-2021		600,000		609,802
Republic of Sri Lanka		6.75			4-18-2028		300,000		290,286
Republic of Sri Lanka		6.85			11-3-2025		400,000		398,202
Republic of the Philippines		3.70			2-2-2042		700,000		661,514
Republic of the Philippines		4.00			1-15-2021		450,000		456,618
Republic of the Philippines		5.50			3-30-2026		379,000		422,927
Republic of the Philippines		6.38			1-15-2032		300,000		367,177
Republic of Turkey		3.25			3-23-2023		250,000		200,625
Republic of Turkey		5.63			3-30-2021		561,000		513,539
Republic of Turkey		6.63			2-17-2045		1,050,000		804,279
Republic of Turkey		8.00			2-14-2034		200,000		181,411
Republic of Venezuela †		6.00			12-9-2020		225,000		54,563
Republic of Venezuela †		7.00			3-31-2038		200,000		49,000
Republic of Venezuela †		9.00			5-7-2023		1,010,000		242,400
Republic of Zambia		8.50			4-14-2024		200,000		144,420
Republic of Zambia		8.97			7-30-2027		200,000		145,564
Romania		4.88			1-22-2024		250,000		258,764
Romania		6.75			2-7-2022		802,000		877,027
Russian Federation		4.50			4-4-2022		400,000		403,654
Russian Federation		5.25			6-23-2047		200,000		189,804
Russian Federation		7.50			3-31-2030		222,500		243,533
Russian Federation		12.75			6-24-2028		750,000		1,207,500
Socialist Republic of Vietnam		4.80			11-19-2024		250,000		255,616
Sultanate of Oman		5.38			3-8-2027		697,000		664,077
Sultanate of Oman		6.50			3-8-2047		400,000		366,420
Trinidad & Tobago Government		4.38			1-16-2024		300,000		295,284
Ukraine Government		7.75			9-1-2020		225,000		223,657
Ukraine Government		7.75			9-1-2023		550,000		533,280
Ukraine Government		7.75			9-1-2025		400,000		375,542
Ukraine Government		7.75			9-1-2026		250,000		229,855
United Mexican States		6.75			9-27-2034		850,000		1,011,500
ZAR Sovereign Capital Fund Proprietary Limited		3.90			6-24-2020		200,000		198,596

Total Yankee Government Bonds (Cost $53,891,397)									50,257,965

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


64		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

EMERGING MARKETS BOND PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 4.41%

Investment Companies: 4.41%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87	%		2,807,900	$	2,807,900


Total Short-Term Investments (Cost $2,807,900)							2,807,900


Total investments in securities (Cost $65,845,673)	97.17	%		61,811,629
Other assets and liabilities, net	2.83			1,797,331

Total net assets	100.00	%	$	63,608,960

††	On the last interest date, partial interest was paid.

±	Variable rate investment. The rate shown is the rate in effect at period end.

†	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		12,881,740		10,073,840		2,807,900	$	0	$	0	$	9,735	$	2,807,900		4.41	%

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			65

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Common Stocks: 88.68%

Brazil: 3.23%
Arezzo Industria E Comercio SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,500	$	53,432
Atacadao Distribuicao Comercio e Industria Limitada (Consumer Staples, Food & Staples Retailing)		61,700		220,254
B2W Companhia Digital (Consumer Discretionary, Internet & Direct Marketing Retail) †		18,235		118,281
Banco de Brasil SA (Financials, Banks)		108,200		799,592
Banco Santander (Brasil) SA (Financials, Banks)		13,000		60,993
BK Brasil Operacao e Assessoria a Restaurantes SA (Consumer Discretionary, Hotels, Restaurants & Leisure) †		26,400		93,982
BRF SA (Consumer Staples, Food Products) †		51,400		254,028
CCR SA (Industrials, Transportation Infrastructure)		126,882		291,575
Centrais Electricas Brasileiras SA (Utilities, Electric Utilities) †		25,200		97,877
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		32,741		196,136
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		5,959		61,271
Companhia Hering SA (Consumer Discretionary, Specialty Retail)		17,310		69,740
CPFL Energias Renovaveis SA (Utilities, Independent Power & Renewable Electricity Producers)		9,100		36,976
CVC Brasil Operadora e Agencia de Viagens SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		15,064		157,367
Duratex SA (Materials, Paper & Forest Products)		35,700		84,668
Ecorodovias Infraestrutura Logistica SA (Industrials, Transportation Infrastructure)		21,800		38,001
EDP Energias do Brasil SA (Utilities, Electric Utilities)		27,247		89,706
Embraer SA (Industrials, Aerospace & Defense)		77,630		373,560
Eneva SA (Utilities, Independent Power & Renewable Electricity Producers) †		34,200		108,567
Engie Brasil Energia SA (Utilities, Independent Power & Renewable Electricity Producers)		11,300		102,372
Equatorial Energia SA (Utilities, Electric Utilities)		18,614		260,489
Estacio Participacoes SA (Consumer Discretionary, Diversified Consumer Services)		30,233		167,305
Ez Tec Empreendimentos e Participacoes SA (Consumer Discretionary, Household Durables)		16,200		63,836
Fibria Celulose SA (Materials, Paper & Forest Products)		23,966		465,893
Fleury SA (Health Care, Health Care Providers & Services)		22,505		142,000
Grendene SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		36,720		64,549
Hypermarcas SA (Health Care, Pharmaceuticals)		44,236		297,578
Iguatemi Empresa de Shopping Centers SA (Real Estate, Real Estate Management & Development)		10,980		82,597
Iochpe Maxion SA (Industrials, Machinery)		13,800		76,232
IRB-Brasil Resseguros SA (Financials, Insurance)		14,400		210,144
JBS SA (Consumer Staples, Food Products)		105,529		243,542
Kroton Educacional SA (Consumer Discretionary, Diversified Consumer Services)		139,569		350,199
Linx SA (Information Technology, Software)		14,400		60,809
Localiza Rent A Car SA (Industrials, Road & Rail)		53,721		283,964
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		75,733		525,823
M Dias Branco SA (Consumer Staples, Food Products)		14,455		150,154
Magazine Luiza SA (Consumer Discretionary, Multiline Retail)		8,300		265,418
MRV Engenharia e Participacoes SA (Consumer Discretionary, Household Durables)		33,200		105,964
Natura Cosmeticos SA (Consumer Staples, Personal Products)		26,276		187,082
Odontoprev SA (Health Care, Health Care Providers & Services)		29,162		93,792
Petrobras Distribuidora SA (Consumer Discretionary, Specialty Retail)		33,800		164,141
Porto Seguro SA (Financials, Insurance)		9,668		130,264
Qualicorp SA (Health Care, Health Care Providers & Services)		23,301		90,158
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		20,533		388,167
Sao Martinho SA (Consumer Staples, Food Products)		18,611		86,587
Smiles Fidelidade SA (Consumer Discretionary, Media)		6,400		81,565
Suzano Papel E Celulose SA (Materials, Paper & Forest Products)		44,000		511,070
Tim Participacoes SA (Telecommunication Services, Wireless Telecommunication Services)		91,514		276,130

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


66		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Brazil (continued)
Totvs SA (Information Technology, Software)		10,700	$	69,983
Ultrapar Participacoes SA (Energy, Oil, Gas & Consumable Fuels)		43,998		444,722
WEG SA (Industrials, Machinery)		72,733		341,781

				9,990,316


Chile: 2.32%
AES Gener SA (Utilities, Independent Power & Renewable Electricity Producers)		196,985		49,418
Aguas Andinas SA Class A (Utilities, Water Utilities)		166,200		89,483
Almendral SA (Telecommunication Services, Wireless Telecommunication Services)		760,717		50,378
Antarchile SA (Industrials, Industrial Conglomerates)		15,471		242,860
Banco de Chile (Financials, Banks)		3,507,069		502,168
Banco de Credito e Inversiones (Financials, Banks)		5,937		379,759
Banco Santander Chile (Financials, Banks)		3,197,725		242,870
CAP SA (Materials, Metals & Mining)		7,286		65,471
Cencosud SA (Consumer Staples, Food & Staples Retailing)		140,053		329,984
Colbun SA (Utilities, Independent Power & Renewable Electricity Producers)		591,494		124,351
Compania Cervecerias Unidas SA (Consumer Staples, Beverages)		16,174		213,076
Empresa Nacional de Telecomunicaciones SA (Telecommunication Services, Wireless Telecommunication Services)		16,944		139,204
Empresas CMPC SA (Materials, Paper & Forest Products)		131,275		512,485
Empresas Copec SA (Energy, Oil, Gas & Consumable Fuels)		54,555		824,378
Enel Americas SA (Utilities, Electric Utilities)		2,159,386		320,918
Enel Chile SA (Utilities, Electric Utilities)		1,504,637		147,015
Engie Energia Chile SA (Utilities, Electric Utilities)		39,708		72,533
Grupo Security SA (Financials, Diversified Financial Services)		265,105		113,793
Inversiones Aguas Metropolitanas SA (Utilities, Water Utilities)		24,491		35,679
Itau CorpBanca SA (Financials, Banks)		21,575,733		204,164
LANTAM Airlines Group SA (Industrials, Airlines)		44,045		410,652
Molibdenos Y Metales SA (Materials, Metals & Mining)		2,467		29,899
Parque Arauco SA (Real Estate, Real Estate Management & Development)		65,742		165,217
Quinenco SA (Industrials, Industrial Conglomerates)		43,322		122,964
Ripley Corporation SA (Consumer Discretionary, Multiline Retail)		118,775		101,067
SACI Falabella (Consumer Discretionary, Multiline Retail)		129,367		1,029,622
Salfacorp SA (Industrials, Construction & Engineering)		47,798		72,578
Sigdo Koppers SA (Industrials, Industrial Conglomerates)		59,450		94,195
SMU SA (Consumer Staples, Food & Staples Retailing) †		273,610		76,669
Sociedad Matriz del Banco de Chile SA Class B (Financials, Banks)		399,807		183,297
Sociedad Matriz SAAM SA (Industrials, Transportation Infrastructure)		603,811		54,736
Sonda SA (Information Technology, IT Services)		27,589		36,630
Vina Concha y Toro SA (Consumer Staples, Beverages)		66,930		132,559

				7,170,072


China: 8.34%
Agricultural Bank of China H Shares (Financials, Banks)		2,877,000		1,392,910
Air China H Shares (Industrials, Airlines)		224,000		210,051
Aluminum Corporation of China Limited H Shares (Materials, Metals & Mining) †		430,000		181,889
Anhui Conch Cement Company Limited H Shares (Materials, Construction Materials)		122,000		742,997
Anhui Gujing Distillery Company Class B (Consumer Staples, Beverages)		11,000		68,617
BAIC Motor Corporation Limited H Shares (Consumer Discretionary, Auto Components) 144A		173,500		145,896
Bank of Communications Limited H Shares (Financials, Banks)		846,000		611,157

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			67

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

China (continued)
Bank of Jinzhou Company Limited H Shares (Financials, Banks)		59,000	$	50,290
BBMG Corporation (Materials, Construction Materials)		248,000		92,264
Beijing Capital International Airport Company Limited H Shares (Industrials, Transportation Infrastructure)		158,000		168,292
Boe Technology Group Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		97,300		37,934
CGN Power Company Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		949,000		224,894
China Cinda Asset Management Company Limited H Shares (Financials, Capital Markets)		944,000		244,156
China CITIC Bank H Shares (Financials, Banks)		999,351		623,898
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		491,000		487,325
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		260,000		215,321
China Cosco Holdings Company Limited (Industrials, Marine)		276,000		114,989
China Eastern Airlines Company H Shares (Industrials, Airlines)		184,000		117,685
China Energy Engineering Corporation Limited H Shares (Industrials, Construction & Engineering)		802,000		98,095
China Everbright Bank Company Limited H Shares (Financials, Banks)		530,000		221,488
China International Capital Corporation Limited H Shares (Financials, Diversified Financial Services)		112,800		206,378
China Longyuan Power Group Corporation H Shares (Utilities, Independent Power & Renewable Electricity Producers)		296,000		249,283
China Mengniu Dairy Company Limited (Consumer Staples, Food Products)		274,000		790,712
China Merchants Bank Company Limited H Shares (Financials, Banks)		397,500		1,524,415
China Merchants Securities H Shares (Financials, Capital Markets)		55,200		63,930
China Minsheng Banking Corporation Limited H Shares (Financials, Banks)		670,700		480,246
China National Building Material Company Limited H Shares (Materials, Construction Materials)		404,000		377,813
China Oilfield Services Limited H Shares (Energy, Energy Equipment & Services)		212,000		187,994
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		2,616,000		2,629,749
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		210,000		253,913
China Railway Group Limited H Shares (Industrials, Construction & Engineering)		410,000		354,171
China Railway Signal & Communication Corporation Limited H Shares (Information Technology, Electronic Equipment, Instruments & Components) 144A		155,000		109,603
China Reinsurance Group Corporation H Shares (Financials, Insurance)		749,000		147,915
China Resources Cement Holdings Limited (Materials, Construction Materials)		178,000		207,738
China Resources Gas Group Limited (Utilities, Gas Utilities)		76,000		346,170
China Southern Airlines Company H Shares (Industrials, Airlines)		202,000		133,573
China Telecom Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		1,426,000		670,418
China Vanke Company Limited H Shares (Real Estate, Real Estate Management & Development)		142,300		493,143
Chongqing Changchun Automobile Class B (Consumer Discretionary, Automobiles)		78,600		68,899
Chongqing Rural Commercial Bank (Financials, Banks)		277,000		149,286
CITIC Securities Company Limited H Shares (Financials, Capital Markets)		221,500		396,788
COSCO Shipping Development Company Limited H Shares (Industrials, Marine) †		363,000		52,724
COSCO Shipping Ports Limited (Industrials, Transportation Infrastructure)		178,000		188,461
CRRC Corporation Limited H Shares (Industrials, Machinery)		469,000		388,406
CSC Financial Company Limited H Shares (Financials, Capital Markets)		147,500		89,454
CSG Holding Company Limited Class B (Materials, Construction Materials)		156,200		60,102
Datang International Power Generation Company Limited (Utilities, Independent Power & Renewable Electricity Producers)		288,000		73,754
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		284,000		317,335
Fuyao Glass Industry Group Company Limited H Shares (Consumer Discretionary, Auto Components)		50,400		185,900
Great Wall Motor Company Limited H Shares (Consumer Discretionary, Automobiles)		314,500		193,538
Guangzhou Automobile Group Company Limited H Shares (Consumer Discretionary, Automobiles)		296,400		321,749
Guangzhou R&F Properties Company Limited H Shares (Real Estate, Real Estate Management & Development)		108,800		219,575
Guotai Junan Securities Company Limited H Shares (Financials, Capital Markets)		62,800		129,621
Huaneng Power International Incorporated H Shares (Utilities, Independent Power & Renewable Electricity Producers)		404,000		259,425

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


68		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

China (continued)
Huaneng Renewables Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		468,000	$	149,665
Inner Mongolia Yitai Coal Company Limited Class B (Energy, Oil, Gas & Consumable Fuels)		141,400		170,104
Jiangsu Express Company Limited H Shares (Industrials, Transportation Infrastructure)		130,000		164,306
Jiangxi Copper Company Limited H Shares (Materials, Metals & Mining)		135,000		159,962
Lao Feng Xiang Company Limited Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		30,412		93,791
Legend Holdings Corporation H Shares (Financials, Diversified Financial Services)		34,700		107,432
Metallurgical Corporation of China Limited H Shares (Industrials, Construction & Engineering)		335,000		91,766
Orient Securities Company Limited of China H Shares (Financials, Diversified Financial Services)		86,800		58,503
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		2,272,692		1,691,036
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		686,000		772,638
Postal Savings Bank of China Company Limited H Shares (Financials, Banks)		658,000		387,318
Shandong Weigao Group Medical Polymer Company Limited H Shares (Health Care, Health Care Equipment & Supplies)		172,000		162,823
Shanghai Electric Group Company Limited H Shares (Industrials, Electrical Equipment)		328,000		102,804
Shanghai Fosun Pharmaceutical Company Limited H Shares (Health Care, Pharmaceuticals)		48,500		195,885
Shanghai Lujiazui Finance & Trade Zone Development Company Limited (Real Estate, Real Estate Management & Development)		113,800		153,516
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		81,600		214,169
Shanghai Zhenhua Heavy Industry Company Limited Class B (Industrials, Machinery)		9,360		3,688
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		109,500		205,363
Sinopec Engineering Group H Shares (Industrials, Construction & Engineering)		158,000		164,668
Sinopec Shanghai Petrochemical Company Limited (Materials, Chemicals)		338,000		198,526
Sinopharm Group Company Limited H Shares (Health Care, Health Care Providers & Services)		114,400		569,176
Sinotrans Limited H Shares (Industrials, Air Freight & Logistics)		234,000		98,087
Tong Ren Tang Technologies Company Limited H Shares (Health Care, Pharmaceuticals)		76,000		110,193
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		68,000		323,160
Weichai Power Company Limited (Industrials, Machinery)		214,000		226,849
Yantai Changyu Pioneer Wine Company Limited Class B (Consumer Staples, Beverages)		37,500		96,082
Yanzhou Coal Mining Company Limited (Energy, Oil, Gas & Consumable Fuels)		194,000		224,186
Zhaojin Mining Industry Company Limited (Materials, Metals & Mining)		136,500		106,435
Zhejiang Expressway Company Limited H Shares (Industrials, Transportation Infrastructure)		148,000		117,476
Zijin Mining Group Company Limited H Shares (Materials, Metals & Mining)		612,000		228,464
ZTE Corporation H Shares (Information Technology, Communications Equipment) †		55,800		108,347

				25,828,747


Colombia: 0.75%
Almacenes Exito SA (Consumer Staples, Food & Staples Retailing)		26,484		137,891
Banco De Bogota SA (Financials, Banks)		7,331		166,058
Cementos Argos SA (Materials, Construction Materials)		61,317		181,567
Corporacion Financiera Colombiana SA (Financials, Diversified Financial Services)		13,167		104,518
Empresa de Energia de Bogota SA (Utilities, Gas Utilities)		225,222		151,200
Grupo Argos SA (Materials, Construction Materials)		42,901		268,998
Grupo de Inversiones Suramericana SA (Financials, Diversified Financial Services)		36,998		437,250
Grupo Nutresa SA (Consumer Staples, Food Products)		34,073		298,432
Interconexion Electrica SA (Utilities, Electric Utilities)		55,544		246,526
Nexteer Automotive Group Limited (Consumer Discretionary, Auto Components)		85,000		143,169
Silergy Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		9,000		177,275

				2,312,884

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			69

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Egypt: 0.26%
Commercial International Bank ADR (Financials, Banks)		173,158	$	810,726


Greece: 0.20%
FF Group (Consumer Discretionary, Specialty Retail) †‡		3,820		21,284
Hellenic Petroleum SA (Energy, Oil, Gas & Consumable Fuels)		13,385		113,417
Motor Oil (Hellas) Corinth Refineries SA (Energy, Oil, Gas & Consumable Fuels)		8,607		202,809
Mytilineos Holdings SA (Industrials, Industrial Conglomerates)		13,838		138,619
Titan Cement Company SA (Materials, Construction Materials)		5,874		135,001

				611,130


Hong Kong: 1.05%
Beijing Enterprises Holdings Limited (Utilities, Gas Utilities)		45,000		215,862
China Agri-Industries Holdings Limited (Consumer Staples, Food Products)		299,000		118,857
China Resources Beer Holdings Company Limited (Consumer Staples, Beverages)		166,000		706,405
China Resources Pharmaceutical Group Limited (Health Care, Pharmaceuticals)		192,000		307,249
China Resources Power Holdings Company (Utilities, Independent Power & Renewable Electricity Producers)		170,000		306,265
China Travel International Investment Hong Kong Limited (Holding & Other Investment Offices, Hotels, Restaurants & Leisure)		238,000		77,324
Far East Horizon Limited (Financials, Diversified Financial Services)		274,000		259,381
Guangdong Investment Limited (Utilities, Water Utilities)		258,000		457,571
Lenovo Group Limited (Information Technology, Technology Hardware, Storage & Peripherals)		746,000		486,641
Poly Property Group Company Limited (Real Estate, Real Estate Management & Development)		227,000		86,476
Sinotruk Hong Kong Limited (Industrials, Machinery)		73,500		109,753
Yuexiu Property Company Limited (Real Estate, Real Estate Management & Development)		730,000		132,072

				3,263,856


India: 14.68%
3M India Limited (Industrials, Industrial Conglomerates) †		335		122,544
Aarti Industries Limited (Materials, Chemicals)		8,064		156,331
Aia Engineering Limited (Industrials, Machinery)		4,640		115,058
Ajanta Pharma Limited (Health Care, Pharmaceuticals) †		5,398		96,713
Alkem Laboratories Limited (Health Care, Pharmaceuticals)		6,657		198,482
Amara Raja Batteries Limited (Information Technology, Electrical Equipment)		9,622		114,757
Apollo Hospitals Enterprise Limited (Health Care, Health Care Providers & Services)		11,813		196,983
Apollo Tyres Limited (Consumer Discretionary, Auto Components)		47,110		166,983
Arvind Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		18,142		102,123
Asahi India Glass Limited (Consumer Discretionary, Auto Components)		14,905		71,671
Ashok Leyland Limited (Industrials, Machinery)		198,089		360,422
Associated Cement Companies Limited (Materials, Construction Materials)		8,531		197,109
Astral Poly Technik Limited (Industrials, Building Products)		6,398		99,804
Atul Limited (Materials, Chemicals)		2,152		98,072
Aurobindo Pharma Limited (Health Care, Pharmaceuticals)		43,488		437,018
Bajaj Auto Limited (Financials, Diversified Financial Services)		6,319		277,724
Bajaj Finserv Limited (Financials, Insurance)		7,149		680,143
Balkrishna Industries Limited (Consumer Discretionary, Auto Components)		8,692		166,680
Bata India Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		7,165		109,345
Bayer Cropscience Limited (Materials, Chemicals)		1,798		111,629
Berger Paints India Limited (Materials, Chemicals)		34,191		161,347
Bharat Financial Inclusion Limited (Financials, Consumer Finance) †		15,151		248,350

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


70		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

India (continued)
Bharat Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		80,627	$	411,625
Biocon Limited (Health Care, Biotechnology)		27,452		241,519
Blue Star Limited (Industrials, Building Products)		9,307		88,666
Britannia Industries Limited (Consumer Staples, Food Products)		6,745		640,657
Cadila Healthcare Limited (Health Care, Pharmaceuticals)		29,806		169,251
Capital First Limited (Financials, Consumer Finance)		9,653		87,689
Carborundum Universal Limited (Industrials, Machinery)		18,231		95,388
Care Ratings Limited (Financials, Capital Markets)		3,396		62,063
Castrol India Limited (Materials, Chemicals)		75,206		168,382
Ceat Limited (Consumer Discretionary, Auto Components)		4,020		78,579
Century Plyboards India Limited (Materials, Paper & Forest Products) †		14,822		46,675
CESC Limited (Utilities, Electric Utilities)		13,475		189,207
Chambal Fertilisers and Chemicals Limited (Materials, Chemicals)		42,170		98,192
Cholamandalam Investment (Financials, Consumer Finance)		8,545		177,842
Cipla Limited India (Health Care, Pharmaceuticals)		63,592		593,679
City Union Bank Limited (Financials, Banks)		76,146		217,456
Colgate-Palmolive Company India Limited (Consumer Staples, Personal Products)		15,475		255,058
Container Corporation of India Limited (Industrials, Transportation Infrastructure)		22,805		209,590
Coromandel International Limited (Materials, Chemicals)		12,967		76,841
Crisil Limited (Financials, Capital Markets)		2,623		65,283
Crompton Greaves Consumer Electricals Limited (Consumer Discretionary, Household Durables)		44,835		158,318
Cyient Limited (Information Technology, Software)		10,575		108,678
Dabur India Limited (Consumer Staples, Personal Products)		77,354		522,137
DCB Bank Limited (Financials, Banks)		34,806		87,694
Dewan Housing Finance Corporation (Financials, Thrifts & Mortgage Finance)		21,358		201,049
Dish TV India Limited (Consumer Discretionary, Media) †		139,903		141,133
Divi’s Laboratories Limited (Health Care, Life Sciences Tools & Services)		13,797		254,032
Doctor Reddy’s Laboratories Limited ADR (Health Care, Pharmaceuticals)		11,840		416,058
Doctor Reddys Laboratories Limited (Health Care, Pharmaceuticals)		1,909		67,073
Edelweiss Financial Services Limited (Financials, Capital Markets)		78,146		308,777
Endurance Technologies Limited (Consumer Discretionary, Auto Components) 144A		3,074		65,774
Equitas Holdings Limited (Financials, Consumer Finance) †		35,488		79,306
Eris Lifesciences Limited (Health Care, Pharmaceuticals) 144A†		7,204		73,725
Escorts Limited (Industrials, Machinery)		8,150		99,941
Exide Industries Limited (Consumer Discretionary, Auto Components)		45,838		184,254
Fertilisers & Chemicals Travancore Limited (Materials, Chemicals) †		74,029		45,977
Finolex Cables Limited (Industrials, Electrical Equipment)		10,438		80,574
Finolex Industries Limited (Materials, Chemicals)		7,393		65,840
Fortis Healthcare Limited (Health Care, Health Care Providers & Services) †		36,662		75,778
Future Consumer Limited (Consumer Staples, Food Products) †		116,752		86,997
Future Retail Limited (Consumer Discretionary, Multiline Retail)		25,247		198,199
Gail India Limited (Utilities, Gas Utilities)		100,872		529,346
Gillette India Limited (Consumer Staples, Personal Products)		1,137		106,165
GlaxoSmithKline Consumer Healthcare Limited (Consumer Staples, Food Products)		1,332		144,709
GlaxoSmithKline Pharmaceuticals Limited (Health Care, Pharmaceuticals)		2,441		117,990
Glenmark Pharmaceuticals Limited (Health Care, Pharmaceuticals)		18,091		169,786
Godrej Properties Limited (Real Estate, Real Estate Management & Development)		9,264		89,824
Graphite India Limited (Industrials, Electrical Equipment)		8,230		117,544
Gruh Finance Limited (Financials, Thrifts & Mortgage Finance)		34,461		162,961
Gujarat Fluorochemicals Limited (Materials, Chemicals)		4,501		49,096

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			71

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

India (continued)
Gujarat Gas Limited (Utilities, Gas Utilities)		12,300	$	134,305
Gujarat Narmada Valley Fertilizers Company Limited (Materials, Chemicals)		10,105		55,813
Gujarat Piavav Port Limited (Industrials, Transportation Infrastructure)		29,453		46,136
Gujarat State Fertilizers & Chemicals Limited (Materials, Chemicals)		29,506		49,984
Hatsun Agro Products Limited (Consumer Staples, Food Products)		6,602		72,958
HCL Technologies Limited (Information Technology, IT Services)		55,862		824,191
HEG Limited (Industrials, Electrical Equipment)		2,569		153,592
Hero Honda Motors Limited (Consumer Discretionary, Automobiles)		13,500		619,324
Hexaware Technologies Limited (Information Technology, IT Services)		27,256		168,625
Hindustan Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		81,349		291,096
Hindustan Unilever Limited (Consumer Staples, Household Products)		94,756		2,378,177
Honeywell Automation India Limited (Information Technology, Electronic Equipment, Instruments & Components)		256		81,071
India Cements Limited (Materials, Construction Materials)		27,590		49,169
India Infoline Limited (Financials, Capital Markets)		20,021		204,525
Indiabulls Housing Finance Limited (Financials, Thrifts & Mortgage Finance)		39,851		707,529
Indiabulls Real Estate Limited (Financials, Real Estate Management & Development) †		34,687		75,486
Indian Energy Exchange Limited (Financials, Capital Markets)		3,374		82,877
Indian Hotels Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		81,357		157,435
Indian Oil Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		294,534		645,949
Indraprastha Gas Limited (Utilities, Gas Utilities)		33,978		139,119
Info Edge India Limited (Information Technology, Internet Software & Services)		6,404		147,897
Infosys Limited (Information Technology, IT Services)		23,076		468,865
Infosys Limited ADR (Information Technology, IT Services)		196,542		4,082,177
Infrastructure Development Finance Company Limited (Financials, Diversified Financial Services)		137,555		102,110
Interglobe Aviation Limited (Industrials, Airlines)		11,550		151,259
Ipca Laboratories Limited (Health Care, Pharmaceuticals)		10,248		111,487
Jain Irrigation Systems Limited (Industrials, Machinery)		45,127		54,241
JM Financial Limited (Financials, Capital Markets)		78,077		132,539
JSW Energy Limited (Utilities, Independent Power & Renewable Electricity Producers) †		49,138		50,505
JSW Steel Limited (Materials, Metals & Mining)		146,737		819,996
Jubilant Foodworks Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		8,007		174,909
Jubilant Organosys Limited (Health Care, Pharmaceuticals)		11,197		114,012
Jyothy Laboratories Limited (Consumer Staples, Household Products)		24,502		75,241
Kajaria Ceramics Limited (Industrials, Building Products)		7,066		46,709
Karnataka Bank Limited (Financials, Banks)		38,155		64,312
Karur Vysya Bank Limited (Financials, Banks)		97,298		128,403
KEC International Limited (Industrials, Construction & Engineering)		29,297		124,745
KPIT Technologies Limited (Information Technology, Software)		13,837		59,112
KRBL Limited (Consumer Staples, Food Products)		10,342		56,022
L&T Finance Holdings Limited (Financials, Diversified Financial Services)		73,906		189,021
Lakshmi Machine Works Limited (Industrials, Machinery)		969		98,293
Larsen & Toubro Infotech Limited (Information Technology, IT Services) 144A		3,604		91,350
Laurus Labs Limited (Health Care, Pharmaceuticals) 144A		11,765		72,729
Lupin Limited (Health Care, Pharmaceuticals)		27,889		366,257
Madras Cements Limited (Materials, Construction Materials)		16,867		163,935
Mahindra & Mahindra Financial Services Limited (Financials, Consumer Finance)		29,683		204,712
Mahindra & Mahindra Limited (Consumer Discretionary, Automobiles)		101,326		1,379,038
Manappuram Finance Limited (Financials, Consumer Finance)		51,938		73,301
Marico Limited (Consumer Staples, Personal Products)		72,571		378,017
Minda Industries Limited (Consumer Discretionary, Auto Components)		12,230		74,155

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


72		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

India (continued)
Mindtree Limited (Information Technology, IT Services)		12,037	$	189,177
Motherson Sumi Systems Limited (Consumer Discretionary, Auto Components)		88,275		378,484
Motilal Oswal Financial Services Limited (Financials, Capital Markets)		12,747		149,663
Mphasis Limited (Information Technology, IT Services)		6,393		113,571
MRF Limited (Consumer Discretionary, Auto Components)		344		359,038
Multi Commodity Exchange of India Limited (Financials, Capital Markets)		4,800		56,042
Muthoot Finance Limited (Financials, Consumer Finance)		39,442		227,667
Nagarjuna Construction Company (Industrials, Construction & Engineering)		60,636		84,337
Natco Pharma Limited (Health Care, Pharmaceuticals)		13,398		147,286
National Aluminum Company Limited (Materials, Metals & Mining)		85,217		89,931
Nestle India Limited (Consumer Staples, Food Products)		3,624		591,799
NIIT Technologies Limited (Information Technology, Software)		4,043		80,186
NTPC Limited (Utilities, Independent Power & Renewable Electricity Producers)		326,358		789,135
Oberoi Realty Limited (Real Estate, Real Estate Management & Development)		9,705		60,323
Oracle Financials Services (Information Technology, Software)		1,801		105,638
Page Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		493		239,227
PC Jeweller Limited (Consumer Discretionary, Specialty Retail)		20,118		23,897
Persistent Systems Limited (Information Technology, IT Services)		6,509		75,950
Petronet LNG Limited (Energy, Oil, Gas & Consumable Fuels)		149,642		523,342
Pfizer Limited (Health Care, Pharmaceuticals)		2,380		121,516
Phoenix Mills Limited (Real Estate, Real Estate Management & Development)		7,720		68,268
Pidilite Industries Limited (Materials, Chemicals)		29,869		492,151
PNB Housing Finance Limited (Financials, Thrifts & Mortgage Finance) 144A		12,189		233,284
Prestige Estates Projects Limited (Real Estate, Real Estate Management & Development)		15,746		52,626
Procter & Gamble Hygiene & Healthcare Limited (Consumer Staples, Personal Products)		1,272		184,215
PVR Limited (Consumer Discretionary, Media)		3,790		73,354
Quess Corporation Limited (Industrials, Professional Services) 144A†		4,618		63,616
Rain Industries Limited (Materials, Chemicals)		24,750		66,074
Rajesh Exports Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		16,020		149,841
Redington India Limited (Information Technology, Electronic Equipment, Instruments & Components)		29,010		42,967
Reliance Capital Limited (Financials, Diversified Financial Services)		13,776		91,715
Reliance Energy Limited (Utilities, Electric Utilities)		12,944		87,226
Reliance Nippon Life Asset Management Limited (Financials, Diversified Financial Services)		66,154		219,888
Sadbhav Engineering Limited (Industrials, Construction & Engineering)		14,751		59,367
Sanofi India Limited (Health Care, Pharmaceuticals)		1,031		93,034
Schaeffler India Limited (Industrials, Machinery)		1,066		81,873
Shriram City Union Finance Limited (Financials, Consumer Finance)		2,569		72,597
Shriram Transport Finance Company Limited (Financials, Consumer Finance)		16,029		301,885
SKF India Limited (Industrials, Machinery)		3,207		81,086
Solar Industries India Limited (Materials, Chemicals)		4,688		77,228
South Indian Bank Limited (Financials, Banks)		234,384		57,996
SRF Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,169		90,361
Star Cement Limited (Materials, Construction Materials)		32,250		47,971
Strides Shasun Limited (Health Care, Pharmaceuticals)		9,862		69,050
Sun TV Network Limited (Consumer Discretionary, Media)		10,131		109,443
Sundaram Finance Limited (Financials, Consumer Finance)		12,722		285,538
Sundram Fasteners Limited (Consumer Discretionary, Auto Components)		12,200		113,604
Supreme Industries Limited (Materials, Chemicals)		7,333		124,232
Suzlon Energy Limited (Industrials, Electrical Equipment) †		605,001		60,990
Tata Chemicals Limited (Materials, Chemicals)		18,823		201,602

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			73

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

India (continued)
Tata Consultancy Services Limited (Information Technology, IT Services)		101,436	$	2,972,448
Tata Elxsi Limited (Information Technology, Software)		2,299		46,542
Tata Power Company Limited (Utilities, Electric Utilities)		178,435		192,961
Tata Tea Limited (Consumer Staples, Food Products)		48,037		158,687
Tech Mahindra Limited (Information Technology, IT Services)		63,431		684,873
Thermax India Limited (Industrials, Machinery)		5,549		80,618
TI Financial Holdings Limited (Financials, Diversified Financial Services)		13,801		114,142
Titan Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		42,527		534,778
Torrent Pharmaceuticals Limited (Health Care, Pharmaceuticals)		6,057		154,811
Torrent Power Limited (Utilities, Electric Utilities)		17,134		63,679
TVS Motor Company Limited (Consumer Discretionary, Automobiles)		21,888		175,703
Ujjivan Financial Services Limited (Financials, Consumer Finance)		12,147		59,822
United Breweries Limited (Consumer Staples, Beverages)		9,889		195,769
United Spirits Limited (Consumer Staples, Beverages) †		37,778		335,695
Vardhman Textiles Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		3,162		49,044
Varun Beverages Limited (Consumer Staples, Beverages)		6,313		72,924
VIP Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		12,785		112,490
Wabco India Limited (Consumer Discretionary, Auto Components)		590		59,566
Whirlpool of India Limited (Consumer Discretionary, Household Durables)		3,931		98,300
Wipro Limited (Information Technology, IT Services)		105,452		447,894
Wockhardt Limited (Health Care, Pharmaceuticals)		6,167		57,726
Zee Entertainment Enterprises Limited (Consumer Discretionary, Media)		59,917		422,347
Zensar Technologies Limited (Information Technology, IT Services)		5,396		127,276

				45,441,761


Indonesia: 0.92%
PT Ace Hardware Incorporated Indonesia Tbk (Consumer Discretionary, Specialty Retail)		838,800		77,445
PT AKR Corporindo Tbk (Industrials, Trading Companies & Distributors)		162,800		39,899
PT Bank Danamon Indonesia Tbk (Financials, Banks)		249,900		115,365
PT Bank Negara Indonesia Persero Tbk (Financials, Banks)		707,600		374,697
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk (Financials, Banks)		491,300		64,373
PT Bank Tabungan Negara Persero Tbk (Financials, Banks)		441,500		82,425
PT Bumi Serpong Damai Tbk (Real Estate, Real Estate Management & Development)		899,900		73,312
PT Charoen Pokphand Indonesia Tbk (Consumer Staples, Food Products)		349,900		118,296
PT Gudang Garam Tbk (Consumer Staples, Tobacco)		49,200		243,829
PT Hanjaya Mandala Sampoerna Tbk (Consumer Staples, Tobacco)		849,700		220,934
PT Hanson International Tbk (Real Estate, Real Estate Management & Development) †		7,252,100		69,912
PT Indo Tambangraya Megah Tbk (Energy, Oil, Gas & Consumable Fuels)		38,100		73,200
PT Indofood CBP Sukses Makmur Tbk (Consumer Staples, Food Products)		243,900		143,641
PT Jasa Marga (Persero) Tbk (Industrials, Transportation Infrastructure)		179,700		55,264
PT Kalbe Farma Tbk (Health Care, Pharmaceuticals)		1,942,000		177,325
PT Lippo Karawaci Terbuka Tbk (Real Estate, Real Estate Management & Development)		1,884,300		45,540
PT Mayora Indah Tbk (Consumer Staples, Food Products)		370,287		72,398
PT Medco Energi Internasional Tbk (Energy, Oil, Gas & Consumable Fuels) †		1,436,700		84,856
PT Media Nusantara Citra Tbk (Consumer Discretionary, Media)		549,800		33,779
PT Mitra Keluarga Karyasehat Tbk (Health Care, Health Care Providers & Services) †		579,000		71,736
PT Perusahaan Gas Negara Persero Tbk (Utilities, Gas Utilities)		1,034,500		150,294
PT Sumber Alfaria Trijaya Tbk (Consumer Staples, Food & Staples Retailing)		1,764,700		101,833
PT Summarecon Agung Tbk (Real Estate, Real Estate Management & Development)		904,600		40,532

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


74		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name		Shares		Value

Indonesia (continued)
PT Surya Citra Media Tbk (Consumer Discretionary, Media)			598,400	$	85,312
PT Tambang Batubara Bukit Asam Tbk (Energy, Oil, Gas & Consumable Fuels)			296,800		81,605
PT Trada Alam Minera Tbk (Industrials, Marine) †			2,912,200		44,286
PT Ultrajaya Milk Industry & Trading Company Tbk (Consumer Staples, Food Products)			844,000		74,201
PT Waskita Karya Persero Tbk (Industrials, Construction & Engineering)			384,800		49,504

					2,865,793


Luxembourg: 0.10%
Kernel Holding SA (Consumer Staples, Food Products)			17,565		234,330
PLAY Communications SA (Telecommunication Services, Wireless Telecommunication Services)			15,312		89,640

					323,970


Malaysia: 4.75%
Affin Holdings Bhd (Financials, Banks)			179,400		107,330
AirAsia Bhd (Industrials, Airlines)			242,700		202,815
Alliance Financial Group Bhd (Financials, Banks)			139,400		139,946
AMMB Holdings Bhd (Financials, Banks)			182,100		181,360
Astro Malaysia Holdings Bhd (Consumer Discretionary, Media)			246,800		104,497
Axiata Group Bhd (Telecommunication Services, Wireless Telecommunication Services)			397,600		463,071
Batu Kawan Bhd (Materials, Chemicals)			27,500		114,017
Bimb Holdings Bhd (Financials, Banks)			83,900		80,595
Boustead Holdings Bhd (Industrials, Industrial Conglomerates)			286,400		137,294
British American Tobacco Malaysia Bhd (Consumer Staples, Tobacco)			15,600		128,535
Bumi Armada Bhd (Energy, Energy Equipment & Services) †			419,900		56,586
Bursa Malaysia Bhd (Financials, Diversified Financial Services)			58,700		109,609
Carlsberg Brewery Malaysia Bhd (Consumer Staples, Beverages)			19,800		98,289
Dialog Group Bhd (Energy, Energy Equipment & Services)			482,200		407,510
Digi.com Bhd (Telecommunication Services, Wireless Telecommunication Services)			346,900		396,695
Felda Global Ventures Holdings Bhd (Consumer Staples, Food Products)			200,500		73,504
Fraser & Neave Holdings Bhd (Consumer Staples, Beverages)			15,000		138,703
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)			244,300		512,033
HAP Seng Consolidated Bhd (Industrials, Industrial Conglomerates)			78,700		188,004
Hartalega Holdings Bhd (Health Care, Health Care Equipment & Supplies)			169,000		291,143
Heineken Malaysia Bhd (Consumer Staples, Beverages)			20,300		108,082
Hong Leong Bank Bhd (Financials, Banks)			88,300		441,179
Hong Leong Financial Group Bhd (Financials, Banks)			35,000		166,799
IGB REIT Bhd (Real Estate, Equity REITs)			235,700		99,302
IHH Healthcare Bhd (Health Care, Health Care Providers & Services)			363,100		492,167
IJM Corporation Bhd (Industrials, Construction & Engineering)			304,300		138,219
Inari Amertron Bhd (Information Technology, Electronic Equipment, Instruments & Components)			239,500		130,356
IOI Corporation Bhd (Consumer Staples, Food Products)			333,600		366,292
IOI Properties Group Bhd (Real Estate, Real Estate Management & Development)			229,600		97,763
KLCC Property Holdings Bhd (Real Estate, Equity REITs)			36,900		69,319
Kossan Rubber Industries Bhd (Health Care, Health Care Equipment & Supplies)	��		68,800		74,501
Kuala Lumpur Kepong Bhd (Consumer Staples, Food Products)			58,800		352,843
Lotte Chemical Titan Holding Bhd (Industrials, Chemicals) 144A			63,400		79,350
LPI Capital Bhd (Financials, Insurance)			28,300		117,773
Malakoff Corporation Bhd (Utilities, Independent Power & Renewable Electricity Producers)			170,700		39,831
Malaysia Airports Holdings Bhd (Industrials, Transportation Infrastructure)			93,300		212,278

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			75

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name		Shares		Value

Malaysia (continued)
Malaysian Resources Corporation Bhd (Industrials, Construction & Engineering)			331,400	$	56,268
Maxis Bhd (Telecommunication Services, Wireless Telecommunication Services)			246,600		346,299
Nestle Malaysia Bhd (Consumer Staples, Food Products)			6,900		246,818
Oriental Holdings Bhd (Consumer Discretionary, Automobiles)			64,400		98,100
Petronas Chemicals Group Bhd (Materials, Chemicals)			279,900		643,401
Petronas Dagangan Bhd (Energy, Oil, Gas & Consumable Fuels)			29,100		192,117
PPB Group Bhd (Consumer Staples, Food Products)			84,440		345,198
Press Metal Bhd (Materials, Metals & Mining)			239,500		289,590
Public Bank Bhd (Financials, Banks)			321,100		1,961,026
Ql Resources Bhd (Consumer Staples, Food Products)			75,460		107,052
RHB Capital Bhd (Financials, Banks)			277,600		364,488
Scientex Bhd (Materials, Chemicals)			32,800		66,612
Sime Darby Bhd (Industrials, Industrial Conglomerates)			365,500		226,471
Sime Darby Property Bhd (Real Estate, Real Estate Management & Development)			370,200		113,318
SP Setia Bhd (Real Estate, Real Estate Management & Development)			223,700		142,982
Sunway REIT Bhd (Real Estate, Real Estate Management & Development)			191,300		72,545
Sunway REIT Bhd (Real Estate, Real Estate Management & Development)			211,400		88,541
Telecom Malaysia Bhd (Telecommunication Services, Diversified Telecommunication Services)			189,100		152,190
Tenaga Nasional Bhd (Utilities, Electric Utilities)			332,900		1,269,056
Time Dotcom Bhd (Telecommunication Services, Diversified Telecommunication Services)			53,000		105,755
Top Glove Corporation Bhd (Health Care, Health Care Equipment & Supplies)			89,600		242,767
TSH Resources Bhd (Consumer Staples, Food Products)	��		119,200		34,807
UMW Holdings Bhd (Consumer Discretionary, Automobiles)			56,400		81,739
United Plantations Bhd (Consumer Staples, Food Products)			7,300		48,459
VS Industry Bhd (Information Technology, Electronic Equipment, Instruments & Components)			143,375		55,076
Westports Holdings Bhd (Industrials, Transportation Infrastructure)			102,200		92,288
Yinson Holdings Bhd (Energy, Energy Equipment & Services)			99,200		111,040
YTL Corporation Bhd (Utilities, Multi-Utilities)			506,162		163,525
YTL Power International Bhd (Utilities, Multi-Utilities)			260,600		72,242

					14,707,360


Mexico: 3.73%
Alsea SAB de CV (Consumer Discretionary, Hotels, Restaurants & Leisure)			47,874		170,896
America Movil SAB de CV Series L (Telecommunication Services, Wireless Telecommunication Services)			2,478,323		2,084,592
Arca Continental SAB de CV (Consumer Staples, Beverages)			40,467		250,255
Banco del Bajio SA (Financials, Banks)			83,800		196,064
Banco Santander Mexico SA (Financials, Banks)			148,378		235,087
Coca-Cola Femsa SAB de CV Series L (Consumer Staples, Beverages)			48,828		293,859
Corporacion Inmobiliaria Vesta SAB de CV (Real Estate, Real Estate Management & Development)			52,000		73,624
El Puerto de Liverpool SAB de CV (Consumer Discretionary, Multiline Retail)			20,533		144,917
Fibra Uno Administracion SAB de CV (Real Estate, Equity REITs)			358,953		469,705
Fomento Economico Mexicano SAB de CV (Consumer Staples, Beverages)			205,228		1,965,780
Genomma Lab Internacional SAB de CV Class B (Health Care, Pharmaceuticals) †			97,293		84,280
Gentera SAB de CV (Financials, Consumer Finance)			99,348		100,829
GMexico Transportes SAB de CV (Industrials, Road & Rail) 144A			54,100		87,357
Gruma SAB de CV Class B (Consumer Staples, Food Products)			19,330		244,553
Grupo Aeromexico SAB de CV (Industrials, Airlines) †			61,170		85,230
Grupo Aeroportuario del Centro Norte SAB de CV (Industrials, Transportation Infrastructure)			28,210		185,441
Grupo Aeroportuario del Pacifico SAB de CV Class B (Industrials, Transportation Infrastructure)			37,415		386,600

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


76		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Mexico (continued)
Grupo Aeroportuario del Sureste SAB de CV Class B (Industrials, Transportation Infrastructure)		18,425	$	345,514
Grupo Carso SAB de CV (Industrials, Industrial Conglomerates)		50,001		185,686
Grupo Cementos de Chihuahua SAB de CV (Materials, Construction Materials)		16,700		109,193
Grupo Comercial Chedraui SAB de CV (Consumer Staples, Food & Staples Retailing)		29,944		70,514
Grupo Elektra SAB de CV (Financials, Banks)		6,104		285,947
Grupo Financiero Inbursa SAB de CV (Financials, Banks)		213,600		339,877
Grupo Lala SAB de CV (Consumer Staples, Food Products)		61,367		65,301
Grupo Sanborns SAB de CV (Consumer Discretionary, Multiline Retail)		94,200		95,160
Industrias Bachoco SAB de CV Series B (Consumer Staples, Food Products)		18,655		90,623
Industrias CH SAB de CV Series B (Materials, Metals & Mining) †		17,100		67,307
Industrias Penoles SAB de CV (Materials, Metals & Mining)		12,928		219,019
Macquarie Mexico Real Estate Management SA de CV (Real Estate, Equity REITs) 144A		88,205		96,999
Mexichem SAB de CV (Materials, Chemicals)		109,424		369,247
OHL Mexico SAB de CV (Industrials, Transportation Infrastructure)		75,291		113,457
PLA Administradora Industria S de RL de CV (Real Estate, Equity REITs)		81,504		122,222
Prologis Property Mexico SA de CV (Real Estate, Equity REITs)		40,994		80,678
Promotora Y Operadora de Infraestructura SAB de CV (Industrials, Transportation Infrastructure)		18,659		198,307
Regional SAB de CV (Financials, Banks)		21,900		134,207
Telesites SAB de CV (Telecommunication Services, Diversified Telecommunication Services) †		133,829		105,002
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		506,439		1,402,265

				11,555,594


Philippines: 1.47%
Aboitiz Power Corporation (Utilities, Independent Power & Renewable Electricity Producers)		166,500		115,218
Alliance Global Group Incorporated (Industrials, Industrial Conglomerates)		585,900		151,220
Ayala Corporation (Financials, Diversified Financial Services)		25,110		469,627
Bloomberry Resorts Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)		334,600		59,763
China Banking Corporation (Financials, Banks)		249,208		148,682
D&L Industries Incorporated (Materials, Chemicals)		390,800		77,037
DMCI Holdings Incorporated (Industrials, Industrial Conglomerates)		531,800		127,311
Energy Development Corporation (Utilities, Independent Power & Renewable Electricity Producers)		955,600		125,821
Globe Telecom Incorporated (Telecommunication Services, Wireless Telecommunication Services)		3,400		134,555
Golden Bria Holdings Incorporated (Consumer Discretionary, Diversified Consumer Services) †		6,800		40,316
GT Capital Holdings Incorporated (Financials, Diversified Financial Services)		11,493		188,297
International Container Term Services Incorporated (Industrials, Transportation Infrastructure)		188,430		330,038
Jollibee Foods Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)		79,810		429,889
LT Group Incorporated (Industrials, Industrial Conglomerates)		362,500		116,612
Manila Electric Company (Utilities, Electric Utilities)		22,920		160,064
Manila Water Company (Utilities, Water Utilities)		128,800		58,778
Megaworld Corporation (Real Estate, Real Estate Management & Development)		1,318,000		113,145
Metro Pacific Investments Corporation (Financials, Diversified Financial Services)		1,322,300		134,782
Metropolitan Bank & Trust Company (Financials, Banks)		283,660		388,608
Philippine National Bank (Financials, Banks) †		142,630		128,044
Philippine Seven Corporation (Consumer Staples, Food & Staples Retailing)		14,223		29,208
Pilipinas Shell Petroleum Corporation (Energy, Oil, Gas & Consumable Fuels)		83,330		89,614
PLDT Incorporated (Telecommunication Services, Wireless Telecommunication Services)		12,645		329,440
Puregold Price Club Incorporated (Consumer Staples, Food & Staples Retailing)		129,210		111,163
Rizal Commercial Banking (Financials, Banks)		27,280		14,541
Robinsons Land Company (Real Estate, Real Estate Management & Development)		273,300		108,874

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			77

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Philippines (continued)
Robinsons Retail Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		81,700	$	124,686
San Miguel Corporation (Industrials, Industrial Conglomerates)		53,630		169,512
Union Bank of Philippines (Financials, Banks)		7,650		10,888
Vista Land & Lifescapes Incorporated (Real Estate, Real Estate Management & Development)		637,200		76,271

				4,562,004


Poland: 1.21%
Alior Bank SA (Financials, Banks) †		9,919		182,099
Asseco Poland SA (Information Technology, Software)		7,253		89,814
Budimex SA (Industrials, Construction & Engineering)		1,468		45,149
CCC SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,993		174,088
CD Projekt SA (Information Technology, Software) †		5,479		304,496
Ciech SA (Materials, Chemicals)		3,416		48,475
Cyfrowy Polsat SA (Consumer Discretionary, Media) †		32,822		199,055
Dino Polska SA (Consumer Staples, Food & Staples Retailing) †		5,641		138,944
Enea SA (Utilities, Electric Utilities) †		21,895		50,445
Energa SA (Utilities, Electric Utilities)		20,069		45,480
Eurocash SA (Consumer Staples, Food & Staples Retailing)		9,264		50,885
Grupa Kety SA (Materials, Metals & Mining)		1,227		128,271
Grupa Lotos SA (Energy, Oil, Gas & Consumable Fuels)		9,880		186,315
ING Bank Slaski SA (Financials, Banks)		3,191		154,957
Inter Cars SA (Consumer Discretionary, Distributors)		1,474		114,128
Jastrzebska Spolka Weglowa SA (Materials, Metals & Mining) †		5,922		123,019
Kruk SA (Financials, Consumer Finance)		1,648		92,032
LPP SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		147		365,051
Orange Polska SA (Telecommunication Services, Diversified Telecommunication Services) †		92,510		121,293
Orbis SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,253		28,936
Polska Grupa Energetyczna SA (Utilities, Electric Utilities) †		74,931		181,935
Polski Koncern Naftowy Orlen SA (Energy, Oil, Gas & Consumable Fuels)		33,143		878,401
Tauron Polska Energia SA (Utilities, Electric Utilities) †		100,084		54,002

				3,757,270


Russia: 2.35%
Aeroflot PJSC (Industrials, Airlines)		60,458		103,370
Alrosa PJSC (Materials, Metals & Mining)		321,200		482,225
Bank Otkritie Financial Corporation PJSC (Financials, Banks) (a)†		3,758		0
Credit Bank of Moscow PJSC (Financials, Banks) †		1,306,800		96,848
Gazprom Neft PJSC (Energy, Oil, Gas & Consumable Fuels)		22,315		111,222
Inter Rao Ues PJSC (Utilities, Electric Utilities)		4,055,002		240,379
LSR Group PJSC (Real Estate, Real Estate Management & Development)		4,827		51,636
Lukoil PJSC (Energy, Oil, Gas & Consumable Fuels)		6,374		441,783
M.video PSJC (Consumer Discretionary, Specialty Retail) †		8,350		52,208
Magnit PJSC (Consumer Staples, Food & Staples Retailing)		7,642		459,129
Magnitogorsk Iron & Steel Works PJSC (Materials, Metals & Mining)		193,300		137,714
Megafon PJSC (Telecommunication Services, Wireless Telecommunication Services) †		24,520		184,262
MMC Norilsk Nickel PJSC (Materials, Metals & Mining)		8,590		1,427,981
Mobile TeleSystems PJSC (Telecommunication Services, Wireless Telecommunication Services)		116,754		451,923
Nizhnekamskneftekhim PJSC (Materials, Chemicals) †		9,600		8,107
Novolipetsk Steel PJSC (Materials, Metals & Mining)		103,510		252,342

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


78		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Russia (continued)
PhosAgro PJSC (Materials, Chemicals)		4,345	$	167,378
PIK Group PJSC (Real Estate, Real Estate Management & Development)		18,799		101,190
Polyus PJSC (Materials, Metals & Mining)		2,568		164,101
Rosgosstrakh PJSC (Financials, Insurance) †		563,000		3,078
Rostelecom PJSC (Telecommunication Services, Diversified Telecommunication Services)		118,730		119,146
RussNeft PJSC (Energy, Oil, Gas & Consumable Fuels) †		6,482		59,333
Safmar Financial Investment PJSC (Financials, Consumer Finance)		6,600		76,274
Severstal PJSC (Materials, Metals & Mining)		18,660		298,698
Sistema PJSC (Telecommunication Services, Wireless Telecommunication Services)		386,200		47,378
Tatneft PJSC (Energy, Oil, Gas & Consumable Fuels)		105,840		1,224,565
Unipro PJSC (Utilities, Independent Power & Renewable Electricity Producers)		1,140,000		44,641
United Wagon PJSC (Industrials, Road & Rail) †		13,180		105,723
Uralkali PJSC (Materials, Chemicals) †		37,200		44,176
VTB Bank PJSC (Financials, Banks)		512,000,000		314,056

				7,270,866


South Africa: 4.53%
Absa Group Limited (Financials, Banks)		69,157		764,986
ADvTECH Limited (Consumer Discretionary, Diversified Consumer Services)		57,748		59,929
AECI Limited (Materials, Chemicals)		10,163		71,974
Anglo American Platinum Limited (Materials, Metals & Mining)		5,908		172,878
Anglogold Ashanti Limited (Materials, Metals & Mining)		38,559		309,364
Aspen Pharmacare Holdings Limited (Health Care, Pharmaceuticals)		36,820		730,186
Astral Foods Limited (Consumer Staples, Food Products)		3,262		57,464
Attacq Limited (Real Estate, Real Estate Management & Development)		78,449		86,163
Avi Limited (Consumer Staples, Food Products)		29,591		233,607
Barloworld Limited (Industrials, Trading Companies & Distributors)		18,063		153,649
Blue Label Telecoms Limited (Industrials, Commercial Services & Supplies)		77,766		37,891
Capitec Bank Holdings Limited (Financials, Banks)		5,560		379,400
Cashbuild Limited (Consumer Discretionary, Specialty Retail)		2,711		57,190
Clicks Group Limited (Consumer Staples, Food & Staples Retailing)		21,763		300,639
Coronation Fund Managers Limited (Financials, Capital Markets)		15,754		61,697
Dis-Chem Pharmacies Limited (Consumer Staples, Food & Staples Retailing)		85,372		196,539
Equites Property Fund Limited (Real Estate, Equity REITs)		49,906		67,922
Fortress REIT Limited Class B (Real Estate, Equity REITs)		101,851		109,510
Foschini Limited (Consumer Discretionary, Specialty Retail)		22,815		271,063
Gold Fields Limited (Materials, Metals & Mining)		80,814		197,979
Growthpoint Properties Limited (Real Estate, Equity REITs)		255,488		442,301
Harmony Gold Mining Company Limited (Materials, Metals & Mining)		40,768		66,361
Hyprop Investments Limited (Real Estate, Real Estate Management & Development)		21,244		147,457
Imperial Holdings Limited (Consumer Discretionary, Distributors)		17,798		249,717
Investec Limited (Financials, Capital Markets)		22,687		148,473
Italtile Limited (Consumer Discretionary, Specialty Retail)		105,075		98,675
JSE Limited (Financials, Capital Markets)		7,675		84,590
KAP Industrial Holdings Limited (Industrials, Industrial Conglomerates)		201,195		102,001
Kumba Iron Ore Limited (Materials, Metals & Mining)		5,566		100,408
Liberty Holdings Limited (Financials, Insurance)		11,498		91,084
Life Healthcare Group Holdings Limited (Health Care, Health Care Providers & Services)		121,932		221,212
Massmart Holdings Limited (Consumer Staples, Food & Staples Retailing)		9,078		68,423

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			79

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name		Shares		Value

South Africa (continued)
MMI Holdings Limited (Financials, Insurance)			96,694	$	112,848
Mondi Limited (Materials, Paper & Forest Products)			10,319		288,047
Montauk Holdings Limited (Utilities, Independent Power & Renewable Electricity Producers)			8,845		56,573
Mr. Price Group Limited (Consumer Discretionary, Specialty Retail)			24,667		378,255
Nampak Limited (Materials, Containers & Packaging) †			62,410		66,933
Nedbank Group Limited (Financials, Banks)			18,964		358,735
Netcare Limited (Health Care, Health Care Providers & Services)			119,502		238,679
Omnia Holdings Limited (Materials, Chemicals)			7,084		62,669
Pepkor Holdings Limited (Consumer Discretionary, Household Durables) †			106,555		130,520
Pick’n Pay Stores Limited (Consumer Staples, Food & Staples Retailing)			30,936		152,627
Pioneer Foods Group Limited (Consumer Staples, Food Products)			16,832		120,842
PPC Limited (Materials, Construction Materials)			134,035		56,004
PSG Group Limited (Financials, Diversified Financial Services)			16,592		254,091
Redefine Properties Limited (Real Estate, Equity REITs)			480,178		338,200
Resilient REIT Limited (Real Estate, Equity REITs)			37,321		144,738
Reunert Limited (Industrials, Industrial Conglomerates)			14,654		75,828
SA Corporate Real Estate Limited REIT (Real Estate, Equity REITs)			192,027		57,236
Santam Limited (Financials, Insurance)			4,384		90,446
Sappi Limited (Materials, Paper & Forest Products)			47,376		323,653
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)			43,109		598,451
Sibanye Gold Limited (Materials, Metals & Mining) †			227,342		132,275
SPAR Group Limited (Consumer Staples, Food & Staples Retailing)			16,429		229,190
Standard Bank Group Limited (Financials, Banks)			112,410		1,425,415
Super Group Limited (Consumer Staples, Food & Staples Retailing) †			39,969		107,164
Telkom South Africa Limited (Telecommunication Services, Diversified Telecommunication Services)			26,522		90,765
The Bidvest Group Limited (Industrials, Industrial Conglomerates)			30,215		444,127
Tiger Brands Limited (Consumer Staples, Food Products)			16,762		326,537
Tongaat-Hulett Limited (Consumer Staples, Food Products)	��		9,684		52,114
Truworths International Limited (Consumer Discretionary, Specialty Retail)			41,328		241,978
Tsogo Sun Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)			55,437		79,298
Vodacom Group Proprietary Limited (Telecommunication Services, Wireless Telecommunication Services)			38,268		329,139
Vukile Property Fund Limited REIT (Real Estate, Equity REITs)			69,269		94,747
Wilson Bayly Holmes Ovcon Limited (Industrials, Construction & Engineering)			7,160		72,989
Woolworths Holdings Limited (Consumer Discretionary, Multiline Retail)			96,310		355,354

					14,027,199


South Korea: 17.87%
Amorepacific Group (Consumer Staples, Personal Products)			4,310		373,251
Asiana Airlines (Industrials, Airlines) †			17,377		65,877
BH Company Limited (Information Technology, Electronic Equipment, Instruments & Components) †			2,373		54,041
BNK Financial Group Incorporated (Financials, Banks)			34,360		257,434
Bukwang Pharmaceutical Company (Health Care, Pharmaceuticals)			3,808		88,260
Cafe24 Corporation (Information Technology, Internet Software & Services) †			546		79,363
Celltrion Incorporated (Health Care, Pharmaceuticals) †			7,362		1,785,689
Celltrion Pharm Incorporated (Health Care, Pharmaceuticals) †			1,713		123,264
Chabiotech Company Limited (Health Care, Health Care Providers & Services) †			5,530		95,632
Cheil Worldwide Incorporated (Consumer Discretionary, Media)			9,686		167,938
Chong Kun Dang Pharmaceutical Corporation (Health Care, Pharmaceuticals)			858		83,630
CJ CGV Company Limited (Consumer Discretionary, Media)			1,408		67,039

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


80		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)
CJ Cheiljedang Corporation (Consumer Staples, Food Products)		938	$	288,609
CJ Corporation (Industrials, Industrial Conglomerates)		1,797		213,093
CJ Korea Express Corporation (Industrials, Road & Rail) †		1,478		204,476
CJ O Shopping Company Limited (Consumer Discretionary, Internet & Direct Marketing Retail)		456		103,231
Com2us Corporation (Information Technology, Software)		949		132,910
Cosmax Incorporated (Consumer Staples, Personal Products)		888		121,256
Coway Company Limited (Consumer Discretionary, Household Durables)		4,879		400,611
DAEA TI Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		7,239		54,497
Daelim Industrial Company Limited (Industrials, Construction & Engineering)		3,118		229,407
Daesang Corporation (Consumer Staples, Food Products)		2,776		66,336
Daewoo Engineering & Construction Company Limited (Industrials, Construction & Engineering) †		22,865		107,634
Daewoo International Corporation (Industrials, Trading Companies & Distributors)		5,057		82,909
Daewoo Securities Company Limited (Financials, Capital Markets)		65,053		480,381
Daewoo Shipbuilding & Marine Engineering Company Limited (Industrials, Machinery) †		4,431		113,248
Daewoong Company Limited (Health Care, Pharmaceuticals)		4,745		79,073
Daewoong Pharmaceutical Company (Health Care, Pharmaceuticals)		629		115,838
Daishin Securities Company Limited (Financials, Capital Markets)		5,573		61,079
Daou Technology Incorporated (Technology, Capital Markets)		3,134		63,910
DB HiTek Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		4,669		76,967
Dentium Company Limited (Health Care, Health Care Equipment & Supplies)		966		81,227
DGB Financial Group Incorporated (Financials, Banks)		18,946		174,457
Dongbu Insurance Company Limited (Financials, Insurance)		6,103		350,889
Dongkuk Steel Mill Company Limited (Materials, Metals & Mining)		7,567		63,628
Doosan Bobcat Incorporated (Industrials, Machinery)		4,249		135,889
Doosan Corporation (Industrials, Industrial Conglomerates)		2,024		212,737
Doosan Heavy Industries & Construction Company Limited (Industrials, Electrical Equipment) †		8,156		103,676
Doosan Infracore Company Limited (Industrials, Machinery) †		14,875		127,216
DoubleUGames Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		954		59,735
Douzone Bizon Company Limited (Information Technology, Software)		2,076		106,304
E-MART Incorporated (Consumer Staples, Food & Staples Retailing)		2,134		411,214
Ecopro Company Limited (Materials, Chemicals) †		1,850		65,398
EO Technics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		1,017		54,635
Fila Korea Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,238		196,457
Genexine Company Limited (Health Care, Biotechnology) †		1,428		128,156
Grand Korea Leisure Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,292		71,421
Green Cross Corporation (Health Care, Biotechnology)		706		124,310
Green Cross Holdings Corporation (Health Care, Biotechnology)		4,397		121,069
GS Engineering & Construction Corporation (Industrials, Construction & Engineering)		6,531		281,036
GS Holdings Corporation (Energy, Oil, Gas & Consumable Fuels)		10,100		481,795
GS Home Shopping Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)		559		104,202
GS Retail Company Limited (Consumer Staples, Food & Staples Retailing)		2,947		98,485
Hana Tour Service Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		1,091		68,901
Hanall Biopharma Company Limited (Health Care, Pharmaceuticals) †		3,355		95,543
Handsome Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,136		74,644
Hanil Cement Company Limited (Materials, Construction Materials)		274		19,569
Hanjin Kal Corporation (Industrials, Airlines)		5,945		96,667
Hankook Tire Company Limited (Consumer Discretionary, Auto Components)		8,334		349,262
Hanmi Pharm Company Limited (Health Care, Pharmaceuticals)		564		252,068
Hanmi Science Company Limited (Health Care, Pharmaceuticals)		2,975		232,249
Hanon Systems (Consumer Discretionary, Auto Components)		16,602		178,973

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			81

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)
Hansol Chemical Company Limited (Materials, Chemicals)		1,082	$	80,872
Hanssem Company Limited (Consumer Discretionary, Household Durables)		2,051		152,008
Hanwha Chem Corporation (Materials, Chemicals)		10,729		195,178
Hanwha Corporation (Korea) (Industrials, Industrial Conglomerates)		5,952		170,302
Hanwha Life Insurance Company Limited (Financials, Insurance)		46,176		201,189
Hanwha Techwin Company Limited (Industrials, Aerospace & Defense) †		4,010		90,060
HDC Hyundai Development Co-Engineering & Construction (Industrials, Construction & Engineering) †		4,039		202,830
Hite Jinro Company Limited (Consumer Staples, Beverages)		4,475		67,538
Hotel Shilla Company Limited (Consumer Discretionary, Specialty Retail)		3,878		376,251
Huchems Fine Chemical Corporation (Materials, Chemicals)		2,585		58,869
Hugel Incorporated (Health Care, Biotechnology) †		258		99,339
Hyosung Corporation (Materials, Chemicals)		949		39,131
Hyundai Construction Equipment Corporation (Industrials, Machinery) †		724		76,748
Hyundai Department Store Company Limited (Consumer Discretionary, Multiline Retail)		2,011		179,936
Hyundai Development Company (Industrials, Construction & Engineering)		3,351		73,754
Hyundai Elevator Company (Industrials, Machinery)		2,624		215,219
Hyundai Engineering & Construction Company Limited (Industrials, Construction & Engineering)		8,191		441,504
Hyundai Glovis Company Limited (Industrials, Air Freight & Logistics)		2,108		229,141
Hyundai Greenfood Company Limited (Consumer Staples, Food & Staples Retailing)		7,233		84,796
Hyundai Home Shopping Network Corporation (Consumer Discretionary, Internet & Direct Marketing Retail)		1,096		111,751
Hyundai Marine & Fire Insurance Company Limited (Financials, Insurance)		7,708		257,591
Hyundai Merchant Marine Company Limited (Industrials, Marine) †		26,696		109,120
Hyundai Mipo Dockyard Company Limited (Industrials, Machinery) †		1,292		113,514
Hyundai Mobis Company (Consumer Discretionary, Auto Components)		6,936		1,395,736
Hyundai Motor Company (Consumer Discretionary, Automobiles)		17,044		1,913,938
Hyundai Robotics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) †		1,154		391,353
Hyundai Rotem Company (Industrials, Machinery) †		4,478		109,622
Hyundai Steel Company (Materials, Metals & Mining)		8,649		414,133
Hyundai Wia Corporation (Consumer Discretionary, Auto Components)		1,998		76,553
Ilyang Pharmaceutical Company Limited (Health Care, Pharmaceuticals) †		2,397		72,783
Industrial Bank of Korea (Financials, Banks)		28,751		384,845
ING Life Insurance Korea Limited (Financials, Insurance)		3,658		114,359
Innocean Worldwide Incorporated (Consumer Discretionary, Media)		1,212		63,586
Inscobee Incorporated (Telecommunication Services, Diversified Telecommunication Services) †		9,737		86,335
JB Financial Group Company Limited (Financials, Banks)		18,342		102,326
JYP Entertainment Corporation (Consumer Discretionary, Media) †		3,045		88,219
Kakao Corporation (Information Technology, Internet Software & Services)		4,786		537,439
Kangwon Land Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		13,065		339,785
KCC Corporation (Industrials, Building Products)		766		223,301
KEPCO Plant Service & Engineering Company Limited (Industrials, Commercial Services & Supplies)		2,458		80,377
Kia Motors Corporation (Consumer Discretionary, Automobiles)		27,455		790,489
Kiwoom Securities Company (Financials, Capital Markets)		1,248		103,369
Koh Young Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,248		119,177
Kolon Industries Incorporated (Materials, Chemicals)		1,908		116,213
Kolon Life Science Incorporated (Health Care, Pharmaceuticals) †		965		69,439
Korea Electric Power Corporation (Utilities, Electric Utilities)		33,667		922,466
Korea Gas Corporation (Utilities, Gas Utilities) †		5,444		257,247
Korea Investment Holdings Company Limited (Financials, Capital Markets)		4,544		291,054
Korea Kolmar Company Limited (Consumer Staples, Personal Products)		1,585		105,795
Korea Petrochemical Industrial Company Limited (Materials, Chemicals)		435		84,214

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


82		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)
Korea Real Estate Investment & Trust Company Limited (Real Estate, Real Estate Management & Development)		20,326	$	52,588
Korea Reinsurance Company (Financials, Insurance)		14,093		131,669
Korea Zinc Company Limited (Materials, Metals & Mining)		1,517		552,615
Korean Air Lines Company Limited (Industrials, Airlines)		7,888		198,768
KT&G Corporation (Consumer Staples, Tobacco)		14,520		1,317,450
Kumho Petrochemical Company Limited (Materials, Chemicals)		2,519		230,821
Kumho Tire Company Incorporated (Consumer Discretionary, Auto Components) †		15,865		77,675
L&F Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,110		91,648
LF Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,603		62,085
LG Chem Limited (Materials, Chemicals)		4,824		1,586,115
LG Corporation (Industrials, Industrial Conglomerates)		13,506		867,519
LG Display Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		21,112		403,027
LG Electronics Incorporated (Consumer Discretionary, Household Durables)		11,634		802,669
LG Household & Health Care Limited (Consumer Staples, Personal Products)		1,078		1,225,055
LG Innotek Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,242		160,110
LG International Corporation (Industrials, Trading Companies & Distributors)		3,538		67,699
LG Uplus Corporation (Telecommunication Services, Diversified Telecommunication Services)		28,756		405,578
Loen Entertainment Incorporated (Consumer Discretionary, Media) (a)		683		61,534
Lotte Chemical Corporation (Materials, Chemicals)		1,679		476,633
Lotte Chilsung Beverage Company Limited (Consumer Staples, Beverages)		68		82,469
Lotte Confectionery Company Limited (Industrials, Industrial Conglomerates)		10,547		456,691
Lotte Fine Chemical Company Limited (Materials, Chemicals)		1,933		105,580
Lotte Food Company Limited (Consumer Staples, Food Products)		116		85,451
LOTTE Himart Company Limited (Consumer Discretionary, Specialty Retail)		1,312		84,390
Lotte Shopping Company Limited (Consumer Discretionary, Multiline Retail)		501		81,013
LS Corporation (Industrials, Electrical Equipment)		3,588		216,605
LS Industrial Systems Company Limited (Industrials, Electrical Equipment)		1,665		107,096
Mando Corporation (Consumer Discretionary, Auto Components)		3,387		108,777
Medy-Tox Incorporated (Health Care, Biotechnology)		433		260,543
Meritz Financial Group Incorporated (Financials, Diversified Financial Services)		5,519		60,983
Meritz Fire & Marine Insurance Company Limited (Financials, Insurance)		5,552		91,025
Meritz Securities Company Limited (Financials, Capital Markets)		34,503		122,743
Mirae Asset Life Insurance Company Limited (Financials, Insurance)		17,170		80,054
Naver Corporation (Information Technology, Internet Software & Services)		3,399		2,296,230
NCsoft Corporation (Information Technology, Software)		1,666		579,953
NH Investment & Securities Company Class C (Financials, Capital Markets)		15,557		187,973
NHN Entertainment Corporation (Information Technology, Software) †		1,061		57,475
Nong Shim Company Limited (Consumer Staples, Food Products)		458		102,656
OIC Company Limited (Materials, Chemicals)		2,202		228,479
Orion Holdings Corporation (Consumer Staples, Food Products)		1		18
Osstem Implant Company Limited (Health Care, Health Care Equipment & Supplies) †		1,057		47,288
Ottogi Corporation (Consumer Staples, Food Products)		251		163,478
Pan Ocean Company Limited (Industrials, Marine) †		23,678		109,759
Paradise Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		5,991		108,986
Pharmicell Company Limited (Health Care, Biotechnology) †		5,264		85,593
Poongsan Corporation (Materials, Metals & Mining)		2,005		60,610
POSCO (Materials, Metals & Mining)		9,416		2,761,824
POSCO Chemtech Company Limited (Materials, Construction Materials)		2,058		111,853
S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		4,244		455,606
S1 Corporation Incorporated (Industrials, Commercial Services & Supplies)		2,406		185,235

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			83

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

South Korea (continued)
Samsung Card Company Limited (Financials, Consumer Finance)		3,939	$	124,736
Samsung Electro-Mechanics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		5,269		762,080
Samsung Engineering Company Limited (Industrials, Construction & Engineering) †		17,207		260,466
Samsung Fire & Marine Insurance Company Limited (Financials, Insurance)		4,311		1,026,290
Samsung SDS Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		3,938		857,894
Samsung Securities Company Limited (Financials, Capital Markets)		6,750		196,166
Samyang Holdings Corporation (Consumer Staples, Food Products)		893		81,827
Seegene Incorporated (Health Care, Biotechnology) †		2,835		65,326
Seoul Semiconductor Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		4,095		64,930
SFA Engineering Corporation (Information Technology, Electronic Equipment, Instruments & Components)		2,180		74,811
Shinsegae Company Limited (Consumer Discretionary, Multiline Retail)		821		239,334
SK Chemicals Company Limited (Materials, Chemicals)		1,342		38,820
SK Company Limited (Industrials, Industrial Conglomerates)		4,967		1,173,535
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		57,600		4,294,839
SK Innovation Company Limited (Energy, Oil, Gas & Consumable Fuels)		6,708		1,163,045
SK Networks Company Limited (Industrials, Trading Companies & Distributors)		19,105		76,890
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		6,217		1,466,076
SKC Company Limited (Materials, Chemicals)		2,387		100,892
SM Entertainment Company (Consumer Discretionary, Media) †		2,021		88,146
Soulbrain Company Limited (Materials, Chemicals)		1,228		72,920
Ssangyong Cement Industrial Company Limited (Materials, Construction Materials)		12,988		71,174
Studio Dragon Corporation (Consumer Discretionary, Media) †		900		89,341
Taekwang Industrial Company Limited (Materials, Chemicals)		70		101,244
Wonik IPS Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,349		80,329
Young Poong Corporation (Materials, Metals & Mining)		111		72,395
Youngone Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,650		82,489
Yuhan Corporation (Health Care, Pharmaceuticals)		1,024		219,859
Yungjin Pharmaceutical Company (Health Care, Pharmaceuticals) †		10,334		74,361

				55,317,398


Spain: 0.03%
AmRest Holdings SE (Consumer Discretionary, Hotels, Restaurants & Leisure) †		812		88,939


Taiwan: 14.82%
Accton Technology Corporation (Information Technology, Communications Equipment)		41,000		146,166
Acer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		307,000		256,874
Advantech Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		41,000		278,984
Aerospace industrial Development Corporation (Industrials, Aerospace & Defense)		74,000		73,482
ASE Industrial Holding Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		349,000		855,598
Asia Cement Corporation (Materials, Construction Materials)		205,000		279,318
Asia Optical Company Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		27,000		71,027
Asustek Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		78,000		664,073
AU Optronics Corporation (Information Technology, Electronic Equipment, Instruments & Components)		865,000		374,556
BizLink Holding Incorporated (Industrials, Electrical Equipment)		11,000		57,122
Capital Securities Corporation (Financials, Capital Markets)		331,700		111,773
Career Technology Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		47,000		77,887
Cathay No.1 REIT (Real Estate, Equity REITs)		126,500		62,272
Chailease Holding Company Limited (Financials, Diversified Financial Services)		137,700		468,489
Chang Hwa Commercial Bank (Financials, Banks)		657,000		408,553

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


84		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)
Cheng Loong Corporation (Materials, Containers & Packaging)		123,000	$	85,898
Cheng Uei Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		39,000		35,616
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		67,335		141,619
Chilisin Electronics Corporation (Information Technology, Electronic Equipment, Instruments & Components)		20,000		72,277
Chin Poon Industrial Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		35,000		43,244
China Airlines (Industrials, Airlines)		383,000		117,338
China Bills Finance Corporation (Financials, Capital Markets)		240,000		110,174
China Development Financial Holding Corporation (Financials, Banks)		1,556,000		562,318
China Life Insurance Company - Taiwan Exchange (Financials, Insurance)		329,660		327,889
China Motor Company Limited (Consumer Discretionary, Automobiles)		95,000		79,798
China Petrochemical Development Corporation (Materials, Chemicals) †		285,000		131,760
China Steel Chemical Corporation (Materials, Chemicals)		15,000		70,080
China Steel Corporation (Materials, Metals & Mining)		1,280,000		1,048,087
China Synthetic Rubber Corporation (Materials, Chemicals)		57,200		79,147
ChipMOS Technologies Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		84,000		57,568
Chong Hong Construction Company Limited (Real Estate, Real Estate Management & Development)		21,000		55,654
Chroma ATE Incorporated Chroma ATE Inc(Information Technology, Electronic Equipment, Instruments & Components)		39,000		215,221
Chunghwa Telecom Company Limited (Telecommunication Services, Diversified Telecommunication Services)		476,000		1,681,459
Cleanaway Company Limited (Industrials, Commercial Services & Supplies)		10,000		59,092
Clevo Company (Information Technology, Technology Hardware, Storage & Peripherals)		73,000		75,103
Compal Electronic Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		405,000		253,825
Compeq Manufacturing Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		122,000		116,777
Concraft Holding Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		6,600		59,092
CTBC Financial Holding Company Limited (Financials, Banks)		2,110,000		1,483,835
CTCI Corporation (Industrials, Construction & Engineering)		76,000		116,419
Cub Elecparts Incorporated (Consumer Discretionary, Auto Components)		7,777		67,098
E.SUN Financial Holding Company Limited (Financials, Banks)		1,213,077		892,578
Elan Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		53,000		93,697
Elite Material Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		26,000		75,168
Ennoconn Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		4,000		38,939
Epistar Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		116,000		133,694
Eternal Chemical Company Limited (Materials, Chemicals)		115,453		101,113
Eva Airways Corporation (Industrials, Airlines)		329,490		167,346
Evergreen Marine Corporation (Taiwan) Limited (Industrials, Marine)		311,850		132,497
Everlight Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		70,000		72,473
Far Eastern Department Stores Company Limited (Consumer Discretionary, Multiline Retail)		198,000		112,811
Far Eastern International Bank (Financials, Banks)		458,108		167,791
Far Eastern New Century Corporation (Industrials, Industrial Conglomerates)		388,000		451,603
Far EasTone Telecommunications Company Limited (Telecommunication Services, Wireless Telecommunication Services)		254,000		605,333
Feng Hsin Iron & Steel Company (Materials, Metals & Mining)		70,000		132,183
Feng Tay Enterprise Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		51,000		308,839
First Financial Holding Company Limited (Financials, Banks)		1,100,172		736,075
Flexium Interconnect Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		24,000		77,356
Formosa Chemicals & Fibre Corporation (Materials, Chemicals)		474,000		1,898,161
Formosa Petrochemical Corporation (Energy, Oil, Gas & Consumable Fuels)		198,000		812,242
Formosa Sumco Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		13,000		46,557

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			85

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)
Formosa Taffeta Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		117,000	$	136,179
Foxconn Technology Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		89,000		226,013
Foxsemicon Integrated Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		8,400		44,304
Fubon Financial Holding Company Limited (Financials, Diversified Financial Services)		720,000		1,193,163
General Interface Solution Holding Limited (Information Technology, Electronic Equipment, Instruments & Components)		21,000		130,246
Getac Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		33,000		45,071
Giant Manufacturing Company Limited (Consumer Discretionary, Leisure Products)		39,000		168,240
Gigabyte Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		60,000		102,360
Global Unichip Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		8,000		81,524
Gourmet Master Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		11,936		85,493
Grand Pacific Petrochemical Corporation (Materials, Chemicals)		93,000		89,775
Grape King Bio Limited (Consumer Staples, Personal Products)		13,000		91,844
Great Wall Enterprises Company Limited (Consumer Staples, Food Products)		82,000		111,594
Greatek Electronic Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		56,000		95,354
Hannstar Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		287,000		76,714
Highwealth Construction Corporation (Real Estate, Real Estate Management & Development)		98,000		159,212
Hiwin Technologies Corporation (Industrials, Machinery)		29,870		269,379
Holy Stone Enterprise Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		15,000		87,417
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		1,584,000		4,151,457
Hota Industrial Manufacturing Company Limited (Consumer Discretionary, Auto Components)		28,000		113,951
Huaku Development Company Limited (Real Estate, Real Estate Management & Development)		34,000		72,173
Hung Sheng Construction Company Limited (Real Estate, Real Estate Management & Development)		73,200		76,262
Innolux Display Corporation (Information Technology, Electronic Equipment, Instruments & Components)		933,000		347,806
Inventec Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		315,000		282,541
Kenda Rubber Industrial Company Limited (Consumer Discretionary, Auto Components)		86,000		88,058
King Yuan Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		152,000		107,387
King’s Town Bank Company Limited (Financials, Banks)		112,000		112,675
Kinpo Electronics Incorporated (Consumer Discretionary, Household Durables)		258,000		86,098
Kinsus Interconnect Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		33,000		52,968
Lee Chang Yung Chemical Industry Corporation (Materials, Chemicals)		52,000		87,697
Lien Hwa Industrial Corporation (Consumer Staples, Food Products)		106,260		126,100
Lite-On Technology Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		215,000		258,644
Long Chen Paper Company Limited (Materials, Paper & Forest Products)		65,000		48,250
Macronix International Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		202,536		217,603
Makalot Industrial Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		22,000		113,886
Mercuries Life Insurance Company (Financials, Insurance) †		167,302		86,878
Merida Industry Company Limited (Consumer Discretionary, Leisure Products)		28,000		134,462
Merry Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		21,000		113,495
Micro-Star International Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		72,000		249,650
Mitac Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals) †		61,000		70,503
Nan Kang Rubber Tire Company Limited (Consumer Discretionary, Auto Components)		82,000		67,277
Nan Ya Plastics Corporation (Materials, Chemicals)		605,000		1,682,142
Nanya Technology Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		108,000		245,079
Novatek Microelectronics Corporation Limited (Information Technology, Semiconductors & Semiconductor Equipment)		66,000		323,392
Oriental Union Chemical Corporation (Materials, Chemicals)		68,000		72,063
Pan Jit International Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) †		42,000		56,953
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		203,000		437,526

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


86		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)
Pharmally International Holding Company Limited (Health Care, Pharmaceuticals)		5,882	$	70,664
Pou Chen Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		264,000		290,946
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		87,000		258,040
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		57,000		621,683
Primax Electronics Limited (Information Technology, Technology Hardware, Storage & Peripherals)		43,000		79,798
Prince Housing & Development Corporation (Real Estate, Real Estate Management & Development)		223,000		79,863
Qisda Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		146,000		99,346
Quanta Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		285,000		489,923
Radiant Opto-Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		53,000		116,474
Realtek Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		48,000		232,850
Ruentex Development Company Limited (Real Estate, Real Estate Management & Development)		104,800		118,056
Ruentex Industries Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		75,000		153,834
Sanyang Industry Company Limited (Consumer Discretionary, Automobiles)		115,000		78,064
Sercomm Corporation (Information Technology, Communications Equipment)		36,000		63,292
Shihlin Electric & Engineering Corporation (Industrials, Electrical Equipment)		85,000		116,230
Shin Kong Financial Holding Company Limited (Financials, Insurance)		1,090,000		431,174
Shin Kong No.1 REIT (Real Estate, Equity REITs)		214,000		103,464
Shinkong Synthetic Fibers Corporation (Materials, Chemicals)		164,000		72,883
Sinbon Electronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		18,000		51,102
Sinopac Financial Holdings Company Limited (Financials, Banks)		1,244,400		455,787
Synnex Technology International Corporation (Information Technology, Electronic Equipment, Instruments & Components)		145,000		194,026
Ta Chen Stainless Pipe Company (Materials, Metals & Mining)		99,840		150,825
Taichung Commercial Bank (Financials, Banks)		395,112		134,427
Tainan Spinning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		200,000		87,579
Taishin Financial Holdings Company Limited (Financials, Banks)		1,160,876		546,139
Taiwan Acceptance Corporation (Financials, Consumer Finance)		16,000		53,655
Taiwan Business Bank (Financials, Banks) †		494,250		178,615
Taiwan Cement Corporation (Materials, Construction Materials)		509,300		702,225
Taiwan Cooperative Financial Holdings Company Limited (Financials, Banks)		1,032,801		613,662
Taiwan Fertilizer Company Limited (Materials, Chemicals)		79,000		108,926
Taiwan Glass Industrial Corporation (Industrials, Building Products)		138,000		73,459
Taiwan High Speed Rail Corporation (Industrials, Transportation Infrastructure)		301,000		253,814
Taiwan Hon Chuan Enterprise Company Limited (Materials, Containers & Packaging)		41,000		70,080
Taiwan Mobile Company Limited (Telecommunication Services, Wireless Telecommunication Services)		288,000		1,003,288
Taiwan Secom Company Limited (Industrials, Commercial Services & Supplies)		32,000		91,369
Tatung Company Limited (Consumer Discretionary, Household Durables) †		164,000		200,228
Tong Hsing Electronic Industries Limited (Information Technology, Electronic Equipment, Instruments & Components)		15,000		41,266
Tong Yang Industry Company Limited (Consumer Discretionary, Auto Components)		45,000		64,244
TPK Holding Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		34,000		63,650
Transcend Information Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		19,000		45,961
Tripod Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		49,000		150,916
TSRC Corporation (Materials, Chemicals)		71,000		73,970
Tung Ho Steel Enterprise Corporation (Materials, Metals & Mining)		107,000		78,730
U-Ming Marine Transport Corporation (Industrials, Marine)		55,000		61,151
Uni-President Enterprises Corporation (Consumer Staples, Food Products)		580,000		1,465,343
Unimicron Technology Corporation (Information Technology, Electronic Equipment, Instruments & Components)		144,000		82,513
Union Bank of Taiwan (Financials, Banks)		477,920		158,710
United Microelectronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		1,286,000		726,424
Visual Photonics Epitaxy Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		20,000		61,468

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			87

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Taiwan (continued)
Voltronic Power Technology Corporation (Industrials, Electrical Equipment)		7,000	$	120,560
Walsin Lihwa Corporation (Industrials, Electrical Equipment)		281,000		198,525
Wan Hai Lines Limited (Industrials, Marine)		154,000		84,232
Waterland Financial Holdings (Financials, Capital Markets)		349,527		120,625
Windbond Electronics Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		314,000		176,347
Wistron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		285,607		202,245
Wistron Neweb Corporation (Information Technology, Communications Equipment)		38,599		86,208
WPG Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		143,000		181,107
WT Microelectronics Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		44,000		62,673
Yageo Corporation (Information Technology, Electronic Equipment, Instruments & Components)		26,566		603,714
Yang Ming Marine Transport (Industrials, Marine) †		142,000		40,869
YFY Incorporated (Materials, Paper & Forest Products)		173,000		69,560
Yieh Phui Enterprise Company Limited (Materials, Metals & Mining)		211,150		69,432
Yuanta Financial Holding Company Limited (Financials, Capital Markets)		1,204,000		609,546
Yulon Motor Company Limited (Consumer Discretionary, Automobiles)		111,000		76,072
Yungtay Engineering Company Limited (Industrials, Machinery)		49,000		74,740
Zhen Ding Technology Holding (Information Technology, Electronic Equipment, Instruments & Components)		43,000		110,037

				45,872,504


Thailand: 5.20%
Advanced Info Service PCL (Telecommunication Services, Wireless Telecommunication Services)		109,200		673,950
Airports of Thailand PCL (Industrials, Transportation Infrastructure)		436,200		889,592
Amata Corporation PCL (Real Estate, Real Estate Management & Development)		94,200		61,303
AP Thailand PCL (Real Estate, Real Estate Management & Development)		310,600		89,204
B.Grimm PPCL (Utilities, Independent Power & Renewable Electricity Producers)		77,700		63,504
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		152,000		167,186
Bangkok Bank PCL (Financials, Banks)		137,800		863,092
Bangkok Chain Hospital PCL (Health Care, Health Care Providers & Services)		138,200		80,648
Bangkok Dusit Medical Services PCL (Health Care, Health Care Providers & Services)		1,067,400		856,072
Bangkok Expressway and Metro PCL (Industrials, Transportation Infrastructure)		868,000		222,768
Bangkok Insurance PCL (Financials, Insurance)		12,400		132,221
Bangkokland PCL (Real Estate, Real Estate Management & Development)		2,081,500		117,653
Bank of Ayudhya PCL (Financials, Banks)		198,700		248,906
Banpu Power PCL (Utilities, Independent Power & Renewable Electricity Producers)		49,700		37,810
Beauty Community PCL (Consumer Discretionary, Specialty Retail)		291,400		100,606
BTS Group Holdings PCL (Industrials, Road & Rail)		889,100		251,273
Bumrungrad Hospital PCL (Health Care, Health Care Providers & Services)		46,700		258,969
Carabao Group PCL (Consumer Staples, Beverages)		54,000		76,306
Central Pattana PCL (Real Estate, Real Estate Management & Development)		326,500		822,983
Central Plaza Hotel PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		139,300		169,177
CH Karnchang PCL (Industrials, Construction & Engineering)		155,900		126,225
Charoen Pokphand Foods PCL (Consumer Staples, Food Products)		472,500		371,735
Cimb Thai Bank PCL (Financials, Banks) †		1,894,100		50,347
CP All PCL (Consumer Staples, Food & Staples Retailing)		628,000		1,295,142
Delta Electronics Thailand PCL (Information Technology, Electronic Equipment, Instruments & Components)		113,700		242,303
Electricity Genera PCL (Utilities, Independent Power & Renewable Electricity Producers)		23,300		160,886
GFPT PCL (Consumer Staples, Food Products)		170,900		77,278
Global Power Synergy PCL (Utilities, Independent Power & Renewable Electricity Producers)		35,100		78,018
Glow Energy PCL (Utilities, Independent Power & Renewable Electricity Producers)		37,700		108,274

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


88		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Shares		Value

Thailand (continued)
Hana Microelectronics PCL (Information Technology, Electronic Equipment, Instruments & Components)		56,800	$	66,813
Home Product Center PCL (Consumer Discretionary, Specialty Retail)		727,800		324,653
Indorama Ventures PCL (Materials, Chemicals)		209,400		383,868
IRPC PCL (Energy, Oil, Gas & Consumable Fuels)		1,251,100		265,663
Italian Thai Development PCL (Industrials, Construction & Engineering) †		750,400		64,654
Jasmine International PCL (Telecommunication Services, Diversified Telecommunication Services)		348,400		56,949
Kaset Thailand International Sugar PCL (Consumer Staples, Food Products)		97,500		17,576
KCE Electronics PCL (Information Technology, Electronic Equipment, Instruments & Components)		75,200		103,966
Kiatnakin Bank PCL (Financials, Banks)		91,400		215,724
Krungthai Card PCL (Financials, Consumer Finance)		109,000		105,736
Land & Houses PCL (Real Estate, Real Estate Management & Development)		734,600		253,620
LPN Development PCL (Real Estate, Real Estate Management & Development)		195,500		59,134
Major Cineplex Group PCL (Consumer Discretionary, Media)		84,000		63,905
MBK PCL (Real Estate, Real Estate Management & Development)		109,700		84,630
MK Restaurants Group PCL (Consumer Discretionary, Hotels, Restaurants & Leisure)		38,400		85,060
Muangthai Leasing PCL (Financials, Consumer Finance)		67,800		86,485
Pruksa Holding PCL (Real Estate, Real Estate Management & Development)		119,300		73,628
PTG Energy PCL (Consumer Discretionary, Specialty Retail)		133,800		47,830
PTT Global Chemical PCL (Materials, Chemicals)		224,300		560,236
Quality Houses PCL (Real Estate, Real Estate Management & Development)		891,600		94,254
Ratchaburi Electricity Generating Holding PCL (Utilities, Independent Power & Renewable Electricity Producers)		68,900		109,992
Robinson PCL (Consumer Discretionary, Multiline Retail)		72,000		143,538
Saha Pathana Inter Holding PCL (Real Estate, Real Estate Management & Development)		29,800		68,514
Sansiri PCL (Real Estate, Real Estate Management & Development)		1,732,600		85,227
Siam City Cement PCL (Materials, Construction Materials)		12,400		89,410
Siam Global House PCL (Consumer Discretionary, Specialty Retail)		245,800		143,440
Sino Thai Engineering & Construction PCL (Industrials, Construction & Engineering) †		138,900		95,486
Srisawad Power 1979 PCL (Financials, Diversified Financial Services)		78,550		101,397
Star Petroleum Refining PCL (Energy, Oil, Gas & Consumable Fuels)		265,800		121,003
Supalai PCL (Real Estate, Real Estate Management & Development)		162,700		120,298
Thai Airways International PCL (Industrials, Airlines) †		181,600		72,684
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		117,200		301,683
Thai President Foods PCL (Consumer Staples, Food Products)		3,200		15,643
Thai Union Group PCL (Consumer Staples, Food Products)		479,600		256,431
Thai Vegetable Oil PCL (Consumer Staples, Food Products)		84,100		75,800
Thanachart Capital PCL (Financials, Banks)		124,500		204,457
The Siam Cement PCL (Materials, Construction Materials)		83,900		1,158,656
Tipco Asphalt PCL (Materials, Construction Materials)		138,000		64,510
Tisco Financial Group PCL (Financials, Banks)		82,100		205,689
TMB Bank PCL (Financials, Banks)		2,252,600		151,412
TOA Paint Thailand PCL (Materials, Chemicals)		73,500		80,282
Total Access Communication PCL (Telecommunication Services, Wireless Telecommunication Services)		76,000		106,233
True Corporation PCL (Telecommunication Services, Diversified Telecommunication Services)		1,995,700		408,530
TTW PCL (Utilities, Water Utilities)		100,700		38,151
Vibhavadi Medical Center PCL (Health Care, Health Care Providers & Services)		901,300		64,438
WHA Corporation PCL (Real Estate, Real Estate Management & Development)		817,300		100,383

				16,091,102

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			89

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name				Shares		Value

Turkey: 0.87%
Anadolu Efes Biracilik ve Malt Sanayii AS (Consumer Staples, Beverages)					22,366	$	71,190
Arcelik AS (Consumer Discretionary, Household Durables)					24,323		49,156
Aselsan Elektronik Sanayi ve Ticaret AS (Industrials, Aerospace & Defense)					16,756		65,889
Bim Birlesik Magazalar AS (Consumer Staples, Food & Staples Retailing)					22,903		254,625
Coca-Cola Icecek Uretim AS (Consumer Staples, Beverages)					8,505		36,993
Emlak Konut Gayrimenkul Yati AS (Real Estate, Equity REITs)					173,324		48,569
Eregli Demir ve Celik Fabrikalari T AS (Materials, Metals & Mining)					141,346		254,871
Ford Otomotiv Sanayi AS (Consumer Discretionary, Automobiles)					8,066		82,242
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Materials, Metals & Mining) †					83,817		53,740
Koç Holding AS (Industrials, Industrial Conglomerates)					113,997		260,071
Petkim Petrokimya Holding SA (Materials, Chemicals)					86,906		72,927
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)					18,442		92,572
Tekfen Holding AS (Industrials, Construction & Engineering)					22,805		71,059
Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary, Automobiles)					10,886		37,966
Tupras Turkiye Petrol Rafinerileri AS (Energy, Oil, Gas & Consumable Fuels)					14,175		254,736
Turk Hava Yollari Anonim Ortakligi AS (Industrials, Airlines) †					78,549		194,752
Turk Sise ve Cam Fabrikalari AS (Industrials, Industrial Conglomerates)					64,004		60,045
Turk Telekomunikasyon AS (Telecommunication Services, Diversified Telecommunication Services) †					79,773		44,465
Turkcell Iletisim Hizmetleri AS (Telecommunication Services, Wireless Telecommunication Services)					116,367		187,854
Turkiye Garanti Bankasi AS (Financials, Banks)					214,189		194,089
Turkiye Halk Bankasi AS (Financials, Banks)					63,436		59,318
Turkiye Is Bankasi Class C AS (Financials, Banks)					147,763		89,789
Turkiye Vakiflar Bankasi TAO AS (Financials, Banks)					63,236		33,322
Ulker Biskuvi Sanayi AS (Consumer Staples, Food Products)					18,106		40,893
Yapi Ve Kredi Bankasi AS (Financials, Banks) †					170,556		43,638
Yazicilar Holding AS Class A (Industrials, Industrial Conglomerates)					14,709		40,568

							2,695,339


Total Common Stocks (Cost $281,839,137)							274,564,830


	Dividend yield
Preferred Stocks: 3.34%

Brazil: 2.98%
Alpargatas SA (Consumer Discretionary, Personal Products)		5.04	%		20,872		62,005
Azul SA Preference (Industrials, Transportation Infrastructure) †		0.00			24,800		140,041
Banco Bradesco SA (Financials, Banks)		1.26			314,128		2,188,739
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)		5.13			22,800		82,006
Bradespar SA (Materials, Metals & Mining)		9.55			22,800		173,921
Braskem SA Preference A (Materials, Chemicals)		3.66			18,310		266,170
Companhia Brasileira de Distribuicao (Consumer Staples, Food & Staples Retailing)		0.85			16,473		330,301
Companhia de Saneamento do Parana (Utilities, Water Utilities)		7.68			35,140		73,332
Companhia de Transmissao de Energia Electrica Paulista (Utilities, Electric Utilities)		9.67			4,080		57,347
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		7.71			78,869		144,451
Companhia Energetica de Sao Paulo Preference B (Utilities, Independent Power & Renewable Electricity Producers)		2.68			16,700		68,471
Companhia Paranaense de Energia-Copel Preference B (Utilities, Electric Utilities)		5.79			9,200		46,055
Energisa SA (Utilities, Electric Utilities)		6.68			500		614
Gerdau SA (Materials, Metals & Mining)		1.88			91,400		359,936
Itau Unibanco Holding SA (Financials, Banks)		2.25			297,580		3,088,239

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


90		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Dividend yield					Shares		Value

Brazil (continued)
Itausa Investimentos Itau SA (Financials, Banks)		3.04	%				416,261	$	980,075
Klabin SA (Materials, Containers & Packaging)		5.72					177,700		140,917
Lojas Americanas SA (Consumer Discretionary, Multiline Retail)		0.48					74,000		283,420
Marcopolo SA (Industrials, Machinery)		1.21					67,300		62,622
Metalurgica Gerdau SA (Materials, Metals & Mining)		1.46					56,100		108,258
Telefonica Brasil SA (Telecommunication Services, Diversified Telecommunication Services)		11.74					50,209		493,326
Usinas Siderurgicas de Minas Gerais SA Class A (Materials, Metals & Mining)		0.69					38,800		76,874
Via Varejo SA (Consumer Discretionary, Specialty Retail)		0.24					7,200		10,164

									9,237,284


Chile: 0.10%
Coca-Cola Embonor SA Class B (Consumer Staples, Food Products)		3.91					32,225		80,323
Embotelladora Andina SA Preference B (Consumer Discretionary, Food & Staples Retailing)		3.88					29,720		114,018
Sociedad Quimica y Minera de Chile SA Class B (Materials, Chemicals)		3.92					2,235		97,283

									291,624


Colombia: 0.22%
Banco Davivienda SA (Financials, Banks)		2.38					13,287		154,847
Bancolombia SA (Financials, Banks)		3.18					47,740		520,318

									675,165


Russia: 0.02%
Bashneft PAO (Energy, Oil, Gas & Consumable Fuels)		10.04					2,772		69,697


South Korea: 0.02%
Mirae Asset Daewoo Company Limited Class P (Financials, Capital Markets)		5.29					12,702		54,087


Total Preferred Stocks (Cost $12,073,081)									10,327,857


				Expiration date
Rights: 0.00%

Philippines: 0.00%
Union Bank of Philippines (Financials, Banks) (a)†					9-21-2018		1,148		282


Total Rights (Cost $0)									282


Warrants: 0.02%

Malaysia: 0.00%
Sunway Bhd (Real Estate, Real Estate Management & Development) †							122,430		10,278


Thailand: 0.02%
BTS Group Holdings PCL (Industrials, Transportation Infrastructure) (a)†							98,789		490
Supalai PCL (Real Estate, Real Estate Management & Development) †							81,050		49,279

									49,769


Total Warrants (Cost $38,857)									60,047

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			91

FACTOR ENHANCED EMERGING MARKETS PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 4.31%

Investment Companies: 4.31%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87	%		13,354,608	$	13,354,608


Total Short-Term Investments (Cost $13,354,608)							13,354,608


Total investments in securities (Cost $307,305,683)	96.35	%		298,307,624
Other assets and liabilities, net	3.65			11,301,723

Total net assets	100.00	%	$	309,609,347

†	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.

‡	Security is valued using significant unobservable inputs.

(a)	The security is fair valued in accordance with procedures approved by the Board of Trustees.

(l)	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

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		286		9-21-2018	$	15,343,527	$	15,085,070	$	0	$	(258,457	)

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		73,898,222		68,538,106		13,354,608	$	0	$	0	$	72,160	$	13,354,608		4.31	%

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


92		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Common Stocks: 90.82%

Australia: 8.75%
Adelaide Brighton Limited (Materials, Construction Materials)		28,296	$	131,002
AGL Energy Limited (Utilities, Multi-Utilities)		55,405		827,681
ALS Limited (Industrials, Professional Services)		38,125		243,110
Alumina Limited (Materials, Metals & Mining)		212,701		440,383
Amcor Limited (Materials, Containers & Packaging)		95,919		986,073
AMP Limited (Financials, Diversified Financial Services)		238,898		573,624
Ansell Limited (Health Care, Health Care Equipment & Supplies)		10,460		188,744
APA Group (Utilities, Gas Utilities)		80,532		578,945
Aristocrat Leisure Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		51,271		1,164,367
ASX Limited (Financials, Capital Markets)		15,172		737,760
Atlas Arteria Stapled Securities (Industrials, Transportation Infrastructure)		53,665		265,429
AusNet Services (Utilities, Electric Utilities)		135,758		160,546
Australia & New Zealand Banking Group Limited (Financials, Banks)		237,601		5,038,935
Bank of Queensland Limited (Financials, Banks)		30,767		254,140
Bendigo Bank Limited (Financials, Banks)		38,211		318,376
BHP Billiton Limited (Materials, Metals & Mining)		271,826		6,489,756
BlueScope Steel Limited (Materials, Metals & Mining)		45,596		567,404
Boral Limited (Materials, Construction Materials)		96,256		484,389
Brambles Limited (Industrials, Commercial Services & Supplies)		122,111		963,008
Caltex Australia Limited (Energy, Oil, Gas & Consumable Fuels)		21,571		468,478
Carsales.com Limited (Information Technology, Internet Software & Services)		18,977		211,460
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		43,243		336,676
CIMIC Group Limited (Industrials, Construction & Engineering)		6,964		246,716
Cleanaway Waste Management Limited (Industrials, Commercial Services & Supplies)		145,621		201,522
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		37,239		251,381
Cochlear Limited (Health Care, Health Care Equipment & Supplies)		4,552		706,224
Commonwealth Bank of Australia (Financials, Banks)		140,407		7,190,866
Computershare Limited (Information Technology, IT Services)		40,612		561,146
Crown Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		29,139		297,462
CSL Limited (Health Care, Biotechnology)		36,736		6,003,146
Dexus Property Group (Real Estate, Equity REITs)		82,897		638,855
Domino’s Pizza Enterprises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,913		191,079
Downer EDI Limited (Industrials, Commercial Services & Supplies)		43,308		240,355
Duluxgroup Limited DuluxGroup Ltd(Materials, Chemicals)		29,826		168,533
Evolution Mining Limited (Materials, Metals & Mining)		117,118		223,120
Flight Centre Travel Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		4,169		175,090
Goodman Group (Real Estate, Equity REITs)		130,378		1,002,898
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)		56,402		145,971
Healthscope Limited (Health Care, Health Care Providers & Services)		136,783		215,350
Iluka Resources Limited (Materials, Metals & Mining)		34,214		228,255
Incitec Pivot Limited (Materials, Chemicals)		133,354		375,803
Insurance Australia Group Limited (Financials, Insurance)		202,014		1,121,159
IOOF Holdings Limited (Financials, Capital Markets)		24,501		147,956
JB Hi-Fi Limited (Consumer Discretionary, Specialty Retail)		8,545		162,175
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		46,691		687,771
Link Administration Holdings Limited (Information Technology, IT Services)		38,165		213,733
Macquarie Group Limited (Financials, Capital Markets)		27,100		2,520,995
Magellan Financial Group Limited (Financials, Capital Markets)		9,986		201,154

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			93

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Australia (continued)
Medibank Private Limited (Financials, Insurance)		205,086	$	448,206
Metcash Limited (Consumer Staples, Food & Staples Retailing)		75,377		149,560
Mineral Resources Limited (Materials, Metals & Mining)		12,886		140,624
Mirvac Group (Real Estate, Equity REITs)		298,742		521,880
National Australia Bank Limited (Financials, Banks)		225,336		4,595,771
Newcrest Mining Limited (Materials, Metals & Mining)		67,359		938,949
Northern Star Resources Limited (Materials, Metals & Mining) (a)		54,174		289,123
Oil Search Limited (Energy, Oil, Gas & Consumable Fuels)		105,995		682,750
Orica Limited (Materials, Chemicals)		30,399		384,409
Orora Limited (Materials, Containers & Packaging)		91,453		232,082
OZ Minerals Limited (Materials, Metals & Mining)		23,330		152,121
Qantas Airways Limited (Industrials, Airlines)		133,453		616,890
Qube Holdings Limited (Industrials, Transportation Infrastructure)		116,308		230,774
Ramsay Health Care Limited (Health Care, Health Care Providers & Services)		11,039		442,032
REA Group Limited (Information Technology, Internet Software & Services)		3,968		259,957
Reece Limited (Industrials, Trading Companies & Distributors)		25,799		233,135
Reliance Worldwide Corporation Limited (Industrials, Building Products)		46,193		176,335
Rio Tinto Limited (Materials, Metals & Mining)		35,624		1,862,878
Santos Limited (Energy, Oil, Gas & Consumable Fuels)		158,591		772,995
Scentre Group (Real Estate, Equity REITs)		446,295		1,318,659
SEEK Limited (Industrials, Professional Services)		27,434		441,780
Sonic Healthcare Limited (Health Care, Health Care Providers & Services)		31,711		597,054
South32 Limited - Athens Exchange (Materials, Metals & Mining)		432,510		1,082,041
Spark Infrastructure Group (Utilities, Electric Utilities)		124,556		214,904
Stockland Corporation Limited (Real Estate, Equity REITs)		199,655		592,787
Suncorp Group Limited (Financials, Insurance)		105,720		1,177,273
Sydney Airport Holdings Limited (Industrials, Transportation Infrastructure)		190,014		984,894
Tabcorp Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		153,003		527,971
Telstra Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		953,574		2,125,126
The GPT Group (Real Estate, Equity REITs)		126,645		470,703
The Star Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		74,848		290,026
Transurban Group (Industrials, Transportation Infrastructure)		189,982		1,647,131
Treasury Wine Estates Limited (Consumer Staples, Beverages)		58,482		818,572
Vicinity Centres (Real Estate, Equity REITs)		261,503		520,745
Wesfarmers Limited (Consumer Staples, Food & Staples Retailing)		94,735		3,504,002
Westpac Banking Corporation (Financials, Banks)		282,613		5,798,486
Whitehaven Coal Limited (Energy, Oil, Gas & Consumable Fuels)		49,197		177,900
Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		66,999		1,775,865
Woolworths Group Limited (Consumer Staples, Food & Staples Retailing)		107,892		2,195,049
WorleyParsons Limited (Energy, Energy Equipment & Services)		14,656		216,414

				85,156,854


Austria: 0.30%
Andritz AG (Industrials, Machinery)		5,613		332,280
Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks)		25,008		994,791
OMV AG (Energy, Oil, Gas & Consumable Fuels)		11,891		629,807
Raiffeisen Bank International AG (Financials, Banks)		10,349		294,309
Voestalpine AG (Materials, Metals & Mining)		8,668		388,772
Wienerberger AG (Materials, Construction Materials)		9,283		253,865

				2,893,824

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


94		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Belgium: 0.60%
Ablynx NV (Health Care, Biotechnology) (a)†		6,931	$	362,032
Ackermans & Van Haaren NV (Financials, Diversified Financial Services)		1,523		271,537
Ageas NV (Financials, Insurance)		16,068		831,458
Cofinimmo SA (Real Estate, Equity REITs)		1,297		168,766
Colruyt SA (Consumer Staples, Food & Staples Retailing)		3,657		217,337
Galapagos NV (Health Care, Biotechnology) †		3,987		403,369
Groupe Bruxelles Lambert SA (Financials, Diversified Financial Services)		6,359		667,261
Proximus SA (Telecommunication Services, Diversified Telecommunication Services)		11,788		271,538
Solvay SA (Materials, Chemicals)		5,992		797,415
UCB SA (Health Care, Pharmaceuticals)		9,847		900,219
Umicore SA (Materials, Chemicals)		16,688		930,563

				5,821,495


Canada: 8.77%
Agnico-Eagle Mines Limited (Materials, Metals & Mining)		19,895		685,730
Alimentation Couche-Tard Incorporated Class B (Consumer Staples, Food & Staples Retailing)		32,835		1,572,054
Bank of Montreal (Financials, Banks)		52,191		4,278,062
Barrick Gold Corporation (Materials, Metals & Mining)		101,871		1,042,129
BCE Incorporated (Telecommunication Services, Diversified Telecommunication Services)		70,915		2,892,571
Brookfield Asset Management Incorporated Class A (Financials, Capital Markets)		74,219		3,171,227
Canadian Imperial Bank of Commerce (Financials, Banks)		36,174		3,390,100
Canadian National Railway Company (Industrials, Road & Rail)		51,837		4,610,117
Canadian Pacific Railway Limited (Industrials, Road & Rail)		11,982		2,520,260
Canadian Tire Corporation Limited Class A (Consumer Discretionary, Multiline Retail)		4,975		622,428
Cenovus Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		84,300		781,632
CGI Group Incorporated Class A (Information Technology, IT Services) †		19,865		1,304,392
Constellation Software Incorporated (Information Technology, Software)		1,628		1,241,384
Dollarama Incorporated (Consumer Discretionary, Multiline Retail)		25,932		980,647
EnCana Corporation (Energy, Oil, Gas & Consumable Fuels)		81,500		1,079,172
Fairfax Financial Holdings Limited (Financials, Insurance)		2,300		1,262,726
Fortis Incorporated (Utilities, Electric Utilities)		34,544		1,130,820
Franco-Nevada Corporation (Materials, Metals & Mining)		15,708		1,004,108
Goldcorp Incorporated (Materials, Metals & Mining)		73,900		798,460
Great-West Lifeco Incorporated (Financials, Insurance)		21,168		516,467
Imperial Oil Limited (Energy, Oil, Gas & Consumable Fuels)		20,362		634,577
Intact Financial Corporation (Financials, Insurance)		10,975		870,431
Inter Pipeline Limited (Energy, Oil, Gas & Consumable Fuels)		31,089		571,275
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		15,254		789,000
Magna International Incorporated (Consumer Discretionary, Auto Components)		27,327		1,479,637
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		18,330		573,919
National Bank of Canada (Financials, Banks)		27,908		1,396,683
Open Text Corporation (Information Technology, Software)		18,969		744,533
Pembina Pipeline Corporation (Energy, Oil, Gas & Consumable Fuels)		41,352		1,410,404
Power Corporation of Canada (Financials, Insurance)		29,796		667,841
Restaurant Brands International Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		19,603		1,124,356
Rogers Communications Incorporated Class B (Telecommunication Services, Wireless Telecommunication Services)		28,122		1,457,172
Royal Bank of Canada (Financials, Banks)		116,531		9,256,401
Saputo Incorporated (Consumer Staples, Food Products)		17,033		521,562
Shaw Communications Incorporated Class B (Consumer Discretionary, Media)		34,726		700,374

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			95

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Canada (continued)
Sun Life Financial Incorporated (Financials, Insurance)		49,858	$	1,981,712
Suncor Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)		135,062		5,559,794
Teck Resources Limited Class B (Materials, Metals & Mining)		42,700		962,304
TELUS Corporation (Telecommunication Services, Diversified Telecommunication Services)		44,094		1,635,026
The Bank of Nova Scotia (Financials, Banks)		98,408		5,695,599
The Toronto-Dominion Bank (Financials, Banks)		153,128		9,228,749
Thomson Reuters Corporation (Financials, Capital Markets)		19,967		888,034
Waste Connections Incorporated - Toronto Exchange (Industrials, Commercial Services & Supplies)		21,200		1,682,516
Wheaton Precious Metals Corporation (Materials, Metals & Mining)		37,976		650,685

				85,367,070


China: 0.38%
AAC Technologies Holdings Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		60,500		670,616
Genscript Biotech Corporation (Health Care, Life Sciences Tools & Services) †		62,000		133,499
MGM China Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		62,800		118,419
Minth Group Limited (Consumer Discretionary, Auto Components)		54,000		221,194
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		205,200		1,001,326
Shenzhou International Group Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		60,000		787,387
WuXi Biologics Cayman Incorporated (Health Care, Life Sciences Tools & Services) 144A†		41,000		404,842
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		116,734		324,974

				3,662,257


Czech Republic: 0.05%
CEZ AS (Utilities, Electric Utilities)		12,077		306,107
Komercni Banka AS (Financials, Banks)		5,308		220,924

				527,031


Denmark: 1.94%
Ambu AS Class B (Health Care, Health Care Equipment & Supplies)		11,891		445,482
Carlsberg AS Class B (Consumer Staples, Beverages)		8,431		1,029,227
Christian Hansen Holding AS (Materials, Chemicals)		7,201		731,066
Coloplast AS Class B (Health Care, Health Care Equipment & Supplies)		9,075		971,342
Danske Bank AS (Financials, Banks)		62,443		1,837,159
DONG Energy AS (Utilities, Electric Utilities) 144A		13,100		828,159
DSV AS (Industrials, Road & Rail)		16,092		1,507,920
FLSmidth & Company AS (Industrials, Construction & Engineering)		3,239		201,233
GN Store Nord AS (Health Care, Health Care Equipment & Supplies)		10,791		559,696
H. Lundbeck AS (Health Care, Pharmaceuticals)		4,941		289,896
ISS AS (Industrials, Commercial Services & Supplies)		12,719		444,022
Jyske Bank AS (Financials, Banks)		5,813		294,895
Novo Nordisk AS Class B (Health Care, Pharmaceuticals)		137,762		6,751,672
Novozymes AS Class B (Materials, Chemicals)		17,695		969,861
Pandora AS (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		9,212		550,379
Rockwool International AS B Shares Rockwool International AS (Industrials, Building Products)		685		296,732
Royal Unibrew AS (Consumer Staples, Beverages)		3,366		290,100
SimCorp AS (Information Technology, Software)		3,027		286,335
Sydbank AS (Financials, Banks)		4,554		133,311
Tryg AS (Financials, Insurance)		8,071		198,313
William Demant Holding (Health Care, Health Care Equipment & Supplies) †		7,640		310,730

				18,927,530

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


96		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Finland: 1.40%
Amer Sports Oyj (Consumer Discretionary, Leisure Products)		9,050	$	304,114
Elisa Oyj (Telecommunication Services, Diversified Telecommunication Services)		12,730		544,508
Fortum Oyj (Utilities, Electric Utilities)		33,276		842,028
Huhtamaki Oyj (Materials, Containers & Packaging)		7,719		276,411
Kesko Oyj Class B (Consumer Staples, Food & Staples Retailing)		5,198		302,886
Kone Oyj Class B (Industrials, Machinery)		33,243		1,794,673
Konecranes Oyj (Industrials, Machinery)		5,130		202,756
Neste Oil Oyj (Energy, Oil, Gas & Consumable Fuels)		10,905		946,817
Nokia Oyj (Information Technology, Communications Equipment)		465,969		2,595,111
Orion Oyj Class B (Health Care, Pharmaceuticals)		7,599		279,346
Sampo Oyj Class A (Financials, Insurance)		40,964		2,095,483
Stora Enso Oyj (Materials, Paper & Forest Products)		48,292		898,841
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		45,547		1,755,240
Wartsila Oyj (Industrials, Machinery)		36,546		771,634

				13,609,848


France: 6.27%
Aeroports de Paris SA (Industrials, Transportation Infrastructure)		2,232		490,437
Alstom SA (Industrials, Machinery)		13,393		590,745
ALTEN SA (Information Technology, IT Services)		2,182		225,289
Altran Technologies SA (Information Technology, IT Services)		17,603		193,702
Amundi SA (Financials, Diversified Financial Services)		4,897		352,988
Arkema SA (Materials, Chemicals)		6,001		751,595
bioMerieux (Health Care, Health Care Equipment & Supplies)		3,308		290,670
Bollore SA (Industrials, Air Freight & Logistics)		73,260		350,691
Bouygues SA (Industrials, Construction & Engineering)		23,957		1,057,542
Bureau Veritas SA (Industrials, Professional Services)		21,009		539,910
Capgemini SA (Information Technology, IT Services)		13,842		1,779,431
Christian Dior SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		690		297,301
CNP Assurances SA (Financials, Insurance)		12,807		295,382
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		14,883		1,761,231
Dassault Aviation SA (Industrials, Aerospace & Defense)		179		333,062
Dassault Systemes SA (Information Technology, Software)		10,705		1,734,646
Edenred SA (Industrials, Commercial Services & Supplies)		18,508		705,292
Eiffage SA (Industrials, Construction & Engineering)		7,995		899,808
Electricite de France SA (Utilities, Electric Utilities)		38,822		635,834
Elis SA (Industrials, Commercial Services & Supplies)		15,685		363,217
Engie SA (Utilities, Multi-Utilities)		154,125		2,259,514
Essilor International SA Cie Generale d’Optique (Health Care, Health Care Equipment & Supplies)		17,961		2,591,435
Eurazeo SA (Financials, Diversified Financial Services)		3,788		287,559
Eutelsat Communications SA (Consumer Discretionary, Media)		10,842		256,731
Faurecia (Consumer Discretionary, Auto Components)		5,892		360,970
Fonciere des Regions (Real Estate, Equity REITs)		2,805		293,194
Gecina SA (Real Estate, Equity REITs)		4,452		764,297
Groupe Danone SA (Consumer Staples, Food Products)		52,067		4,098,822
Groupe Eurotunnel SE (Industrials, Transportation Infrastructure)		37,614		473,716
Hermes International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,376		1,544,999
ICADE (Real Estate, Equity REITs)		2,440		238,049
Iliad SA (Telecommunication Services, Diversified Telecommunication Services)		2,211		285,642
Imerys SA (Materials, Construction Materials)		2,477		177,973

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			97

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

France (continued)
Ingenico SA (Information Technology, Electronic Equipment, Instruments & Components)		4,637	$	325,850
Ipsen SA (Health Care, Pharmaceuticals)		2,801		497,931
JCDecaux SA (Consumer Discretionary, Media)		6,484		213,596
Kering SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		6,192		3,363,686
Klepierre SA (Real Estate, Equity REITs)		17,631		632,374
Lagardere SCA (Consumer Discretionary, Media)		8,591		253,289
Legrand SA (Industrials, Electrical Equipment)		22,129		1,667,037
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		169,996		2,752,654
Orpea SA (Health Care, Health Care Providers & Services)		3,485		471,267
Pernod-Ricard SA (Consumer Staples, Beverages)		17,840		2,816,258
Plastic Omnium SA (Consumer Discretionary, Auto Components)		4,920		194,856
Publicis Groupe SA (Consumer Discretionary, Media)		17,720		1,137,437
Remy Cointreau SA (Consumer Staples, Beverages)		1,743		244,199
Rubis SCA (Utilities, Gas Utilities)		7,050		417,348
Safran SA (Industrials, Aerospace & Defense)		29,432		3,836,526
SCOR SE (Financials, Insurance)		13,969		566,049
SEB SA (Consumer Discretionary, Household Durables)		1,981		369,291
Societe BIC SA (Industrials, Commercial Services & Supplies)		1,948		180,326
Sodexho Alliance SA (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,068		736,079
Sopra Steria Group (Information Technology, IT Services)		1,250		222,574
Spie SA (Industrials, Commercial Services & Supplies)		10,545		199,759
Teleperformance SE (Industrials, Professional Services)		4,278		821,821
Thales SA (Industrials, Aerospace & Defense)		8,404		1,183,762
Ubisoft Entertainment SA (Information Technology, Software) †		4,373		470,338
Unibail Rodamco Westfield (Real Estate, Equity REITs) †		9,625		2,022,171
Unibail-Rodamco-Westfield SE (Real Estate, Equity REITs) †		65,100		679,542
Veolia Environnement SA (Utilities, Multi-Utilities)		44,886		946,162
Vinci SA (Industrials, Construction & Engineering)		45,109		4,322,864
Vivendi SA (Consumer Discretionary, Media)		86,066		2,232,790

				61,059,510


Germany: 4.55%
Aareal Bank AG (Financials, Thrifts & Mortgage Finance)		4,474		181,918
Adidas AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		15,141		3,776,849
Aurubis AG (Materials, Metals & Mining)		2,886		212,318
Axel Springer AG (Consumer Discretionary, Media)		3,885		282,296
Beiersdorf AG (Consumer Staples, Personal Products)		7,375		858,621
Continental AG (Consumer Discretionary, Auto Components)		8,753		1,605,795
Covestro AG (Materials, Chemicals) 144A		15,645		1,332,576
Delivery Hero AG (Information Technology, Internet Software & Services) 144A†		8,542		470,572
Deutsche Boerse AG (Financials, Capital Markets)		15,420		2,129,953
Deutsche Lufthansa AG (Industrials, Airlines)		18,794		490,622
Deutsche Post AG (Industrials, Air Freight & Logistics)		82,431		3,005,365
Deutsche Wohnen AG (Real Estate, Real Estate Management & Development)		27,452		1,387,398
Drillisch AG (Telecommunication Services, Wireless Telecommunication Services)		3,591		181,736
E.ON SE (Utilities, Multi-Utilities)		175,264		1,867,558
Evonik Industries AG (Materials, Chemicals)		12,124		451,882
Fraport AG (Industrials, Transportation Infrastructure)		2,930		263,373
Freenet AG (Telecommunication Services, Wireless Telecommunication Services)		9,922		263,854
Fresenius Medical Care AG & Company KGaA (Health Care, Health Care Providers & Services)		17,975		1,820,635

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


98		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Germany (continued)
Fresenius SE & Company KGaA (Health Care, Health Care Providers & Services)		34,888	$	2,663,843
Gerresheimer AG (Health Care, Life Sciences Tools & Services)		2,269		189,629
Grenke AG (Financials, Diversified Financial Services)		1,941		234,088
Hannover Rueck SE (Financials, Insurance)		4,608		632,755
Heidelbergcement AG (Materials, Construction Materials)		12,561		999,909
HELLA GmbH & Company KGAA (Consumer Discretionary, Auto Components)		3,412		205,945
Hochtief AG (Industrials, Construction & Engineering)		1,365		221,502
Hugo Boss AG (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,136		410,278
Innogy SE (Utilities, Multi-Utilities)		10,318		448,045
Kion Group AG (Industrials, Machinery)		5,341		364,658
LEG Immobilien AG (Real Estate, Real Estate Management & Development)		5,130		626,131
Linde AG - Tender Shares (Materials, Chemicals)		13,467		3,066,963
MAN SE (Industrials, Machinery)		2,497		271,434
Merck KGaA (Health Care, Pharmaceuticals)		10,524		1,105,279
Metro AG (Consumer Staples, Food & Staples Retailing)		13,288		207,531
MTU Aero Engines AG (Industrials, Aerospace & Defense)		4,283		939,115
Osram Licht AG (Industrials, Electrical Equipment)		7,626		342,391
ProSiebenSat.1 Media AG (Consumer Discretionary, Media)		18,747		493,748
Rheinmetall AG (Industrials, Industrial Conglomerates)		3,364		366,735
RWE AG (Utilities, Multi-Utilities)		40,294		1,021,952
Scout24 AG (Information Technology, Internet Software & Services)		8,290		428,784
Siemens Healthineers AG (Health Care, Health Care Equipment & Supplies) 144A†		10,117		459,809
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		1,509		218,596
Software AG (Information Technology, Software)		3,532		174,240
Symrise AG (Materials, Chemicals)		9,660		902,185
TAG Immobilien AG (Real Estate, Real Estate Management & Development)		11,000		270,687
TUI AG (Consumer Discretionary, Hotels, Restaurants & Leisure)		37,788		696,641
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers)		15,255		466,055
United Internet AG (Information Technology, Internet Software & Services)		10,387		546,410
Vonovia SE (Real Estate, Real Estate Management & Development)		39,603		2,031,378
Wacker Chemie AG (Materials, Chemicals)		1,336		192,682
Wirecard AG (Information Technology, IT Services)		8,611		1,912,085
Zalando SE (Consumer Discretionary, Internet & Direct Marketing Retail) 144A†		11,830		622,319

				44,317,123


Hong Kong: 3.84%
AIA Group Limited (Financials, Insurance)		979,800		8,451,341
ASM Pacific Technology (Information Technology, Semiconductors & Semiconductor Equipment)		21,244		224,113
China Pharmaceutical Group Limited (Health Care, Pharmaceuticals)		366,000		923,306
CK Asset Holdings Limited (Real Estate, Real Estate Management & Development)		226,690		1,615,965
CK Hutchison Holdings Limited (Industrials, Industrial Conglomerates)		232,570		2,680,166
CK Infrastructure Holdings Limited (Utilities, Electric Utilities)		56,500		413,200
CLP Holdings Limited (Utilities, Electric Utilities)		142,386		1,673,529
Dairy Farm International Holdings Limited (Consumer Staples, Food & Staples Retailing)		23,540		218,216
Fullshare Holdings Limited (Real Estate, Real Estate Management & Development)		622,500		249,040
Galaxy Entertainment Group Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		218,625		1,618,361
Hang Lung Group Limited (Real Estate, Real Estate Management & Development)		68,705		192,580
Hang Lung Properties Limited (Real Estate, Real Estate Management & Development)		164,332		324,529
Hang Seng Bank Limited (Financials, Banks)		58,855		1,595,712
Henderson Land Development Company Limited (Real Estate, Real Estate Management & Development)		100,908		533,548

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			99

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Hong Kong (continued)
HK Electric Investments Limited (Utilities, Electric Utilities) 144A		162,000	$	163,677
Hong Kong & China Gas Company Limited (Utilities, Gas Utilities)		723,269		1,489,158
Hong Kong Exchanges & Clearing Limited (Financials, Capital Markets)		100,300		2,854,852
Hong Kong Land Holdings Limited (Real Estate, Real Estate Management & Development)		98,225		679,717
Hong Kong Telecommunications Trust & Hong Kong Trust Limited (Telecommunication Services, Diversified Telecommunication Services)		206,574		266,878
Hopewell Holdings (Industrials, Industrial Conglomerates)		59,500		209,231
Hysan Development Company Limited (Real Estate, Real Estate Management & Development)		48,574		249,097
Jardine Matheson Holdings Limited (Industrials, Industrial Conglomerates)		23,128		1,459,839
Jardine Strategic Holdings Limited (Industrials, Industrial Conglomerates)		14,317		519,707
Kerry Properties Limited (Real Estate, Real Estate Management & Development)		47,000		178,149
Li & Fung Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		454,000		128,991
Link REIT (Real Estate, Equity REITs)		176,607		1,759,601
Melco International Development Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		55,000		146,456
MTR Corporation Limited (Industrials, Road & Rail)		132,569		683,219
New World Development Limited (Real Estate, Real Estate Management & Development)		475,961		635,524
NWS Holdings Limited (Industrials, Industrial Conglomerates)		120,429		214,505
PCCW Limited (Telecommunication Services, Diversified Telecommunication Services)		297,000		157,795
Power Assets Holdings Limited (Utilities, Electric Utilities)		101,000		708,399
Shangri-La Asia Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		102,000		157,248
Sino Land Company (Real Estate, Real Estate Management & Development)		261,899		443,798
SJM Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		170,000		192,336
Swire Pacific Limited Class A (Real Estate, Real Estate Management & Development)		39,978		452,053
Swire Properties Limited (Real Estate, Real Estate Management & Development)		86,553		340,202
Techtronic Industries Company Limited (Consumer Discretionary, Household Durables)		126,243		772,055
The Bank of East Asia Limited (Financials, Banks)		119,600		442,667
The Wharf Holdings Limited (Real Estate, Real Estate Management & Development)		91,717		261,756
Vitasoy International Holdings Limited (Consumer Staples, Food Products)		71,005		227,976
VTech Holdings Limited (Information Technology, Communications Equipment)		12,400		137,212
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		65,945		413,797
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		178,000		222,252
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		52,222		144,715

				37,426,468


Ireland: 0.79%
AIB Group plc (Financials, Banks)		57,415		322,826
Bank of Ireland Group plc (Financials, Banks)		76,020		621,211
CRH plc (Materials, Construction Materials)		69,292		2,301,122
DCC plc (Industrials, Industrial Conglomerates)		7,516		677,704
Glanbia plc (Consumer Staples, Food Products)		15,688		264,589
Kerry Group plc Class A (Consumer Staples, Food Products)		12,054		1,374,683
Kingspan Group plc (Industrials, Building Products)		12,599		612,173
Paddy Power plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		6,995		637,377
Smurfit Kappa Group plc (Materials, Containers & Packaging)		17,581		717,923
UDG Healthcare plc (Health Care, Health Care Providers & Services)		18,990		181,200

				7,710,808


Italy: 0.56%
A2A SpA (Utilities, Multi-Utilities)		107,982		185,629
Atlantia SpA (Industrials, Transportation Infrastructure)		38,787		808,145
Davide Campari-Milano SpA (Consumer Staples, Beverages)		33,153		293,428

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


100		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Italy (continued)
FinecoBank SpA (Financials, Banks)		28,716	$	342,154
Italgas SpA (Utilities, Gas Utilities)		36,936		199,533
Luxottica Group SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		14,620		969,336
Moncler SpA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		14,517		656,500
Poste Italiane SpA (Financials, Insurance)		32,654		251,374
Recordati SpA (Health Care, Pharmaceuticals)		8,121		284,396
Saipem SpA (Energy, Energy Equipment & Services) †		45,612		243,702
Telecom Italia SpA (Telecommunication Services, Diversified Telecommunication Services) †		990,903		631,455
Terna SpA (Utilities, Electric Utilities)		110,544		580,749

				5,446,401


Japan: 20.47%
Activia Properties Incorporated (Real Estate, Equity REITs)		52		228,854
Advance Residence Investment Corporation (Real Estate, Equity REITs)		111		283,419
Advantest Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		12,600		302,101
Aeon Company Limited (Consumer Staples, Food & Staples Retailing)		76,300		1,652,560
Aeon Financial Service Company Limited (Financials, Consumer Finance)		10,100		206,800
Aeon Mall Company Limited (Real Estate, Real Estate Management & Development)		8,200		137,196
Aica Kogyo Company Limited (Industrials, Building Products)		5,500		211,615
Air Water Incorporated (Materials, Chemicals)		15,300		274,301
Ajinomoto Company Incorporated (Consumer Staples, Food Products)		49,300		836,827
Alfresa Holdings Corporation (Health Care, Health Care Providers & Services)		17,900		448,990
All Nippon Airways Company Limited (Industrials, Airlines)		29,500		1,021,920
Amada Holdings Company Limited (Industrials, Machinery)		31,300		334,663
Aozora Bank Limited (Financials, Banks)		9,800		346,188
Asahi Breweries Limited (Consumer Staples, Beverages)		40,100		1,811,375
Asahi Glass Company Limited (Industrials, Building Products)		20,100		805,013
Asahi Intecc Company Limited (Health Care, Health Care Equipment & Supplies)		9,900		377,342
Asahi Kasei Corporation (Materials, Chemicals)		119,500		1,753,083
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		171,400		2,903,202
Azbil Corporation (Information Technology, Electronic Equipment, Instruments & Components)		5,500		239,830
Bandai Namco Holdings Incorporated (Consumer Discretionary, Leisure Products)		18,600		721,501
Benesse Corporation (Consumer Discretionary, Diversified Consumer Services)		6,000		187,652
Bic Camera Incorporated (Consumer Discretionary, Specialty Retail)		12,100		162,263
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		21,300		437,464
CALBEE Incorporated (Consumer Staples, Food Products)		6,900		219,526
Canon Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		93,900		3,011,121
Casio Computer Company Limited (Consumer Discretionary, Household Durables)		21,500		345,401
Central Japan Railway Company (Industrials, Road & Rail)		17,900		3,594,982
Chiba Bank Limited (Financials, Banks)		65,100		427,711
Chubu Electric Power Company Incorporated (Utilities, Electric Utilities)		60,700		882,556
Chugai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		19,200		1,112,843
Citizen Holdings Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		25,600		175,567
Coca-Cola Bottlers Japan Incorporated (Consumer Staples, Beverages)		11,800		334,533
Comsys Holdings Corporation (Industrials, Construction & Engineering)		9,300		252,358
Concordia Financial Group Limited (Financials, Banks)		105,200		504,649
Cosmo Energy Holdings Company Limited (Energy, Oil, Gas & Consumable Fuels)		5,200		191,648
Cosmos Pharmaceutical Corporation (Consumer Staples, Food & Staples Retailing)		900		188,489
Credit Saison Company Limited (Financials, Consumer Finance)		13,500		223,562
CyberAgent Incorporated (Consumer Discretionary, Media)		8,300		472,109

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			101

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Daicel Corporation (Materials, Chemicals)		29,400	$	332,606
Daifuku Company Limited (Industrials, Machinery)		10,200		529,691
Daiichi Sankyo Company Limited (Health Care, Pharmaceuticals)		48,900		1,909,173
Daiichikosho Company Limited (Consumer Discretionary, Media)		3,900		180,416
Daito Trust Construction Company Limited (Real Estate, Real Estate Management & Development)		6,500		974,035
Daiwa House Industry Company Limited (Real Estate, Real Estate Management & Development)		56,900		1,735,524
Daiwa House Residential Investment Corporation (Real Estate, Equity REITs)		123		285,166
Daiwa Securities Group Incorporated (Financials, Capital Markets)		145,800		874,459
DeNA Company Limited (Information Technology, Internet Software & Services)		9,100		157,413
Denka Company Limited (Materials, Chemicals)		7,100		243,142
DIC Incorporated (Materials, Chemicals)		7,500		266,290
Disco Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		2,500		447,304
DMG Mori Seiko Company Limited (Industrials, Machinery)		9,600		158,805
Don Quijote Company Limited (Consumer Discretionary, Multiline Retail)		11,700		568,626
Ebara Corporation (Industrials, Machinery)		8,300		283,863
Eisai Company Limited (Health Care, Pharmaceuticals)		18,400		1,665,953
Electric Power Development Company Limited (Utilities, Independent Power & Renewable Electricity Producers)		15,100		399,686
Ezaki Glico Company Limited (Consumer Staples, Food Products)		4,700		236,459
FamilyMart Company Limited (Consumer Staples, Food & Staples Retailing)		6,500		566,871
FANCL Corporation (Consumer Staples, Personal Products)		4,100		210,701
Fuji Electric Holdings Company Limited (Industrials, Electrical Equipment)		62,000		499,415
FUJIFILM Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		36,600		1,547,866
Fujikura Limited (Industrials, Electrical Equipment)		23,000		142,003
Furukawa Electric Company Limited (Industrials, Electrical Equipment)		5,700		196,224
GLP J-REIT (Real Estate, Equity REITs)		200		200,342
GS Yuasa Corporation (Industrials, Electrical Equipment)		33,000		162,758
Hakuhodo DY Holdings Incorporated (Consumer Discretionary, Media)		27,700		467,442
Hamamatsu Photonics (Information Technology, Electronic Equipment, Instruments & Components)		12,100		486,788
Hankyu Hanshin Holdings Incorporated (Industrials, Road & Rail)		21,700		774,372
Haseko Corporation (Consumer Discretionary, Household Durables)		24,500		317,523
Hikari Tsushin Incorporated (Consumer Discretionary, Specialty Retail)		2,300		434,911
Hino Motors Limited (Industrials, Machinery)		23,300		245,351
Hisamitsu Pharmaceutical Company Incorporated (Health Care, Pharmaceuticals)		7,100		518,873
Hitachi Construction Machinery Company Limited (Industrials, Machinery)		8,500		253,983
Hitachi High Technologies Corporation (Information Technology, Electronic Equipment, Instruments & Components)		5,400		212,141
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		418,000		2,729,358
Horiba Limited (Information Technology, Electronic Equipment, Instruments & Components)		3,400		210,530
Hoshizaki Electric Company Limited (Industrials, Machinery)		5,100		483,791
House Foods Corporation (Consumer Staples, Food Products)		6,800		201,656
Hoya Corporation (Health Care, Health Care Equipment & Supplies)		31,800		1,859,460
Idemitsu Kosan Company Limited (Energy, Oil, Gas & Consumable Fuels)		12,200		615,984
IHI Corporation (Industrials, Machinery)		13,100		457,457
Iida Group Holdings Company (Consumer Discretionary, Household Durables)		16,000		295,491
ITO EN Limited (Consumer Staples, Beverages)		5,400		237,170
Itochu Corporation (Industrials, Trading Companies & Distributors)		133,600		2,336,888
Izumi Company Limited (Consumer Discretionary, Multiline Retail)		3,900		233,417
J.Front Retailing Company Limited (Consumer Discretionary, Multiline Retail)		22,500		319,953
Japan Airlines Company Limited (Industrials, Airlines)		30,200		1,088,570
Japan Airport Terminal Company Limited (Industrials, Transportation Infrastructure)		6,000		268,653
Japan Hotel REIT Investment Corporation (Real Estate, Equity REITs)		323		244,772

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


102		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Japan Prime Realty Investment Corporation (Real Estate, Equity REITs)		76	$	274,971
Japan Real Estate Investment Corporation (Real Estate, Equity REITs)		113		601,053
Japan Retail Fund Investment Corporation (Real Estate, Equity REITs)		222		401,602
JFE Holdings Incorporated (Materials, Metals & Mining)		49,500		1,083,244
JGC Corporation (Industrials, Construction & Engineering)		21,900		441,114
JSR Corporation (Materials, Chemicals)		16,900		328,083
JTEKT Corporation (Industrials, Machinery)		20,200		283,065
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		293,100		2,063,914
K’s Holdings Corporation (Consumer Discretionary, Specialty Retail)		15,800		191,261
Kagome Company Limited (Consumer Staples, Food Products)		7,300		206,957
Kajima Corporation (Industrials, Construction & Engineering)		90,000		648,006
Kakaku.com Incorporated (Information Technology, Internet Software & Services)		10,600		195,954
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		3,200		164,450
Kamigumi Company Limited (Industrials, Transportation Infrastructure)		9,800		198,981
Kaneka Corporation (Materials, Chemicals)		27,000		246,647
Kansai Electric Power Company Incorporated (Utilities, Electric Utilities)		72,900		1,044,850
Kao Corporation (Consumer Staples, Personal Products)		43,100		3,345,671
Kawasaki Heavy Industries Limited (Industrials, Machinery)		13,900		380,308
Kawasaki Kisen Kaisha Limited (Industrials, Marine) †		7,500		138,781
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		149,100		3,946,567
Keihan Electric Railway Company Limited (Industrials, Industrial Conglomerates)		9,000		330,483
Keio Corporation (Industrials, Road & Rail)		10,200		505,823
Keisei Electric Railway Company Limited (Industrials, Road & Rail)		14,700		493,484
Kenedix Realty Investment Corporation (Real Estate, Equity REITs)		32		198,722
Kewpie Corporation (Consumer Staples, Food Products)		10,100		243,433
Kikkoman Corporation (Consumer Staples, Food Products)		16,400		822,140
Kinden Corporation (Industrials, Construction & Engineering)		12,000		189,326
Kintetsu Corporation (Industrials, Road & Rail)		16,300		639,618
Kirin Brewery Company Limited (Consumer Staples, Beverages)		79,100		1,955,965
Kobayashi Pharmaceutical Company Limited (Consumer Staples, Personal Products)		5,100		366,286
Koito Manufacturing Company Limited (Consumer Discretionary, Auto Components)		10,700		661,588
Komatsu Limited (Industrials, Machinery)		83,200		2,366,980
Konica Minolta Holdings Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		41,700		424,469
KOSE Corporation (Consumer Staples, Personal Products)		3,000		553,506
Kurita Water Industries Limited (Industrials, Machinery)		9,100		270,273
Kyowa Exeo Corporation (Industrials, Construction & Engineering)		7,700		215,525
Kyowa Hakko Kogyo Company Limited (Health Care, Pharmaceuticals)		21,700		384,745
Kyudenko Corporation (Industrials, Construction & Engineering)		4,300		163,703
Kyushu Electric Power Company Incorporated (Utilities, Electric Utilities)		40,200		450,807
Kyushu Railway Company (Industrials, Road & Rail)		13,300		399,802
Lawson Incorporated (Consumer Staples, Food & Staples Retailing)		4,200		246,458
Lion Corporation (Consumer Staples, Household Products)		25,600		539,372
LIXIL Group Corporation (Industrials, Building Products)		24,300		476,552
M3 Incorporated (Health Care, Health Care Technology)		18,200		801,809
Makita Corporation (Industrials, Machinery)		24,300		1,102,259
Marubeni Corporation (Industrials, Trading Companies & Distributors)		148,000		1,214,263
Marui Group Company Limited (Consumer Discretionary, Multiline Retail)		18,300		404,343
Maruichi Steel Tube Limited (Materials, Metals & Mining)		6,700		205,324
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		7,400		279,723
Mebuki Financial Group Incorporated (Financials, Banks)		87,500		310,278

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			103

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Medipal Holdings Corporation (Health Care, Health Care Providers & Services)		16,400	$	330,775
Meiji Holdings Company Limited (Consumer Staples, Food Products)		12,300		816,974
Minebea Company Limited (Industrials, Machinery)		35,100		658,974
Misumi Group Incorporated (Industrials, Machinery)		24,600		634,096
Mitsubishi Chemical Holdings Corporation (Materials, Chemicals)		129,300		1,159,057
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		136,100		3,884,197
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		17,800		370,386
Mitsubishi Motors Corporation (Consumer Discretionary, Automobiles)		59,100		421,269
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		43,600		245,252
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		154,400		2,574,260
Mitsui Chemicals Incorporated (Materials, Chemicals)		17,200		444,900
Mitsui Mining & Smelting Company Limited (Materials, Metals & Mining)		4,600		131,860
Mitsui OSK Lines Limited (Industrials, Marine)		9,900		266,233
Miura Company Limited (Industrials, Machinery)		9,100		255,121
Morinaga & Company Limited (Consumer Staples, Food Products)		4,000		155,522
Nabtesco Corporation (Industrials, Machinery)		10,100		263,340
Nagase & Company Limited (Industrials, Trading Companies & Distributors)		10,500		175,110
Nagoya Railroad Company Limited (Industrials, Road & Rail)		15,900		362,762
Nankai Electric Railway Company Limited (Industrials, Road & Rail)		9,400		244,750
NEC Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		22,000		607,866
Nexon Company Limited (Information Technology, Software) †		35,200		441,624
NGK Spark Plug Company Limited (Consumer Discretionary, Auto Components)		15,000		426,604
NH Foods Limited (Consumer Staples, Food Products)		9,000		328,458
NHK Spring Company Limited (Consumer Discretionary, Auto Components)		16,700		176,604
Nichirei Corporation (Consumer Staples, Food Products)		11,600		291,488
Nidec Corporation (Industrials, Electrical Equipment)		23,100		3,348,263
Nifco Incorporated (Consumer Discretionary, Auto Components)		7,500		205,877
Nihon Kohden Corporation (Health Care, Health Care Equipment & Supplies)		6,800		198,902
Nihon M&A Center Incorporated (Industrials, Professional Services)		11,500		301,085
Nippon Accommodations Fund Incorporated (Real Estate, Equity REITs)		39		177,257
Nippon Building Fund Incorporated (Real Estate, Equity REITs)		120		698,767
Nippon Express Company Limited (Industrials, Road & Rail)		8,000		501,125
Nippon Paper Industries Company Limited (Materials, Paper & Forest Products)		9,200		167,506
Nippon Prologis REIT Incorporated (Real Estate, Equity REITs)		144		280,587
Nippon Shinyaku Company Limited (Health Care, Pharmaceuticals)		5,100		299,730
Nippon Shokubai Company Limited (Materials, Chemicals)		2,900		213,761
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		109,700		4,887,184
Nippon Television Network Corporation (Consumer Discretionary, Media)		300		4,968
Nippon Yusen Kabushiki Kaisha (Industrials, Marine)		14,000		264,099
Nishi-Nippon Railroad Company Limited (Industrials, Road & Rail)		6,400		171,016
Nissan Chemical Industries Limited (Materials, Chemicals)		12,800		610,566
Nisshin Seifun Group Incorporated (Consumer Staples, Food Products)		22,500		450,162
Nissin Food Products Company Limited (Consumer Staples, Food Products)		7,500		478,580
Nitori Holdings Company Limited (Consumer Discretionary, Specialty Retail)		8,100		1,229,835
NOF Corporation (Materials, Chemicals)		7,100		235,793
Nomura Real Estate Holding Incorporated (Real Estate, Real Estate Management & Development)		10,400		225,485
Nomura Real Estate Master Fund Incorporated (Real Estate, Equity REITs)		337		469,513
Nomura Research Institute Limited (Information Technology, IT Services)		12,900		642,039
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		103,400		2,684,808
Obayashi Corporation (Industrials, Construction & Engineering)		60,400		565,893

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


104		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
OBIC Company Limited (Information Technology, IT Services)		6,100	$	573,162
Oji Holdings Corporation (Materials, Paper & Forest Products)		86,000		589,020
Olympus Corporation (Health Care, Health Care Equipment & Supplies)		27,500		1,119,949
Omron Corporation (Information Technology, Electronic Equipment, Instruments & Components)		18,100		810,436
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		43,900		1,153,704
Oracle Corporation (Japan) (Information Technology, Software)		2,600		218,324
Oriental Land Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		19,500		2,089,348
ORIX Corporation (Financials, Diversified Financial Services)		115,200		1,852,780
ORIX JREIT Incorporated (Real Estate, Equity REITs)		223		348,017
Osaka Gas Company Limited (Utilities, Gas Utilities)		35,500		663,129
OSG Corporation (Industrials, Machinery)		7,600		174,490
Otsuka Corporation (Information Technology, IT Services)		10,900		394,856
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		43,100		2,021,367
Park24 Company Limited (Industrials, Commercial Services & Supplies)		9,600		281,667
Persol Holdings Company Limited (Industrials, Professional Services)		16,400		366,790
Pigeon Corporation (Consumer Staples, Household Products)		10,200		492,971
Pola Orbis Holdings Incorporated (Consumer Staples, Personal Products)		8,200		289,299
Recruit Holdings Company Limited (Industrials, Professional Services)		134,800		4,109,149
Relo Holdings Incorporated (Real Estate, Real Estate Management & Development)		9,600		263,091
Resona Holdings Incorporated (Financials, Banks)		200,400		1,136,099
Ricoh Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		63,700		667,901
Rinnai Corporation (Consumer Discretionary, Household Durables)		3,400		253,065
Rohto Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		9,500		303,528
Ryohin Keikaku Company Limited (Consumer Discretionary, Multiline Retail)		2,200		653,407
Sankyu Incorporated (Industrials, Road & Rail)		4,800		254,883
Santen Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		34,700		534,663
Sanwa Holdings Corporation (Industrials, Building Products)		18,500		212,123
Sapporo Holdings Limited (Consumer Staples, Beverages)		6,100		127,644
SBI Holdings Incorporated (Financials, Capital Markets)		18,500		510,328
SCREEN Holdings Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		3,800		287,625
SCSK Corporation (Information Technology, IT Services)		4,300		204,338
Sega Sammy Holdings Incorporated (Consumer Discretionary, Leisure Products)		16,300		262,889
Seibu Holdings Incorporated (Industrials, Industrial Conglomerates)		24,400		439,863
SEINO Holdings Company Limited (Industrials, Road & Rail)		14,400		220,452
Sekisui House Limited (Consumer Discretionary, Household Durables)		55,400		904,220
Seven Bank Limited (Financials, Banks)		58,300		181,548
SG Holdings Company Limited (Industrials, Air Freight & Logistics)		20,500		485,055
Shikoku Electric Power Company Incorporated (Utilities, Electric Utilities)		16,800		223,325
Shimadzu Corporation (Information Technology, Electronic Equipment, Instruments & Components)		23,100		685,037
Shimamura Company Limited (Consumer Discretionary, Specialty Retail)		2,000		184,862
Shimizu Corporation (Industrials, Construction & Engineering)		60,900		532,759
Shionogi & Company Limited (Health Care, Pharmaceuticals)		26,300		1,528,150
Shiseido Company Limited (Consumer Staples, Personal Products)		33,700		2,373,043
Shizuoka Bank Limited (Financials, Banks)		49,900		441,021
Showa Denko KK (Materials, Chemicals)		12,100		576,087
Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		16,300		328,758
Skylark Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		16,200		231,387
Sohgo Security Services Company Limited (Industrials, Commercial Services & Supplies)		7,400		325,677
Sojitz Corporation (Industrials, Trading Companies & Distributors)		104,100		362,584
Sompo Holdings Incorporated NKSJ Holdings Inc(Financials, Insurance)		33,200		1,417,521

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			105

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Sony Financial Holdings Incorporated (Financials, Insurance)		13,200	$	263,145
Sotetsu Holdings Incorporated (Industrials, Road & Rail)		7,400		230,771
Square Enix Company Limited (Information Technology, Software)		7,500		342,228
Start Today Company Limited (Consumer Discretionary, Internet & Direct Marketing Retail)		14,300		492,926
Sugi Pharmacy Company Limited (Consumer Staples, Food & Staples Retailing)		3,600		177,878
Sumitomo Chemical Company Limited (Materials, Chemicals)		140,000		795,068
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		107,700		1,748,150
Sumitomo Dainippon Pharma Company Limited (Health Care, Pharmaceuticals)		13,400		285,222
Sumitomo Foresting Company Limited (Consumer Discretionary, Household Durables)		13,800		223,065
Sumitomo Heavy Industries Limited (Industrials, Machinery)		10,000		325,353
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		122,200		4,818,272
Sumitomo Osaka Cement Company (Materials, Construction Materials)		32,000		137,089
Sumitomo Rubber Industries Limited (Consumer Discretionary, Auto Components)		15,200		225,449
Sundrug Company Limited (Consumer Staples, Food & Staples Retailing)		5,800		208,280
Suntory Beverage & Food Limited (Consumer Staples, Beverages)		10,700		438,651
Suzuken Company Limited (Health Care, Health Care Providers & Services)		7,800		354,514
Sysmex Corporation (Health Care, Health Care Equipment & Supplies)		14,900		1,292,737
Taiheiyo Cement Corporation (Materials, Construction Materials)		10,600		320,547
Taisei Corporation (Industrials, Construction & Engineering)		19,200		858,825
Taisho Pharmaceutical Holding Company Limited (Health Care, Pharmaceuticals)		4,800		520,133
Taiyo Nippon Sanso Corporation (Materials, Chemicals)		17,200		253,255
Takara Holdings Incorporated (Consumer Staples, Beverages)		16,300		161,665
Takashimaya Company Limited (Consumer Discretionary, Multiline Retail)		15,000		242,192
TDK Corporation (Information Technology, Electronic Equipment, Instruments & Components)		10,900		1,225,281
Teijin Limited (Materials, Chemicals)		16,600		328,833
Terumo Corporation (Health Care, Health Care Equipment & Supplies)		28,100		1,550,293
The Chugoku Electric Power Company Incorporated (Utilities, Electric Utilities)		24,000		299,811
The Gunma Bank Limited (Financials, Banks)		35,400		180,648
The Iyo Bank Limited (Financials, Banks)		25,800		168,347
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		10,800		226,964
THK Company Limited (Industrials, Machinery)		10,400		278,556
TIS Incorporated (Information Technology, IT Services)		7,100		342,507
Tobu Railway Company Limited (Industrials, Road & Rail)		18,200		507,785
Toda Corporation (Industrials, Construction & Engineering)		22,200		154,247
Toho Company Limited Tokyo (Consumer Discretionary, Media)		11,900		365,215
Toho Gas Company Limited (Utilities, Gas Utilities)		8,200		274,908
Tohoku Electric Power Company Incorporated (Utilities, Electric Utilities)		42,400		531,956
Tokai Carbon Company Limited (Materials, Chemicals)		16,900		302,074
Tokuyama Corporation (Materials, Chemicals)		5,500		168,797
Tokyo Broadcasting System Incorporated (Consumer Discretionary, Media)		15,200		320,526
Tokyo Century Corporation (Financials, Diversified Financial Services)		4,400		243,146
Tokyo Electric Power Company Holdings Incorporated (Utilities, Electric Utilities) †		136,600		631,918
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		14,300		2,429,237
Tokyo Gas Company Limited (Utilities, Gas Utilities)		36,500		864,949
Tokyu Corporation (Industrials, Road & Rail)		49,600		817,813
Tokyu Fudosan Holdings Corporation (Real Estate, Real Estate Management & Development)		42,500		289,555
Toray Industries Incorporated (Materials, Chemicals)		141,600		1,062,478
Tosoh Corporation (Materials, Chemicals)		27,000		424,282
TOTO Limited (Industrials, Building Products)		14,200		600,666
Toyo Suisan Kaisha Limited (Consumer Staples, Food Products)		8,500		313,271

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


106		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Japan (continued)
Toyoda Gosei Company Limited (Consumer Discretionary, Auto Components)		5,800	$	144,700
Trend Micro Incorporated (Information Technology, Software)		10,700		674,107
Tsumura & Company (Health Care, Pharmaceuticals)		6,000		204,932
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		3,600		411,160
UBE Industries Limited (Materials, Chemicals)		8,800		223,901
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		3,600		149,203
Unicharm Corporation (Consumer Staples, Household Products)		36,100		1,180,049
United Urban Investment Corporation (Real Estate, Equity REITs)		256		403,895
Wacoal Corporation (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5,400		159,896
Welcia Holdings Company Limiited (Consumer Staples, Food & Staples Retailing)		4,200		193,916
West Japan Railway Company (Industrials, Road & Rail)		16,700		1,120,648
Yakult Honsha Company Limited (Consumer Staples, Food Products)		11,300		803,438
Yamada Denki Company Limited (Consumer Discretionary, Specialty Retail)		60,800		301,510
Yamaguchi Financial Group (Financials, Banks)		20,500		225,461
Yamaha Corporation (Consumer Discretionary, Leisure Products)		15,700		750,311
Yamazaki Baking Company Limited (Consumer Staples, Food Products)		15,100		293,819
Yaskawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components)		22,200		745,261
Yokogawa Electric Corporation (Information Technology, Electronic Equipment, Instruments & Components)		19,900		408,173
Zenkoku Hosho Company Limited (Financials, Diversified Financial Services)		4,100		166,052
Zensho Holdings Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		7,700		155,026
Zeon Corporation (Materials, Chemicals)		15,500		166,146

				199,235,833


Luxembourg: 0.25%
Aroundtown SA (Real Estate, Real Estate Management & Development)		53,929		481,066
B&M European Value Retail SA (Consumer Discretionary, Multiline Retail)		56,587		302,619
Eurofins Scientific SE (Health Care, Life Sciences Tools & Services)		917		517,728
RTL Group SA (Consumer Discretionary, Media)		2,950		221,204
SES SA (Consumer Discretionary, Media)		29,539		592,486
Subsea 7 SA (Energy, Energy Equipment & Services)		20,780		282,604

				2,397,707


Malta: 0.02%
Kindred Group plc SDR (Consumer Discretionary, Hotels, Restaurants & Leisure)		16,018		196,872


Netherlands: 3.27%
Aalberts Industries NV (Industrials, Machinery)		7,342		314,811
ABN AMRO Group NV (Financials, Banks) 144A		39,039		1,057,188
Aegon NV (Financials, Insurance)		145,156		870,418
Akzo Nobel NV (Materials, Chemicals)		20,636		1,928,715
Argenx SE (Health Care, Biotechnology) †		2,400		223,421
ASM International NV (Information Technology, Semiconductors & Semiconductor Equipment)		3,472		187,078
ASR Nederland NV (Financials, Insurance)		11,402		543,953
BE Semiconductor Industries NV (Information Technology, Semiconductors & Semiconductor Equipment)		5,360		116,344
Euronext NV (Financials, Capital Markets) 144A		4,215		276,919
Exor NV (Financials, Diversified Financial Services)		9,416		611,840
Fiat Chrysler Automobiles NV (Consumer Discretionary, Automobiles) †		90,800		1,534,567
Gemalto NV (Information Technology, Software) †		10,383		602,844
Heineken Holding NV (Consumer Staples, Beverages)		7,651		729,122

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			107

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Netherlands (continued)
Heineken NV (Consumer Staples, Beverages)		18,578	$	1,835,994
IMCD Group NV (Industrials, Trading Companies & Distributors)		3,561		266,193
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		100,451		2,443,904
Koninklijke DSM NV (Materials, Chemicals)		14,591		1,530,721
Koninklijke KPN NV (Telecommunication Services, Diversified Telecommunication Services)		250,808		640,767
Koninklijke Philips NV (Industrials, Industrial Conglomerates)		76,712		3,427,282
Koninklijke Vopak NV (Energy, Oil, Gas & Consumable Fuels)		4,981		256,707
NN Group NV (Financials, Insurance)		26,760		1,147,107
Philips Lighting NV (Industrials, Electrical Equipment) 144A		8,802		247,658
Randstad Holdings NV (Industrials, Professional Services)		9,305		582,810
RELX NV (Industrials, Professional Services)		84,429		1,869,858
Unilever NV (Consumer Staples, Personal Products)		125,756		7,232,147
Wolters Kluwer NV (Consumer Discretionary, Media)		22,110		1,401,264

				31,879,632


New Zealand: 0.33%
A2 Milk Company Limited (Consumer Staples, Food Products) †		60,192		502,567
Auckland International Airport Limited (Industrials, Transportation Infrastructure)		75,812		358,373
Contact Energy Limited (Utilities, Electric Utilities)		56,905		208,948
Fisher & Paykel Healthcare Corporation (Health Care, Health Care Equipment & Supplies)		46,311		502,179
Fletcher Building Limited (Materials, Construction Materials)		67,021		282,009
Meridian Energy Limited (Utilities, Independent Power & Renewable Electricity Producers)		99,575		213,447
Ryman Healthcare Limited (Health Care, Health Care Providers & Services)		31,585		294,434
Spark New Zealand Limited (Telecommunication Services, Diversified Telecommunication Services)		142,967		377,402
Xero Limited (Information Technology, Software) †		8,297		304,618
Z Energy Limited (Energy, Oil, Gas & Consumable Fuels)		31,294		149,277

				3,193,254


Norway: 0.94%
Aker BP ASA (Energy, Oil, Gas & Consumable Fuels)		8,766		310,453
Den Norske Bank ASA (Financials, Banks)		79,995		1,629,251
Equinor ASA (Energy, Oil, Gas & Consumable Fuels)		94,219		2,416,664
Gjensidige Forsikring ASA (Financials, Insurance)		14,590		244,090
Marine Harvest ASA (Consumer Staples, Food Products)		33,611		726,034
Norsk Hydro ASA (Materials, Metals & Mining)		117,843		650,753
Orkla ASA (Consumer Staples, Food Products)		68,469		563,353
Schibsted ASA Class A (Consumer Discretionary, Media)		6,023		215,678
Storebrand ASA (Financials, Insurance)		37,455		331,846
Telenor ASA (Telecommunication Services, Diversified Telecommunication Services)		58,574		1,104,267
TGS Nopec Geophysical Company ASA (Energy, Energy Equipment & Services)		7,997		303,720
Yara International ASA (Materials, Chemicals)		14,289		657,698

				9,153,807


Portugal: 0.19%
Energias de Portugal SA (Utilities, Electric Utilities)		198,431		775,056
Galp Energia SGPS SA (Energy, Oil, Gas & Consumable Fuels)		37,197		754,292
Jeronimo Martins SA (Consumer Staples, Food & Staples Retailing)		18,849		282,348

				1,811,696

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


108		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Singapore: 1.58%
Ascendas REIT (Real Estate, Equity REITs)		194,600	$	388,477
CapitaLand Commercial Trust Limited (Real Estate, Equity REITs)		220,500		284,350
CapitaLand Limited (Real Estate, Real Estate Management & Development)		206,963		517,200
CapitaLand Mall Trust (Real Estate, Equity REITs)		204,300		318,533
City Developments Limited (Real Estate, Real Estate Management & Development)		36,775		248,641
ComfortDelGro Corporation Limited (Industrials, Road & Rail)		177,637		296,374
DBS Group Holdings Limited (Financials, Banks)		157,013		2,854,158
Genting Singapore Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		459,324		358,076
Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors)		7,777		183,808
Keppel Corporation Limited (Industrials, Industrial Conglomerates)		118,343		563,025
Mapletree Commercial Trust (Real Estate, Equity REITs)		144,400		171,485
Oversea-Chinese Banking Corporation Limited (Financials, Banks)		320,896		2,641,889
SembCorp Industries Limited (Industrials, Industrial Conglomerates)		69,200		137,639
Singapore Airlines Limited (Industrials, Airlines)		42,400		302,736
Singapore Airport Terminal Services Limited (Industrials, Transportation Infrastructure)		51,200		189,125
Singapore Exchange Limited (Financials, Capital Markets)		66,274		357,794
Singapore Press Holdings Limited (Consumer Discretionary, Media)		140,700		287,028
Singapore Technologies Engineering Limited (Industrials, Aerospace & Defense)		124,369		302,643
Singapore Telecommunications Limited (Telecommunication Services, Diversified Telecommunication Services)		589,655		1,387,626
Suntec REIT (Real Estate, Equity REITs)		158,900		216,490
United Overseas Bank Limited (Financials, Banks)		116,686		2,300,480
UOL Group Limited (Real Estate, Real Estate Management & Development)		43,773		220,372
Venture Corporation Limited (Information Technology, Electronic Equipment, Instruments & Components)		22,100		291,597
Wilmar International Limited (Consumer Staples, Food Products)		225,185		525,002

				15,344,548


South Africa: 0.07%
Old Mutual Limited (Financials, Insurance)		339,946		694,756


Spain: 1.28%
Actividades de Construccion y Servicios SA (Industrials, Construction & Engineering)		22,087		919,873
Aena SA (Industrials, Transportation Infrastructure) 144A		6,188		1,095,365
Amadeus IT Holding SA Class A (Information Technology, IT Services)		34,390		3,190,262
Bankinter SA (Financials, Banks)		50,589		450,039
Bolsas y Mercados Espanoles (Financials, Capital Markets)		5,275		172,790
Cellnex Telecom SA (Telecommunication Services, Diversified Telecommunication Services) 144A		11,214		287,928
Enagás SA (Energy, Oil, Gas & Consumable Fuels)		19,373		538,569
Endesa SA (Utilities, Electric Utilities)		23,957		536,418
Gas Natural SDG SA (Utilities, Gas Utilities)		27,746		744,929
Grifols SA (Health Care, Biotechnology)		23,525		691,677
Inmobiliaria Colonial Socimi SA (Real Estate, Equity REITs)		21,236		229,858
Mapfre SA (Financials, Insurance)		76,239		224,687
Merlin Properties Socimi SA (Real Estate, Equity REITs)		29,164		407,072
Red Electrica Corporacion SA (Utilities, Electric Utilities)		33,529		704,430
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		108,275		2,081,893
Viscofan SA (Consumer Staples, Food Products)		2,866		208,751

				12,484,541

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			109

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		��	Value

Sweden: 2.71%
Alfa Laval AB (Industrials, Machinery)		22,282		$	597,182
Assa Abloy AB Class B (Industrials, Building Products)		87,164			1,776,611
Atlas Copco AB Class A (Industrials, Machinery)		54,636			1,557,504
BillerudKorsnas AB (Materials, Containers & Packaging)		14,032			165,711
Castellum AB (Real Estate, Real Estate Management & Development)		20,903			378,054
Dometic Group AB (Consumer Discretionary, Auto Components) 144A		22,591			214,420
Electrolux AB Class B (Consumer Discretionary, Household Durables)		19,088			425,794
Elekta AB Class B (Health Care, Health Care Equipment & Supplies)		28,039			366,540
Epiroc AB Class A (Industrials, Machinery) †		51,818			538,286
Ericsson LM Class B (Information Technology, Communications Equipment)		227,141			1,915,951
Essity Aktiebolag AB (Consumer Staples, Household Products)		52,336			1,356,307
Fabege AB (Real Estate, Real Estate Management & Development)		18,719			250,087
Fastighets AB Balder B Shares (Real Estate, Real Estate Management & Development) †		7,259			206,376
Getinge AB Class B (Health Care, Health Care Equipment & Supplies)		16,144			192,418
Hennes & Mauritz AB Class B (Consumer Discretionary, Specialty Retail)		70,676			952,275
Hexagon AB Class B (Information Technology, Electronic Equipment, Instruments & Components)		22,342			1,327,061
Hexpol AB (Materials, Chemicals)		19,636			209,669
Husqvarna AB Class B (Consumer Discretionary, Household Durables)		31,771			252,566
ICA Gruppen AB (Consumer Staples, Food & Staples Retailing)		5,751			175,137
Industrivarden AB Class A (Financials, Diversified Financial Services)		14,365			315,412
Investor AB Class B (Financials, Diversified Financial Services)		38,749			1,748,655
Kinnevik AB Class B (Financials, Diversified Financial Services)		18,893			620,598
Loomis AB Class B (Industrials, Commercial Services & Supplies)		5,685			182,887
Lundbergforetagen AB Class B (Financials, Diversified Financial Services)		6,008			201,818
Nibe Industrier AB Class B (Industrials, Building Products)		27,653			318,254
Sandvik AB (Industrials, Machinery)		94,333			1,650,929
Securitas AB (Industrials, Commercial Services & Supplies)		25,508			453,809
SKF AB Class B (Industrials, Machinery)		30,781			591,544
Svenska Cellulosa AB Class B (Materials, Paper & Forest Products)		48,734			567,266
Swedbank AB Class A (Financials, Banks)		76,843			1,788,072
Swedish Match AB (Consumer Staples, Tobacco)		14,016			749,296
Swedish Orphan Biovitrum AB (Health Care, Biotechnology) †		11,023			351,236
Tele2 AB Class B (Telecommunication Services, Wireless Telecommunication Services)		25,343			312,591
Telia Company AB (Telecommunication Services, Diversified Telecommunication Services)		221,911			984,206
Trelleborg AB Class B (Industrials, Machinery)		19,780			386,509
Volvo AB Class B (Industrials, Machinery)		132,496			2,281,878

					26,362,909


Switzerland: 4.70%
Adecco SA (Industrials, Professional Services)		14,588			893,717
Baloise Holding AG (Financials, Insurance)		4,121			633,509
Barry Callebaut AG (Consumer Staples, Food Products)		187			333,388
BB Biotech AG (Health Care, Biotechnology)		31,735			2,205,161
Bucher Industries AG (Industrials, Machinery)		511			179,147
Cembra Money Bank AG (Financials, Consumer Finance)		2,169			202,970
Chocoladefabriken Lindt & Sprungli AG (Consumer Staples, Food Products)		9			792,984
Clariant AG (Materials, Chemicals)		16,543			413,383
Coca-Cola HBC AG (Consumer Staples, Beverages)		14,845			507,704
DKSH Holding AG (Industrials, Professional Services)		2,403			175,034
dormakaba Holding AG (Industrials, Building Products)		233			163,587

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


110		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

Switzerland (continued)
Flughafen Zuerich AG (Industrials, Transportation Infrastructure)		1,537	$	317,787
GAM Holding AG (Financials, Capital Markets)		11,561		89,279
Geberit AG (Industrials, Building Products)		3,071		1,396,644
Georg Fischer AG (Industrials, Machinery)		333		435,983
Givaudan SA (Materials, Chemicals)		639		1,554,565
Helvetia Holding AG (Financials, Insurance)		541		324,851
Julius Baer Group Limited (Financials, Capital Markets)		18,976		1,008,660
Kuehne & Nagel International AG (Industrials, Marine)		4,725		762,922
Logitech International SA (Information Technology, Technology Hardware, Storage & Peripherals)		12,760		629,805
Lonza Group AG (Health Care, Life Sciences Tools & Services)		5,785		1,861,585
OC Oerlikon Corporation AG (Information Technology, Electronic Equipment, Instruments & Components)		15,176		221,083
Pargesa Holding SA (Financials, Diversified Financial Services)		3,126		253,982
Partners Group Holding AG (Financials, Capital Markets)		1,788		1,403,836
PSP Swiss Property AG (Real Estate, Real Estate Management & Development)		3,365		334,330
Roche Holding AG (Health Care, Pharmaceuticals)		55,766		13,854,478
Schindler Holding AG - Participation Certificate (Industrials, Machinery)		3,192		761,404
SGS SA (Industrials, Professional Services)		438		1,153,690
Sika AG (Materials, Chemicals)		10,896		1,615,430
Sonova Holding AG (Health Care, Health Care Equipment & Supplies)		4,402		835,211
Straumann Holding AG (Health Care, Health Care Equipment & Supplies)		919		732,450
Sunrise Communications Group AG (Telecommunication Services, Diversified Telecommunication Services) 144A		2,324		211,959
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		2,643		1,127,825
Swiss Life Holding AG (Financials, Insurance)		2,948		1,068,184
Swiss Prime Site AG (Real Estate, Real Estate Management & Development)		6,041		556,888
Swisscom AG (Telecommunication Services, Diversified Telecommunication Services)		2,105		940,165
Tecan Group AG (Health Care, Life Sciences Tools & Services)		902		215,531
Temenos Group AG (Information Technology, Software)		4,766		860,511
VAT Group AG (Industrials, Machinery) 144A		1,638		211,753
Vifor Pharma AG (Health Care, Pharmaceuticals)		3,396		625,943
Zurich Insurance Group AG (Financials, Insurance)		12,787		3,894,478

				45,761,796


Thailand: 0.03%
Thai Beverage PCL (Consumer Staples, Beverages)		614,900		277,759


United Kingdom: 16.78%
3i Group plc (Financials, Capital Markets)		80,976		941,053
Admiral Group plc (Financials, Insurance)		17,773		479,270
Aggreko plc (Industrials, Commercial Services & Supplies)		19,491		211,907
Anglo American plc (Materials, Metals & Mining)		81,161		1,622,090
Antofagasta plc (Materials, Metals & Mining)		30,664		320,261
Associated British Foods plc (Consumer Staples, Food Products)		31,229		926,744
AstraZeneca plc (Health Care, Pharmaceuticals)		101,156		7,599,778
Babcock International Group plc (Industrials, Commercial Services & Supplies)		19,836		183,461
BAE Systems plc (Industrials, Aerospace & Defense)		257,323		2,021,655
Balfour Beatty plc (Industrials, Construction & Engineering)		54,175		203,471
Barratt Developments plc (Consumer Discretionary, Household Durables)		83,992		590,192
BBA Aviation plc (Industrials, Transportation Infrastructure)		71,277		285,723
Beazley plc (Financials, Insurance)		41,759		321,853
Bellway plc (Consumer Discretionary, Household Durables)		10,148		383,903

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			111

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

United Kingdom (continued)
BHP Billiton plc (Materials, Metals & Mining)		180,876	$	3,854,657
BP plc (Energy, Oil, Gas & Consumable Fuels)		1,736,901		12,324,132
British American Tobacco plc (Consumer Staples, Tobacco)		189,100		9,123,582
Britvic plc (Consumer Staples, Beverages)		20,922		221,063
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		724,057		2,040,273
BTG plc (Health Care, Pharmaceuticals) †		26,418		186,318
Bunzl plc (Industrials, Trading Companies & Distributors)		27,674		860,354
Burberry Group plc (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		35,411		1,026,516
Carnival plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		15,137		908,804
Centrica plc (Utilities, Multi-Utilities)		467,241		868,046
Cineworld Group plc (Consumer Discretionary, Media)		78,037		313,833
Close Brothers Group plc (Financials, Capital Markets)		12,161		251,627
Cobham plc (Industrials, Aerospace & Defense) †		199,579		321,878
Compass Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		130,812		2,812,671
ConvaTec Limited (Health Care, Health Care Equipment & Supplies) 144A		111,951		309,581
Croda International plc (Materials, Chemicals)		10,900		720,697
CYBG plc (Financials, Banks)		69,116		297,490
Daily Mail & General Trust plc Class A (Consumer Discretionary, Media)		22,691		221,810
Dechra Pharmaceuticals plc (Health Care, Pharmaceuticals)		7,599		307,374
Derwent Valley Holdings plc (Real Estate, Equity REITs)		8,699		343,071
Diageo plc (Consumer Staples, Beverages)		203,866		7,121,620
Direct Line Insurance Group plc (Financials, Insurance)		112,547		482,821
Dixons Carphone plc (Consumer Discretionary, Specialty Retail)		80,664		172,866
DS Smith plc (Materials, Containers & Packaging)		89,149		570,952
easyJet plc (Industrials, Airlines)		15,767		311,727
Electrocomponents plc (Information Technology, Electronic Equipment, Instruments & Components)		34,826		334,924
EVRAZ plc (Materials, Metals & Mining)		33,271		214,593
Experian Group Limited plc (Industrials, Professional Services)		75,339		1,875,327
Ferguson plc (Industrials, Trading Companies & Distributors)		19,347		1,550,344
Fresnillo plc (Materials, Metals & Mining)		14,846		172,685
G4S plc (Industrials, Commercial Services & Supplies)		123,956		400,793
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		402,096		8,134,325
Great Portland Estates plc (Real Estate, Equity REITs)		19,929		186,414
GVC Holdings plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		45,497		650,010
Halma plc (Information Technology, Electronic Equipment, Instruments & Components)		29,873		554,597
Hammerson plc (Real Estate, Equity REITs)		65,259		398,574
Hargreaves Lansdown plc (Financials, Capital Markets)		20,778		592,628
Hays plc (Industrials, Professional Services)		94,961		250,410
Hiscox Limited (Financials, Insurance)		23,468		512,663
HomeServe plc (Industrials, Commercial Services & Supplies)		21,351		287,600
Howden Joinery Group plc (Industrials, Trading Companies & Distributors)		49,406		315,586
IG Group Holdings plc (Financials, Capital Markets)		29,214		342,385
IMI plc (Industrials, Machinery)		23,065		361,224
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		79,354		2,822,986
Inchcape plc (Consumer Discretionary, Distributors)		32,952		295,627
Indivior plc (Health Care, Pharmaceuticals) †		58,029		203,502
Informa plc (Consumer Discretionary, Media)		103,480		1,022,810
Inmarsat plc (Telecommunication Services, Diversified Telecommunication Services)		36,847		260,062
Intermediate Capital Group (Financials, Capital Markets)		23,625		321,294
Intertek Group plc (Industrials, Professional Services)		13,112		872,731

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


112		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Shares		Value

United Kingdom (continued)
Intu Properties plc (Real Estate, Equity REITs)		59,863	$	122,623
Investec plc (Financials, Capital Markets)		50,679		332,719
ITV plc (Consumer Discretionary, Media)		338,579		705,174
IWG plc (Industrials, Commercial Services & Supplies)		53,772		167,311
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		139,782		587,517
John Wood Group plc (Energy, Energy Equipment & Services)		56,861		529,734
Johnson Matthey plc (Materials, Chemicals)		16,204		734,428
Jupiter Fund Management plc (Financials, Capital Markets)		35,528		193,085
Kazakhmys plc (Materials, Metals & Mining) †		17,784		107,441
Kingfisher plc (Consumer Discretionary, Specialty Retail)		172,827		612,808
Legal & General Group plc (Financials, Insurance)		497,837		1,641,305
London Stock Exchange Group plc (Financials, Capital Markets)		25,984		1,557,685
Man Group plc (Financials, Capital Markets)		126,627		282,036
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		128,342		501,829
Mediclinic International plc (Health Care, Health Care Providers & Services)		27,243		174,159
Meggitt plc (Industrials, Aerospace & Defense)		56,647		395,254
Merlin Entertainment plc (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		55,321		266,730
Micro Focus International plc (Information Technology, Software)		36,647		620,019
Mondi plc (Materials, Paper & Forest Products)		30,736		854,733
Moneysupermarket.com Group plc (Information Technology, Internet Software & Services)		41,118		151,393
National Grid plc (Utilities, Multi-Utilities)		281,865		2,959,934
NEX Group plc (Financials, Capital Markets)		24,786		338,048
Next plc (Consumer Discretionary, Multiline Retail)		11,668		831,984
NMC Health plc (Health Care, Health Care Providers & Services)		7,907		402,250
Ocado Group plc (Consumer Discretionary, Internet & Direct Marketing Retail) †		50,277		699,073
Pearson plc (Consumer Discretionary, Media)	��	63,742		758,124
Pennon Group plc (Utilities, Water Utilities)		34,327		342,052
Persimmon plc (Consumer Discretionary, Household Durables)		26,470		834,934
Phoenix Group Holdings (Financials, Insurance)		47,510		437,320
Playtech plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		23,457		161,786
Polymetal International plc (Materials, Metals & Mining)		19,285		160,763
Quilter plc (Financials, Capital Markets) 144A		114,693		209,420
Randgold Resources Limited (Materials, Metals & Mining)		7,996		520,601
Reckitt Benckiser Group plc (Consumer Staples, Household Products)		55,601		4,727,985
RELX plc (Industrials, Professional Services)		83,505		1,851,247
Rentokil Initial plc (Industrials, Commercial Services & Supplies)		151,615		638,824
Rightmove plc (Information Technology, Internet Software & Services)		81,040		516,969
Rio Tinto plc (Materials, Metals & Mining)		99,863		4,737,212
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)		156,013		2,032,744
Rotork plc (Industrials, Machinery)		66,849		292,932
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		385,903		12,537,753
Royal Mail plc (Industrials, Air Freight & Logistics)		87,577		508,656
RPC Group plc (Materials, Containers & Packaging)		32,406		300,055
RSA Insurance Group plc (Financials, Insurance)		87,786		718,825
Schroders plc (Financials, Capital Markets)		9,237		368,241
Segro plc (Real Estate, Equity REITs)		82,317		702,430
Severn Trent plc (Utilities, Water Utilities)		20,258		525,532
Shire plc (Health Care, Biotechnology)		75,458		4,400,772
Sky plc (Consumer Discretionary, Media)		84,166		1,680,948
Smith & Nephew plc (Health Care, Health Care Equipment & Supplies)		77,114		1,357,153

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			113

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name			Shares		Value

United Kingdom (continued)
Smiths Group plc (Industrials, Industrial Conglomerates)				32,029	$	669,159
Spectris plc (Information Technology, Electronic Equipment, Instruments & Components)				9,961		303,994
Spirax-Sarco Engineering plc (Industrials, Machinery)				5,768		533,176
SSE plc (Utilities, Electric Utilities)				84,908		1,379,290
SSP Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)				35,723		321,552
Tate & Lyle plc (Consumer Staples, Food Products)				38,962		338,634
Taylor Wimpey plc (Consumer Discretionary, Household Durables)				272,369		590,934
TechnipFMC plc - BATS Exchange (Energy, Energy Equipment & Services)				39,345		1,204,310
Tesco plc (Consumer Staples, Food & Staples Retailing)				831,953		2,658,714
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)				11,763		555,563
The British Land Company plc (Real Estate, Equity REITs)				80,112		660,142
The Sage Group plc (Information Technology, Software)				93,104		718,676
The Weir Group plc (Industrials, Machinery)				19,603		476,391
TP Icap plc (Financials, Capital Markets)				44,243		163,473
Travis Perkins plc (Industrials, Trading Companies & Distributors)				20,734		309,261
Unilever plc (Consumer Staples, Personal Products)				102,368		5,828,843
United Utilities Group plc (Utilities, Water Utilities)				57,299		550,900
Victrex plc (Materials, Chemicals)				6,762		277,726
WH Smith plc (Consumer Discretionary, Specialty Retail)				8,830		236,280
Whitbread plc (Consumer Discretionary, Hotels, Restaurants & Leisure)				14,941		890,257
William Hill plc (Consumer Discretionary, Hotels, Restaurants & Leisure)				70,709		236,144
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)				191,981		655,213
WPP plc (Consumer Discretionary, Media)				104,525		1,732,514

						163,382,914


Total Common Stocks (Cost $851,300,807)						884,104,243


	Dividend yield
Preferred Stocks: 0.55%

Germany: 0.55%
Fuchs Petrolub SE (Materials, Chemicals)	1.55	%		5,546		324,773
Henkel AG & Company KGaA (Consumer Staples, Household Products)	1.73			14,642		1,868,677
Sartorius AG Vorzug (Health Care, Health Care Equipment & Supplies)	0.34			2,435		442,053
Schaeffler AG Preference (Consumer Discretionary, Auto Components)	4.95			12,342		167,614
Volkswagen AG (Consumer Discretionary, Automobiles) †	0.00			15,352		2,509,745

						5,312,862


Total Preferred Stocks (Cost $5,362,649)						5,312,862


Rights: 0.00%

United Kingdom: 0.00%
GVC CVR †(a)				174,403		0


Total Rights (Cost $0)						0

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


114		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED INTERNATIONAL PORTFOLIO


Security name	Yield			Shares		Value

Short-Term Investments: 4.20%

Investment Companies: 4.20%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87	%		40,929,757	$	40,929,757


Total Short-Term Investments (Cost $40,929,757)							40,929,757


Total investments in securities (Cost $897,593,213)	95.57	%		930,346,862
Other assets and liabilities, net	4.43			43,087,393

Total net assets	100.00	%	$	973,434,255

†	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.

(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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		493		9/21/2018	$	48,769,994	$	48,284,420	$	0	$	(485,574	)

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 the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were either affiliates of the Portfolio at the beginning of the period or the end of the period were as follows:


	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		230,301,089		216,551,237		40,929,757	$	0	$	0	$	226,231	$	40,929,757		4.20	%

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			115

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Common Stocks: 92.02%

Consumer Discretionary: 12.65%

Auto Components: 0.15%
Adient plc		8,967	$	388,181
Dana Incorporated		13,864		271,318
Lear Corporation		6,316		1,024,455
The Goodyear Tire & Rubber Company		22,636		513,611
Visteon Corporation †		2,950		325,651

				2,523,216


Automobiles: 0.54%
Ford Motor Company		371,695		3,523,669
General Motors Company		118,731		4,280,253
Harley-Davidson Incorporated		15,832		674,760
Thor Industries Incorporated		4,653		444,082

				8,922,764


Distributors: 0.18%
Genuine Parts Company		13,560		1,353,966
LKQ Corporation †		27,607		952,994
Pool Corporation		3,706		608,748

				2,915,708


Diversified Consumer Services: 0.19%
Bright Horizons Family Solutions Incorporated †		5,461		652,207
Grand Canyon Education Incorporated †		4,560		543,278
H&R Block Incorporated		19,110		517,117
Service Corporation International		17,484		733,629
ServiceMaster Global Holdings Incorporated †		12,826		773,023

				3,219,254


Hotels, Restaurants & Leisure: 2.48%
Aramark		22,950		942,786
Carnival Corporation		38,691		2,379,110
Chipotle Mexican Grill Incorporated †		2,303		1,094,340
Cracker Barrel Old Country Store Incorporated		2,255		336,198
Darden Restaurants Incorporated		11,603		1,346,412
Domino’s Pizza Incorporated		4,016		1,199,017
Dunkin Brands Group Incorporated		7,807		569,052
Hilton Grand Vacations Incorporated †		9,371		306,057
Hilton Worldwide Holdings Incorporated		24,739		1,920,241
Hyatt Hotels Corporation Class A		3,781		292,498
Interval Leisure Group Incorporated		9,851		336,215
Marriott International Incorporated Class A		25,638		3,242,438
McDonald’s Corporation		73,808		11,973,872
Norwegian Cruise Line Holdings Limited †		19,207		1,029,687
Planet Fitness Incorporated Class A †		8,290		425,857
Six Flags Entertainment Corporation		6,609		446,438
Starbucks Corporation		128,355		6,860,575

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


116		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Hotels, Restaurants & Leisure (continued)
Texas Roadhouse Incorporated		6,215	$	428,524
The Wendy’s Company		17,786		313,923
Vail Resorts Incorporated		3,733		1,112,621
Wyndham Worldwide Corporation		9,232		408,054
Wynn Resorts Limited		9,201		1,364,876
Yum! Brands Incorporated		30,798		2,676,038

				41,004,829


Household Durables: 0.54%
D.R. Horton Incorporated		32,868		1,462,955
Garmin Limited		9,360		637,790
Leggett & Platt Incorporated		12,232		555,822
Lennar Corporation Class A		26,635		1,376,230
Mohawk Industries Incorporated †		5,833		1,117,544
Newell Rubbermaid Incorporated		42,845		930,593
NVR Incorporated †		321		856,572
Pulte Group Incorporated		24,494		684,607
Toll Brothers Incorporated		13,369		484,359
Whirlpool Corporation		6,707		838,241

				8,944,713


Internet & Direct Marketing Retail: 0.09%
Qurate Retail Incorporated †		40,832		848,897
Wayfair Incorporated Class A †		5,015		677,878

				1,526,775


Leisure Products: 0.16%
Hasbro Incorporated		10,692		1,061,823
Mattel Incorporated		32,334		498,914
Polaris Industries Incorporated		5,472		593,438
The Brunswick Corporation		8,156		541,722

				2,695,897


Media: 3.11%
Cable One Incorporated		470		393,738
CBS Corporation Class B		31,230		1,655,815
Charter Communications Incorporated Class A †		16,157		5,015,133
Cinemark Holdings Incorporated		10,150		378,798
Comcast Corporation Class A		434,298		16,064,683
Discovery Communications Incorporated Class A †		14,367		399,834
Discovery Communications Incorporated Class C †		32,065		822,147
DISH Network Corporation Class A †		20,896		738,674
Interpublic Group of Companies Incorporated		36,046		841,674
Live Nation Incorporated †		12,932		642,462
News Corporation Class A		36,071		471,448
Nexstar Media Group Incorporated Class A		4,234		347,188
Omnicom Group Incorporated		21,193		1,469,099
Sirius XM Holdings Incorporated		111,197		789,499
The Madison Square Garden Company Class A †		1,718		518,733

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			117

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Media (continued)
The Walt Disney Company		135,334	$	15,160,115
Tribune Media Company Class A		7,295		269,113
Twenty-First Century Fox Incorporated Class A		98,901		4,490,105
Viacom Incorporated Class B		33,244		973,384

				51,441,642


Multiline Retail: 0.73%
Dollar General Corporation		25,464		2,743,237
Dollar Tree Incorporated †		23,548		1,895,849
Kohl’s Corporation		15,689		1,241,157
Macy’s Incorporated		28,954		1,058,269
Nordstrom Incorporated		10,727		674,192
Target Corporation		50,967		4,459,613

				12,072,317


Specialty Retail: 3.36%
Aaron’s Incorporated		6,648		330,539
Advance Auto Parts Incorporated		6,649		1,090,635
American Eagle Outfitters Incorporated		15,347		398,408
AutoNation Incorporated †		5,696		258,314
AutoZone Incorporated †		2,528		1,938,673
Best Buy Company Incorporated		22,872		1,819,696
Burlington Stores Incorporated †		6,478		1,089,470
CarMax Incorporated †		17,484		1,364,626
Five Below Incorporated †		5,131		597,608
Foot Locker Incorporated		11,022		543,385
L Brands Incorporated		22,042		582,570
Lowe’s Companies Incorporated		74,531		8,105,246
O’Reilly Automotive Incorporated †		7,694		2,580,721
Ross Stores Incorporated		34,992		3,351,534
The Gap Incorporated		26,591		807,037
The Home Depot Incorporated		109,112		21,906,416
The TJX Companies Incorporated		54,495		5,992,815
Tractor Supply Company		11,565		1,020,958
ULTA Beauty Incorporated †		5,353		1,391,780
Williams-Sonoma Incorporated		7,199		505,586

				55,676,017


Textiles, Apparel & Luxury Goods: 1.12%
Carter’s Incorporated		4,367		462,596
HanesBrands Incorporated		33,578		588,958
Michael Kors Holdings Limited †		13,791		1,001,502
Nike Incorporated Class B		119,049		9,785,828
PVH Corporation		7,684		1,100,041
Ralph Lauren Corporation		5,223		693,667
Skechers U.S.A. Incorporated Class A †		12,415		365,994
Tapestry Incorporated		26,789		1,357,934
Under Armour Incorporated Class A †		17,313		354,051
VF Corporation		30,951		2,851,516

				18,562,087

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


118		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Consumer Staples: 8.87%

Beverages: 2.37%
Brown-Forman Corporation Class B		26,432	$	1,380,279
Constellation Brands Incorporated Class A		15,440		3,214,608
Molson Coors Brewing Company Class B		18,097		1,207,794
Monster Beverage Corporation †		39,277		2,391,577
PepsiCo Incorporated		133,859		14,993,547
The Coca-Cola Company		362,803		16,170,130

				39,357,935


Food & Staples Retailing: 1.75%
Casey’s General Stores Incorporated		3,556		405,989
Costco Wholesale Corporation		40,567		9,457,385
Sysco Corporation		44,574		3,335,027
The Kroger Company		79,293		2,497,730
US Foods Holding Corporation †		20,253		660,045
Wal-Mart Stores Incorporated		132,448		12,696,465

				29,052,641


Food Products: 1.21%
Archer Daniels Midland Company		51,083		2,574,583
Bunge Limited		13,217		858,841
Campbell Soup Company		19,131		754,718
ConAgra Foods Incorporated		36,872		1,355,046
Flowers Foods Incorporated		17,821		359,093
General Mills Incorporated		55,393		2,548,632
Hain Celestial Group Incorporated †		8,066		230,365
Hormel Foods Corporation		25,114		983,213
Ingredion Incorporated		6,702		677,371
Kellogg Company		26,097		1,873,504
Lamb Weston Holdings Incorporated		13,695		925,782
McCormick & Company Incorporated		11,275		1,408,022
Pinnacle Foods Incorporated		11,179		742,509
Post Holdings Incorporated †		5,934		577,141
The Hershey Company		13,134		1,320,230
The J.M. Smucker Company		10,288		1,063,573
Tyson Foods Incorporated Class A		27,582		1,732,425

				19,985,048


Household Products: 1.95%
Church & Dwight Company Incorporated		23,230		1,314,353
Colgate-Palmolive Company		81,984		5,444,557
Energizer Holdings Incorporated		5,507		350,190
Kimberly-Clark Corporation		32,764		3,785,553
The Clorox Company		12,153		1,761,942
The Procter & Gamble Company		236,509		19,618,422

				32,275,017

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			119

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Personal Products: 0.27%
Coty Incorporated Class A		40,978	$	506,488
Herbalife Limited Herbalife Ltd †		10,371		586,895
NU Skin Enterprises Incorporated Class A		5,132		408,507
The Estee Lauder Companies Incorporated Class A		20,860		2,922,903

				4,424,793


Tobacco: 1.32%
Altria Group Incorporated		177,235		10,371,792
Philip Morris International Incorporated		147,029		11,452,089

				21,823,881


Energy: 4.97%

Energy Equipment & Services: 0.45%
Apergy Corporation †		7,322		331,101
Baker Hughes Incorporated		39,602		1,305,678
Halliburton Company		76,729		3,060,720
Helmerich & Payne Incorporated		9,926		650,848
National Oilwell Varco Incorporated		35,281		1,660,677
Patterson-UTI Energy Incorporated		20,739		355,259

				7,364,283


Oil, Gas & Consumable Fuels: 4.52%
Andeavor Corporation		13,485		2,060,373
Antero Resources Corporation †		21,783		403,203
Centennial Resource Development Class A †		17,141		330,307
Chevron Corporation		179,695		21,286,670
Delek US Holdings Incorporated		7,278		396,651
Exxon Mobil Corporation		398,292		31,931,070
HollyFrontier Corporation		16,545		1,232,933
Marathon Petroleum Corporation		44,508		3,662,563
ONEOK Incorporated		38,491		2,536,942
PBF Energy Incorporated Class A		9,846		511,204
Peabody Energy Corporation		8,608		355,596
Phillips 66 Company		39,602		4,693,233
Plains GP Holdings LP Class A		13,627		351,304
Range Resources Corporation		22,798		374,343
Valero Energy Corporation		40,490		4,772,961

				74,899,353


Financials: 9.78%

Banks: 2.32%
Associated Banc Corporation		15,814		430,932
Bank of Hawaii Corporation		4,038		335,679
BankUnited Incorporated		10,072		390,693
BB&T Corporation		72,547		3,747,778
Chemical Financial Corporation		6,671		381,048
CIT Group Incorporated		11,441		620,560
Citizens Financial Group Incorporated		45,769		1,883,852

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


120		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)
Commerce Bancshares Incorporated		8,922	$	633,997
Fifth Third Bancorp		64,521		1,898,853
First Horizon National Corporation		30,538		562,510
FNB Corporation		30,458		409,660
Fulton Financial Corporation		16,313		296,897
Hancock Holding Company		8,151		420,184
Home Bancshares Incorporated		14,841		347,428
Huntington Bancshares Incorporated		99,913		1,619,590
IBERIABANK Corporation		5,027		435,590
Investors Bancorp Incorporated		23,804		304,691
M&T Bank Corporation		12,580		2,228,547
MB Financial Incorporated		7,710		373,627
People’s United Financial Incorporated		33,253		615,513
PNC Financial Services Group Incorporated		41,501		5,957,054
SunTrust Banks Incorporated		44,135		3,246,571
Synovus Financial Corporation		10,575		529,385
TCF Financial Corporation		14,926		378,374
UMB Financial Corporation		4,328		325,639
Umpqua Holdings Corporation		20,672		442,381
United Bankshares Incorporated		9,662		380,683
US Bancorp		144,714		7,830,475
Valley National Bancorp		29,947		360,861
Webster Financial Corporation		8,574		560,568
Wintrust Financial Corporation		5,327		471,706

				38,421,326


Capital Markets: 1.81%
BGC Partners Incorporated Class A		22,847		283,760
CBOE Holdings Incorporated		10,538		1,062,230
CME Group Incorporated		31,783		5,553,444
Eaton Vance Corporation		10,893		574,388
FactSet Research Systems Incorporated		3,610		828,098
Interactive Brokers Group Incorporated Class A		6,552		407,272
Intercontinental Exchange Incorporated		54,154		4,128,159
Lazard Limited Class A		11,971		576,284
Legg Mason Incorporated		8,032		250,598
LPL Financial Holdings Incorporated		8,308		550,322
MarketAxess Holdings Incorporated		3,436		652,222
Moody’s Corporation		15,548		2,767,855
MSCI Incorporated		8,257		1,488,407
Raymond James Financial Incorporated		12,413		1,154,906
S&P Global Incorporated		23,426		4,850,353
SEI Investments Company		13,556		855,112
Stifel Financial Corporation		6,581		367,680
T. Rowe Price Group Incorporated		22,489		2,606,250
The NASDAQ OMX Group Incorporated		10,941		1,044,209

				30,001,549

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			121

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Consumer Finance: 0.89%
Ally Financial Incorporated		40,886	$	1,099,016
American Express Company		66,321		7,028,700
Credit Acceptance Corporation †		1,267		578,652
Discover Financial Services		33,052		2,582,022
First Cash Financial Services Incorporated		4,291		348,858
Navient Corporation		24,444		333,416
SLM Corporation †		40,518		474,871
Synchrony Financial		69,382		2,197,328

				14,642,863


Diversified Financial Services: 1.52%
Berkshire Hathaway Incorporated Class B †		120,923		25,239,049


Insurance: 2.93%
AFLAC Incorporated		72,921		3,371,867
Alleghany Corporation		1,403		886,387
American Financial Group Incorporated		6,272		698,450
Aon plc		22,926		3,337,109
Arch Capital Group Limited †		37,570		1,148,515
Arthur J. Gallagher & Company		17,011		1,227,174
Assurant Incorporated		4,964		510,398
Assured Guaranty Limited		10,666		434,533
Athene Holding Limited Class A †		14,752		732,584
Axis Capital Holdings Limited		7,655		440,316
Brown & Brown Incorporated		21,810		664,769
Chubb Limited		40,704		5,504,809
Cincinnati Financial Corporation		14,605		1,119,765
CNO Financial Group Incorporated		15,783		341,071
Erie Indemnity Company Class A		2,336		288,566
Everest Reinsurance Group Limited		4,788		1,067,820
First American Financial Corporation		10,131		576,049
Loews Corporation		26,789		1,347,755
Markel Corporation †		1,284		1,552,099
Marsh & McLennan Companies Incorporated		47,701		4,036,936
Old Republic International Corporation		27,204		603,385
Primerica Incorporated		4,149		507,215
Reinsurance Group of America Incorporated		6,077		868,099
Selective Insurance Group Incorporated		5,459		350,468
The Allstate Corporation		32,533		3,271,844
The Hanover Insurance Group Incorporated		4,173		511,151
The Hartford Financial Services Group Incorporated		33,848		1,704,924
The Progressive Corporation		54,520		3,681,736
The Travelers Companies Incorporated		25,388		3,341,061
Torchmark Corporation		9,962		875,859
Unum Group		20,456		754,417
W.R. Berkley Corporation		8,960		701,210
White Mountain Insurance Group Limited		215		199,509
Willis Towers Watson plc		12,475		1,837,193

				48,495,043

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


122		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Mortgage REITs: 0.21%
AGNC Investment Corporation		34,861	$	663,056
Annaly Capital Management Incorporated		112,483		1,194,569
Chimera Investment Corporation		18,233		339,681
MFA Financial Incorporated		33,438		256,135
New Residential Investment Corporation		31,992		594,091
Starwood Property Trust Incorporated		18,982		418,173

				3,465,705


Thrifts & Mortgage Finance: 0.10%
Essent Group Limited †		8,597		372,766
MGIC Investment Corporation †		34,154		434,439
New York Community Bancorp Incorporated		44,456		478,791
Radian Group Incorporated		20,146		409,568

				1,695,564


Health Care: 17.93%

Biotechnology: 1.44%
AbbVie Incorporated		147,073		14,116,067
Gilead Sciences Incorporated		121,761		9,220,961
United Therapeutics Corporation †		4,016		493,928

				23,830,956


Health Care Equipment & Supplies: 4.70%
Abbott Laboratories		162,763		10,879,079
ABIOMED Incorporated †		3,862		1,570,212
Baxter International Incorporated		47,373		3,523,130
Becton Dickinson & Company		24,802		6,494,900
Boston Scientific Corporation †		129,150		4,592,574
Cantel Medical Corporation		3,400		329,800
Danaher Corporation		58,260		6,032,240
Dentsply Sirona Incorporated		21,180		845,506
DexCom Incorporated †		7,873		1,136,704
Edwards Lifesciences Corporation †		19,549		2,819,748
Globus Medical Incorporated Class A †		6,754		359,786
Haemonetics Corporation †		5,017		560,098
Hill-Rom Holdings Incorporated		6,203		603,366
Hologic Incorporated †		25,662		1,020,321
ICU Medical Incorporated †		1,475		451,350
IDEXX Laboratories Incorporated †		8,066		2,049,087
Insulet Corporation †		5,418		564,935
Integra LifeSciences Holdings Corporation †		6,020		358,009
Intuitive Surgical Incorporated †		10,504		5,882,240
LivaNova plc †		4,576		574,517
Masimo Corporation †		4,511		531,802
Medtronic plc		126,491		12,194,997
Neogen Corporation †		4,693		438,514
Penumbra Incorporated †		2,896		402,110
ResMed Incorporated		13,273		1,478,745
Steris plc		7,990		914,216

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			123

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Health Care Equipment & Supplies (continued)
Stryker Corporation		28,898	$	4,896,188
Teleflex Incorporated		4,267		1,055,784
The Cooper Companies Incorporated		4,605		1,177,867
Varian Medical Systems Incorporated †		8,596		962,924
West Pharmaceutical Services Incorporated		6,930		811,157
Zimmer Biomet Holdings Incorporated		19,083		2,359,231

				77,871,137


Health Care Providers & Services: 4.37%
Aetna Incorporated		30,723		6,152,895
AmerisourceBergen Corporation		15,175		1,365,295
Anthem Incorporated		24,053		6,367,551
Cardinal Health Incorporated		29,234		1,525,722
Centene Corporation †		15,923		2,332,401
Chemed Corporation		1,480		478,839
CVS Health Corporation		95,225		7,164,729
DaVita HealthCare Partners Incorporated †		14,220		985,304
Encompass Health Corporation		8,809		718,726
Express Scripts Holding Company †		52,493		4,620,434
HCA Holdings Incorporated		26,124		3,503,490
Henry Schein Incorporated †		14,869		1,155,024
Humana Incorporated		13,008		4,335,046
Laboratory Corporation of America Holdings †		9,586		1,657,132
McKesson Corporation		19,300		2,484,875
MEDNAX Incorporated †		8,762		414,881
Molina Healthcare Incorporated †		5,312		733,056
UnitedHealth Group Incorporated		89,288		23,970,256
Universal Health Services Incorporated Class B		8,061		1,049,220
WellCare Health Plans Incorporated †		4,175		1,263,230

				72,278,106


Health Care Technology: 0.15%
athenahealth Incorporated †		3,662		563,582
Cerner Corporation †		29,824		1,941,841

				2,505,423


Life Sciences Tools & Services: 1.20%
Agilent Technologies Incorporated		30,282		2,045,246
Bio-Rad Laboratories Incorporated Class A †		2,002		651,251
Bio-Techne Corporation		2,903		557,870
Charles River Laboratories International Incorporated †		3,653		451,182
ICON plc ADR †		5,085		757,767
IQVIA Holdings Incorporated †		14,768		1,876,865
Mettler-Toledo International Incorporated †		2,375		1,388,093
PerkinElmer Incorporated		9,769		902,949
PRA Health Sciences Incorporated †		4,433		468,125
Syneos Health Incorporated †		7,477		372,728
Thermo Fisher Scientific Incorporated		37,702		9,014,548
Waters Corporation †		7,109		1,347,013

				19,833,637

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


124		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Pharmaceuticals: 6.07%
Bristol-Myers Squibb Company		153,885	$	9,317,737
Catalent Incorporated †		12,701		530,902
Eli Lilly & Company		90,752		9,587,949
Johnson & Johnson		251,411		33,862,548
Merck & Company Incorporated		253,208		17,367,537
Mylan NV †		45,556		1,782,578
Perrigo Company plc		11,846		906,337
Pfizer Incorporated		556,498		23,105,797
Zoetis Incorporated		45,432		4,116,139

				100,577,524


Industrials: 11.86%

Aerospace & Defense: 3.18%
BWX Technologies Incorporated		9,436		578,616
Curtiss-Wright Corporation		3,819		511,555
General Dynamics Corporation		24,283		4,696,332
Harris Corporation		11,141		1,810,524
Hexcel Corporation		8,417		556,532
Huntington Ingalls Industries Incorporated		4,161		1,017,240
KLX Incorporated †		4,720		348,525
L-3 Technologies Incorporated		7,239		1,547,119
Lockheed Martin Corporation		22,391		7,174,300
Northrop Grumman Corporation		16,134		4,815,838
Raytheon Company		26,909		5,366,731
Rockwell Collins Incorporated		15,514		2,109,128
Spirit AeroSystems Holdings Incorporated Class A		10,716		916,218
Teledyne Technologies Incorporated †		3,148		746,894
Textron Incorporated		22,220		1,533,847
The Boeing Company		55,251		18,939,490

				52,668,889


Air Freight & Logistics: 0.97%
C.H. Robinson Worldwide Incorporated		13,072		1,255,958
Expeditors International of Washington Incorporated		16,457		1,205,969
FedEx Corporation		23,198		5,659,152
United Parcel Service Incorporated Class B		64,528		7,929,201

				16,050,280


Airlines: 0.27%
Alaska Air Group Incorporated		11,449		772,693
JetBlue Airways Corporation †		29,991		572,228
Southwest Airlines Company		50,025		3,066,533

				4,411,454


Building Products: 0.54%
A.O. Smith Corporation		13,658		793,257
Allegion plc		8,908		776,956
Fortune Brands Home & Security Incorporated		13,893		736,051

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			125

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Building Products (continued)
Johnson Controls International plc		87,651	$	3,310,578
Lennox International Incorporated		3,712		827,071
Masco Corporation		29,258		1,110,926
Owens Corning Incorporated		10,380		587,716
Trex Company Incorporated †		5,465		462,886
USG Corporation		7,682		331,094

				8,936,535


Commercial Services & Supplies: 0.64%
Cintas Corporation		8,192		1,747,927
Copart Incorporated †		18,969		1,219,896
Deluxe Corporation		4,475		265,010
KAR Auction Services Incorporated		12,652		793,154
Republic Services Incorporated		20,730		1,520,753
Rollins Incorporated		9,020		541,922
Stericycle Incorporated †		8,030		495,371
The Brink’s Company		4,578		343,808
Waste Management Incorporated		40,460		3,677,814

				10,605,655


Construction & Engineering: 0.21%
AECOM Technology Corporation †		14,893		501,001
EMCOR Group Incorporated		5,382		431,098
Fluor Corporation		13,174		756,319
Jacobs Engineering Group Incorporated		13,257		963,651
Quanta Services Incorporated †		14,073		486,785
Valmont Industries Incorporated		2,099		294,700

				3,433,554


Electrical Equipment: 0.75%
Acuity Brands Incorporated		3,801		580,945
AMETEK Incorporated		21,536		1,657,411
Eaton Corporation plc		41,270		3,431,188
Emerson Electric Company		59,325		4,552,007
EnerSys		3,933		326,400
Hubbell Incorporated		5,168		653,028
Regal-Beloit Corporation		4,222		353,381
Sensata Technologies Holding plc †		16,042		849,424

				12,403,784


Industrial Conglomerates: 1.60%
3M Company		55,614		11,730,105
Carlisle Companies Incorporated		5,684		720,788
Honeywell International Incorporated		70,111		11,151,856
Roper Industries Incorporated		9,489		2,831,233

				26,433,982

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


126		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Machinery: 2.23%
AGCO Corporation		6,339	$	378,185
Allison Transmission Holdings Incorporated		12,609		626,163
Barnes Group Incorporated		4,741		322,672
Crane Company		4,884		445,812
Cummins Incorporated		15,157		2,149,263
Deere & Company		30,422		4,374,684
Donaldson Company Incorporated		12,192		616,915
Dover Corporation		14,517		1,246,575
Flowserve Corporation		12,364		644,412
Fortive Corporation		28,553		2,397,881
Graco Incorporated Graco Inc		15,687		737,446
IDEX Corporation		7,225		1,106,942
Illinois Tool Works Incorporated		27,298		3,791,146
Ingersoll-Rand plc		23,364		2,366,540
ITT Incorporated		8,306		490,968
John Bean Technologies Corporation		2,926		346,146
Kennametal Incorporated		7,519		307,076
Lincoln Electric Holdings Incorporated		5,860		551,778
Nordson Corporation		4,853		674,664
Oshkosh Corporation		6,987		490,907
Paccar Incorporated		32,524		2,225,292
Parker-Hannifin Corporation		12,356		2,169,714
Snap-on Incorporated		5,292		935,520
Stanley Black & Decker Incorporated		14,477		2,034,453
Terex Corporation		6,988		270,785
The Middleby Corporation †		5,191		630,914
The Timken Company		6,582		320,214
The Toro Company		9,692		589,177
Trinity Industries Incorporated		14,057		503,803
WABCO Holdings Incorporated †		5,084		625,739
Wabtec Corporation		8,068		873,926
Woodward Governor Company		5,265		424,148
Xylem Incorporated		16,814		1,276,351

				36,946,211


Marine: 0.03%
Kirby Corporation †		5,116		446,627


Professional Services: 0.58%
ASGN Incorporated †		4,686		433,877
Dun & Bradstreet Corporation		3,485		498,076
Equifax Incorporated		11,227		1,504,081
IHS Markit Limited †		33,577		1,846,735
Manpower Incorporated		6,248		585,625
Nielsen Holdings plc		33,583		873,158
Robert Half International Incorporated		11,451		895,239
TransUnion		17,196		1,294,859
Verisk Analytics Incorporated †		14,502		1,727,043

				9,658,693

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			127

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Road & Rail: 0.57%
Genesee & Wyoming Incorporated Class A †		5,726	$	503,258
J.B. Hunt Transport Services Incorporated		8,218		992,324
Kansas City Southern		9,757		1,131,422
Knight-Swift Transportation Holdings Incorporated		12,334		420,959
Landstar System Incorporated		3,947		457,063
Norfolk Southern Corporation		26,519		4,610,063
Old Dominion Freight Line Incorporated		6,534		995,782
Ryder System Incorporated		5,032		386,659

				9,497,530


Trading Companies & Distributors: 0.27%
Beacon Roofing Supply Incorporated †		6,313		234,086
Fastenal Company		26,925		1,571,343
MSC Industrial Direct Company Class A		4,275		365,427
W.W. Grainger Incorporated		4,434		1,569,946
Watsco Incorporated		2,977		520,945
WESCO International Incorporated †		4,476		273,707

				4,535,454


Transportation Infrastructure: 0.02%
Macquarie Infrastructure Company LLC		7,441		350,025


Information Technology: 10.02%

Communications Equipment: 0.36%
ARRIS International plc †		16,281		421,841
Ciena Corporation †		11,686		369,044
CommScope Holdings Incorporated †		17,861		566,015
F5 Networks Incorporated †		5,842		1,104,839
Juniper Networks Incorporated		32,009		910,016
Lumentum Holdings Incorporated †		5,586		379,289
Motorola Solutions Incorporated		15,176		1,947,991
Viasat Incorporated †		5,208		327,167

				6,026,202


Electronic Equipment, Instruments & Components: 0.85%
Amphenol Corporation Class A		28,264		2,673,209
Arrow Electronics Incorporated †		8,383		649,934
Avnet Incorporated		11,231		543,580
Belden Incorporated		3,710		269,791
CDW Corporation of Delaware		14,192		1,242,652
Coherent Incorporated †		2,306		439,524
Dolby Laboratories Incorporated Class A		5,494		385,624
FLIR Systems Incorporated		13,014		816,498
Jabil Circuit Incorporated		14,500		428,620
Keysight Technologies Incorporated †		17,472		1,133,758
Littelfuse Incorporated		2,299		513,964
National Instruments Corporation		11,444		546,451
Synnex Corporation		2,873		278,595
TE Connectivity Limited		33,093		3,033,966

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


128		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Tech Data Corporation †		3,911	$	284,525
Zebra Technologies Corporation Class A †		4,938		848,052

				14,088,743


Internet Software & Services: 0.71%
2U Incorporated †		4,725		422,226
Akamai Technologies Incorporated †		15,600		1,172,184
eBay Incorporated †		87,537		3,029,656
GoDaddy Incorporated Class A †		12,679		1,032,831
GrubHub Incorporated †		8,094		1,166,426
IAC Corporation †		7,201		1,420,037
J2 Global Incorporated		4,419		364,877
Nutanix Incorporated Class A †		10,586		596,204
Stamps.com Incorporated †		1,549		384,849
VeriSign Incorporated †		7,798		1,236,841
Yelp Incorporated †		7,449		350,997
Zillow Group Incorporated Class C †		10,372		504,598

				11,681,726


IT Services: 4.04%
Accenture plc Class A		60,342		10,202,022
Alliance Data Systems Corporation		4,523		1,079,097
Amdocs Limited		13,502		881,411
Automatic Data Processing Incorporated		39,028		5,727,359
Black Knight Incorporated †		12,157		649,184
Booz Allen Hamilton Holding Corporation		13,349		682,935
Broadridge Financial Solutions Incorporated		10,909		1,474,242
CACI International Incorporated Class A †		2,290		446,550
Cognizant Technology Solutions Corporation Class A		54,905		4,306,199
Conduent Incorporated †		18,485		428,482
CoreLogic Incorporated †		7,604		386,587
DXC Technology Company		26,785		2,439,846
EPAM Systems Incorporated †		4,753		679,346
Euronet Worldwide Incorporated †		4,659		455,650
Fidelity National Information Services Incorporated		30,919		3,344,508
First Data Corporation Class A †		43,685		1,123,578
Fiserv Incorporated †		38,374		3,072,606
Gartner Incorporated †		8,341		1,249,148
Global Payments Incorporated		15,072		1,877,670
International Business Machines Corporation		86,686		12,697,765
Jack Henry & Associates Incorporated		7,221		1,144,095
Leidos Holdings Incorporated		14,204		1,005,217
Maximus Incorporated		6,129		407,579
Paychex Incorporated		30,054		2,201,456
Sabre Corporation		21,027		549,015
Square Incorporated Class A †		24,679		2,187,547
Teradata Corporation †		11,261		466,994
The Western Union Company		42,982		813,219
Total System Services Incorporated		15,725		1,527,527

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			129

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

IT Services (continued)
WEX Incorporated †		4,022	$	765,065
Worldpay Incorporated Class A †		27,671		2,694,879

				66,966,778


Semiconductors & Semiconductor Equipment: 1.45%
Applied Materials Incorporated		97,762		4,205,721
Entegris Incorporated		12,948		438,937
KLA-Tencor Corporation		14,573		1,693,528
Lam Research Corporation		15,010		2,598,081
Maxim Integrated Products Incorporated		26,686		1,613,702
MKS Instruments Incorporated		5,124		476,020
ON Semiconductor Corporation †		39,228		837,126
Silicon Laboratories Incorporated †		3,964		388,472
Teradyne Incorporated		18,387		757,361
Texas Instruments Incorporated		93,378		10,495,687
Versum Materials Incorporated		10,386		413,259

				23,917,894


Software: 1.94%
Ansys Incorporated †		7,831		1,456,409
Aspen Technology Incorporated †		6,695		772,335
Blackbaud Incorporated		4,438		464,082
CA Incorporated		29,385		1,287,063
Cadence Design Systems Incorporated †		26,350		1,239,504
CDK Global Incorporated		12,501		779,062
Citrix Systems Incorporated †		12,039		1,372,687
Electronic Arts Incorporated †		30,884		3,502,554
Ellie Mae Incorporated †		3,142		331,073
Fair Isaac Corporation †		2,789		644,203
Fortinet Incorporated †		13,411		1,123,305
HubSpot Incorporated †		3,238		465,301
Intuit Incorporated		23,074		5,064,051
Manhattan Associates Incorporated †		6,204		359,770
Micro Focus International plc ADR		1		17
Nuance Communications Incorporated †		27,291		445,389
Paycom Software Incorporated †		4,571		709,054
PTC Incorporated †		10,801		1,079,452
RealPage Incorporated †		5,967		372,341
Red Hat Incorporated †		16,699		2,466,943
RingCentral Incorporated Class A †		5,992		558,155
SS&C Technologies Holdings Incorporated		18,880		1,120,339
Symantec Corporation		58,296		1,175,247
Synopsys Incorporated †		13,892		1,418,929
Take-Two Interactive Software Incorporated †		10,570		1,411,729
Tyler Technologies Incorporated †		3,396		838,642
VMware Incorporated Class A †		6,815		1,044,467
Zendesk Incorporated †		9,376		645,913

				32,148,016

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


130		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Technology Hardware, Storage & Peripherals: 0.67%
Hewlett Packard Enterprise Company		142,971	$	2,363,311
HP Incorporated		152,809		3,766,742
NCR Corporation †		10,919		310,209
NetApp Incorporated		25,024		2,172,333
Pure Storage Incorporated Class A †		14,669		393,716
Seagate Technology plc		25,459		1,363,075
Xerox Corporation		22,967		639,861

				11,009,247


Materials: 3.23%

Chemicals: 2.06%
Air Products & Chemicals Incorporated		20,952		3,484,108
Ashland Global Holdings Incorporated		5,983		503,769
Axalta Coating Systems Limited †		20,886		637,023
Cabot Corporation		4,292		278,637
Celanese Corporation Series A		12,903		1,507,457
CF Industries Holdings Incorporated		21,922		1,138,848
Eastman Chemical Company		12,588		1,221,414
Ecolab Incorporated		24,127		3,630,631
Huntsman Corporation		20,190		615,593
Ingevity Corporation †		3,954		399,394
International Flavors & Fragrances Incorporated		7,423		967,143
LyondellBasell Industries NV Class A		30,968		3,492,571
NewMarket Corporation		873		350,108
Olin Corporation		16,170		496,904
PolyOne Corporation		7,626		322,275
PPG Industries Incorporated		23,568		2,605,207
Praxair Incorporated		27,262		4,312,576
RPM International Incorporated		12,492		843,210
Scotts Miracle-Gro Company Class A		2,726		203,687
Sensient Technologies Corporation		3,998		283,938
The Chemours Company		17,462		761,343
The Mosaic Company		33,174		1,037,351
The Sherwin-Williams Company		7,826		3,565,369
Trinseo SA		3,641		280,903
Valvoline Incorporated		18,161		390,825
W.R. Grace & Company		6,003		424,172
Westlake Chemical Corporation		2,935		277,563

				34,032,019


Construction Materials: 0.11%
Eagle Materials Incorporated		4,435		409,484
Martin Marietta Materials Incorporated		5,878		1,168,076
Summit Materials Incorporated Class A †		10,373		220,634

				1,798,194


Containers & Packaging: 0.63%
AptarGroup Incorporated		5,772		604,386
Avery Dennison Corporation		8,286		871,521

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			131

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Containers & Packaging (continued)
Ball Corporation		32,434	$	1,358,336
Bemis Company Incorporated		8,714		429,426
Berry Global Group Incorporated †		12,454		594,429
Crown Holdings Incorporated †		12,433		532,257
Graphic Packaging Holding Company		29,362		417,528
International Paper Company		39,011		1,995,023
Owens-Illinois Incorporated †		15,430		272,648
Packaging Corporation of America		8,885		976,639
Sealed Air Corporation		15,570		624,513
Sonoco Products Company		9,389		526,160
WestRock Company		23,828		1,312,446

				10,515,312


Metals & Mining: 0.41%
Alcoa Corporation †		17,597		786,058
Newmont Mining Corporation		50,332		1,561,802
Nucor Corporation		30,188		1,886,750
Reliance Steel & Aluminum Company		6,718		590,445
Royal Gold Incorporated		6,176		470,982
Steel Dynamics Incorporated		21,514		983,835
United States Steel Corporation		17,323		514,147

				6,794,019


Paper & Forest Products: 0.02%
Louisiana-Pacific Corporation		13,657		398,238


Real Estate: 5.34%

Equity REITs: 5.20%
Alexandria Real Estate Equities Incorporated		9,287		1,191,986
American Campus Communities Incorporated		12,945		542,784
American Homes 4 Rent Class A		24,840		576,288
American Tower Corporation		41,598		6,203,094
Apartment Investment & Management Company Class A		14,621		640,400
Apple Hospitality REIT Incorporated		21,149		373,280
AvalonBay Communities Incorporated		12,950		2,373,606
Boston Properties Incorporated		14,325		1,868,696
Brixmor Property Group Incorporated		28,075		511,527
Camden Property Trust		8,883		844,418
Colony Capital Incorporated		47,493		291,132
CoreSite Realty Corporation		3,162		368,278
Cousins Properties Incorporated		39,046		365,080
Crown Castle International Corporation		39,013		4,448,652
CubeSmart REIT		17,415		532,028
CyrusOne Incorporated		8,977		601,100
Digital Realty Trust Incorporated		19,409		2,412,151
Douglas Emmett Incorporated		15,448		603,399
Duke Realty Corporation		33,361		950,455
EPR Properties		6,970		489,155
Equinix Incorporated		7,446		3,247,424

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


132		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)
Equity Commonwealth †		8,274	$	265,264
Equity Lifestyle Properties Incorporated		6,040		585,155
Equity Residential		33,975		2,301,806
Essex Property Trust Incorporated		6,186		1,523,488
Extra Space Storage Incorporated		11,492		1,059,677
Federal Realty Investment Trust		6,836		892,850
First Industrial Realty Trust Incorporated		11,461		372,024
Forest City Realty Trust Incorporated		23,452		589,818
Gaming and Leisure Properties Incorporated		19,392		694,040
Gramercy Property Trust Incorporated		15,372		420,424
HCP Incorporated		44,854		1,212,404
Healthcare Realty Trust Incorporated		10,111		313,037
Healthcare Trust of America Incorporated Class A		19,955		570,114
Highwoods Properties Incorporated		9,580		476,509
Hospitality Properties Trust		15,138		438,851
Host Hotels & Resorts Incorporated		67,567		1,454,718
Hudson Pacific Properties Incorporated		14,542		492,101
Invitation Homes Incorporated		27,829		650,364
Iron Mountain Incorporated		25,764		930,080
JBG Smith Properties		10,371		388,498
Kilroy Realty Corporation		9,069		663,307
Kimco Realty Corporation		38,647		661,250
Lamar Advertising Company Class A		7,840		604,072
LaSalle Hotel Properties		10,616		372,728
Liberty Property Trust		13,895		607,906
Life Storage Incorporated		4,400		429,440
Medical Properties Trust Incorporated		34,196		514,650
Mid-America Apartment Communities Incorporated		10,597		1,097,425
National Retail Properties Incorporated		14,611		673,421
Omega Healthcare Investors Incorporated		18,573		613,838
Paramount Group Incorporated		19,749		313,614
Park Hotels & Resorts Incorporated		18,924		633,008
Prologis Incorporated		62,826		4,220,639
Public Storage Incorporated		14,026		2,981,647
Rayonier Incorporated		12,359		430,464
Realty Income Corporation		26,776		1,568,270
Regency Centers Corporation		14,245		940,597
RLJ Lodging Trust		16,152		353,890
Ryman Hospitality Properties Incorporated		4,170		370,004
Sabra Health Care REIT Incorporated		16,482		388,646
SBA Communications Corporation †		10,932		1,696,974
Senior Housing Properties Trust		22,175		423,764
Simon Property Group Incorporated		28,903		5,290,116
SL Green Realty Corporation		8,380		874,872
Spirit Realty Capital Incorporated		43,876		367,242
STORE Capital Corporation		16,966		488,790
Sun Communities Incorporated		6,219		641,676
Sunstone Hotel Investors Incorporated		20,867		350,148
Taubman Centers Incorporated		5,408		349,411
The Macerich Company		13,077		768,143

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			133

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)
UDR Incorporated		24,846	$	993,095
Ventas Incorporated		33,592		2,011,153
VEREIT Incorporated		91,869		718,416
VICI Properties Incorporated		27,164		567,999
Vornado Realty Trust		16,235		1,250,095
Weingarten Realty Investors		11,516		356,190
Welltower Incorporated		35,041		2,337,585
Weyerhaeuser Company		71,235		2,472,567
WP Carey Incorporated		10,116		673,523

				86,136,730


Real Estate Management & Development: 0.14%
CBRE Group Incorporated Class A †		29,364		1,433,257
Jones Lang LaSalle Incorporated		4,227		644,702
Realogy Holdings Corporation		12,062		258,006

				2,335,965


Telecommunication Services: 2.91%

Diversified Telecommunication Services: 2.75%
AT&T Incorporated		676,559		21,609,294
CenturyLink Incorporated		103,394		2,208,496
Verizon Communications Incorporated		387,679		21,078,107
Zayo Group Holdings Incorporated †		20,285		703,078

				45,598,975


Wireless Telecommunication Services: 0.16%
Sprint Corporation †		53,559		327,245
T-Mobile US Incorporated †		29,425		1,943,227
Telephone & Data Systems Incorporated		9,233		277,359

				2,547,831


Utilities: 4.46%

Electric Utilities: 2.57%
ALLETE Incorporated		4,933		370,370
Alliant Energy Corporation		21,950		940,338
American Electric Power Company Incorporated		46,105		3,307,112
Duke Energy Corporation		65,556		5,325,769
Edison International		30,500		2,004,765
Entergy Corporation		16,897		1,412,420
Evergy Incorporated		13,306		759,107
Eversource Energy		29,398		1,835,317
Exelon Corporation		89,989		3,933,419
FirstEnergy Corporation		44,600		1,667,148
Hawaiian Electric Industries Incorporated		10,642		375,343
IDACORP Incorporated		4,744		464,200
NextEra Energy Incorporated		43,985		7,481,849
OGE Energy Corporation		18,397		677,562
PG&E Corporation		47,391		2,188,516

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


134		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name		Shares		Value

Electric Utilities (continued)
Pinnacle West Capital Corporation			10,644	$	836,086
PNM Resources Incorporated			7,402		288,308
Portland General Electric Company			8,462		392,637
PPL Corporation			64,515		1,918,676
The Southern Company			95,104		4,163,653
Xcel Energy Incorporated			47,441		2,279,540

					42,622,135


Gas Utilities: 0.22%
Atmos Energy Corporation			10,271		947,294
National Fuel Gas Company			7,770		431,468
New Jersey Resources Corporation			8,053		367,217
ONE Gas Incorporated			4,787		375,923
Southwest Gas Corporation			4,034		311,909
Spire Incorporated			4,425		329,884
UGI Corporation			16,235		877,502

					3,641,197


Independent Power & Renewable Electricity Producers: 0.16%
AES Corporation			60,787		818,193
NRG Energy Incorporated			28,513		1,009,075
Vistra Energy Corporation †			32,185		757,635

					2,584,903


Multi-Utilities: 1.38%
Ameren Corporation			22,912		1,448,726
Avista Corporation			5,765		295,802
Black Hills Corporation			5,109		300,665
CenterPoint Energy Incorporated			39,452		1,096,371
CMS Energy Corporation			26,729		1,316,136
Consolidated Edison Incorporated			29,250		2,308,703
Dominion Energy Incorporated			63,049		4,461,978
DTE Energy Company			17,019		1,891,492
MDU Resources Group Incorporated			17,935		500,207
NiSource Incorporated			32,177		871,031
Public Service Enterprise Group Incorporated			47,318		2,477,097
SCANA Corporation			12,237		469,167
Sempra Energy			24,629		2,858,934
Vectren Corporation			7,948		565,898
WEC Energy Group Incorporated			29,645		2,003,409

					22,865,616


Water Utilities: 0.13%
American Water Works Company Incorporated			16,960		1,484,509
Aqua America Incorporated			15,966		593,616

					2,078,125
	��

Total Common Stocks (Cost $1,293,088,767)					1,523,712,590

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			135

FACTOR ENHANCED LARGE CAP PORTFOLIO


Security name				Shares		Value

Exchange-Traded Funds: 0.03%
Brookfield Property Partners LP					23,753	$	474,585


Total Exchange-Traded Funds (Cost $479,811)							474,585

	Yield

Short-Term Investments: 1.01%

Investment Companies: 1.01%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87	%		16,690,970		16,690,970


Total Short-Term Investments (Cost $16,690,970)							16,690,970


Total investments in securities (Cost $1,310,259,548)	93.06	%		1,540,878,145
Other assets and liabilities, net	6.94			114,986,219

Total net assets	100.00	%	$	1,655,864,364

†	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.

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		947		9-21-2018		136,258,949	$	137,414,435	$	1,155,486	$	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		39,764,513		266,950,885		290,024,428		16,690,970	$	0	$	0	$	311,696	$	16,690,970		1.01	%

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


136		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Common Stocks: 91.73%

Consumer Discretionary: 14.73%

Auto Components: 1.23%
American Axle & Manufacturing Holdings Incorporated †		27,341	$	484,167
Cooper Tire & Rubber Company		12,393		357,538
Cooper-Standard Holdings Incorporated †		4,454		616,567
Dorman Products Incorporated †		6,814		551,798
Fox Factory Holding Corporation †		8,953		591,346
Horizon Global Corporation †		5,643		43,790
LCI Industries		6,077		564,857
Modine Manufacturing Company †		12,195		205,486
Motorcar Parts of America Incorporated †		4,798		127,339
Shiloh Industries Incorporated †		3,657		32,840
Standard Motor Products Incorporated		5,080		257,912
Stoneridge Incorporated †		6,779		202,895
Strattec Security Corporation		911		31,247
Superior Industries International Incorporated		5,839		126,706
Tenneco Incorporated		12,619		539,967
Tower International Incorporated		4,831		163,288
Voxx International Corporation †		4,960		26,784

				4,924,527


Automobiles: 0.07%
Winnebago Industries Incorporated		7,241		267,555


Distributors: 0.11%
Core Mark Holding Company Incorporated		11,189		400,231
Weyco Group Incorporated		1,474		52,283

				452,514


Diversified Consumer Services: 0.85%
Adtalem Global Education Incorporated †		14,511		694,351
American Public Education Incorporated †		3,922		136,290
Bridgepoint Education Incorporated †		6,644		78,133
Cambium Learning Group Incorporated †		3,681		49,252
Career Education Corporation †		16,547		263,925
Carriage Services Incorporated		3,671		83,589
Collectors Universe Incorporated		2,068		30,875
Graham Holdings Company Class B		1,072		603,161
Houghton Mifflin Harcourt Company †		26,036		167,932
K12 Incorporated †		9,618		159,274
Laureate Education Incorporated Class A †		12,889		205,837
Liberty Tax Incorporated		1,688		19,412
Regis Corporation †		8,753		187,227
Strategic Education Incorporated		5,134		712,445

				3,391,703


Hotels, Restaurants & Leisure: 3.16%
Bbx Capital Corporation		16,122		119,786
Biglari Holdings Incorporated Class A †		28		26,827

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			137

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Hotels, Restaurants & Leisure (continued)
Biglari Holdings Incorporated Class B †		299	$	59,067
BJ’s Restaurants Incorporated		4,902		371,081
Bloomin’ Brands Incorporated		21,484		414,641
Bluegreen Vacations Corporation		1,816		33,923
Bojangles Incorporated †		4,181		61,043
Brinker International Incorporated		11,437		506,430
Carrols Restaurant Group Incorporated †		8,541		134,948
Century Casinos Incorporated †		6,694		53,552
Choice Hotels International Incorporated		8,781		685,357
Churchill Downs Incorporated		2,630		743,238
Chuy’s Holding Incorporated †		4,074		117,942
Dave & Buster’s Entertainment Incorporated †		9,821		571,288
Del Frisco’s Restaurant Group Incorporated †		4,914		46,437
Del Taco Restaurants Incorporated †		7,217		93,316
Denny’s Corporation †		15,290		230,420
Dine Brands Global Incorporated		4,174		348,195
Drive Shack Incorporated †		14,799		91,754
El Pollo Loco Holdings Incorporated †		5,295		63,011
Eldorado Resorts Incorporated †		14,423		693,025
Fiesta Restaurant Group Incorporated †		5,118		147,143
Golden Entertainment Incorporated †		4,630		134,316
International Speedway Corporation Class A		5,923		261,500
J. Alexander’s Holdings Incorporated †		3,138		38,911
Jack in the Box Incorporated		7,146		647,713
Jamba Incorporated †		3,047		39,550
Lindblad Expeditions Holding †		6,107		92,765
Marriott Vacations Worldwide Corporation		5,250		624,750
Monarch Casino & Resort Incorporated †		2,874		135,222
Nathan S Famous Incorporated		703		62,356
Noodles & Company †		4,035		49,631
Papa John’s International Incorporated		5,709		263,299
Penn National Gaming Incorporated †		21,010		724,005
Pinnacle Entertainment Incorporated †		13,351		457,138
Playa Hotels & Resorts NV †		14,270		147,409
Potbelly Corporation †		5,721		77,520
RCI Hospitality Holdings Incorporated		2,205		71,508
Red Lion Hotels Corporation †		4,054		55,337
Red Robin Gourmet Burgers Incorporated †		3,151		130,136
Red Rock Resorts Incorporated Class A		17,284		564,150
Ruth’s Chris Steak House Incorporated		7,156		220,405
SeaWorld Entertainment Incorporated †		13,368		391,950
Shake Shack Incorporated Class A †		4,887		295,419
Sonic Corporation		8,621		309,149
Speedway Motorsports Incorporated		1,498		26,799
The Cheesecake Factory Incorporated		10,542		560,518
The Habit Restaurants Incorporated Class A †		5,071		83,925
Town Sports International Holdings Incorporated †		3,483		31,869
Wingstop Incorporated		7,165		479,697
Zoe’s Kitchen Incorporated †		4,823		66,075

				12,655,446

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


138		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Household Durables: 1.70%
AV Homes Incorporated †		2,463	$	52,831
Bassett Furniture Industries Incorporated		2,625		61,294
Cavco Industries Incorporated †		2,111		518,039
Century Communities Incorporated †		6,357		185,942
CSS Industries Incorporated		2,481		34,436
Ethan Allen Interiors Incorporated		6,426		142,979
Flexsteel Industries Incorporated		1,875		66,900
Green Brick Partners Incorporated †		5,791		60,516
Hamilton Beach Brand Class A		2,028		46,948
Helen of Troy Limited †		6,517		775,197
Hooker Furniture Corporation		3,082		129,598
Hovnanian Enterprises Incorporated Class A †		30,394		47,415
Installed Building Products †		5,141		239,314
KB Home Incorporated		21,652		538,052
La-Z-Boy Incorporated		11,524		383,173
LGI Homes Incorporated †		4,537		261,331
Libbey Incorporated		5,248		51,588
Lifetime Brands Incorporated		3,060		35,649
M/I Homes Incorporated †		6,970		180,593
MDC Holdings Incorporated		11,378		360,683
Meritage Corporation †		9,516		410,615
Skyline Corporation		1,703		49,234
Tempur-Pedic International Incorporated †		11,632		644,296
The New Home Company Incorporated †		3,279		28,790
TopBuild Corporation †		8,931		556,223
TRI Pointe Homes Incorporated †		37,129		537,999
Universal Electronics Incorporated †		3,409		147,269
William Lyon Homes Class A †		8,241		161,276
Zagg Incorporated †		6,708		108,670

				6,816,850


Internet & Direct Marketing Retail: 0.69%
1-800-Flowers.com Incorporated Class A †		6,002		72,324
Blue Apron Holdings Incorporated Class A †		10,588		21,388
Duluth Holdings Incorporated Class B †		2,475		71,627
FTD Companies Incorporated †		4,360		15,609
Gaia Incorporated †		2,771		48,493
Groupon Incorporated †		109,195		466,263
Lands End Incorporated †		2,543		65,355
Liberty Expedia Holdings Incorporated Class A †		13,140		606,411
Nutrisystem Incorporated		7,246		268,102
Overstock.com Incorporated †		5,345		156,074
PetMed Express Incorporated		4,957		181,872
Shutterfly Incorporated †		8,185		635,811
Stitch Fix Incorporated Class A †		4,163		168,935

				2,778,264


Leisure Products: 0.54%
Acushnet Holdings Corporation		8,338		225,543
American Outdoor Brands Corporation †		13,520		189,686

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			139

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Leisure Products (continued)
Callaway Golf Company		23,561	$	537,426
Clarus Corporation		5,193		53,748
Escalade Incorporated		2,341		31,135
Johnson Outdoors Incorporated Class A		927		93,887
Malibu Boats Incorporated Class A †		4,975		239,845
Marine Products Corporation		1,812		35,588
MCBC Holdings Incorporated †		4,430		122,135
Nautilus Group Incorporated †		7,397		108,366
Sturm, Ruger & Company Incorporated		4,232		276,984
Vista Outdoor Incorporated †		14,166		261,646

				2,175,989


Media: 1.59%
A.H. Belo Corporation Class A		4,445		19,558
AMC Entertainment Holdings Class A		12,998		247,612
AMC Networks Incorporated Class A †		11,980		752,464
Boston Omaha Corporation Class A †		1,571		40,783
Clear Channel Outdoor Holdings Incorporated Class A		9,306		42,342
Daily Journal Corporation †		219		52,221
Emerald Expositions Events Class I		6,351		99,203
Entercom Communications Corporation		30,570		239,975
Entravision Communications Corporation Class A		16,081		84,425
Gannett Company Incorporated		27,781		285,589
Gray Television Incorporated †		19,929		347,761
Hemisphere Media Group Incorporated †		4,254		58,280
John Wiley & Sons Incorporated Class A		11,643		751,556
Lee Enterprises Incorporated †		11,367		32,396
Marcus Corporation		4,659		189,155
Meredith Corporation		9,738		502,968
MSG Networks Incorporated Class A †		14,805		359,762
National CineMedia Incorporated		19,047		173,328
New Media Investment Group Incorporated		14,211		225,955
Reading International Incorporated Class A †		3,635		58,524
Saga Communications Incorporated Cl ass A		1,210		45,980
Scholastic Corporation		5,807		244,126
Sinclair Broadcast Group Incorporated Class A		18,589		538,152
Tronc Incorporated †		4,224		69,696
WideOpenWest Incorporated †		7,454		86,839
World Wrestling Entertainment Incorporated Class A		9,452		826,199

				6,374,849


Multiline Retail: 0.22%
Big Lots Stores Incorporated		10,584		455,641
Dillard’s Incorporated Class A		2,929		230,161
JCPenny Company Incorporated †		74,435		131,750
Sears Holdings Corporation †		9,114		12,213
Tuesday Morning Corporation †		11,289		34,431

				864,196

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


140		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Specialty Retail: 3.51%
Abercrombie & Fitch Company Class A		18,137	$	393,029
America’s Car-Mart Incorporated †		1,583		132,101
Asbury Automotive Group Incorporated †		5,144		383,228
Barnes & Noble Education Incorporated †		8,045		48,109
Barnes & Noble Incorporated		13,203		69,316
Bed Bath & Beyond Incorporated		34,037		610,624
Big 5 Sporting Goods Corporation		5,451		31,071
Boot Barn Holdings Incorporated †		4,927		147,465
Build A Bear Workshop Incorporated †		3,202		29,458
Caleres Incorporated		9,293		376,181
Camping World Holdings Incorporated Class A		8,237		170,588
Carvana Corporation †		4,208		272,426
Chico’s FAS Incorporated		30,304		276,372
Children’s Place Retail Stores Incorporated		4,135		582,001
Citi Trends Incorporated		3,148		97,399
Container Store Group Incorporated †		4,390		49,607
Dick’s Sporting Goods Incorporated		19,118		715,778
DSW Incorporated Class A		17,098		568,679
Express Incorporated †		17,230		193,321
Francescas Holdings Corporation †		8,787		55,182
GameStop Corporation Class A		25,168		333,979
Genesco Incorporated †		4,313		219,316
Group 1 Automotive Incorporated		4,829		372,268
Guess? Incorporated		12,357		302,747
Haverty Furniture Companies Incorporated		4,464		98,654
Hibbett Sports Incorporated †		4,667		95,907
Kirkland’s Incorporated †		3,898		35,433
Lithia Motors Incorporated Class A		5,916		511,142
MarineMax Incorporated †		6,473		145,643
Monro Muffler Brake Incorporated		7,835		555,893
Murphy USA Incorporated †		7,930		658,031
New York & Company Incorporated †		7,108		32,341
Office Depot Incorporated		136,040		455,734
Party City Holdco Incorporated †		9,397		144,244
Penske Auto Group Incorporated		9,257		487,196
Pier 1 Imports Incorporated		20,027		36,850
Rent-A-Center Incorporated †		10,646		156,922
Sally Beauty Holdings Incorporated †		31,214		480,696
Shoe Carnival Incorporated		2,859		127,111
Signet Jewelers Limited		11,663		748,765
Sleep Number Corporation †		9,068		305,592
Sonic Automotive Incorporated		5,288		113,692
Sportsman’s Warehouse Holdings Incorporated †		8,097		46,234
Tailored Brands Incorporated		11,896		280,032
The Buckle Incorporated		7,202		185,452
The Cato Corporation Class A		5,688		122,008
The Michaels Companies Incorporated †		28,284		480,545
Tilly’s Incorporated Class A		3,283		77,216
Travelcenters of America LLC †		8,273		35,988
Urban Outfitters Incorporated †		18,766		872,244

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			141

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Specialty Retail (continued)
Vitamin Shoppe Incorporated †		5,973	$	76,454
Winmark Corporation		585		87,282
Zumiez Incorporated †		4,665		145,315

				14,028,861


Textiles, Apparel & Luxury Goods: 1.06%
Columbia Sportswear Company		7,536		683,515
Crocs Incorporated †		16,629		343,555
Culp Incorporated		2,782		70,524
Deckers Outdoor Corporation †		7,699		938,046
Delta Apparel Incorporated †		1,460		27,083
G-III Apparel Group Limited †		10,187		463,305
Lakeland Industries Incorporated †		1,788		23,602
Movado Group Incorporated		3,750		159,750
Oxford Industries Incorporated		4,052		377,201
Perry Ellis International Incorporated †		3,091		85,095
Rocky Brands Incorporated		1,692		51,014
Steven Madden Limited		13,195		767,289
Superior Uniform Group Incorporated		2,296		43,509
Unifi Incorporated †		3,727		118,556
Vera Bradley Incorporated †		6,944		101,799

				4,253,843


Consumer Staples: 4.00%

Beverages: 0.41%
Boston Beer Company Incorporated †		2,076		629,339
Castle Brands Incorporated †		25,168		28,943
Coca Cola Bottling Corporation		1,158		196,350
Craft Brew Alliance Incorporated †		2,373		44,968
MGP Ingredients Incorporated		3,193		246,212
National Beverage Corporation †		2,886		340,086
Primo Water Corporation †		6,734		134,680

				1,620,578


Food & Staples Retailing: 1.08%
Ingles Markets Incorporated Class A		3,408		122,518
Performance Food Group Company †		25,241		835,477
Pricesmart Incorporated		6,579		571,386
Rite Aid Corporation †		262,690		359,885
Smart & Final Stores Incorporated †		6,902		48,314
SpartanNash Company		8,655		184,784
Sprouts Farmers Market Incorporated †		30,868		817,076
SUPERVALU Incorporated †		8,981		289,996
The Andersons Incorporated		6,580		268,793
The Chef’s Warehouse Incorporated †		5,667		166,610
United Natural Foods Incorporated †		12,374		439,401
Village Super Market Class A		1,892		55,209
Weis Markets Incorporated		3,692		172,010

				4,331,459

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


142		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Food Products: 1.67%
Alico Incorporated		565	$	18,250
B&G Foods Incorporated		16,448		525,514
Cal-Maine Foods Incorporated		7,135		352,826
Calavo Growers Incorporated		3,826		404,982
Darling Ingredients Incorporated †		40,469		800,477
Dean Foods Company		22,620		172,364
Farmer Bros Corporation †		2,687		77,923
Fresh Del Monte Produce Incorporated		7,511		281,212
Freshpet Incorporated †		6,060		225,129
Hostess Brands Incorporated †		23,334		274,408
J & J Snack Foods Corporation		3,708		539,514
John B. Sanfilippo & Son Incorporated		2,099		153,374
Lancaster Colony Corporation		4,751		742,439
Landec Corporation †		6,588		88,609
Limoneira Corporation		2,949		90,977
Pilgrim’s Pride Corporation †		13,262		245,214
Sanderson Farms Incorporated		5,093		538,636
Seneca Foods Corporation Class A †		1,598		51,615
Simply Good Foods Company †		14,699		264,582
Tootsie Roll Industries Incorporated		3,328		95,846
TreeHouse Foods Incorporated †		14,055		732,266

				6,676,157


Household Products: 0.24%
Central Garden & Pet Company Class A †		8,713		316,543
Oil Dri Corporation of America		1,275		51,829
WD-40 Company		3,306		586,650

				955,022


Personal Products: 0.37%
Elf Beauty Incorporated †		5,758		79,979
Inter Parfums Incorporated		4,291		280,202
Medifast Incorporated		2,774		634,553
Natural Health Trends Corporation		1,829		48,414
Revlon Incorporation Class A †		1,842		40,064
USANA Health Sciences Incorporated †		3,108		410,101

				1,493,313


Tobacco: 0.23%
22nd Century Group Incorporated †		27,515		74,566
Alliance One International †		2,057		36,409
Turning Point Brands Incorporated		1,829		61,564
Universal Corporation		6,095		364,481
Vector Group Limited		24,487		380,283

				917,303

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			143

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Energy: 2.87%

Energy Equipment & Services: 1.29%
Basic Energy Services Incorporated †		5,660	$	50,148
Bristow Group Incorporated †		5,867		64,302
Cactus Incorporated Class A †		6,607		225,827
Dawson Geophysical Corporation †		5,557		34,453
Diamond Offshore Drilling Incorporated †		16,451		286,576
Era Group Incorporated †		5,135		61,312
Exterran Corporation †		8,840		242,128
FTS International Incorporated †		6,865		75,721
Gulf Island Fabrication Incorporated		3,510		33,170
Gulfmark Offshore Incorporated †		732		26,718
Hornbeck Offshore Services Incorporated †		8,163		35,999
Independence Contract Drilli †		8,813		38,513
Ion Geophysical Corporation †		2,732		49,039
Keane Group Incorporated †		11,589		142,313
Liberty Oilfield Services Class A		3,791		74,455
Mammoth Energy Services Incorporated		2,028		55,729
Matrix Service Company †		6,622		138,400
McDermott International Incorporated †		44,444		859,547
Natural Gas Services Group Incorporated †		3,086		68,201
Newpark Resources Incorporated †		21,370		224,385
Nine Energy Service Incorporated †		1,930		57,861
Oceaneering International Incorporated		24,771		700,276
Parker Drilling Company †		2,262		8,912
PHI Incorporated - Non Voting †		2,880		23,472
ProPetro Holding Corporation †		15,392		234,266
RigNet Incorporated †		3,383		55,143
RPC Incorporated		14,736		201,588
Seacor Holdings Incorporated		4,196		215,884
Seacor Marine Holdings Incorporated †		4,033		82,596
Select Energy Services Incorporated Class A †		10,831		147,843
Smart Sand Incorporated †		5,287		26,329
Solaris Oilfield Infrastructure Incorporated Class A †		6,402		110,242
Tetra Technologies Incorporated †		31,313		143,727
Unit Corporation †		13,236		347,974

				5,143,049


Oil, Gas & Consumable Fuels: 1.58%
Abraxas Petroleum Corporation †		39,213		88,229
Adams Resources & Energy Incorporated		361		16,570
Alta Mesa Resources Incorporated †		20,108		95,312
Amyris Incorporated †		6,476		58,090
Arch Coal Incorporated		4,894		433,951
Cloud Peak Energy Incorporated †		19,839		46,820
Consol Energy Incorporated †		6,261		268,597
Contango Oil & Gas Company †		6,099		41,656
CVR Energy Incorporated		3,994		151,972
DHT Holdings Incorporated		34,357		160,791
Dorian LPG Limited †		8,051		61,349

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


144		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Earthstone Energy Incorporated Class A †		4,664	$	39,084
Energy XXI Gulf Coast Incorporated †		8,339		75,468
Enlink Midstream LLC		16,296		265,625
Euronav NV		1		9
Evolution Petroleum Corporation		6,309		63,405
Gastar Exploration Limited †		26,018		2,058
Green Plains Renewable Energy Incorporated		9,815		174,216
Gulfport Energy Corporation †		40,513		476,433
Halcon Resources Corporation †		38,892		178,125
Hallador Energy Corporation		5,329		32,560
International Seaways Incorporated †		4,602		94,433
Laredo Petroleum Incorporated †		39,887		330,663
Lilis Energy Incorporated †		8,889		47,289
Midstates Petroleum Company Incorporated †		4,558		53,010
Nacco Industries Class A		891		31,319
Overseas Shipholding Group Class A †		16,864		57,844
Pacific Ethanol Incorporated †		11,443		21,170
Panhandle Oil And Gas Incorporated Class A		3,779		70,478
Par Pacific Holdings Incorporated †		7,160		145,420
Penn Virginia Corporation †		2,945		261,928
Renewable Energy Group Incorporated †		9,489		255,729
Resolute Energy Corporation †		4,905		161,669
Rex American Resources Corporation †		1,447		116,599
Sanchez Energy Corporation †		18,627		48,989
Sandridge Energy Incorporated †		8,770		139,092
SilverBow Resources Incorporated †		1,635		50,456
Southwestern Energy Company †		144,566		812,461
Tallgrass Energy GP LP		14,679		360,957
W&T Offshore Incorporated †		22,462		152,068
World Fuel Services Corporation		13,878		389,000

				6,330,894


Financials: 18.35%

Banks: 9.23%
1st Constitution Bancorp		1,649		34,876
1st Source Corporation		1,502		84,097
Access National Corporation		3,727		101,151
Acnb Corporation		1,636		58,569
Allegiance Bancshares Incorporated †		2,794		124,473
American National Bankshares Incorporated		1,941		79,872
Ameris Bancorp		10,220		507,423
AMES National Corporation		2,259		68,335
Arrow Financial Corporation		3,286		129,304
Atlantic Capital Bancshares †		6,202		113,187
Banc of California Incorporated		10,789		217,398
BancFirst Corporation		4,411		281,422
Bank of Commerce Holdings		3,574		46,105
Bank of Marin Bancorp		1,541		135,839
Bankwell Financial Group Incorporated		1,447		45,581

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			145

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)
Banner Corporation		8,006	$	515,026
Bar Harbor Bankshares		3,785		111,468
BCB Bancorp Incorporated		3,019		44,832
Berkshire Hills Bancorp Incorporated		9,540		403,065
Blue Hills Bancorp Incorporated		5,943		136,689
Boston Private Financial Holdings Incorporated		20,826		300,936
Bridge Bancorp Incorporated		4,478		156,730
Brookline Bancorp Incorporated		19,490		353,744
Bryn Mawr Bank Corporation		4,934		240,779
Byline Bancorp Incorporated †		3,737		85,316
C&F Financial Corporation		803		50,027
Cadence Bancorp		7,382		208,542
Cambridge Bancorp		990		88,635
Camden National Corporation		3,768		172,348
Capital City Bank Group Incorporated		2,489		61,030
Capstar Financial Holdings Class I		1,479		25,838
Carolina Financial Corporation		4,840		199,166
CenterState Banks Incorporated		20,320		622,198
Central Pacific Financial Company		7,239		205,081
Central Valley Community Bancorp		2,861		61,826
Century Bancorp Incorporated Class A		635		45,244
Chemung Financial Corporation		909		38,178
Citizens & Northern Corporation		2,969		83,162
City Holding Company		3,740		303,239
Civista Bancshares Incorporated		2,169		51,796
CNB Financial Corporation		3,476		107,165
CoBiz Incorporated		9,800		225,890
Codorus Valley Bancorp Incorporated		2,092		65,459
Community Bank System Incorporated		12,483		825,501
Community Bankers Trust Corporation †		5,129		46,417
Community Financial Corporation		1,115		37,130
Community Trust Bancorp		3,753		185,398
ConnectOne Bancorp Incorporated		7,504		184,974
County Bancorp Incorporated		1,236		30,875
Customers Bancorp Incorporated †		7,194		177,692
DNB Financial Corporation		839		28,736
Eagle Bancorp Incorporated †		8,038		432,846
Enterprise Bancorp Incorporated		2,001		71,976
Enterprise Financial Service		5,440		306,272
Equity Bancshares Incorporated Class A †		3,269		132,689
Esquire Financial Holdings Class I †		1,214		31,564
Evans Bancorp Incorporated		1,169		55,586
Farmers & Merchants Banco		2,219		100,942
Farmers Natl Banc Corporation		5,913		93,721
FB Financial Corporation		3,159		138,933
FCB Financial Holdings Class A †		11,201		580,212
Fidelity Southern Corporation		5,459		132,654
Financial Institutions Incorporated		3,820		123,386
First Bancorp Corporation		7,185		299,758
First Bancorp Incorporated		2,473		72,409

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


146		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)
First Bancshares Incorporated		3,009	$	123,519
First Bank		3,631		51,923
First Busey Corporation		10,884		348,832
First Business Financial Service		1,931		42,791
First Citizens BancShares Corporation Class A		1,422		675,464
First Commonwealth Financial Corporation		24,096		403,608
First Community Bancshares		3,679		123,504
First Community Corporation		1,736		43,660
First Connecticut Bancorp		3,511		111,299
First Financial Corporation		2,604		133,976
First Financial Northwest		1,987		34,693
First Foundation Incorporated †		8,025		129,845
First Guaranty Bancshares Incorporated		1,195		29,863
First Internet Bancorp		1,996		62,774
First Interstate BancSystem Class A		7,763		360,591
First Merchants Corporation		12,243		589,133
First Mid-Illinois Bancshares		2,135		87,727
First Midwest Bancorp Incorporated		25,471		692,302
First Northwest Bancorp †		2,289		38,318
First of Long Island Corporation		5,855		127,639
First United Corporation		1,702		34,295
Flushing Financial Corporation		6,839		177,267
Franklin Financial Network †		3,230		124,840
German American Bancorp		5,350		201,107
Great Southern Bancorp Incorporated		2,837		168,234
Great Western Bancorp Incorporated		14,742		641,867
Green Bancorp Incorporated		6,144		147,456
Guaranty Bancorp		6,067		189,594
Guaranty Bancshares Incorporated		1,819		57,208
Hanmi Financial Corporation		7,944		207,338
Harborone Bancorp Incorporated †		3,485		68,689
Hawthorn Bancshares Incorporated		1,361		30,146
Heartland Financial USA Incorporated		7,119		432,835
Heritage Commerce Corporation		9,751		154,456
Heritage Financial Corporation		8,327		302,270
Hilltop Holdings Incorporated		18,996		394,167
Hometrust Bancshares Incorporated †		4,096		117,965
Hope Bancorp Incorporated		32,759		573,610
Horizon Bancorp Indiana		9,023		184,340
Howard Bancorp Incorporated †		3,832		66,868
Independent Bank Corporation		5,849		145,933
Independent Bank Corporation (Massachusetts)		6,694		609,823
Independent Bank Group Incorporated		4,539		314,326
Investar Holding Corporation		2,145		58,880
Lakeland Bancorp Incorporated		11,042		213,111
Lakeland Financial Corporation		6,055		298,330
LCNB Corporation		2,279		42,389
LegacyTexas Financial Group		11,259		520,954
Live Oak Bancshares Incorporated		6,272		189,728
Macatawa Bank Corporation		6,072		75,718

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			147

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)
MBT Financial Corporation		3,937	$	43,110
Mercantile Bank Corporation		3,975		140,755
Metropolitan Bank Holding Corporation †		655		27,012
Middlefield Banc Corporation		736		36,506
Midland States Bancorp Incorporated		4,599		158,344
Midsouth Bancorp Incorporated		3,497		53,679
Midwestone Financial Group Class I		2,542		85,259
Mutualfirst Financial Incorporated		1,695		64,410
MVB Financial Corporation		2,288		41,733
National Bank Holdings Corporation Class A		6,608		265,311
National Bankshares Incorporated		1,668		76,728
National Commerce Corporation †		3,718		163,592
NBT Bancorp Incorporated		10,629		430,262
Nicolet Bankshares Incorporated †		1,995		110,443
Northeast Bancorp		1,783		38,869
Northrim BanCorp Incorporated		1,645		73,285
Norwood Financial Corporation		1,373		53,877
Oak Valley Bancorp		1,542		32,336
Ohio Valley Banc Corporation		940		39,621
Old Line Bancshares Incorporated		3,489		119,324
Old National Bancorp		37,465		760,540
Old Point Financial Corporation		927		24,658
Old Second Bancorp Incorporated		6,770		104,597
Opus Bank		5,318		150,765
Orrstown Financial Services Incorporated		1,888		49,182
Pacific Mercantile Bancorp †		3,522		35,572
Pacific Premier Bancorp Incorporated †		11,260		445,333
Park National Corporation		3,331		366,910
Parke Bancorp Incorporated		1,652		38,079
Peapack-Gladstone Financial Corporation		4,243		141,759
Penns Woods Bancorp Incorporated		1,104		49,989
People’s Utah Bancorp		3,708		134,044
Peoples Bancorp Incorporated		4,038		144,803
Peoples Bancorp of North Carolina Incorporated		1,044		31,863
Peoples Financial Services		1,684		77,430
Preferred Bank (Los Angeles)		3,488		213,500
Premier Financial Bancorp		2,613		50,954
Qcr Holdings Incorporated		3,205		139,418
Rbb Bancorp		2,770		79,361
Reliant Bancorp Incorporated		2,450		67,498
Renasant Corporation		12,183		568,824
Republic Bancorp Incorporated Class A		2,425		117,879
Republic First Bancorp Incorporated †		12,715		99,177
S&T Bancorp Incorporated		8,494		396,330
Sandy Spring Bancorp Incorporated		8,684		338,676
SB Financial Group Incorporated		1,332		26,773
SB One Bancorp		1,678		46,648
Seacoast Banking Corporation †		10,928		345,543
Select Bancorp Incorporated †		2,987		38,263
ServisFirst Bancshares Incorporated		11,309		487,418

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


148		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Banks (continued)
Shore Bancshares Incorporated		3,083	$	57,930
Sierra Bancorp		3,004		89,129
Simmons First National Corporation Class A		21,162		668,719
Smartfinancial Incorporated †		2,436		59,877
Southern First Bancshares †		1,606		66,810
Southern National Bancorp of Virginia		4,752		83,398
Southside Bancshares Incorporated		8,218		292,561
State Bank Financial Corporation		9,501		309,543
Stock Yards Bancorp Incorporated		5,085		196,790
Summit Financial Group Incorporated		2,357		59,396
The Bancorp Incorporated †		12,306		123,429
The Bank of Princeton †		1,371		45,106
Tompkins Trust Company Incorporated		3,685		323,801
Towne Bank		16,453		536,368
TriCo Bancshares		6,403		248,949
TriState Capital Holdings Incorporated †		5,394		160,472
Triumph Bancorp Incorporated †		5,777		245,234
Trustmark Corporation		16,418		582,511
Two River Bancorp		1,651		28,166
Union Bankshares Corporation		15,281		635,690
Union Bankshares Incorporated		839		44,048
United Community Bank		18,583		563,808
United Security Bancshare		3,109		34,510
Unity Bancorp Incorporated		1,818		44,359
Univest Corporation of Pennsylvania		7,313		208,421
Veritex Holdings Incorporated †		5,755		176,218
Washington Trust Bancorp		3,483		208,980
WesBanco Incorporated		13,771		679,620
West Bancorporation		3,494		84,380
Westamerica Bancorporation		6,390		409,152

				36,929,534


Capital Markets: 1.60%
Ares Management LP		17,552		373,858
Arlington Asset Investment Class A		6,820		69,359
Artisan Partners Asset Management Incorporated Class A		12,775		423,491
Associated Capital Group Class A		1,078		40,317
B. Riley Financial Incorporated		4,849		111,042
Blucora Incorporated †		10,923		395,413
BrightSphere Investment Group Incorporated		20,380		258,622
Cohen & Steers Incorporated		5,447		226,432
Diamond Hill Investment Group		820		153,004
Donnelley Financial Solutions †		8,249		172,322
Federated Investors Incorporated Class B		23,343		540,624
Gain Capital Holdings Incorporated		5,970		43,999
Gamco Investors Incorporated Class A		1,140		29,469
Hamilton Lane Incorporated Class A		3,423		166,974
Houlihan Lokey Incorporated		7,550		355,077
INTL FCStone Incorporated †		3,739		208,487

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			149

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Capital Markets (continued)
Investment Technology Group Incorporated		7,745	$	169,461
Ladenburg Thalmann Financial Services Incorporated		25,683		88,606
Moelis Company Class A		10,020		581,661
Morningstar Incorporated		4,410		627,631
PJT Partners Incorporated Class A		4,622		267,706
Pzena Investment Managm Class A		4,304		39,080
Victory Capital Holding Class A †		3,068		30,312
Virtu Financial Incorporated Class A		12,525		273,045
Virtus Investment Partners Incorporated		1,689		217,881
Waddell & Reed Financial Incorporated Class A		20,284		406,086
Westwood Holdings Group Incorporated		2,040		117,361

				6,387,320


Consumer Finance: 0.78%
Curo Group Holdings Corporation †		1,813		55,949
Elevate Credit Incorporated †		5,068		47,436
Encore Capital Group Incorporated †		6,335		245,481
Enova International Incorporated †		7,733		256,736
Ezcorp Incorporated †		11,531		127,994
Green Dot Corporation Class A †		11,523		987,175
Nelnet Incorporated Class A		3,239		186,728
PRA Group Incorporated †		11,001		402,087
Regional Management Corporation †		2,072		69,060
Santander Consumer USA Holdings Incorporated		28,409		613,066
World Acceptance Corporation †		1,173		139,130

				3,130,842


Diversified Financial Services: 0.21%
Cannae Holdings Incorporated †		16,487		320,507
FGL Holdings †		34,568		301,087
Marlin Business Services Incorporated		2,079		59,459
PHH Corporation †		7,830		84,956
Schulman Incorporated Class A (a)		6,818		13,022
Tiptree Incorporated		7,829		50,889

				829,920


Insurance: 2.58%
American National Insurance Company		1,926		247,183
Amerisafe Incorporated		5,230		333,674
AmTrust Financial Services Incorporated		28,989		421,500
Argo Group International Holdings Limited		7,835		499,090
Atlas Financial Holdings Incorporated †		3,015		30,904
CNA Financial Corporation		7,520		337,648
Crawford & Company Class A		4,961		42,317
Crawford & Company Class B		3,169		27,634
Donegal Group Incorporated Class A		3,749		54,173
EMC Insurance Group Incorporated		2,746		70,517
Employers Holdings Incorporated		8,742		400,821
FBL Financial Group Incorporated		2,798		227,617

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


150		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Insurance (continued)
Genworth Financial Incorporated Class A †		125,110	$	581,762
Greenlight Capital Limited †		8,592		110,407
Hallmark Financial Services Incorporated †		3,660		41,102
HCI Group Incorporated		2,107		85,334
Health Insurance Innovations Incorporated Class A †		2,714		143,571
Heritage Insurance Holdings Incorporated		6,397		93,716
Horace Mann Educators Corporation		10,364		479,853
Independence Holding Company		1,294		45,614
Investors Title Company		353		68,482
James River Group Holdings Limited		6,948		284,521
Kemper Corporation		11,103		903,229
Kingstone Company Incorporated		2,548		47,265
Kinsale Capital Group Incorporated		5,183		314,971
Maiden Holdings Limited		17,793		67,613
Mercury General Corporation		7,395		398,591
National General Holdings Corporation		15,177		414,484
National Western Life Group Class A		556		181,228
Ni Holdings Incorporated †		2,959		49,948
Protective Insurance Corporation Class B		2,755		64,743
RLI Corporation		11,181		860,602
Safety Insurance Group Incorporated		4,140		400,338
State Auto Financial Corporation		4,501		141,286
Stewart Information Services Corporation		6,326		283,278
The Navigators Group Incorporated		7,051		493,570
Trupanion Incorporated †		5,581		213,138
United Fire Group Incorporated		5,589		276,823
United Insurance Holdings Company		6,649		138,499
Universal Insurance Holdings Company		8,323		371,206
WMIH Corporation †		59,870		90,404

				10,338,656


Mortgage REITs: 1.75%
AG Mortgage Investment Trust Incorporated		6,774		127,351
Anworth Mortgage Asset Corporation		23,752		115,910
Apollo Commercial Real Estate Finance Incorporated		30,540		593,392
Arbor Realty Trust Incorporated		12,206		149,646
Ares Commercial Real Estate		6,147		89,869
ARMOUR Residential REIT Incorporated		10,300		242,256
Blackstone Mortgage Trust Incorporated Class A		25,477		867,747
Capstead Mortgage Corporation		23,023		193,393
Cherry Hill Mortgage Investment Corporation		2,959		55,037
Colony Credit Real Estate Incorporated		20,921		420,094
Dynex Capital Incorporated		12,752		81,740
Ellington Residential Mortgage REIT		2,353		27,812
Exantas Capital Corporation		7,205		85,379
Granite Point Mortgage Trust Incorporated		10,503		201,027
Great Ajax Corporation		3,929		53,592
Hannon Armstrong Sustainable		12,441		268,228
Invesco Mortgage Capital Incorporated		27,631		448,451

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			151

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Mortgage REITs (continued)
KKR Real Estate Finance Trust		5,861	$	124,253
Ladder Capital Corporation		21,679		376,564
Mortgage Investment Corporation		11,371		222,872
New York Mortgage Trust Incorporated		27,553		176,339
Orchid Island Capital Incorporated		12,889		102,339
Owens Realty Mortgage Incorporated		2,210		36,465
PennyMac Mortgage Investment Trust		14,681		293,326
Redwood Trust Incorporated		18,773		318,766
Sutherland Asset Management		4,148		71,138
TPG Real Estate Finance Trust Incorporated		10,758		222,153
Two Harbors Investment Corporation		60,870		950,789
Western Asset Mortgage Capital Corporation		9,761		108,640

				7,024,568


Thrifts & Mortgage Finance: 2.20%
BankFinancial Corporation		3,582		57,133
Beneficial Bancorp Incorporated		17,240		303,424
BofI Holding Incorporated †		13,572		505,421
Bridgewater Bancshares Incorporated †		1,787		22,981
BSB Bancorp Incorporated †		2,017		67,166
Capitol Federal Financial Incorporated		33,667		444,741
Charter Financial Corporation		3,289		81,929
Dime Community Bancshares		7,898		143,349
Entegra Financial Corporation †		1,549		42,598
Essa Bancorp Incorporated		2,175		34,974
Federal Agricultural Mortgage Corporation Class C		2,224		171,404
First Defiance Financial Corporation		4,874		155,919
Flagstar Bancorp Incorporated †		5,325		175,991
FS Bancorp Incorporated		757		44,156
Greene County Bancorp Incorporated		807		28,205
Hingham Institution For Savings Corporation		333		72,264
Home Bancorp Incorporated		1,843		84,317
Homestreet Incorporated †		6,551		192,927
Impac Mortgage Holdings Incorporated †		2,519		18,842
Kearny Financial Corporation		24,211		331,691
LendingTree Incorporated †		1,831		463,884
Luther Burbank Corporation		3,251		37,061
Malvern Bancorp Incorporated †		1,533		37,712
Merchants Bancorp Incorporated		3,568		93,160
Meridian Bancorp Incorporated		12,187		218,147
Meta Financial Group Incorporated		2,282		197,621
MMA Capital Management LLC †		994		26,485
NewStar Financial Incorporated (a)		9,129		0
NMI Holdings Incorporated Class A †		15,593		336,809
Northfield Bancorp Incorporated		10,614		172,796
Northwest Bancshares Incorporated		23,745		432,634
OceanFirst Financial Corporation		10,308		300,994
Ocwen Financial Corporation †		27,580		115,284
Oritani Financial Corporation		10,267		166,325

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


152		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Thrifts & Mortgage Finance (continued)
PCSB Financial Corporation		4,053	$	83,168
PDL Community Bancorp †		1,940		28,790
Pennymac Financial Service Incorporated		5,267		111,397
Provident Bancorp Incorporated †		1,083		30,649
Provident Financial Holdings		1,081		19,890
Provident Financial Services Incorporated		15,404		388,643
Prudential Bancorp Incorporated		1,996		36,686
Randolph Bancorp Incorporated †		1,224		20,930
Riverview Bancorp Incorporated		5,045		49,693
SI Financial Group Incorporated		2,589		35,858
Southern Missouri Bancorp		1,694		67,760
Sterling Bancorp Incorporated		4,116		50,421
Territorial Bancorp Incorporated		1,885		56,324
Timberland Bancorp Incorporated		1,509		53,585
Trustco Bank Corporation		23,281		215,349
United Community Financial Corporation		11,840		122,544
United Financial Bancorp Incorporated		12,567		223,316
Walker & Dunlop Incorporated		7,027		382,972
Washington Federal Incorporated		21,023		716,884
Waterstone Financial Incorporated		6,217		105,067
Western New England Bancorp		6,404		68,203
WSFS Financial Corporation		7,743		377,858

				8,824,331


Health Care: 10.92%

Biotechnology: 3.06%
Abeona Therapeutics Incorporated †		7,806		120,212
Acorda Therapeutics Incorporated †		11,450		329,760
Advaxis Incorporated †		12,354		17,913
Agenus Incorporated †		20,721		45,793
Akebia Therapeutics Incorporated †		11,462		94,103
Aldeyra Therapeutics Incorporated †		3,911		33,048
AMAG Pharmaceuticals Incorporated †		8,201		200,104
Anaptysbio Incorporated †		3,869		342,948
Anavex Life Sciences Corporation †		10,780		28,783
Arcus Biosciences Incorporated †		2,254		32,458
Ardelyx Incorporated †		7,841		33,716
Arena Pharmaceuticals Incorporated †		12,165		472,489
Arqule Incorporated †		20,019		132,726
Arrowhead Pharmaceuticals Incorporated †		19,247		284,086
Athenex Incorporated †		8,701		142,957
Athersys Incorporated †		29,704		61,190
Aveo Pharmaceuticals Incorporated †		28,376		84,844
Avid Bioservices Incorporated †		12,486		91,398
Biospecifics Technologies †		1,277		68,498
Calyxt Incorporated †		1,292		21,874
CareDx Incorporated †		5,129		124,686
Casi Pharmaceuticals Incorporated †		9,467		65,796
Catalyst Biosciences Incorporated †		2,853		31,183

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			153

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Biotechnology (continued)
Celcuity Incorporated †		1,427	$	35,275
Cellular Biomedicine Group Class I †		3,085		65,556
Chemocentryx Incorporated †		8,108		106,863
Cohbar Incorporated †		6,356		33,305
Conatus Pharmaceuticals Incorporated †		6,333		35,528
Concert Pharmaceuticals Incorporated †		5,116		80,679
Corbus Pharmaceuticals Holdings †		12,187		71,294
CTI Biopharma Corporation †		12,468		23,440
Cue Biopharma Incorporated †		3,422		32,920
Curis Incorporated †		6,724		11,431
Cytomx Therapeutics Incorporated †		8,558		192,469
Eagle Pharmaceuticals Incorporated †		3,189		220,456
Emergent BioSolutions Incorporated †		10,366		642,692
Enanta Pharmaceuticals Incorporated †		3,591		326,530
Fate Therapeutics Incorporated †		10,748		138,542
Fortress Biotech Incorporated †		6,774		13,345
Galectin Therapeutics Incorporated †		6,969		45,089
Genomic Health Incorporated †		4,998		305,728
GTX Incorporated †		1,986		47,505
Halozyme Therapeutics Incorporated †		31,321		576,620
Immunogen Incorporated †		31,874		324,796
Insys Therapeutics Incorporated †		6,636		62,047
Invitae Corporation †		13,469		199,476
Jounce Therapeutics Incorporated †		3,940		30,929
Kadmon Holdings Incorporated †		16,836		72,563
Kindred Biosciences Incorporated †		6,341		94,481
Macrogenics Incorporated †		9,500		207,765
Madrigal Pharmaceuticals Incorporated †		1,735		415,029
Mannkind Corporation †		33,659		37,025
Medicinova Incorporated †		8,214		99,964
Mei Pharma Incorporated †		9,059		37,867
Mersana Therapeutics Incorporated †		2,799		39,046
MiMedx Group Incorporated †		26,756		141,807
Miragen Therapeutics Incorporated †		4,471		27,765
Molecular Templates Incorporated †		2,402		13,836
Momenta Pharmaceuticals Incorporated †		17,858		473,237
Mustang Bio Incorporated †		3,866		26,753
Myriad Genetics Incorporated †		17,052		849,019
Natera Incorporated †		7,996		221,009
Oncomed Pharmaceuticals Incorporated †		6,822		15,691
Ophthotech Corporation †		9,444		24,177
Palatin Technologies Incorporated †		45,441		45,895
PDL BioPharma Incorporated †		36,441		88,187
Pfenex Incorporated †		5,204		27,477
Pieris Pharmaceuticals Incorporated †		13,518		74,890
Protagonist Therapeutics Incorporated †		3,319		31,962
Proteostasis Therapeutics Incorporated †		6,062		16,307
Recro Pharma Incorporated †		3,696		23,580
Repligen Corporation †		9,473		519,878
Retrophin Incorporated †		9,765		309,453

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


154		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Biotechnology (continued)
Rocket Pharmaceuticals Incorporated †		5,052	$	120,490
Savara Incorporated †		4,999		58,788
Selecta Biosciences Incorporated †		3,753		50,891
Sorrento Therapeutics Incorporated †		17,150		95,183
Spectrum Pharmaceuticals Incorporated †		22,800		490,884
Spring Bank Pharmaceuticals †		2,205		31,289
Synlogic Incorporated †		4,335		45,864
T2 Biosystems Incorporated †		5,896		38,501
Tyme Technologies Incorporated †		12,159		27,115
Unum Therapeutics Incorporated †		4,059		66,202
Vanda Pharmaceuticals Incorporated †		12,362		238,896
Veracyte Incorporated †		6,143		77,648
Verastem Incorporated †		11,433		113,873
Vericel Corporation †		9,107		111,105
Viking Therapeutics Incorporated †		9,426		123,198
Voyager Therapeutics Incorporated †		5,582		121,353
Xoma Corporation †		1,556		29,144

				12,258,167


Health Care Equipment & Supplies: 3.05%
Accuray Incorporated †		20,929		83,716
AngioDynamics Incorporated †		8,935		200,323
Anika Therapeutics Incorporated †		3,454		142,961
Atricure Incorporated †		8,031		277,471
Atrion Corporation		358		234,508
Avanos Medical Incorporated †		11,682		842,272
Axogen Incorporated †		7,305		320,324
Bovie Medical Corporation †		7,021		37,492
Cardiovascular Systems Incorporated †		7,921		305,196
ConforMIS Incorporated †		14,871		18,143
CONMED Corporation		6,339		509,846
CryoLife Incorporated †		8,391		291,168
Cryoport Incorporated †		6,790		96,418
Cutera Incorporated †		3,222		109,548
Cytosorbents Corporation †		5,616		82,274
Endologix Incorporated †		20,838		47,927
Fonar Corporation †		1,501		39,326
Glaukos Corporation †		7,152		488,982
Heska Corporation †		1,680		179,760
Inogen Incorporated †		4,312		1,142,292
Integer Holdings Corporation †		7,741		618,506
Intricon Corporation †		1,499		110,776
Invacare Corporation		8,007		121,706
Invuity Incorporated †		5,475		25,459
iRhythm Technologies Incorporated †		4,350		404,942
Lantheus Holdings Incorporated †		8,797		141,632
Lemaitre Vascular Incorporated		3,805		142,726
Meridian Diagnostics Incorporated		10,215		160,376
Merit Medical Systems Incorporated †		12,126		713,615

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			155

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Health Care Equipment & Supplies (continued)
Natus Medical Incorporated †		7,994	$	298,176
NuVasive Incorporated †		12,628		886,359
Nuvectra Corporation †		3,381		78,913
NxStage Medical Incorporated †		16,198		459,051
OraSure Technologies Incorporated †		15,011		240,326
Orthopediatrics Corporation †		1,721		59,925
Oxford Immunotec Global plc †		6,202		91,293
Quidel Corporation †		7,916		608,582
RTI Biologics Incorporation †		14,599		65,331
Seaspine Holdings Corporation †		2,876		44,290
Senseonics Holdings Incorporated †		20,405		83,252
Sientra Incorporated †		3,355		84,278
STAAR Surgical Company †		7,490		357,273
Surmodics Incorporated †		3,164		249,165
Tactile Systems Technology Class I †		3,518		238,063
Utah Medical Products Incorporated		836		75,951
Varex Imaging Corporation †		9,450		296,730
Viewray Incorporated †		9,347		94,218

				12,200,861


Health Care Providers & Services: 1.90%
Aceto Corporation		7,907		26,251
Addus Homecare Corporation †		1,926		124,997
American Renal Associates Holdings †		3,312		72,698
AMN Healthcare Services Incorporated †		11,821		689,164
Apollo Medical Holdings Incorporated †		5,653		86,208
BioScrip Incorporated †		31,074		90,115
Capital Senior Living Corporation †		6,309		55,961
Civitas Solutions Incorporated †		4,006		64,096
CorVel Corporation †		2,351		139,767
Cross Country Healthcare Incorporated †		8,658		86,667
Diplomat Pharmacy Incorporated †		13,940		288,000
Ensign Group Incorporated		12,224		477,592
LHC Group Incorporated †		7,193		711,603
LifePoint Hospitals Incorporated †		9,521		613,152
Magellan Health Services Incorporated †		6,176		453,936
National Healthcare Corporation		2,352		181,269
National Research Corporation Class A		2,378		93,099
Owens & Minor Incorporated		15,226		258,537
Patterson Companies Incorporated		21,611		487,328
Petiq Incorporated †		2,233		87,444
Premier Incorporated Class A †		13,536		598,697
Providence Service Corporation †		2,758		185,172
Psychemedics Corporation		1,333		25,767
Quorum Health Corporation †		7,300		33,215
R1 RCM Incorporated †		20,242		201,813
RadNet Incorporated †		9,618		133,209
Select Medical Holdings Corporation †		26,468		524,066
Surgery Partners Incorporated †		4,654		80,747

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


156		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Health Care Providers & Services (continued)
Tivity Health Incorporated †		9,725	$	334,540
U.S. Physical Therapy Incorporated		3,091		387,148

				7,592,258


Health Care Technology: 0.83%
Allscripts Healthcare Solutions Incorporated †		43,388		633,899
Castlight Health Incorporated Class B †		17,460		52,380
Computer Programs & Systems Incorporated		3,306		90,254
HealthStream Incorporated		6,372		202,184
HMS Holdings Corporation †		20,223		648,147
Inovalon Holdings Incorporated Class A †		17,205		189,255
Omnicell Incorporated †		8,440		580,250
Quality Systems Incorporated †		12,934		296,059
Simulations Plus Incorporated		2,905		60,569
Tabula Rasa Healthcare Incorporated †		3,876		339,809
Vocera Communications Incorporated †		6,992		231,855

				3,324,661


Life Sciences Tools & Services: 0.63%
Bruker Corporation		24,573		874,307
Cambrex Corporation †		8,428		568,047
Chromadex Corporation †		8,400		38,052
Codexis Incorporated †		12,150		208,980
Enzo Biochem Incorporated †		11,156		51,206
Fluidigm Corporation †		5,953		47,148
Harvard Bioscience Incorporated †		8,021		47,725
Luminex Corporation		10,081		284,385
Medpace Holdings Incorporated †		2,200		131,538
Neogenomics Incorporated †		18,338		253,981

				2,505,369


Pharmaceuticals: 1.45%
Acer Therapeutics Incorporated †		1,200		38,496
Adamis Pharmaceuticals Corporation †		8,056		22,960
Agile Therapeutics Incorporated †		7,949		2,329
Akcea Therapeutics Incorporated †		3,798		100,305
Akorn Incorporated †		23,184		363,757
Amneal Pharmaceuticals Incorporated †		18,059		417,163
Amphastar Pharmaceuticals Incorporated †		8,472		160,799
ANI Pharmaceuticals Incorporated †		2,045		119,019
Assembly Biosciences Incorporated †		4,296		171,840
Assertio Therapeutics Incorporated †		14,481		92,389
BioDelivery Sciences International Incorporated †		13,656		40,627
Corcept Therapeutics Incorporated †		25,449		382,244
Corium International Incorporated †		6,709		65,480
Cymabay Therapeutics Incorporated †		14,049		191,488
Durect Corporation †		36,408		47,694
Innovate Biopharmaceuticals †		5,783		41,175
Innoviva Incorporated †		16,591		240,901

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			157

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Pharmaceuticals (continued)
Intersect ENT Incorporated †		7,095	$	207,884
Lannett Company Incorporated †		8,485		45,395
Mallinckrodt plc †		21,315		734,515
Melinta Therapeutics Incorporated †		4,770		22,300
Neos Therapeutics Incorporated †		6,089		35,012
Pacira Pharmaceuticals Incorporated †		9,845		464,192
Phibro Animal Health Corporation Class A		4,904		231,469
Prestige Brands Holdings Incorporated †		13,052		502,502
Reata Pharmaceuticals Incorporated Class A †		3,660		316,078
Siga Technologies Incorporated †		12,134		99,863
Strongbridge Biopharma plc †		10,295		56,623
Supernus Pharmaceuticals Incorporated †		12,535		555,301
Teligent Incorporated †		10,794		43,608

				5,813,408


Industrials: 13.98%

Aerospace & Defense: 1.10%
AAR Corporation		8,134		379,614
Aerojet Rocketdyne Holdings †		17,272		606,420
AeroVironment Incorporated †		5,285		464,869
Astronics Corporation †		5,196		226,078
Cubic Corporation		6,371		482,285
Ducommun Incorporated †		2,582		105,062
Engility Holdings Incorporated †		4,633		160,811
HEICO Corporation		9,647		874,790
Moog Incorporated Class A		7,994		630,807
National Presto Industries Incorporated		1,343		178,082
Sparton Corporation †		2,184		27,890
Vectrus Incorporated †		2,700		88,614
Wesco Aircraft Holdings Incorporated †		13,193		160,295

				4,385,617


Air Freight & Logistics: 0.38%
Atlas Air Worldwide Holdings Incorporated †		6,252		380,747
Echo Global Logistics Incorporated †		6,711		222,805
Forward Air Corporation		7,205		462,993
Hub Group Incorporated Class A †		8,057		425,812
Radiant Logistics Incorporated †		8,717		37,919

				1,530,276


Airlines: 0.44%
Allegiant Travel Company		3,169		431,776
Hawaiian Holdings Incorporated		12,534		520,161
SkyWest Incorporated		12,527		818,013

				1,769,950


Building Products: 1.46%
Advanced Drainage Systems Incorporated		8,653		271,272
American Woodmark Corporation †		3,944		335,043

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


158		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Building Products (continued)
Apogee Enterprises Incorporated		6,943	$	341,734
Armstrong Flooring Incorporated †		5,067		88,723
Armstrong World Industries Incorporated †		11,419		797,046
Builders FirstSource Incorporated †		28,279		441,718
Continental Building Product †		9,141		340,959
CSW Industrials Incorporated †		3,858		216,048
Gibraltar Industries Incorporated †		7,783		353,348
Griffon Corporation		9,243		168,685
Insteel Industries Incorporated		4,524		173,495
NCI Building Systems Incorporated †		10,107		170,808
Patrick Industries Incorporated †		5,703		364,992
PGT Incorporated †		12,303		298,963
Quanex Building Products Corporation		8,757		143,615
Simpson Manufacturing Company Incorporated		10,350		794,570
Universal Forest Products Incorporated		14,801		554,445

				5,855,464


Commercial Services & Supplies: 2.69%
ABM Industries Incorporated		16,275		516,243
ACCO Brands Corporation		26,358		326,839
Advanced Disposal Services Incorporated †		14,671		391,422
Arc Document Solutions Incorporated †		10,015		32,248
Brady Corporation Class A		11,454		463,314
Casella Waste Systems Incorporated Class A †		9,722		275,910
Ceco Environmental Corporation		7,204		60,802
Covanta Holding Corporation		28,859		509,361
Ennis Incorporated		6,082		132,588
Essendant Incorporated		8,135		117,388
Healthcare Services Group Incorporated		17,715		730,035
Heritage Crystal Clean Incorporated †		3,877		90,334
Herman Miller Incorporated		15,051		576,453
HNI Corporation		10,654		469,841
Hudson Technologies Incorporated †		9,759		18,249
InnerWorkings Incorporated †		11,951		93,457
Interface Incorporated		14,590		343,595
Kimball International Incorporated Class B		8,940		156,182
Knoll Incorporated		11,898		280,079
LSC Communications Incorporated		8,489		103,820
Matthews International Corporation Class A		7,877		408,816
Mcgrath RentCorp		5,853		339,474
Mobile Mini Incorporated		10,694		458,773
Multi-Color Corporation		3,486		215,261
PICO Holdings Incorporated		5,288		63,192
Pitney Bowes Incorporated		49,277		357,751
Quad Graphics Incorporated		8,289		188,741
RR Donnelley & Sons Company		17,771		89,921
SP Plus Corporation †		5,366		208,737
Steelcase Incorporated Class A		20,148		294,161
Tetra Tech Incorporated		13,713		957,167

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			159

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Commercial Services & Supplies (continued)
UniFirst Corporation		3,749	$	694,315
US Ecology Incorporated		5,373		390,886
Viad Corporation		5,024		309,478
VSE Corporation		2,111		81,442

				10,746,275


Construction & Engineering: 0.60%
Ameresco Incorporated Class A †		4,276		61,361
Argan Incorporated		3,721		148,096
Comfort Systems Incorporated		8,482		486,867
Goldfield Corporation †		5,965		28,334
Great Lakes Dredge & Dock Company †		14,017		76,743
Hc2 Holdings Incorporated †		10,367		65,001
IES Holdings Incorporated †		2,083		39,889
KBR Incorporated		35,042		735,181
MYR Group Incorporated †		4,002		139,150
Northwest Pipe Company †		2,331		42,098
Nv5 Global Incorporated †		2,061		182,295
Orion Marine Group Incorporated †		6,747		58,159
Primoris Services Corporation		10,498		263,080
Sterling Construction Company Incorporated †		6,458		93,964

				2,420,218


Electrical Equipment: 0.69%
Allied Motion Technologies		1,926		94,066
American Superconductor Corporation †		4,387		26,761
Atkore International Incorporated †		9,893		270,870
AZZ Incorporated		6,424		345,290
Babcock & Wilcox Enterprises Incorporated †		9,496		13,294
Encore Wire Corporation		5,075		255,019
Enphase Energy Incorporated †		20,646		100,959
Generac Holdings Incorporated †		15,235		845,390
LSI Industries Incorporated		6,287		32,504
Powell Industries Incorporated		2,150		84,173
Preformed Line Products Company		545		44,527
Sunrun Incorporated †		21,912		287,485
Thermon Group Holdings Incorporated †		8,035		215,338
TPI mposites Incorporated †		3,810		106,794
Vivint Solar Incorporated †		7,163		37,606

				2,760,076


Electronic Equipment, Instruments & Components: 0.06%
ScanSource Incorporated †		6,170		250,811


Industrial Conglomerates: 0.11%
Raven Industries Incorporated		8,799		425,872


Machinery: 3.18%
Alamo Group Incorporated		2,439		232,437
Albany International Corporation Class A		7,122		549,462

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


160		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Machinery (continued)
Altra Holdings Incorporated		7,047	$	275,185
American Railcar Industries		1,797		82,339
Astec Industries Incorporated		5,233		254,585
Blue Bird Corporation †		2,878		66,050
Briggs & Stratton Corporation		10,603		213,756
Columbus McKinnon Corporation		5,069		215,585
Commercial Vehicle Group Incorporated †		6,969		68,017
DMC Global Incorporated		3,543		139,063
Douglas Dynamics Incorporated		5,526		253,091
Eastern Company		1,203		35,489
EnPro Industries Incorporated		5,271		395,694
ESCO Technologies Incorporated		6,241		422,204
Evoqua Water Technologies Company †		10,875		210,758
Federal Signal Corporation		14,627		380,741
Foster Company Class A †		2,029		46,160
Franklin Electric Company Incorporated		9,638		471,298
Freightcar America Incorporated		3,057		51,694
Gencor Industries Incorporated †		2,181		28,135
Global Brass & Copper Holdings Incorporated		5,398		208,093
Gorman Rupp Company		5,353		196,241
Graham Corporation		2,324		64,630
Hillenbrand Incorporated		14,277		730,269
Hurco Companies Incorporated		1,532		65,723
Hyster Yale Materials Handeling Incorporated		2,147		132,470
Kadant Incorporated		2,690		271,825
Lindsay Manufacturing Company		2,608		249,768
Lydall Incorporated †		4,228		180,958
Manitex International Incorporated †		3,480		36,818
Manitowoc Company Incorporated †		8,397		194,726
Meritor Incorporated †		22,083		478,318
Milacron Holdings Corporation †		17,358		367,990
Miller Industries Incorporated		2,686		77,357
Mueller Industries Incorporated		14,087		450,361
Omega Flex Incorporated		918		81,473
Park Ohio Holdings Corporation		2,152		89,200
REV Group Incorporated		7,620		129,616
Rexnord Corporation †		25,503		740,352
Spartan Motors Incorporated		7,823		113,042
SPX Corporation †		10,338		351,389
Standex International Corporation		3,117		336,324
Tennant Company		4,147		317,453
The Greenbrier Companies Incorporated		7,950		461,100
Trimas Corporation †		11,302		346,971
Twin Disc Incorporated †		2,548		65,101
Wabash National Corporation		14,108		257,330
Watts Water Technologies Incorporated		6,846		564,453
Welbilt Incorporated †		34,783		769,748

				12,720,842

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			161

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Marine: 0.10%
Genco Shipping & Trading Limited †		2,141	$	29,396
Matson Incorporated		10,404		388,693

				418,089


Professional Services: 1.47%
Acacia Research-Acacia Technologies †		12,185		47,522
Barrett Business Services Incorporated		1,740		130,552
BG Staffing Incorporated		1,906		46,430
CBIZ Incorporated †		12,984		310,318
CRA International Incorporated		1,985		113,463
Exponent Incorporated		12,816		670,918
Forrester Research Incorporated		2,541		125,017
Franklin Covey Company †		2,350		60,160
FTI Consulting Incorporated †		9,169		698,861
GP Strategies Corporation †		3,089		58,845
Heidrick & Struggles International Incorporated		4,577		202,303
ICF International Incorporated		4,482		365,955
Insperity Incorporated		9,352		1,120,837
Kelly Services Incorporated Class A		7,576		190,991
Kforce Incorporated		5,816		244,563
Mistras Group Incorporated †		4,239		96,692
Navigant Consulting Incorporated		10,980		262,312
Reis Incorporated		1,550		35,728
Resources Connection Incorporated		7,277		120,434
TriNet Group Incorporated †		10,624		627,560
TrueBlue Incorporated †		10,076		295,227
Willdan Group Incorporated †		2,104		66,002

				5,890,690


Road & Rail: 0.63%
Arcbest Corporation		6,195		297,980
Covenant Transport Incorporated Class A †		3,209		95,853
Daseke Incorporated †		9,748		87,635
Hertz Global Holdings Incorporated †		13,060		229,987
Marten Transport Limited		9,549		210,555
Roadrunner Transportation Systems Incorporated †		10,080		13,104
Saia Incorporated †		6,320		500,860
Schneider National Incorporated Class B		17,191		465,017
Universal Truckload Services		1,929		70,601
USA Truck Incorporated †		1,677		36,743
Werner Enterprises Incorporated		11,206		415,182
YRC Worldwide Incorporated †		8,101		77,527

				2,501,044


Trading Companies & Distributors: 1.07%
Applied Industrial Technologies Incorporated		9,504		732,283
Bluelinx Holdings Incorporated †		1,996		71,716
BMC Stock Holdings Incorporated †		16,194		364,365
CAI International Incorporated †		4,563		123,155

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


162		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Trading Companies & Distributors (continued)
DXP Enterprises Incorporated †		3,931	$	180,394
Envirostar Incorporated		1,150		54,338
Foundation Building Material †		3,641		50,282
GMS Incorporated †		8,053		200,117
H&E Equipment Services Incorporated		7,957		276,983
Houston Wire & Cable Company †		3,968		32,538
Huttig Building Products Incorporated †		5,199		26,931
Kaman Corporation		6,776		441,863
Lawson Products Incorporated †		1,069		36,025
Nexeo Solutions Incorporated †		7,779		77,868
Rush Enterprises Incorporated		7,555		324,563
SiteOne Landscape Supply Incorporated †		9,897		894,392
Systemax Incorporated		3,683		134,430
Titan Machinery Incorporated †		4,373		78,976
Transcat Incorporated †		1,662		40,470
Veritiv Corporation †		2,724		130,071
Willis Lease Finance Corporation †		762		26,121

				4,297,881


Information Technology: 11.89%

Communications Equipment: 1.04%
ADTRAN Incorporated		11,876		204,267
Applied Optoelectronics Incorporated †		4,563		188,726
Calamp Corporation †		8,505		199,868
Calix Networks Incorporated †		11,017		85,933
Casa Systems Incorporated †		1,805		26,515
Clearfield Incorporated †		2,818		38,466
Comtech Telecommunications Corporation		5,687		203,879
Digi International Incorporated †		6,484		87,210
Echostar Corporation †		8,998		431,904
Emcore Corporation †		6,373		30,909
Extreme Networks Incorporated †		28,451		178,388
Harmonic Incorporated †		20,388		111,115
InterDigital Incorporated		8,652		714,655
KVH Industries Incorporated †		3,762		46,837
NETGEAR Incorporated †		7,526		533,217
Oclaro Incorporated †		40,768		388,927
PCTEL Incorporated		4,148		18,002
Plantronics Incorporated		8,198		551,070
Ribbon Communications Incorporated †		11,991		82,978
Tessco Technologies Incorporated		1,608		28,703

				4,151,569


Electronic Equipment, Instruments & Components: 2.27%
Anixter International Incorporated †		7,138		514,650
Badger Meter Incorporated		7,086		389,376
Bel Fuse Incorporated Class B		2,326		66,640
Benchmark Electronics Incorporated		11,824		305,650
Control4 Corporation †		6,464		209,498

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			163

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Electronic Equipment, Instruments & Components (continued)
CTS Corporation		8,074	$	298,334
Daktronics Incorporated		9,033		73,258
Electro Scientific Industries Incorporated †		8,004		175,688
Eplus Incorporated †		3,336		345,776
ID Systems Incorporated †		3,725		23,989
II-VI Incorporated †		13,776		685,356
Insight Enterprises Incorporated †		8,878		489,533
Iteris Incorporated †		6,974		35,916
Itron Incorporated †		8,324		552,714
Kemet Corporation †		12,663		327,212
Kimball Electronics Incorporated †		6,296		124,661
Mesa Laboratories Incorporated		831		166,823
Methode Electronics Incorporated		9,191		364,423
MTS Systems Corporation		4,346		235,119
Napco Security Technologies Incorporated †		2,913		43,986
OSI Systems Incorporated †		4,379		341,080
Par Technology Corporation †		2,511		64,482
Park Electrochemical Corporation		4,750		101,555
PC Connection Incorporated		2,809		111,517
PC Mall Incorporated †		2,294		52,303
Plexus Corporation †		8,133		514,738
Rogers Corporation †		4,534		626,009
Sanmina Corporation †		17,324		533,579
TTM Technologies Incorporated †		22,843		427,164
Vishay Intertechnology Incorporated		32,918		783,448
Vishay Precision Group †		2,503		108,380

				9,092,857


Internet Software & Services: 3.06%
Actua Corporation ‡(a)		9,483		5,405
Aerohive Networks Incorporated †		8,422		35,541
Alarm.com Holdings Incorporated †		7,384		415,645
Alteryx Incorporated Class A †		6,254		363,045
Amber Road Incorporated †		6,279		54,816
Angi Homeservices Incorporated Class A †		15,417		333,932
AppFolio Incorporated Class A †		3,370		287,798
Apptio Incorporated Class A †		7,321		284,055
Bandwidth Incorporated Class A †		1,062		48,385
Brightcove Incorporated †		7,696		63,107
Carbonite Incorporated †		5,984		248,635
Care.com Incorporated †		6,314		122,681
CarGurus Incorporated †		10,668		526,146
Cars.com Incorporated †		17,770		478,191
ChannelAdvisor Corporation †		5,941		77,530
Cision Limited †		9,675		175,214
DHI Group Incorporated †		11,629		25,002
Dropbox Incorporated Class A †		8,939		240,012
Egain Corporation †		3,552		50,794
Endurance International Group Holdings †		15,102		145,734

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


164		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Internet Software & Services (continued)
Envestnet Incorporated †		10,920	$	690,144
Etsy Incorporated †		26,324		1,281,716
Five9 Incorporated †		13,639		655,354
Fusion Connect Incorporated †		5,485		20,295
Gogo Incorporated †		14,482		65,024
GTT Communications Incorporated †		8,360		359,898
Instructure Incorporated †		7,149		292,752
Internap Corporation †		4,535		60,860
Leaf Group Limited †		3,589		39,658
Limelight Networks Incorporated †		25,918		131,404
Liquidity Services Incorporated †		6,313		45,454
LivePerson Incorporated †		13,498		363,096
Marchex Incorporated Class B		7,560		21,773
Match Group Incorporated †		12,433		622,272
MINDBODY Incorporated Class A †		8,734		324,031
MongoDB Incorporated †		3,347		240,850
NIC Incorporated		15,949		267,943
Q2 Holdings Incorporated †		8,760		545,748
Quinstreet Incorporated †		8,979		136,211
Quotient Technology Incorporated †		19,411		290,194
Remark Holdings Incorporated †		6,711		23,623
SendGrid Incorporated †		2,346		85,089
Shotspotter Incorporated †		1,359		77,517
Shutterstock Incorporated		4,496		247,460
SPS Commerce Incorporated †		3,945		387,675
Techtarget †		5,164		123,884
Telaria Incorporated †		7,653		31,454
Web.com Group Incorporated †		11,824		330,481
Xo Group Incorporated †		6,099		183,336
Yext Incorporated †		12,329		306,499

				12,233,363


IT Services: 1.48%
Cass Information Systems Incorporated		2,718		194,419
Computer Task Group Incorporated †		3,442		20,101
Convergeone Holdings Incorporated		4,675		42,730
Convergys Corporation		22,594		558,750
CSG Systems International Incorporated		8,226		307,241
Exela Technologies Incorporated †		8,475		50,681
Exlservice Holdings Incorporated †		8,119		520,266
Hackett Group Incorporated		5,966		122,124
Information Services Group Incorporated †		8,012		39,659
Luxoft Holding Incorporated †		5,349		249,263
ManTech International Corporation Class A		6,588		436,916
Moneygram International Incorporated †		7,109		46,280
Perficient Incorporated †		8,223		236,247
Pfsweb Incorporated †		3,679		31,676
Presidio Incorporated		8,097		122,427
PRGX Global Incorporated †		4,892		46,719

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			165

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

IT Services (continued)
Science Applications International Corporation		9,366	$	845,001
StarTek Incorporated †		2,821		17,095
Switch Incorporated Class A		8,327		96,260
Sykes Enterprises Incorporated †		9,804		296,473
Syntel Incorporated †		8,492		345,964
Travelport Worldwide Limited		30,970		575,113
TTEC Holdings Incorporated		3,524		92,329
Unisys Corporation †		12,253		227,906
Virtusa Corporation †		6,677		389,002

				5,910,642


Semiconductors & Semiconductor Equipment: 1.88%
Adesto Technologies Corporation †		3,952		23,910
Advanced Energy Industries Incorporated †		9,775		582,395
Alpha & Omega Semiconductor †		4,778		67,895
Amkor Technology Incorporated †		23,136		201,977
Amtech Systems Incorporated †		3,252		17,853
Aquantia Corporation †		2,277		28,781
Axcelis Technologies Incorporated †		7,865		158,873
AXT Incorporated †		8,820		69,678
Brooks Automation Incorporated		17,115		674,502
Cabot Microelectronics Corporation		6,234		702,759
Ceva Incorporated †		5,444		166,586
Cirrus Logic Incorporated †		15,618		686,411
Cohu Incorporated		6,738		177,748
Cyberoptics Corporation †		1,695		37,799
Diodes Incorporated †		9,591		363,691
DSP Group Incorporated †		4,697		60,356
FormFactor Incorporated †		17,929		277,003
GSI Technology Incorporated †		3,501		24,542
Ichor Holdings Limited †		6,333		164,215
Lattice Semiconductor Corporation †		28,642		234,578
Nanometrics Incorporated †		5,618		246,125
Neophotonics Corporation †		9,866		86,722
NVE Corporation		1,198		136,189
Photronics Incorporated †		17,129		183,280
Pixelworks Incorporated †		7,579		41,760
Power Integrations Incorporated		7,102		520,932
Quicklogic Corporation †		20,871		22,749
Rambus Incorporated †		27,135		331,590
Rudolph Technologies Incorporated †		7,585		210,863
Smart Global Holdings Incorporated †		2,974		98,112
Synaptics Incorporated †		8,534		411,851
Ultra Clean Holdings Incorporated †		9,089		138,698
Xcerra Corporation †		12,954		187,574
Xperi Corporation		12,321		193,440

				7,531,437

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


166		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Software: 1.90%
A10 Networks Incorporated †		12,309	$	85,794
Agilysys Incorporated †		4,182		67,205
Altair Engineering Incorporated Class A †		4,309		179,987
American Software Incorporated Class A		6,953		125,015
Appian Corporation †		1,873		65,424
Asure Software Incorporated †		2,296		34,509
Avaya Holdings Corporation †		27,413		640,368
Bottomline Technologies (de) Incorporated †		9,851		649,870
Datawatch Corporation †		2,501		31,888
Ebix Incorporated		5,679		452,332
Everbridge Incorporated †		6,117		368,305
ForeScout Technologies Incorporated †		3,903		140,781
Globant SA †		6,338		411,209
Glu Mobile Incorporated †		27,817		214,191
MicroStrategy Incorporated Class A †		2,273		338,677
Mitek Systems Incorporated †		8,359		60,603
MobileIron Incorporated †		16,061		78,699
Model N Incorporated †		5,526		93,942
Monotype Imaging Holdings Incorporated		10,319		212,571
OneSpan Incorporated †		7,742		145,163
Park City Group Incorporated †		3,106		26,246
Progress Software Corporation		11,153		456,492
Qad Incorporated Class A		2,447		148,411
Qualys Incorporated †		8,096		737,141
Realnetworks Incorporated †		6,256		20,019
Rosetta Stone Incorporated †		5,172		81,718
Seachange International Incorporated †		8,301		13,697
Secureworks Corporation Class A †		2,144		28,537
TeleNav Incorporated †		7,602		42,571
The Rubicon Project Incorporated †		10,651		42,391
Tivo Corporation		30,183		411,998
Upland Software Incorporated †		3,785		140,878
Verint Systems Incorporated †		15,762		765,245
Workiva Incorporated †		6,107		225,043
Zix Corporation †		12,932		71,773

				7,608,693


Technology Hardware, Storage & Peripherals: 0.26%
Astronova Incorporated		1,431		31,697
Avid Technology Incorporated †		9,108		53,919
Cray Incorporated †		9,964		216,219
Diebold Nixdorf Incorporated		17,489		83,073
Eastman Kodak Company †		6,860		22,295
Electronics for Imaging Incorporated †		11,026		383,595
Intevac Incorporated †		5,221		30,151
Quantum Corporation †		7,935		16,029
USA Technologies Incorporated †		13,016		211,510

				1,048,488

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			167

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Materials: 3.07%

Chemicals: 1.47%
Advanced Emissions Solutions		4,761	$	54,371
Advansix Incorporated †		7,377		249,638
Agrofresh Solutions Incorporated †		7,040		46,816
American Vanguard Corporation		6,649		145,613
Chase Corporation		1,793		222,242
Core Molding Technologies Incorporated		1,962		17,992
Ferro Corporation †		21,089		462,904
Flotek Industries Incorporated †		13,818		34,407
Futurefuel Corporation		6,217		92,198
Hawkins Incorporated		2,411		99,574
HB Fuller Company		12,633		719,955
Innophos Holdings Incorporated		4,848		211,906
Innospec Incorporated		6,118		474,757
KMG Chemicals Incorporated		3,398		263,277
Kooper Holdings Incorporated †		5,139		182,178
Kraton Performance Polymers Incorporated †		7,826		368,057
Kronos Worldwide Incorporated		5,782		116,392
Loop Industries Incorporated †		3,115		30,776
LSB Industries Incorporated †		4,889		42,632
Marrone Bio Innovations Incorporated †		16,974		35,391
Northern Technologies International		942		33,724
Omnova Solutions Incorporated †		10,821		97,930
PQ Group Holdings Incorporated †		9,331		166,092
Quaker Chemical Corporation		3,242		584,014
Rayonier Advanced Materials		13,009		271,888
Stepan Company		5,008		446,764
Trecora Resources †		5,133		71,862
Tredegar Corporation		8,151		178,914
Valhi Incorporated		6,747		22,265
Venator Materials plc †		12,602		152,232

				5,896,761


Construction Materials: 0.07%
Forterra Incorporated †		4,631		39,178
United States Lime & Mineral		456		34,606
US Concrete Incorporated †		4,029		194,198

				267,982


Containers & Packaging: 0.27%
Greif Incorporated Class A		6,227		343,606
Myers Industries Incorporated		7,275		161,869
Silgan Holdings Incorporated		18,985		517,341
UFP Technologies Incorporated †		1,538		54,215

				1,077,031


Metals & Mining: 0.84%
Ampco Pittsburgh Corporation †		2,764		20,868
Cleveland Cliffs Incorporated †		76,067		764,473

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


168		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Metals & Mining (continued)
Compass Minerals International Incorporated		8,562	$	535,553
Gold Resource Corporation		13,653		70,449
Kaiser Aluminum Corporation		4,098		449,100
Materion Corporation		4,963		316,639
Olympic Steel Incorporated		2,278		50,207
Ryerson Holding Corporation †		4,037		41,985
Schnitzer Steel Industries Incorporated Class A		6,600		173,910
Suncoke Energy Incorporated †		16,405		183,080
Synalloy Corporation		1,967		45,143
Universal Stainless & Alloy †		1,696		51,355
Warrior Met Coal Incorporated		7,226		173,785
Worthington Industries Incorporated		10,573		492,490

				3,369,037


Paper & Forest Products: 0.42%
Boise Cascade Company		9,674		422,754
Clearwater Paper Corporation †		3,951		114,777
Neenah Paper Incorporated		4,116		375,585
PH Glatfelter Company		10,655		204,896
Schweitzer-Mauduit International Incorporated		7,561		307,657
Verso Corporation Class A †		8,326		261,353

				1,687,022


Real Estate: 8.86%

Equity REITs: 8.19%
Acadia Realty Trust		20,061		572,140
Agree Realty Corporation		8,241		470,314
Alexander & Baldwin Incorporated		17,030		399,694
Alexander’s Incorporated		514		185,518
American Assets Trust Incorporated		9,514		375,803
Americold Realty Trust		13,240		329,676
Armada Hoffler Properties Incorporated		11,074		172,644
Ashford Hospitality Trust Incorporated		23,359		151,600
Bluerock Residential Growth REIT Incorporated		6,136		60,685
Braemar Hotels & Resorts Incorporated		7,530		86,972
Brandywine Realty Trust		44,371		743,658
CareTrust REIT Incorporated		18,784		346,565
Catchmark Timber Trust Incorporated Class A		11,899		149,213
CBL & Associates Properties Incorporated		42,361		188,930
Cedar Shopping Centers Incorporated		22,344		99,878
Chatham Lodging Trust		11,229		240,862
Chesapeake Lodging Trust		14,691		483,481
Clipper Realty Incorporated		3,756		45,823
Columbia Property Trust Incorporated		29,514		710,697
Community Healthcare Trust Incorporated		4,273		132,591
CoreCivic Incorporated		29,120		753,917
CorEnergy Infrastructure Trust Incorporated		2,906		108,772
Corepoint Lodging Incorporated		10,007		208,646
Corporate Office Properties Trust		25,262		777,564

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			169

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)
DiamondRock Hospitality		49,386	$	590,657
Easterly Government Properties Incorporated		11,551		233,908
EastGroup Properties Incorporated		8,394		816,484
Education Realty Trust Incorporated		18,841		779,641
Empire State Realty Trust Incorporated		40,441		711,357
Farmland Partners REIT Incorporated		7,974		56,296
Four Corners Property Trust Incorporated		15,306		412,344
Franklin Street Properties Corporation		25,755		220,720
Getty Realty Corporation		7,944		231,250
Gladstone Commercial Corporation		6,910		137,578
Gladstone Land REIT Corporation		3,214		44,032
Global Medical REIT Incorporated		4,712		45,094
Global Net Lease Incorporated		17,132		371,593
Government Properties Income		24,567		415,428
Hersha Hospitality Trust		9,660		227,976
Independence Realty Trust Incorporated		21,581		222,932
Industrial Logistics Properties Trust		4,920		118,424
InfraReit Incorporated		9,713		202,905
Innovative Industrial Proper		1,555		70,597
Investors Real Estate Trust		29,460		160,557
iStar Financial Incorporated		15,695		175,627
Jernigan Capital Incorporated		3,304		66,113
Kite Realty Group Trust		21,116		369,108
Lexington Corporate Properties Trust		54,484		508,881
LTC Properties Incorporated		9,775		454,049
Mack-Cali Realty Corporation		20,815		454,600
Medequities Realty Trust Incorporated		6,723		72,003
MGM Growth Properties LLC Class A		17,829		547,885
Monmouth Real Estate Investment Corporation		17,923		311,681
National Health Investors Incorporated		10,012		793,451
National Storage Affiliates Trust		12,534		355,464
New Senior Investment Group Incorporated		20,392		129,285
New York Incorporated		3,873		72,231
Nexpoint Residential		4,135		133,561
NorthStar Realty Europe Corporation		12,119		166,273
One Liberty Properties Incorporated		3,568		102,723
Outfront Media Incorporated		34,787		691,218
Pebblebrook Hotel Trust		16,981		655,636
Pennsylvania Real Estate Investment Trust		17,308		176,542
Physicians Realty Trust		45,718		799,608
Piedmont Office Realty Trust Incorporated Class A		33,265		659,978
Potlatch Corporation		15,273		737,686
Preferred Apartment Communities Incorporated Series A		9,861		175,723
PS Business Parks Incorporated		4,899		638,977
QTS Realty Trust Incorporated Class A		11,004		503,213
Ramco-Gershenson Properties Trust		19,190		267,892
Retail Opportunity Investment Corporation		27,610		545,021
Retail Properties of America Incorporated Class A		55,162		702,212
Rexford Industrial Realty Incorporated		20,095		653,088
Safety Income & Growth Incorporated		1,598		26,367

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


170		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)
Saul Centers Incorporated		3,106	$	186,360
Select Income REIT		15,930		327,362
Seritage Growth Property Class A		7,881		405,714
STAG Industrial Incorporated		24,504		707,430
Summit Hotel Properties Incorporated		25,779		353,946
Tanger Factory Outlet Centers Incorporated		23,166		557,374
Terreno Realty Corporation		13,363		513,273
The Geo Group Incorporated		30,154		765,007
Tier Incorporated		11,724		279,500
UMH Properties Incorporated		7,944		126,786
Universal Health Realty Income Trust		3,186		242,933
Urban Edge Properties		26,110		596,875
Urstadt Biddle Properties Incorporated		7,184		163,436
Washington Prime Group Incorporated		46,616		360,808
Washington REIT		19,407		612,485
Whitestone REIT		9,234		125,952
Xenia Hotels & Resorts Incorporated		26,758		649,149

				32,785,902


Real Estate Management & Development: 0.67%
Altisource Portfolio Solutions SA †		2,567		92,797
Consolidated-Tomoka Land Company		920		57,758
Five Point Holdings LLC Class A †		13,348		146,027
Forestar Group Incorporated †		2,429		62,425
FRP Holdings Incorporated †		1,661		108,463
Griffin Industrial Realty Incorporated		515		20,652
HFF Incorporated Class A		8,376		380,354
Kennedy Wilson Holdings Incorporated		31,895		684,148
Marcus & Millichap Incorporated †		4,636		168,797
Newmark Group Incorporated Class A		5,519		70,919
Re/Max Holdings Incorporated Class A		4,316		212,563
Redfin Corporation †		12,640		250,398
Stratus Properties Incorporated †		1,316		40,006
The RMR Group Incorporated Class A		1,742		164,532
The St. Joe Company †		9,951		171,157
Trinity Place Holdings Incorporated †		5,420		33,062

				2,664,058


Telecommunication Services: 1.00%

Diversified Telecommunication Services: 0.72%
ATN International Incorporated		2,623		192,082
Cincinnati Bell Incorporated †		11,377		147,901
Cogent Communications Group Incorporated		10,435		570,795
Consolidated Communications Holdings Incorporated		17,516		206,864
Frontier Communications Corporation		20,039		104,203
IDT Corporation Class B		4,697		24,847
Intelsat SA †		12,256		269,264
Iradium Communications Incorporated †		23,031		466,378
Ooma Incorporated †		4,429		70,864

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			171

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name	Shares		Value

Diversified Telecommunication Services (continued)
Pareteum Corporation †		10,835	$	29,905
Vonage Holdings Corporation †		51,973		736,977
Windstream Holdings Incorporated †		10,706		50,425

				2,870,505


Wireless Telecommunication Services: 0.28%
Boingo Wireless Incorporated †		10,061		332,818
Nii Holdings Incorporated †		20,873		119,811
Shenandoah Telecommunications Company		11,569		441,357
Spok Holdings Incorporated		4,845		74,371
United States Cellular Corporation †		3,586		153,337

				1,121,694


Utilities: 2.06%

Electric Utilities: 0.59%
Avangrid Incorporated		13,861		683,902
El Paso Electric Company		9,947		609,751
MGE Energy Incorporated		8,569		560,841
Otter Tail Corporation		9,678		463,576
Spark Energy Incorporated Class A		3,013		26,514

				2,344,584


Gas Utilities: 0.40%
Chesapeake Utilities Corporation		3,859		331,874
Northwest Natural Gas Company		7,085		459,817
RGC Resources Incorporated		1,727		46,508
South Jersey Industries Incorporated		19,817		657,528
Star Group LP		12,704		121,450

				1,617,177


Independent Power & Renewable Electricity Producers: 0.36%
Nextera Energy Partners LP		13,171		638,794
NRG Yield Incorporated Class C		16,389		325,322
Ormat Technologies Incorporated		9,220		485,433

				1,449,549


Multi-Utilities: 0.23%
Northwestern Corporation		12,144		728,154
Unitil Corporation		3,616		182,789

				910,943


Water Utilities: 0.48%
American States Water Company		8,982		542,782
Aquaventure Holdings Limited †		3,351		60,921
Artesian Resources Corporation Class A		2,021		72,615
California Water Service Group		11,870		488,451
Connecticut Water Service Incorporated		2,890		197,994
Middlesex Water Company		3,908		178,986

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


172		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

FACTOR ENHANCED SMALL CAP PORTFOLIO


Security name				Shares		Value

Water Utilities (continued)
Pure Cycle Corporation †					4,082	$	45,923
SJW Corporation					4,482		259,553
York Water Company					3,147		94,725

							1,941,950


Total Common Stocks (Cost $310,199,161)							367,166,616


	Yield
Short-Term Investments: 2.90%

Investment Companies: 2.90%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87	%		11,630,466		11,630,466


Total Short-Term Investments (Cost $11,630,466)							11,630,466


Total investments in securities (Cost $321,829,627)	94.63	%		378,797,082
Other assets and liabilities, net	5.37			21,490,967

Total net assets	100.00	%	$	400,288,049

†	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
Russell 2000 Index		399		9-21-2018	$	33,914,693	$	34,724,970	$	810,277	$	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		14,195,316		87,617,102		90,181,952		11,630,466	$	0	$	0	$	98,967	$	11,630,466		2.90	%

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			173

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Corporate Bonds and Notes: 79.76%

Consumer Discretionary: 18.32%

Auto Components: 0.44%
American Axle & Manufacturing Incorporated		6.50	%		4-1-2027	$	300,000	$	297,000
Goodyear Tire & Rubber Company		5.13			11-15-2023		200,000		199,500

									496,500


Automobiles: 0.15%
Tesla Incorporated 144A		5.30			8-15-2025		200,000		173,000


Distributors: 0.17%
Ahern Rentals Incorporated 144A		7.38			5-15-2023		200,000		196,760


Diversified Consumer Services: 0.95%
APX Group Incorporated		7.63			9-1-2023		200,000		180,250
APX Group Incorporated		7.88			12-1-2022		200,000		204,250
Cengage Learning Incorporated 144A		9.50			6-15-2024		200,000		172,120
Laureate Education Incorporated 144A		8.25			5-1-2025		200,000		215,750
Service Corporation International		5.38			5-15-2024		300,000		306,000

									1,078,370


Hotels, Restaurants & Leisure: 4.50%
24 Hour Fitness Worldwide Incorporated 144A		8.00			6-1-2022		200,000		200,064
Boyd Gaming Corporation		6.88			5-15-2023		200,000		210,250
Caesars Resort Collection LLC 144A		5.25			10-15-2025		400,000		382,500
Carlson Travel Incorporated 144A		6.75			12-15-2023		300,000		301,500
ClubCorp Holdings Incorporated 144A		8.50			9-15-2025		200,000		189,000
Diamond Resorts International Incorporated 144A		7.75			9-1-2023		300,000		313,407
Eldorado Resorts Incorporated		6.00			4-1-2025		200,000		203,250
Golden Nugget Incorporated 144A		6.75			10-15-2024		300,000		304,875
Golden Nugget Incorporated 144A		8.75			10-1-2025		200,000		211,000
Hilton Worldwide Finance LLC		4.88			4-1-2027		300,000		295,125
Jack Ohio Finance LLC 144A		6.75			11-15-2021		200,000		207,000
KFC Holding Company 144A		5.00			6-1-2024		300,000		299,250
KFC Holding Company 144A		5.25			6-1-2026		200,000		200,000
MGM Resorts International		4.63			9-1-2026		400,000		377,000
MGM Resorts International		5.25			3-31-2020		200,000		204,000
Scientific Games International Incorporated		10.00			12-1-2022		400,000		423,040
Six Flags Entertainment Company 144A		4.88			7-31-2024		200,000		196,500
Wyndham Destinations Incorporated		3.90			3-1-2023		200,000		186,500
Wynn Las Vegas LLC 144A		5.50			3-1-2025		400,000		395,760

									5,100,021


Household Durables: 1.50%
Lennar Corporation		4.88			12-15-2023		200,000		200,250
Lennar Corporation		5.00			6-15-2027		200,000		193,250
Lennar Corporation		8.38			1-15-2021		200,000		219,500
Pulte Group Incorporated		4.25			3-1-2021		200,000		201,060
Pulte Group Incorporated		5.00			1-15-2027		200,000		190,500

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


174		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Household Durables (continued)
Pulte Group Incorporated		6.38	%		5-15-2033	$	200,000	$	195,000
Toll Brothers Finance Corporation		5.88			2-15-2022		300,000		312,750
William Lyon Homes Incorporated		5.88			1-31-2025		200,000		189,750

									1,702,060


Household Products: 0.18%
Avon International Operations Incorporated 144A		7.88			8-15-2022		200,000		203,250


Internet & Direct Marketing Retail: 0.42%
Netflix Incorporated 144A		4.88			4-15-2028		500,000		473,750


Leisure Products: 0.14%
Mattel Incorporated		5.45			11-1-2041		200,000		161,000


Media: 7.74%
Altice US Finance I Corporation 144A		5.38			7-15-2023		400,000		402,500
AMC Entertainment Holdings Incorporated		5.75			6-15-2025		200,000		194,126
AMC Entertainment Holdings Incorporated		5.88			11-15-2026		300,000		292,500
AMC Networks Incorporated		4.75			8-1-2025		300,000		289,500
CCO Holdings LLC 144A		5.50			5-1-2026		200,000		197,500
CCO Holdings LLC 144A		5.88			5-1-2027		500,000		496,875
Cequel Communications Holdings I LLC 144A		7.50			4-1-2028		300,000		312,750
Cequel Communications Holdings I LLC 144A		5.13			12-15-2021		200,000		200,000
Cinemark USA Incorporated		4.88			6-1-2023		300,000		296,250
Clear Channel Worldwide Holdings Incorporated		6.50			11-15-2022		400,000		409,000
CSC Holdings LLC 144A		5.50			4-15-2027		200,000		194,750
CSC Holdings LLC		6.75			11-15-2021		300,000		318,000
DISH DBS Corporation		5.88			11-15-2024		600,000		522,000
DISH DBS Corporation		7.88			9-1-2019		200,000		206,750
Gray Television Incorporated 144A		5.88			7-15-2026		300,000		300,000
Lamar Media Corporation		5.00			5-1-2023		200,000		203,500
McGraw-Hill Global Education Holdings LLC 144A		7.88			5-15-2024		200,000		176,000
Meredith Corporation 144A		6.88			2-1-2026		300,000		303,750
Neptune Finco Corporation 144A		10.88			10-15-2025		400,000		465,500
Nielsen Finance LLC 144A		5.00			4-15-2022		400,000		388,420
Outfront Media Capital Corporation		5.63			2-15-2024		300,000		303,375
Sinclair Television Group Incorporated		6.13			10-1-2022		200,000		205,040
Sinclair Television Group Incorporated 144A		5.63			8-1-2024		200,000		197,000
Sirius XM Radio Incorporated 144A		5.38			4-15-2025		300,000		304,500
Sirius XM Radio Incorporated 144A		5.38			7-15-2026		200,000		199,500
Sirius XM Radio Incorporated 144A		6.00			7-15-2024		200,000		207,820
TEGNA Incorporated		6.38			10-15-2023		300,000		310,875
Tribune Media Company		5.88			7-15-2022		300,000		304,500
Univision Communications Incorporated 144A		5.13			5-15-2023		400,000		380,000
Viacom Incorporated (3 Month LIBOR +3.90%) ±		6.25			2-28-2057		200,000		197,943

									8,780,224


Multiline Retail: 0.13%
Neiman Marcus Group Limited (PIK at 9.50%) 144A¥		8.75			10-15-2021		209,500		142,984

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			175

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Specialty Retail: 1.83%
Gap Incorporated		5.95	%		4-12-2021	$	200,000	$	209,168
Group 1 Automotive Incorporated		5.00			6-1-2022		100,000		99,000
JCPenney Corporation Incorporated		6.38			10-15-2036		200,000		95,000
L Brands Incorporated		6.75			7-1-2036		200,000		163,000
L Brands Incorporated		6.88			11-1-2035		200,000		166,560
Limited Brands Incorporated		5.63			2-15-2022		200,000		202,250
New Albertsons Incorporated		7.45			8-1-2029		200,000		168,000
Penske Auto Group Incorporated		5.75			10-1-2022		300,000		306,000
PetSmart Incorporated 144A		5.88			6-1-2025		200,000		162,250
PetSmart Incorporated 144A		7.13			3-15-2023		200,000		134,500
Sally Holdings LLC		5.63			12-1-2025		200,000		183,500
Staples Incorporated 144A		8.50			9-15-2025		200,000		188,980

									2,078,208


Textiles, Apparel & Luxury Goods: 0.17%
HanesBrands Incorporated 144A		4.63			5-15-2024		200,000		195,000


Consumer Staples: 3.43%

Beverages: 0.17%
Cott Beverages Incorporated 144A		5.50			4-1-2025		200,000		195,870


Food & Staples Retailing: 1.00%
Albertsons Companies LLC		5.75			3-15-2025		300,000		271,500
Aramark Services Incorporated		4.75			6-1-2026		300,000		295,500
Aramark Services Incorporated 144A		5.00			4-1-2025		200,000		201,250
Rite Aid Corporation 144A		6.13			4-1-2023		200,000		179,440
Safeway Incorporated		7.25			2-1-2031		200,000		190,500

									1,138,190


Food Products: 1.20%
B&G Foods Incorporated		4.63			6-1-2021		200,000		199,000
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		200,000		196,500
Lamb Weston Holdings Incorporated 144A		4.88			11-1-2026		200,000		197,000
Pilgrim’s Pride Corporation 144A		5.75			3-15-2025		200,000		193,500
Pilgrim’s Pride Corporation 144A		5.88			9-30-2027		200,000		190,000
Post Holdings Incorporated 144A		5.00			8-15-2026		400,000		384,000

									1,360,000


Household Products: 0.62%
Energizer Holdings Incorporated 144A		5.50			6-15-2025		300,000		299,250
HRG Group Incorporated		7.75			1-15-2022		200,000		205,500
Spectrum Brands Incorporated		5.75			7-15-2025		200,000		202,000

									706,750


Personal Products: 0.44%
Edgewell Personal Care Company		4.70			5-24-2022		300,000		297,840
First Quality Finance Company 144A		4.63			5-15-2021		200,000		197,500

									495,340

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


176		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Energy: 13.40%

Energy Equipment & Services: 1.04%
Bristow Group Incorporated		6.25	%		10-15-2022	$	200,000	$	141,000
Diamond Offshore Drilling Incorporated		5.70			10-15-2039		300,000		238,500
Hilcorp Energy Company 144A		5.75			10-1-2025		200,000		198,500
NGPL PipeCo LLC 144A		4.88			8-15-2027		200,000		201,548
SESI LLC		7.13			12-15-2021		200,000		203,000
Unit Corporation		6.63			5-15-2021		200,000		199,750

									1,182,298


Oil, Gas & Consumable Fuels: 12.36%
Antero Resources Corporation		5.13			12-1-2022		200,000		202,000
Antero Resources Corporation		5.63			6-1-2023		200,000		205,810
Ascent Resources Utica Holdings LLC 144A		10.00			4-1-2022		300,000		331,500
California Resources Corporation 144A		8.00			12-15-2022		400,000		358,500
Carrizo Oil & Gas Incorporated		6.25			4-15-2023		200,000		204,500
Cheniere Corpus Christi Holdings LLC		5.88			3-31-2025		300,000		318,750
Cheniere Energy Partners LP		5.25			10-1-2025		200,000		200,000
Chesapeake Energy Corporation		4.88			4-15-2022		200,000		193,000
Chesapeake Energy Corporation		8.00			6-15-2027		300,000		303,750
CONSOL Energy Incorporated		5.88			4-15-2022		300,000		299,985
Crestwood Midstream Partners LP		6.25			4-1-2023		200,000		206,250
CrownRock LP 144A		5.63			10-15-2025		200,000		194,500
DCP Midstream Operating LP		3.88			3-15-2023		200,000		195,000
DCP Midstream Operating LP (3 Month LIBOR +3.85%) 144A±		5.85			5-21-2043		200,000		184,000
Denbury Resources Incorporated 144A		9.00			5-15-2021		200,000		215,000
Diamondback Energy Incorporated		4.75			11-1-2024		200,000		201,250
Energy Transfer Equity LP		4.25			3-15-2023		200,000		200,560
Energy Transfer Equity LP		5.88			1-15-2024		200,000		212,500
Enlink Midstream		5.45			6-1-2047		300,000		266,259
EP Energy Corporation 144A		9.38			5-1-2024		200,000		157,500
Extraction Oil & Gas Incorporated 144A		5.63			2-1-2026		200,000		187,250
Genesis Energy LP		6.75			8-1-2022		400,000		408,000
Gulfport Energy Corporation		6.00			10-15-2024		300,000		296,250
Jonah Energy LLC 144A		7.25			10-15-2025		200,000		156,000
McDermott Technology Americas Incorporated 144A		10.63			5-1-2024		200,000		212,810
Murphy Oil Corporation		5.75			8-15-2025		200,000		200,350
Murphy Oil Corporation		6.88			8-15-2024		200,000		211,238
Nabors Industries Incorporated		5.00			9-15-2020		200,000		200,712
Nabors Industries Incorporated		5.10			9-15-2023		200,000		193,163
Newfield Exploration Company		5.63			7-1-2024		200,000		213,250
Newfield Exploration Company		5.75			1-30-2022		200,000		211,000
NGL Energy Partners LP		6.13			3-1-2025		200,000		188,500
Oasis Petroleum Incorporated		6.88			3-15-2022		190,000		193,563
Parsley Energy LLC 144A		5.38			1-15-2025		300,000		302,220
PBF Holding Company LLC		7.00			11-15-2023		200,000		209,000
PDC Energy Incorporated		5.75			5-15-2026		200,000		194,000
Pride International LLC Company		7.88			8-15-2040		200,000		186,500
QEP Resources Incorporated		5.25			5-1-2023		400,000		390,000
Range Resources Corporation		4.88			5-15-2025		400,000		383,000
Range Resources Corporation		5.00			3-15-2023		200,000		195,660
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		200,000		206,250

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			177

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Rockies Express Pipeline LLC 144A		6.88	%		4-15-2040	$	100,000	$	116,000
Rose Rock Midstream LP		5.63			11-15-2023		200,000		193,500
Rowan Companies Incorporated		4.88			6-1-2022		400,000		372,000
Sable Permian Resources Land LLC 144A		13.00			11-30-2020		200,000		221,000
Sanchez Energy Corporation		6.13			1-15-2023		200,000		112,930
SM Energy Company		6.75			9-15-2026		200,000		207,250
Southwestern Energy Company		4.10			3-15-2022		200,000		195,000
Southwestern Energy Company		7.75			10-1-2027		200,000		211,500
Suburban Propane Partners LP		5.50			6-1-2024		200,000		196,000
Sunoco LP 144A		5.50			2-15-2026		300,000		287,250
Tallgrass Energy Partners LP 144A		5.50			1-15-2028		200,000		202,000
Targa Resources Partners LP		4.25			11-15-2023		200,000		194,000
Targa Resources Partners LP		5.13			2-1-2025		200,000		201,000
Targa Resources Partners LP		5.25			5-1-2023		200,000		202,500
Transocean Incorporated		6.80			3-15-2038		300,000		247,125
Ultra Resources Incorporated 144A		6.88			4-15-2022		400,000		195,000
Vine Oil & Gas LP 144A		8.75			4-15-2023		200,000		193,250
Whiting Petroleum Corporation		5.75			3-15-2021		200,000		205,000
Williams Companies Incorporated		8.75			3-15-2032		200,000		268,000
WPX Energy Incorporated		6.00			1-15-2022		400,000		413,000

									14,022,635


Financials: 6.89%

Banks: 0.36%
CIT Group Incorporated		5.00			8-15-2022		200,000		204,000
CIT Group Incorporated		5.00			8-1-2023		200,000		203,250

									407,250


Capital Markets: 0.77%
BCD Acquisition Incorporated 144A		9.63			9-15-2023		300,000		317,250
Blue Cube Spinco Incorporated		10.00			10-15-2025		300,000		347,250
MSCI Incorporated 144A		5.25			11-15-2024		200,000		205,500

									870,000


Consumer Finance: 2.64%
Ally Financial Incorporated		4.63			3-30-2025		200,000		199,750
Ally Financial Incorporated		5.13			9-30-2024		300,000		306,750
Ally Financial Incorporated		5.75			11-20-2025		200,000		207,250
Navient Corporation		5.88			3-25-2021		200,000		204,560
Navient Corporation		5.88			10-25-2024		200,000		193,500
Navient Corporation		6.50			6-15-2022		200,000		206,810
Navient Corporation		6.75			6-25-2025		200,000		199,500
Opal Acquisition Incorporated 144A		10.00			10-1-2024		200,000		170,000
Quicken Loans Incorporated 144A		5.25			1-15-2028		400,000		366,500
SLM Corporation		5.50			1-25-2023		200,000		197,748
Springleaf Finance Corporation		6.88			3-15-2025		200,000		200,060
Springleaf Finance Corporation		8.25			12-15-2020		300,000		324,375
Springleaf Finance Corporation		8.25			10-1-2023		200,000		220,500

									2,997,303

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


178		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Diversified Financial Services: 1.79%
Beacon Escrow Corporation 144A		4.88	%		11-1-2025	$	200,000	$	184,500
Freedom Mortgage Corporation 144A		8.25			4-15-2025		300,000		290,625
Harland Clarke Holdings 144A		9.25			3-1-2021		400,000		364,000
Hilton Domestic Operating Company		4.25			9-1-2024		200,000		194,500
Jefferies Finance LLC 144A		7.50			4-15-2021		300,000		309,000
Prime Services Company 144A		9.25			5-15-2023		243,000		260,326
Transocean Incorporated 144A		9.00			7-15-2023		400,000		431,500

									2,034,451


Insurance: 0.90%
Alliant Holdings International LLC 144A		8.25			8-1-2023		200,000		207,500
Genworth Holdings Incorporated		7.63			9-24-2021		400,000		414,000
HUB International Limited 144A		7.00			5-1-2026		200,000		198,710
USIS Merger Subordinate Incorporated 144A		6.88			5-1-2025		200,000		199,000

									1,019,210


Mortgage REITs: 0.25%
Starwood Property Trust		4.75			3-15-2025		300,000		285,000


Thrifts & Mortgage Finance: 0.18%
Ladder Capital Finance LLC 144A		5.25			3-15-2022		200,000		200,750


Health Care: 7.32%

Health Care Equipment & Supplies: 1.15%
Crimson Incorporated 144A		6.63			5-15-2022		500,000		490,625
DJO Finco Incorporated 144A		8.13			6-15-2021		200,000		206,560
Hologic Incorporated 144A		4.38			10-15-2025		200,000		192,500
Kinetic Concepts Incorporated 144A		12.50			11-1-2021		200,000		219,000
Surgery Center Holdings Incorporated 144A		6.75			7-1-2025		200,000		193,000

									1,301,685


Health Care Providers & Services: 5.62%
Acadia Healthcare Company Incorporated		5.13			7-1-2022		200,000		201,000
Centene Corporation		4.75			5-15-2022		200,000		203,500
Centene Corporation		6.13			2-15-2024		200,000		210,250
Community Health Systems Incorporated		6.88			2-1-2022		200,000		102,000
Davita Incorporated		5.00			5-1-2025		200,000		189,500
Davita Incorporated		5.13			7-15-2024		300,000		289,236
Encompass Health Corporation		5.75			11-1-2024		400,000		405,000
Envision Healthcare Corporation		5.63			7-15-2022		300,000		307,500
HCA Incorporated		5.50			6-15-2047		200,000		200,500
HCA Incorporated		6.50			2-15-2020		200,000		207,600
HCA Incorporated		7.50			2-15-2022		300,000		329,250
Jaguar Holding Company II 144A		6.38			8-1-2023		200,000		201,000
Lifepoint Health Incorporated		5.38			5-1-2024		200,000		207,750
Lifepoint Health Incorporated		5.50			12-1-2021		200,000		203,250
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		300,000		310,500
MPT Operating Partnership LP		5.00			10-15-2027		200,000		196,000
MPT Operating Partnership LP		6.38			3-1-2024		300,000		316,290

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			179

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Health Care Providers & Services (continued)
Polaris Intermediate Corporation 144A		8.50	%		12-1-2022	$	300,000	$	309,750
RegionalCare Hospital Partners 144A		8.25			5-1-2023		200,000		212,500
Team Health Holdings Incorporated 144A		6.38			2-1-2025		300,000		260,250
Tenet Healthcare Corporation		4.63			7-15-2024		700,000		685,671
Tenet Healthcare Corporation		7.00			8-1-2025		200,000		199,625
Tenet Healthcare Corporation 144A		7.50			1-1-2022		200,000		209,438
Vizient Incorporated 144A		10.38			3-1-2024		200,000		218,500
Wellcare Health Plans		5.25			4-1-2025		200,000		204,500

									6,380,360


Health Care Technology: 0.17%
Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		200,000		200,500


Pharmaceuticals: 0.38%
Endo Finance LLC 144A		5.38			1-15-2023		500,000		427,500


Industrials: 6.86%

Aerospace & Defense: 1.33%
Alcoa Incorporated		6.15			8-15-2020		200,000		208,000
Alcoa Incorporated		6.75			1-15-2028		500,000		511,250
TransDigm Group Incorporated		6.38			6-15-2026		200,000		202,125
TransDigm Group Incorporated		6.50			7-15-2024		200,000		203,250
Triumph Group Incorporated		5.25			6-1-2022		200,000		187,500
Triumph Group Incorporated		7.75			8-15-2025		200,000		194,250

									1,506,375


Air Freight & Logistics: 0.36%
XPO Logistics Incorporated 144A		6.13			9-1-2023		400,000		412,000


Airlines: 0.27%
American Airlines Group Incorporated 144A		4.63			3-1-2020		300,000		301,800


Building Products: 0.17%
Griffon Corporation		5.25			3-1-2022		200,000		197,310


Commercial Services & Supplies: 1.14%
ADT Corporation		3.50			7-15-2022		200,000		189,250
ADT Corporation 144A		4.88			7-15-2032		200,000		163,000
ADT Corporation		6.25			10-15-2021		200,000		211,000
APTIM Corporation 144A		7.75			6-15-2025		200,000		170,500
Covanta Holding Corporation		5.88			3-1-2024		200,000		201,500
Pitney Bowes Incorporated		4.70			4-1-2023		200,000		178,500
West Corp Company 144A		8.50			10-15-2025		200,000		182,000

									1,295,750


Construction & Engineering: 0.91%
AECOM		5.88			10-15-2024		300,000		320,217
United Rentals North America Incorporated		5.50			7-15-2025		500,000		510,000
United Rentals North America Incorporated		5.50			5-15-2027		200,000		199,500

									1,029,717

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


180		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Electrical Equipment: 0.18%
Vertiv Group Corporation 144A		9.25	%		10-15-2024	$	200,000	$	205,500


Machinery: 0.73%
BlueLine Rental Finance Corporation 144A		9.25			3-15-2024		300,000		315,000
Gates Global LLC 144A		6.00			7-15-2022		95,000		95,950
Navistar International Corporation 144A		6.63			11-1-2025		200,000		208,000
Xerium Technologies Incorporated		9.50			8-15-2021		200,000		210,250

									829,200


Metals & Mining: 0.18%
AK Steel Corporation		7.63			10-1-2021		200,000		204,000


Professional Services: 0.63%
Brand Industrial Services Incorporated 144A		8.50			7-15-2025		200,000		205,500
CyrusOne LP		5.38			3-15-2027		300,000		301,500
Exela Technologies Incorporated 144A		10.00			7-15-2023		200,000		209,500

									716,500


Road & Rail: 0.43%
Hertz Corporation		6.25			10-15-2022		200,000		186,500
Hertz Corporation		7.38			1-15-2021		300,000		299,625

									486,125


Trading Companies & Distributors: 0.53%
HD Supply Incorporated 144A		5.75			4-15-2024		300,000		315,375
Herc Rentals Incorporated 144A		7.50			6-1-2022		78,000		81,608
United Rentals North America Incorporated		5.75			11-15-2024		200,000		206,440

									603,423


Information Technology: 5.67%

Communications Equipment: 0.59%
CommScope Technologies Finance LLC 144A		5.00			3-15-2027		500,000		486,250
Riverbed Technology Incorporated 144A		8.88			3-1-2023		200,000		185,000

									671,250


Electronic Equipment, Instruments & Components: 0.18%
Anixter International Incorporated		5.13			10-1-2021		200,000		205,500


Internet Software & Services: 1.61%
Infor Software Parent LLC (PIK at 7.88%) 144A¥		7.13			5-1-2021		400,000		403,628
Rackspace Hosting Company 144A		8.63			11-15-2024		300,000		295,313
Sabre GLBL Incorporated 144A		5.38			4-15-2023		200,000		201,500
Verisign Incorporated		5.25			4-1-2025		300,000		304,140
Zayo Group LLC 144A		5.75			1-15-2027		200,000		200,500
Zayo Group LLC		6.00			4-1-2023		200,000		206,134
Zayo Group LLC		6.38			5-15-2025		200,000		209,000

									1,820,215

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			181

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

IT Services: 0.72%
Alliance Data Systems Company 144A		5.88	%		11-1-2021	$	200,000	$	204,500
First Data Corporation 144A		5.00			1-15-2024		400,000		400,820
First Data Corporation 144A		7.00			12-1-2023		200,000		208,100

									813,420


Semiconductors & Semiconductor Equipment: 0.27%
Micron Technology Incorporated		5.50			2-1-2025		300,000		310,470


Software: 0.97%
BMC Software Finance Incorporated 144A		8.13			7-15-2021		500,000		511,105
Solera Finance Incorporated 144A		10.50			3-1-2024		200,000		219,500
Symantec Corporation 144A		5.00			4-15-2025		200,000		198,225
Veritas US Incorporated 144A		10.50			2-1-2024		200,000		172,000

									1,100,830


Technology Hardware, Storage & Peripherals: 1.33%
CDW Finance Corporation		5.00			9-1-2023		200,000		204,000
Dell International LLC 144A		5.88			6-15-2021		200,000		205,770
Dell International LLC 144A		7.13			6-15-2024		200,000		213,810
NCR Corporation		5.00			7-15-2022		300,000		292,500
NCR Corporation		6.38			12-15-2023		200,000		200,750
Western Digital Corporation		4.75			2-15-2026		400,000		392,172

									1,509,002


Materials: 8.80%

Chemicals: 3.07%
Avantor Incorporated 144A		6.00			10-1-2024		300,000		304,500
Avantor Incorporated 144A		9.00			10-1-2025		200,000		206,250
Calumet Specialty Products Partners LP		7.63			1-15-2022		400,000		396,000
CF Industries Incorporated		3.45			6-1-2023		500,000		480,000
CF Industries Incorporated		4.95			6-1-2043		200,000		175,600
Chemours Company		6.63			5-15-2023		200,000		209,500
Chemours Company		7.00			5-15-2025		200,000		213,500
CVR Partners LP 144A		9.25			6-15-2023		200,000		213,250
Hexion Incorporated		6.63			4-15-2020		600,000		567,750
Huntsman International LLC		4.88			11-15-2020		200,000		204,600
Platform Specialty Products 144A		6.50			2-1-2022		300,000		306,750
TPC Group Incorporated 144A		8.75			12-15-2020		200,000		200,000

									3,477,700


Construction Materials: 0.60%
Standard Industries Incorporated 144A		5.00			2-15-2027		500,000		475,000
Summit Materials LLC		6.13			7-15-2023		200,000		202,750

									677,750


Containers & Packaging: 3.00%
Ball Corporation		4.00			11-15-2023		200,000		195,250
Ball Corporation		5.25			7-1-2025		200,000		206,000

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


182		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Containers & Packaging (continued)
Berry Global Incorporated		6.00	%		10-15-2022	$	300,000	$	308,625
BWAY Holding Company 144A		5.50			4-15-2024		300,000		298,125
BWAY Holding Company 144A		7.25			4-15-2025		300,000		292,500
Crown Americas Capital Corporation IV		4.50			1-15-2023		500,000		500,000
Flex Acquisition Company Incorporated 144A		6.88			1-15-2025		200,000		192,500
Owens-Brockway Glass Container Incorporated 144A		5.38			1-15-2025		200,000		197,500
Owens-Brockway Glass Container Incorporated 144A		5.88			8-15-2023		200,000		205,000
Reynolds Group Issuer Incorporated 144A		5.13			7-15-2023		200,000		199,250
Reynolds Group Issuer Incorporated 144A		7.00			7-15-2024		400,000		406,400
Sealed Air Corporation 144A		5.25			4-1-2023		200,000		203,000
Sealed Air Corporation 144A		5.50			9-15-2025		200,000		203,000

									3,407,150


Metals & Mining: 1.95%
Big River Steel LLC 144A		7.25			9-1-2025		200,000		209,506
Cleveland-Cliffs Incorporated		5.75			3-1-2025		400,000		392,824
Freeport-McMoRan Copper & Gold Incorporated		5.40			11-14-2034		400,000		369,376
Freeport-McMoRan Copper & Gold Incorporated		6.88			2-15-2023		300,000		320,250
Joseph T Ryerson & Son Incorporated 144A		11.00			5-15-2022		200,000		220,500
Novelis Corporation 144A		6.25			8-15-2024		300,000		303,750
Steel Dynamics Incorporated		4.13			9-15-2025		200,000		190,500
United States Steel Corporation		6.88			8-15-2025		200,000		203,000

									2,209,706


Paper & Forest Products: 0.18%
Resolute Forest Products Company		5.88			5-15-2023		200,000		205,750


Real Estate: 2.76%

Equity REITs: 2.12%
CBL & Associates LP		5.95			12-15-2026		300,000		243,750
Equinix Incorporated		5.38			4-1-2023		300,000		306,375
Equinix Incorporated		5.88			1-15-2026		200,000		207,500
ESH Hospitality Incorporated 144A		5.25			5-1-2025		200,000		193,750
Iron Mountain Incorporated		5.75			8-15-2024		600,000		594,750
Istar Incorporated		5.25			9-15-2022		200,000		198,000
MGM Growth Properties Operating Partnership LP		4.50			9-1-2026		300,000		285,750
Uniti Group Incorporated 144A		6.00			4-15-2023		200,000		192,000
Uniti Group Incorporated		8.25			10-15-2023		200,000		188,438

									2,410,313


Real Estate Management & Development: 0.64%
Icahn Enterprises Company		6.25			2-1-2022		300,000		308,220
Icahn Enterprises Company		6.75			2-1-2024		400,000		413,000

									721,220


Telecommunication Services: 3.54%

Diversified Telecommunication Services: 2.07%
CenturyLink Incorporated		5.63			4-1-2025		300,000		293,250
CenturyLink Incorporated		6.45			6-15-2021		200,000		208,000

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			183

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Diversified Telecommunication Services (continued)
Centurylink Incorporated		7.50	%		4-1-2024	$	200,000	$	214,000
Cincinnati Bell Incorporated 144A		7.00			7-15-2024		200,000		176,000
Embarq Corporation		8.00			6-1-2036		200,000		195,000
Frontier Communications Corporation 144A		8.50			4-1-2026		200,000		188,160
Hughes Satellite Systems Company		7.63			6-15-2021		300,000		322,875
Level 3 Financing Incorporated		5.38			1-15-2024		200,000		200,000
Level 3 Financing Incorporated		5.38			5-1-2025		200,000		197,500
Qwest Capital Funding		6.88			7-15-2028		200,000		186,500
Windstream Services Finance Company 144A		9.00			6-30-2025		236,000		170,510

									2,351,795


Wireless Telecommunication Services: 1.47%
SBA Communications Corporation		4.88			7-15-2022		200,000		202,500
Sprint Capital Corporation		8.75			3-15-2032		200,000		221,000
Sprint Communications Incorporated		7.00			8-15-2020		200,000		209,500
Sprint Corporation		7.13			6-15-2024		200,000		207,500
Sprint Corporation		7.25			9-15-2021		200,000		209,688
T-Mobile USA Incorporated		5.13			4-15-2025		200,000		201,592
T-Mobile USA Incorporated		5.38			4-15-2027		200,000		201,040
T-Mobile USA Incorporated		6.50			1-15-2024		200,000		207,000

									1,659,820


Utilities: 2.77%

Electric Utilities: 0.46%
NextEra Energy Incorporated 144A		4.25			9-15-2024		200,000		195,000
Talen Energy Supply LLC		4.60			12-15-2021		200,000		173,500
Talen Energy Supply LLC		6.50			6-1-2025		200,000		149,000

									517,500


Gas Utilities: 0.64%
AmeriGas Partners LP		5.50			5-20-2025		300,000		294,000
Ferrellgas LP		6.75			6-15-2023		500,000		430,000

									724,000


Independent Power & Renewable Electricity Producers: 1.67%
Calpine Corporation 144A		5.25			6-1-2026		200,000		188,816
Calpine Corporation		5.38			1-15-2023		500,000		475,000
Calpine Corporation		5.75			1-15-2025		200,000		181,500
Dynergy Incorporated		5.88			6-1-2023		200,000		205,750
NRG Energy Incorporated		6.25			5-1-2024		200,000		207,000
NWG Energy Incorporated		7.25			5-15-2026		400,000		432,000
The AES Corporation		5.50			4-15-2025		200,000		205,500

									1,895,566


Total Corporate Bonds and Notes (Cost $92,815,651)									90,482,876


Yankee Corporate Bonds and Notes: 15.49%

Consumer Discretionary: 4.14%

Auto Components: 0.26%
IHO Verwaltungs GmbH 144A		4.50			9-15-2023		300,000		291,000

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


184		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Automobiles: 0.74%
Fiat Chrysler Automobiles NV		4.50	%		4-15-2020	$	200,000	$	201,000
Fiat Chrysler Automobiles NV		5.25			4-15-2023		300,000		304,875
Jaguar Land Rover Automotive plc 144A		4.50			10-1-2027		400,000		338,500

									844,375


Hotels, Restaurants & Leisure: 1.04%
International Game Technology plc 144A		6.50			2-15-2025		400,000		420,000
New Red Finance Incorporated 144A		4.25			5-15-2024		500,000		477,500
Wynn Macau Limited 144A		5.50			10-1-2027		300,000		283,500

									1,181,000


Household Durables: 0.27%
Brookfield Residential Properties Incorporated 144A		6.13			7-1-2022		300,000		302,250


Media: 1.83%
Altice Financing SA 144A		6.63			2-15-2023		100,000		100,624
Altice Finco SA 144A		8.13			1-15-2024		400,000		403,000
Altice Luxembourg SA 144A		7.75			5-15-2022		300,000		289,125
Altice SA 144A		7.63			2-15-2025		200,000		184,858
Unitymedia GmbH 144A		6.13			1-15-2025		300,000		313,500
UPC Holding BV 144A		5.50			1-15-2028		200,000		186,250
Videotron Limited		5.00			7-15-2022		400,000		407,000
Virgin Media Secured Finance plc 144A		5.25			1-15-2026		200,000		194,540

									2,078,897


Consumer Staples: 0.09%

Food & Staples Retailing: 0.09%
Tesco Place 144A		6.15			11-15-2037		100,000		106,605


Energy: 2.48%

Energy Equipment & Services: 0.61%
Alcoa Nederland Holding Company BV 144A		6.75			9-30-2024		200,000		212,000
Alcoa Nederland Holding Company BV 144A		7.00			9-30-2026		100,000		107,875
Noble Holding International Limited		8.95			4-1-2045		200,000		181,000
Precision Drilling Corporation		5.25			11-15-2024		200,000		190,500

									691,375


Oil, Gas & Consumable Fuels: 1.87%
Baytex Energy Corporation 144A		5.13			6-1-2021		200,000		194,500
Jupiter Resources Incorporated 144A		8.50			10-1-2022		400,000		201,000
KCA Deutag UK Finance plc 144A		9.63			4-1-2023		200,000		194,000
KCA Deutag UK Finance plc 144A		9.88			4-1-2022		300,000		299,250
MEG Energy Corporation 144A		6.38			1-30-2023		200,000		181,500
MEG Energy Corporation 144A		6.50			1-15-2025		300,000		298,500
Seven Generations Energy Company 144A		6.88			6-30-2023		400,000		416,000
Weatherford International Limited		7.00			3-15-2038		200,000		152,000
Weatherford International Limited		8.25			6-15-2023		200,000		186,500

									2,123,250

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			185

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Financials: 2.46%

Banks: 0.76%
Barclays plc		4.84	%		5-9-2028	$	300,000	$	284,892
Credit Agricole SA (3 Month LIBOR +6.98%) 144A±		8.38			10-29-2049		200,000		208,622
Intesa Sanpaolo SpA 144A		5.02			6-26-2024		400,000		361,729

									855,243


Capital Markets: 0.49%
Deutsche Bank AG (5 Year USD Swap +2.25%) ±		4.30			5-24-2028		200,000		182,712
Deutsche Bank AG		4.50			4-1-2025		400,000		374,075

									556,787


Diversified Financial Services: 1.21%
GW Honos Security Corporation 144A		8.75			5-15-2025		200,000		197,000
Hulk Finance Corporation 144A		7.00			6-1-2026		200,000		192,000
Intelsat Jackson Holdings SA		5.50			8-1-2023		200,000		182,440
Intelsat Jackson Holdings SA 144A		8.00			2-15-2024		200,000		210,500
New Red Finance Incorporated 144A		5.00			10-15-2025		200,000		193,000
Park Aerospace Holdings Company 144A		4.50			3-15-2023		200,000		197,750
Park Aerospace Holdings Company 144A		5.25			8-15-2022		200,000		203,750

									1,376,440


Health Care: 1.28%

Pharmaceuticals: 1.28%
Bausch Health Companies Incorporated 144A		6.13			4-15-2025		200,000		186,000
Bausch Health Companies Incorporated 144A		7.50			7-15-2021		200,000		203,176
Bausch Health Companies Incorporated 144A		8.50			1-31-2027		300,000		308,250
Mallinckrodt International Finance SA		4.75			4-15-2023		300,000		260,250
Mallinckrodt International Finance SA 144A		4.88			4-15-2020		300,000		298,875
Valeant Pharmaceuticals International Incorporated 144A		5.63			12-1-2021		200,000		198,000

									1,454,551


Industrials: 1.22%

Aerospace & Defense: 0.62%
Bombardier Incorporated 144A		5.75			3-15-2022		200,000		200,500
Bombardier Incorporated 144A		6.00			10-15-2022		500,000		502,500

									703,000


Electrical Equipment: 0.27%
Sensata Technologies BV 144A		5.63			11-1-2024		300,000		310,500


Professional Services: 0.17%
GFL Environmental Incorporated 144A		5.38			3-1-2023		200,000		190,000


Transportation Infrastructure: 0.16%
Stena International SA 144A		5.75			3-1-2024		200,000		185,500


Information Technology: 0.73%

Communications Equipment: 0.19%
Nokia Corporation		6.63			5-15-2039		200,000		215,000


Semiconductors & Semiconductor Equipment: 0.36%
NXP BV 144A		4.63			6-15-2022		400,000		404,884

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


186		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

HIGH YIELD CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Software: 0.18%
Open Text Corporation 144A		5.63	%		1-15-2023	$	200,000	$	206,500


Materials: 1.55%

Containers & Packaging: 0.65%
Ardagh Packaging Finance plc 144A		7.25			5-15-2024		700,000		735,875


Metals & Mining: 0.90%
Constellium NV Company 144A		5.75			5-15-2024		250,000		249,063
FMG Resources Proprietary Limited 144A		4.75			5-15-2022		200,000		196,260
Hudbay Minerals Incorporated 144A		7.63			1-15-2025		200,000		203,250
New Gold Incorporated 144A		6.25			11-15-2022		200,000		177,500
Teck Resources Limited		5.40			2-1-2043		200,000		190,500

									1,016,573


Telecommunication Services: 1.54%

Diversified Telecommunication Services: 1.19%
SFR Group SA 144A		7.38			5-1-2026		500,000		491,250
Telecom Italia SpA 144A		5.30			5-30-2024		200,000		199,500
Virgin Media Finance plc 144A		6.00			10-15-2024		200,000		197,500
Wind Tre SpA 144A		5.00			1-20-2026		200,000		178,806
Ziggo Bond Finance BV 144A		5.88			1-15-2025		300,000		280,125

									1,347,181


Wireless Telecommunication Services: 0.35%
C&W Senior Financing Designated Activity Company 144A		6.88			9-15-2027		200,000		198,500
Inmarsat Finance plc 144A		4.88			5-15-2022		200,000		200,500

									399,000


Total Yankee Corporate Bonds and Notes (Cost $18,128,160)									17,575,786


	Yield					Shares
Short-Term Investments: 2.70%

Investment Companies: 2.70%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87					3,064,761		3,064,761


Total Short-Term Investments (Cost $3,064,761)									3,064,761


Total investments in securities (Cost $114,008,572)	97.95	%		111,123,423
Other assets and liabilities, net	2.05			2,328,483

Total net assets	100.00	%	$	113,451,906

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.

¥	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.

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			187

HIGH YIELD CORPORATE BOND PORTFOLIO

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		17,498,638		15,918,069		3,064,761	$	0	$	0	$	11,863	$	3,064,761		2.70	%

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


188		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INTERNATIONAL GOVERNMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Foreign Government Bonds @: 98.31%
Australian Government Bond Series 144 (AUD)		3.75	%		4-21-2037		350,000	$	285,090
Australian Government Bond Series 150 (AUD)		3.00			3-21-2047		200,000		143,642
Belgium Government Bond Series 66 (EUR)		4.00			3-28-2032		260,000		417,286
Bundesrepublik Deutschland (EUR)		2.50			7-4-2044		120,000		189,529
Bundesrepublik Deutschland Series 05 (EUR)		4.00			1-4-2037		110,000		199,771
Canada (CAD)		0.75			9-1-2021		530,000		390,279
Czech Republic Bond (CZK)		0.01			2-10-2020		3,540,000		156,706
Finnish Government Bond (EUR) 144A		0.50			9-15-2027		370,000		430,564
France Government Bond (EUR)		1.00			5-25-2027		710,000		860,572
Italy Buoni Poliennali del Tesoro (EUR)		1.35			4-15-2022		160,000		179,085
Italy Buoni Poliennali del Tesoro (EUR)		2.15			12-15-2021		590,000		686,602
Japan (JPY)		0.10			12-15-2019		212,200,000		1,914,957
Japan (JPY)		0.10			8-1-2020		33,800,000		305,450
Korea (KRW)		2.00			3-10-2021		442,380,000		398,148
Malaysia (MYR)		3.88			3-10-2022		1,140,000		279,721
Mexico (MXN)		6.50			6-9-2022		8,170,000		408,705
Netherlands Government Bond (EUR) 144A		2.50			1-15-2033		290,000		418,214
New Zealand Government Bond (NZD)		2.75			4-15-2037		150,000		97,601
Norway (NOK) 144A		1.75			2-17-2027		770,000		92,218
Poland (PLN)		2.50			7-25-2027		1,230,000		315,904
Republic of Austria (EUR) 144A		0.75			10-20-2026		330,000		394,508
Russia Government Bond (RUB)		7.70			3-23-2033		11,430,000		157,413
Singapore (SGD)		2.88			9-1-2030		280,000		211,752
Spain Government Bond (EUR) 144A		5.85			1-31-2022		270,000		375,047
Switzerland Bond (CHF)		0.50			6-28-2045		100,000		105,711
Thailand Government Bond (THB)		1.88			6-17-2022		7,050,000		212,888
United Kingdom Gilt (GBP)		4.25			12-7-2027		530,000		862,856

Total Foreign Government Bonds (Cost $10,566,684)									10,490,219


	Yield					Shares
Short-Term Investments: 9.55%

Investment Companies: 9.55%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87					1,018,943		1,018,943


Total Short-Term Investments (Cost $1,018,943)									1,018,943


Total investments in securities (Cost $11,585,627)	107.86	%		11,509,162
Other assets and liabilities, net	(7.86	)		(838,650	)

Total net assets	100.00	%	$	10,670,512

@	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.


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			189

INTERNATIONAL GOVERNMENT BOND PORTFOLIO

Abbreviations:

AUD	Australian dollar

CAD	Canadian dollar

CHF	Swiss franc

CZK	Czech Republic

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

98,382 USD

140,000 NZD

State Street Bank

9/6/2018

5,758

91,613 USD

1,860,000 MXN

State Street Bank

9/6/2018

(5,726

)

206,104 USD

755,000 PLN

State Street Bank

9/6/2018

2,416

255,149 USD

2,220,000 SEK

State Street Bank

9/6/2018

12,380

182,417 USD

155,000 EUR

State Street Bank

9/6/2018

2,488

168,168 USD

217,000 CAD

State Street Bank

9/6/2018

1,879

78,709 USD

105,000 SGD

State Street Bank

9/6/2018

2,208

81,900,000 JPY

750,738 USD

State Street Bank

9/6/2018

(13,585

)

365,000 AUD

279,252 USD

State Street Bank

9/6/2018

(16,854

)

63,00 GBP

84,225 USD

State Street Bank

9/6/2018

(2,546

)

1,375,000 DKK

217,540 USD

State Street Bank

9/6/2018

(3,422

)

187,214 USD

11,750,000 RUB

State Street Bank

9/12/2018

13,258

190,858 USD

762,000 MYR

State Street Bank

9/12/2018

5,472

88,896 USD

2,830,000 THB

State Street Bank

9/12/2018

2,419

315,400,000 KRW

295,850 USD

State Street Bank

9/12/2018

(12,483

)

48,278

(54,616

)

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


190		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

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		1,153,229		176,059		1,018,943	$	0	$	0	$	552	$	1,018,943		9.55	%

The following table shows the percent of total long-term investments by country allocation as of August 31, 2018:


Japan	21.17	%
Italy	8.25
United Kingdom	8.22
France	8.20
Finland	4.10
Australia	4.09
Netherlands	3.99
Belgium	3.98
Mexico	3.89
South Korea	3.80
Austria	3.76
Canada	3.72
Germany	3.71
Spain	3.58
Poland	3.01
Malaysia	2.67
Thailand	2.03
Singapore	2.02
Russia	1.50
Czech Republic	1.49
Switzerland	1.01
New Zealand	0.93
Norway	0.88

	100.00	%

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			191

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Corporate Bonds and Notes: 81.28%

Consumer Discretionary: 8.60%

Auto Components: 0.08%
Lear Corporation		5.25	%		1-15-2025	$	297,000	$	308,396


Automobiles: 0.69%
American Honda Finance Corporation		2.90			2-16-2024		200,000		194,711
American Honda Finance Corporation		1.65			7-12-2021		500,000		479,971
Ford Motor Company		7.45			7-16-2031		500,000		554,177
General Motors Company		6.25			10-2-2043		175,000		181,115
General Motors Company		6.60			4-1-2036		350,000		375,724
Toyota Motor Credit Corporation		1.95			4-17-2020		300,000		295,371
Toyota Motor Credit Corporation		2.60			1-11-2022		300,000		294,798
Toyota Motor Credit Corporation		2.63			1-10-2023		310,000		302,434

									2,678,301


Diversified Consumer Services: 0.06%
President & Fellows of Harvard College		4.88			10-15-2040		210,000		246,228


Hotels, Restaurants & Leisure: 0.65%
Marriott International Incorporated		3.38			10-15-2020		117,000		117,206
Marriott International Incorporated		3.75			3-15-2025		500,000		492,363
McDonald’s Corporation		2.63			1-15-2022		250,000		244,926
McDonald’s Corporation		3.25			6-10-2024		350,000		348,523
McDonald’s Corporation		3.38			5-26-2025		245,000		240,594
McDonald’s Corporation		3.50			7-15-2020		140,000		141,279
McDonald’s Corporation		3.63			5-20-2021		70,000		70,970
McDonald’s Corporation		3.70			2-15-2042		350,000		315,910
McDonald’s Corporation		4.60			5-26-2045		175,000		176,180
McDonald’s Corporation		6.30			10-15-2037		210,000		257,422
Starbucks Corporation		4.30			6-15-2045		105,000		101,393

									2,506,766


Household Durables: 0.50%
D.R. Horton Incorporated		4.00			2-15-2020		231,000		232,841
Newell Brands Incorporated		4.20			4-1-2026		525,000		504,653
Newell Brands Incorporated		5.38			4-1-2036		200,000		192,584
Newell Brands Incorporated		5.50			4-1-2046		225,000		215,409
Newell Rubbermaid Incorporated		2.88			12-1-2019		140,000		139,396
Newell Rubbermaid Incorporated		4.70			8-15-2020		350,000		357,330
Whirlpool Corporation		4.00			3-1-2024		87,000		87,098
Whirlpool Corporation		4.70			6-1-2022		140,000		145,236
Whirlpool Corporation		4.85			6-15-2021		70,000		72,405

									1,946,952


Internet & Direct Marketing Retail: 0.62%
Amazon.com Incorporated		2.50			11-29-2022		620,000		605,121
Amazon.com Incorporated		2.60			12-5-2019		280,000		279,695
Amazon.com Incorporated		4.05			8-22-2047		200,000		197,290

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


192		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Internet & Direct Marketing Retail (continued)
Amazon.com Incorporated		4.25	%		8-22-2057	$	400,000	$	399,451
Amazon.com Incorporated		4.95			12-5-2044		300,000		339,650
Expedia Incorporated		4.50			8-15-2024		70,000		70,947
QVC Incorporated		4.38			3-15-2023		210,000		207,599
QVC Incorporated		5.13			7-2-2022		140,000		142,780
QVC Incorporated		5.45			8-15-2034		175,000		158,805

									2,401,338


Leisure Products: 0.13%
Hasbro Incorporated		6.35			3-15-2040		108,000		118,524
Unilever Capital Corporation		3.10			7-30-2025		390,000		380,847

									499,371


Media: 3.74%
21st Century Fox America Incorporated		3.00			9-15-2022		262,000		258,137
21st Century Fox America Incorporated		4.50			2-15-2021		350,000		360,211
21st Century Fox America Incorporated		4.75			9-15-2044		350,000		369,454
21st Century Fox America Incorporated		6.65			11-15-2037		325,000		418,930
21st Century Fox America Incorporated		8.15			10-17-2036		175,000		250,226
CBS Corporation		3.70			8-15-2024		350,000		340,784
CBS Corporation		4.85			7-1-2042		140,000		135,342
CBS Corporation		4.90			8-15-2044		350,000		338,409
CBS Corporation		7.88			7-30-2030		420,000		525,389
Charter Communications Operating LLC		4.46			7-23-2022		900,000		917,969
Charter Communications Operating LLC		4.91			7-23-2025		400,000		407,869
Comcast Corporation		2.35			1-15-2027		210,000		186,367
Comcast Corporation		3.13			7-15-2022		350,000		347,576
Comcast Corporation		4.40			8-15-2035		210,000		208,990
Comcast Corporation		4.65			7-15-2042		384,000		381,732
Comcast Corporation		4.75			3-1-2044		262,000		265,491
Comcast Corporation		5.15			3-1-2020		350,000		360,894
Discovery Communications LLC		3.30			5-15-2022		175,000		172,287
Discovery Communications LLC		3.95			3-20-2028		1,000,000		951,314
Discovery Communications LLC		4.38			6-15-2021		210,000		213,963
Discovery Communications LLC		5.63			8-15-2019		108,000		110,656
Discovery Communications LLC		6.35			6-1-2040		175,000		191,653
Omnicom Group Incorporated		3.63			5-1-2022		175,000		174,231
Time Warner Cable Incorporated		4.00			1-15-2022		210,000		212,941
Time Warner Cable Incorporated		4.50			9-15-2042		220,000		185,374
Time Warner Cable Incorporated		4.70			1-15-2021		175,000		180,555
Time Warner Cable Incorporated		5.50			9-1-2041		210,000		201,745
Time Warner Cable Incorporated		6.55			5-1-2037		300,000		323,957
Time Warner Cable Incorporated		7.30			7-1-2038		385,000		447,323
Time Warner Cable Incorporated		7.63			4-15-2031		200,000		253,316
Time Warner Cable Incorporated		8.38			3-15-2023		175,000		203,503
Time Warner Entertainment Company LP		3.40			6-15-2022		70,000		69,602
Time Warner Entertainment Company LP		4.05			12-15-2023		400,000		404,636
Time Warner Entertainment Company LP		4.75			3-29-2021		350,000		360,795
Time Warner Entertainment Company LP		4.90			6-15-2042		36,000		33,639

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			193

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Media (continued)
Time Warner Entertainment Company LP		8.38	%		7-15-2033	$	210,000	$	263,722
Viacom Incorporated		4.25			9-1-2023		180,000		181,008
Viacom Incorporated		4.38			3-15-2043		386,000		332,331
Viacom Incorporated		4.50			3-1-2021		350,000		356,983
Viacom Incorporated		5.50			5-15-2033		140,000		147,701
Viacom Incorporated		5.63			9-15-2019		105,000		107,671
Viacom Incorporated		5.85			9-1-2043		87,000		90,332
Viacom Incorporated		6.88			4-30-2036		238,000		268,934
Walt Disney Company		2.55			2-15-2022		175,000		171,090
Walt Disney Company		2.75			8-16-2021		350,000		346,061
Walt Disney Company		2.95			6-15-2027		700,000		669,400
Walt Disney Company		3.00			2-13-2026		350,000		338,478
Walt Disney Company		4.13			12-1-2041		175,000		173,513
Walt Disney Company		4.13			6-1-2044		245,000		242,360

									14,454,844


Multiline Retail: 0.60%
Dollar General Corporation		3.25			4-15-2023		245,000		241,517
Kohl’s Corporation		3.25			2-1-2023		105,000		101,972
Macy’s Retail Holdings Incorporated		3.88			1-15-2022		140,000		139,415
Nordstrom Incorporated		4.00			10-15-2021		175,000		177,110
Nordstrom Incorporated		4.75			5-1-2020		94,000		96,289
Nordstrom Incorporated		5.00			1-15-2044		70,000		64,811
Target Corporation		2.50			4-15-2026		1,200,000		1,118,341
Target Corporation		2.90			1-15-2022		175,000		174,464
Target Corporation		3.63			4-15-2046		210,000		190,369

									2,304,288


Specialty Retail: 1.41%
AutoZone Incorporated		2.88			1-15-2023		175,000		169,986
AutoZone Incorporated		3.13			7-15-2023		105,000		102,578
AutoZone Incorporated		4.00			11-15-2020		140,000		141,918
Bed Bath & Beyond Incorporated		4.92			8-1-2034		175,000		143,951
Bed Bath & Beyond Incorporated		5.17			8-1-2044		245,000		185,411
Home Depot Incorporated		2.70			4-1-2023		262,000		257,006
Home Depot Incorporated		3.50			9-15-2056		260,000		229,110
Home Depot Incorporated		3.75			2-15-2024		350,000		358,185
Home Depot Incorporated		3.95			9-15-2020		280,000		285,827
Home Depot Incorporated		4.20			4-1-2043		280,000		283,360
Home Depot Incorporated		4.40			4-1-2021		350,000		362,542
Home Depot Incorporated		5.40			9-15-2040		140,000		165,463
Lowe’s Companies Incorporated		2.50			4-15-2026		350,000		323,262
Lowe’s Companies Incorporated		3.12			4-15-2022		140,000		139,925
Lowe’s Companies Incorporated		3.75			4-15-2021		105,000		106,871
Lowe’s Companies Incorporated		3.88			9-15-2023		175,000		179,997
Lowe’s Companies Incorporated		4.25			9-15-2044		175,000		174,638
Lowe’s Companies Incorporated		4.38			9-15-2045		400,000		405,032
Lowe’s Companies Incorporated		4.65			4-15-2042		350,000		368,197
O’Reilly Automotive Incorporated		3.80			9-1-2022		105,000		106,042

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


194		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Specialty Retail (continued)
O’Reilly Automotive Incorporated		4.63	%		9-15-2021	$	105,000	$	108,692
O’Reilly Automotive Incorporated		4.88			1-14-2021		31,000		32,076
TJX Companies Incorporated		2.75			6-15-2021		350,000		347,555
Unilever Capital Corporation		2.00			7-28-2026		500,000		448,603

									5,426,227


Textiles, Apparel & Luxury Goods: 0.12%
Nike Incorporated		2.25			5-1-2023		70,000		67,265
Nike Incorporated		3.63			5-1-2043		70,000		66,182
Nike Incorporated		3.88			11-1-2045		350,000		339,240

									472,687


Consumer Staples: 7.03%

Beverages: 2.10%
Anheuser-Busch InBev Finance Company		3.30			2-1-2023		525,000		520,868
Anheuser-Busch InBev Finance Company		4.00			1-17-2043		210,000		190,490
Anheuser-Busch InBev Finance Company		4.63			2-1-2044		245,000		240,714
Anheuser-Busch InBev Worldwide Incorporated		2.50			7-15-2022		500,000		484,847
Anheuser-Busch InBev Worldwide Incorporated		3.75			7-15-2042		252,000		224,149
Constellation Brands Incorporated		3.50			5-9-2027		1,000,000		945,539
Constellation Brands Incorporated		3.75			5-1-2021		98,000		99,100
Constellation Brands Incorporated		3.88			11-15-2019		77,000		77,765
Constellation Brands Incorporated		4.25			5-1-2023		360,000		366,846
Diageo Investment Corporation		7.45			4-15-2035		105,000		145,887
Keurig Dr Pepper Incorporated 144A		3.55			5-25-2021		1,100,000		1,102,177
Molson Coors Brewing Company		2.10			7-15-2021		260,000		250,519
Molson Coors Brewing Company		5.00			5-1-2042		350,000		355,350
PepsiCo Incorporated		2.75			3-5-2022		259,000		257,025
PepsiCo Incorporated		3.00			8-25-2021		175,000		175,363
PepsiCo Incorporated		3.60			8-13-2042		285,000		266,145
PepsiCo Incorporated		4.00			3-5-2042		175,000		174,722
PepsiCo Incorporated		4.25			10-22-2044		140,000		144,159
PepsiCo Incorporated		4.50			1-15-2020		140,000		143,410
PepsiCo Incorporated		5.50			1-15-2040		210,000		251,267
The Coca-Cola Company		2.50			4-1-2023		245,000		238,598
The Coca-Cola Company		2.55			6-1-2026		500,000		467,236
The Coca-Cola Company		2.88			10-27-2025		700,000		676,222
The Coca-Cola Company		3.20			11-1-2023		280,000		279,821
The Coca-Cola Company		3.30			9-1-2021		49,000		49,570

									8,127,789


Food & Staples Retailing: 1.39%
Costco Wholesale Corporation		1.70			12-15-2019		350,000		345,703
Sysco Corporation		3.30			7-15-2026		200,000		191,966
Sysco Corporation		4.45			3-15-2048		200,000		198,369
Sysco Corporation		5.38			9-21-2035		200,000		223,247
The Kroger Company		3.40			4-15-2022		175,000		174,424
The Kroger Company		3.85			8-1-2023		175,000		176,797
The Kroger Company		5.00			4-15-2042		175,000		172,812

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			195

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Food & Staples Retailing (continued)
The Kroger Company		5.15	%		8-1-2043	$	105,000	$	104,914
The Kroger Company		6.90			4-15-2038		210,000		252,112
The Kroger Company		7.50			4-1-2031		342,000		425,822
Wal-Mart Stores Incorporated		3.63			7-8-2020		270,000		273,895
Wal-Mart Stores Incorporated		4.00			4-11-2043		280,000		279,116
Wal-Mart Stores Incorporated		4.25			4-15-2021		350,000		361,998
Wal-Mart Stores Incorporated		4.30			4-22-2044		350,000		368,252
Wal-Mart Stores Incorporated		4.88			7-8-2040		175,000		197,645
Wal-Mart Stores Incorporated		5.63			4-1-2040		180,000		222,234
Wal-Mart Stores Incorporated		5.88			4-5-2027		70,000		81,754
Walgreen Company		4.40			9-15-2042		350,000		318,012
Walgreens Boots Alliance Incorporated		2.70			11-18-2019		210,000		209,317
Walgreens Boots Alliance Incorporated		3.45			6-1-2026		525,000		500,210
Walgreens Boots Alliance Incorporated		4.80			11-18-2044		300,000		288,814

									5,367,413


Food Products: 1.54%
Archer-Daniels-Midland Company		4.48			3-1-2021		374,000		385,278
Archer-Daniels-Midland Company		4.54			3-26-2042		175,000		183,530
Campbell Soup Company		2.50			8-2-2022		85,000		80,396
ConAgra Foods Incorporated		8.25			9-15-2030		84,000		107,368
General Mills Incorporated		3.65			2-15-2024		175,000		173,749
General Mills Incorporated		4.20			4-17-2028		1,100,000		1,096,989
General Mills Incorporated		5.40			6-15-2040		241,000		262,022
Hershey Company		4.13			12-1-2020		350,000		360,526
J.M. Smucker Company		3.50			10-15-2021		210,000		210,766
Kellogg Company		4.00			12-15-2020		155,000		158,062
Kellogg Company		4.15			11-15-2019		210,000		213,010
Kraft Heinz Foods Company		2.80			7-2-2020		400,000		396,630
Kraft Heinz Foods Company		3.00			6-1-2026		500,000		455,926
Kraft Heinz Foods Company		4.38			6-1-2046		300,000		262,148
Mead Johnson Nutrition Company		4.90			11-1-2019		175,000		178,741
Mead Johnson Nutrition Company		5.90			11-1-2039		70,000		84,134
Tyson Foods Incorporated		4.50			6-15-2022		350,000		360,575
Tyson Foods Incorporated		4.88			8-15-2034		175,000		178,483
Unilever Capital Corporation		4.25			2-10-2021		300,000		308,723
Unilever Capital Corporation		5.90			11-15-2032		410,000		506,221

									5,963,277


Household Products: 0.77%
Clorox Company		3.05			9-15-2022		113,000		112,024
Clorox Company		3.50			12-15-2024		140,000		139,535
Colgate-Palmolive Company		2.30			5-3-2022		350,000		342,298
Kimberly-Clark Corporation		2.40			6-1-2023		105,000		100,913
Kimberly-Clark Corporation		5.30			3-1-2041		171,000		201,175
Kimberly-Clark Corporation		6.63			8-1-2037		140,000		185,546
The Procter & Gamble Company		3.10			8-15-2023		1,902,000		1,903,836

									2,985,327

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


196		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Personal Products: 0.05%
Estee Lauder Companies Incorporated		6.00	%		5-15-2037	$	140,000	$	172,359


Tobacco: 1.18%
Altria Group Incorporated		2.63			1-14-2020		280,000		278,828
Altria Group Incorporated		4.00			1-31-2024		62,000		63,322
Altria Group Incorporated		4.25			8-9-2042		350,000		326,142
Altria Group Incorporated		4.50			5-2-2043		175,000		170,529
Altria Group Incorporated		4.75			5-5-2021		590,000		613,364
Altria Group Incorporated		9.25			8-6-2019		200,000		211,585
Philip Morris International Incorporated		2.50			8-22-2022		175,000		169,352
Philip Morris International Incorporated		2.63			2-18-2022		400,000		391,246
Philip Morris International Incorporated		2.63			3-6-2023		122,000		117,914
Philip Morris International Incorporated		3.25			11-10-2024		210,000		206,464
Philip Morris International Incorporated		4.13			3-4-2043		210,000		197,762
Philip Morris International Incorporated		4.25			11-10-2044		210,000		200,042
Philip Morris International Incorporated		4.38			11-15-2041		350,000		342,289
Philip Morris International Incorporated		4.50			3-20-2042		140,000		138,972
Reynolds American Incorporated		4.00			6-12-2022		280,000		283,394
Reynolds American Incorporated		4.45			6-12-2025		350,000		354,764
Reynolds American Incorporated		5.70			8-15-2035		210,000		226,534
Reynolds American Incorporated		6.15			9-15-2043		87,000		97,182
Reynolds American Incorporated		7.25			6-15-2037		140,000		175,676

									4,565,361


Energy: 7.84%

Energy Equipment & Services: 0.38%
Halliburton Company		3.25			11-15-2021		140,000		140,582
Halliburton Company		3.50			8-1-2023		350,000		351,063
Halliburton Company		3.80			11-15-2025		350,000		349,290
Halliburton Company		4.50			11-15-2041		175,000		172,949
Halliburton Company		4.75			8-1-2043		175,000		176,709
Sabine Pass Liquefaction LLC		4.20			3-15-2028		270,000		262,472

									1,453,065


Oil, Gas & Consumable Fuels: 7.46%
Anadarko Finance Company		7.50			5-1-2031		227,000		284,179
Anadarko Petroleum Corporation		3.45			7-15-2024		175,000		169,666
Anadarko Petroleum Corporation		5.55			3-15-2026		350,000		376,109
Anadarko Petroleum Corporation		6.20			3-15-2040		210,000		236,651
Anadarko Petroleum Corporation		6.45			9-15-2036		160,000		185,578
Apache Corporation		3.25			4-15-2022		253,000		250,353
Apache Corporation		5.10			9-1-2040		402,000		400,305
Apache Corporation		5.25			2-1-2042		70,000		71,442
Apache Corporation		6.00			1-15-2037		350,000		386,258
Baker Hughes LLC/Baker Hughes Co-Obligor Incorporated		4.08			12-15-2047		800,000		726,765
Boardwalk Pipelines LP		3.38			2-1-2023		70,000		67,751
Boardwalk Pipelines LP		5.75			9-15-2019		105,000		107,591
Buckeye Partners LP		4.15			7-1-2023		175,000		174,069
Buckeye Partners LP		4.88			2-1-2021		392,000		399,374

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			197

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Buckeye Partners LP		5.85	%		11-15-2043	$	140,000	$	132,526
Chevron Corporation		2.10			5-16-2021		260,000		254,319
Chevron Corporation		2.19			11-15-2019		70,000		69,585
Chevron Corporation		2.36			12-5-2022		525,000		508,539
Chevron Corporation		2.42			11-17-2020		350,000		346,676
Chevron Corporation		2.95			5-16-2026		700,000		672,762
Columbia Pipeline Group Incorporated		5.80			6-1-2045		140,000		156,210
ConocoPhillips Company		4.30			11-15-2044		210,000		216,811
ConocoPhillips Company		4.95			3-15-2026		350,000		378,414
ConocoPhillips Company		5.90			10-15-2032		175,000		208,175
ConocoPhillips Company		6.95			4-15-2029		210,000		264,218
Devon Energy Corporation		4.00			7-15-2021		140,000		141,969
Devon Energy Corporation		7.95			4-15-2032		150,000		193,015
El Paso Pipeline Partners Operating LLC		4.70			11-1-2042		70,000		64,967
Enbridge Energy Partners LP		5.20			3-15-2020		266,000		273,119
Enbridge Energy Partners LP		5.50			9-15-2040		140,000		148,851
Enbridge Energy Partners LP		7.50			4-15-2038		189,000		241,427
Energy Transfer Partners LP		3.60			2-1-2023		210,000		207,031
Energy Transfer Partners LP		4.75			1-15-2026		280,000		283,412
Energy Transfer Partners LP		4.90			2-1-2024		210,000		216,562
Energy Transfer Partners LP		5.15			2-1-2043		140,000		131,524
Energy Transfer Partners LP		5.95			10-1-2043		140,000		145,347
Energy Transfer Partners LP		6.05			6-1-2041		210,000		219,098
Energy Transfer Partners LP		7.50			7-1-2038		70,000		83,551
Enterprise Products Operating LLC		3.35			3-15-2023		245,000		243,498
Enterprise Products Operating LLC		3.90			2-15-2024		210,000		212,264
Enterprise Products Operating LLC		4.05			2-15-2022		175,000		178,496
Enterprise Products Operating LLC		4.45			2-15-2043		355,000		344,073
Enterprise Products Operating LLC		4.85			3-15-2044		280,000		286,465
Enterprise Products Operating LLC		5.25			1-31-2020		140,000		144,122
Enterprise Products Operating LLC		5.70			2-15-2042		140,000		157,992
Enterprise Products Operating LLC		5.95			2-1-2041		70,000		80,739
Enterprise Products Operating LLC		7.55			4-15-2038		70,000		92,965
EOG Resources Incorporated		3.90			4-1-2035		140,000		138,156
EOG Resources Incorporated		4.10			2-1-2021		140,000		142,656
EOG Resources Incorporated		4.40			6-1-2020		210,000		214,303
EQT Corporation		4.88			11-15-2021		210,000		216,413
Exxon Mobil Corporation		2.71			3-6-2025		350,000		336,833
Exxon Mobil Corporation		3.57			3-6-2045		350,000		326,909
Exxon Mobil Corporation		4.11			3-1-2046		800,000		819,186
Hess Corporation		7.30			8-15-2031		269,000		313,224
Hess Corporation		7.88			10-1-2029		196,000		238,629
Kerr-McGee Corporation		6.95			7-1-2024		140,000		159,688
Kinder Morgan Energy Partners LP		3.45			2-15-2023		175,000		172,533
Kinder Morgan Energy Partners LP		3.50			3-1-2021		210,000		210,393
Kinder Morgan Energy Partners LP		3.95			9-1-2022		262,000		264,731
Kinder Morgan Energy Partners LP		5.00			8-15-2042		175,000		169,934
Kinder Morgan Energy Partners LP		5.00			3-1-2043		157,000		152,320
Kinder Morgan Energy Partners LP		5.30			9-15-2020		87,000		90,234
Kinder Morgan Energy Partners LP		5.50			3-1-2044		210,000		214,472

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


198		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners LP		5.80	%		3-15-2035	$	70,000	$	73,556
Magellan Midstream Partners LP		5.15			10-15-2043		140,000		149,900
Marathon Oil Corporation		3.85			6-1-2025		245,000		240,760
Marathon Oil Corporation		5.20			6-1-2045		140,000		147,186
Marathon Petroleum Corporation		3.63			9-15-2024		350,000		347,646
Marathon Petroleum Corporation		4.75			9-15-2044		350,000		339,707
Marathon Petroleum Corporation		5.13			3-1-2021		24,000		24,949
MPLX LP		4.70			4-15-2048		1,200,000		1,121,369
MPLX LP		4.88			6-1-2025		200,000		207,633
MPLX LP		5.20			3-1-2047		220,000		219,465
NextEra Energy Capital		4.50			6-1-2021		140,000		143,108
Noble Energy Incorporated		3.90			11-15-2024		210,000		207,934
Noble Energy Incorporated		4.15			12-15-2021		350,000		355,589
Occidental Petroleum Corporation		3.00			2-15-2027		200,000		191,240
Occidental Petroleum Corporation		3.50			6-15-2025		610,000		609,435
Occidental Petroleum Corporation		4.10			2-1-2021		322,000		329,157
Occidental Petroleum Corporation		4.40			4-15-2046		200,000		205,376
ONEOK Incorporated		4.00			7-13-2027		900,000		878,666
ONEOK Partners LP		3.38			10-1-2022		350,000		345,723
Phillips 66		4.30			4-1-2022		700,000		720,415
Phillips 66		4.65			11-15-2034		140,000		141,830
Phillips 66		5.88			5-1-2042		400,000		460,872
Plains All American Pipeline LP		2.60			12-15-2019		140,000		138,889
Plains All American Pipeline LP		3.60			11-1-2024		210,000		201,889
Plains All American Pipeline LP		3.85			10-15-2023		350,000		345,664
Plains All American Pipeline LP		4.90			2-15-2045		175,000		163,166
Plains All American Pipeline LP		5.00			2-1-2021		140,000		143,977
Plains All American Pipeline LP		5.15			6-1-2042		350,000		326,600
Plains All American Pipeline LP		6.65			1-15-2037		140,000		156,722
Sabine Pass Liquefaction LLC		5.63			3-1-2025		545,000		580,894
Sabine Pass Liquefaction LLC		5.75			5-15-2024		545,000		585,712
Spectra Energy Partners LP		4.75			3-15-2024		245,000		253,869
Sunoco Logistics Partner LP		3.45			1-15-2023		140,000		136,962
Sunoco Logistics Partner LP		4.95			1-15-2043		105,000		97,194
Sunoco Logistics Partner LP		5.35			5-15-2045		140,000		135,395
TC Pipelines LP		4.65			6-15-2021		210,000		213,237
Tennessee Gas Pipeline Company		7.00			10-15-2028		175,000		205,397
Texas Eastern Transmission LP		7.00			7-15-2032		227,000		278,846
Valero Energy Corporation		6.13			2-1-2020		45,000		46,880
Valero Energy Corporation		7.50			4-15-2032		210,000		268,223
Western Gas Partners LP		4.00			7-1-2022		280,000		278,659
Williams Partners LP		3.35			8-15-2022		175,000		172,204
Williams Partners LP		4.13			11-15-2020		210,000		212,694
Williams Partners LP		4.30			3-4-2024		350,000		354,166
Williams Partners LP		5.25			3-15-2020		448,000		461,005
Williams Partners LP		6.30			4-15-2040		273,000		310,896

									28,846,083

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			199

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Financials: 16.16%

Banks: 6.16%
ABB Finance (USA) Incorporated		4.38	%		5-8-2042	$	26,000	$	26,880
Australia & New Zealand Banking Group Limited		2.55			11-23-2021		250,000		243,726
Australia & New Zealand Banking Group Limited		2.63			5-19-2022		300,000		290,983
Australia & New Zealand Banking Group Limited		2.63			11-9-2022		250,000		241,813
Bank of America Corporation		3.25			10-21-2027		525,000		493,040
Bank of America Corporation (3 Month LIBOR +1.19%) ±		3.95			1-23-2049		200,000		184,189
Bank of America Corporation		4.18			11-25-2027		560,000		547,001
Bank of America Corporation		4.20			8-26-2024		390,000		391,836
Bank of America Corporation		4.25			10-22-2026		280,000		277,984
Bank of America Corporation		5.88			1-5-2021		350,000		371,170
Bank One Corporation		7.63			10-15-2026		168,000		204,684
BB&T Corporation		2.05			5-10-2021		210,000		203,785
BB&T Corporation		2.45			1-15-2020		200,000		198,846
BB&T Corporation		2.85			10-26-2024		1,300,000		1,249,345
BB&T Corporation		3.80			10-30-2026		400,000		399,722
Citigroup Incorporated		2.75			4-25-2022		200,000		194,906
Citigroup Incorporated		3.88			3-26-2025		300,000		293,090
Citigroup Incorporated		4.40			6-10-2025		500,000		501,002
Citigroup Incorporated		4.45			9-29-2027		525,000		520,063
Citigroup Incorporated		4.60			3-9-2026		200,000		201,786
Citigroup Incorporated		4.65			7-30-2045		300,000		303,446
Citigroup Incorporated		4.75			5-18-2046		300,000		295,787
Citizens Financial Group Incorporated		4.30			12-3-2025		200,000		199,195
City National Corporation		5.25			9-15-2020		140,000		145,269
Compass Bank		2.75			9-29-2019		250,000		249,179
Discover Bank		3.10			6-4-2020		500,000		497,905
Discover Bank		4.20			8-8-2023		310,000		312,774
Discover Bank		4.25			3-13-2026		250,000		248,159
Fifth Third Bancorp		4.30			1-16-2024		350,000		356,736
Fifth Third Bank		2.25			6-14-2021		200,000		195,169
Fifth Third Bank		2.88			10-1-2021		300,000		295,579
Fifth Third Bank		3.85			3-15-2026		1,400,000		1,376,227
HSBC Bank USA NA		5.00			9-27-2020		350,000		360,938
HSBC Bank USA NA		5.63			8-15-2035		225,000		251,304
Huntington Bancshares Incorporated		7.00			12-15-2020		17,000		18,318
Huntington National Bank		2.38			3-10-2020		855,000		845,702
JPMorgan Chase & Company		2.95			10-1-2026		525,000		491,295
JPMorgan Chase & Company		3.20			1-25-2023		700,000		692,799
JPMorgan Chase & Company		4.13			12-15-2026		500,000		499,165
JPMorgan Chase & Company (3 Month LIBOR +1.58%) ±		4.26			2-22-2048		240,000		230,651
JPMorgan Chase & Company		5.63			8-16-2043		140,000		159,302
Key Bank NA		2.40			6-9-2022		1,300,000		1,253,528
Key Bank NA		3.18			10-15-2027		250,000		246,507
KeyCorp		5.10			3-24-2021		300,000		313,464
National Australia Bank		2.63			1-14-2021		850,000		836,859
People’s United Financial Incorporated		3.65			12-6-2022		105,000		104,568
PNC Bank NA		2.15			4-29-2021		250,000		243,760
PNC Bank NA		2.95			1-30-2023		300,000		292,318

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


200		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

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	$	491,991
PNC Bank NA		3.80			7-25-2023		300,000		302,175
PNC Bank NA		4.20			11-1-2025		250,000		256,545
PNC Funding Corporation		5.13			2-8-2020		105,000		108,115
Santander Holdings USA Incorporated		4.50			7-17-2025		350,000		349,283
SunTrust Banks Incorporated		3.30			5-15-2026		2,200,000		2,094,705
UnionBanCal Corporation		3.50			6-18-2022		140,000		140,169
US Bancorp		2.38			7-22-2026		190,000		173,879
US Bancorp		3.00			3-15-2022		350,000		347,413
US Bancorp		3.10			4-27-2026		500,000		476,536
US Bancorp		3.60			9-11-2024		350,000		349,158
US Bancorp		4.13			5-24-2021		350,000		358,456

									23,800,179


Capital Markets: 3.33%
AGL Capital Corporation		4.40			6-1-2043		140,000		138,200
Ameriprise Financial Incorporated		4.00			10-15-2023		350,000		358,183
Ameriprise Financial Incorporated		5.30			3-15-2020		210,000		217,040
Ares Capital Corporation		3.88			1-15-2020		280,000		280,822
Bank of New York Mellon Corporation		2.30			9-11-2019		270,000		268,984
Bank of New York Mellon Corporation		2.50			4-15-2021		350,000		344,399
Bank of New York Mellon Corporation		2.95			1-29-2023		300,000		294,732
Bank of New York Mellon Corporation		3.40			1-29-2028		300,000		295,235
Bank of New York Mellon Corporation		3.55			9-23-2021		420,000		424,116
Bank of New York Mellon Corporation		3.95			11-18-2025		350,000		357,306
Charles Schwab Corporation		4.45			7-22-2020		140,000		143,769
CME Group Incorporated		5.30			9-15-2043		210,000		248,931
Deutsche Bank AG		3.15			1-22-2021		200,000		195,444
Goldman Sachs Group Incorporated		3.00			4-26-2022		750,000		736,792
Goldman Sachs Group Incorporated		3.63			1-22-2023		270,000		269,773
Goldman Sachs Group Incorporated		3.75			5-22-2025		350,000		344,544
Goldman Sachs Group Incorporated		4.25			10-21-2025		700,000		696,170
Goldman Sachs Group Incorporated		6.13			2-15-2033		200,000		231,482
Intercontinental Exchange Incorporated		2.75			12-1-2020		350,000		347,340
Intercontinental Exchange Incorporated		4.00			10-15-2023		140,000		143,682
Jefferies Group Incorporated		5.13			1-20-2023		175,000		182,215
Jefferies Group Incorporated		6.25			1-15-2036		105,000		107,545
Jefferies Group Incorporated		6.45			6-8-2027		105,000		113,971
Jefferies Group Incorporated		6.88			4-15-2021		105,000		113,157
Legg Mason Incorporated		4.75			3-15-2026		190,000		196,110
Moody’s Corporation		4.50			9-1-2022		175,000		180,963
Moody’s Corporation		4.88			2-15-2024		245,000		257,430
Moody’s Corporation		5.25			7-15-2044		210,000		235,143
Morgan Stanley		4.30			1-27-2045		350,000		337,029
Morgan Stanley		5.00			11-24-2025		200,000		207,906
Morgan Stanley		5.50			7-24-2020		350,000		364,451
Morgan Stanley		5.63			9-23-2019		250,000		256,998
Morgan Stanley		6.25			8-9-2026		300,000		339,657
Morgan Stanley		7.25			4-1-2032		329,000		420,740

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			201

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Capital Markets (continued)
NASDAQ OMX Group Incorporated		5.55	%		1-15-2020	$	350,000	$	361,508
Northern Trust Corporation		3.45			11-4-2020		350,000		353,501
Northern Trust Corporation		3.95			10-30-2025		175,000		178,444
PPL Capital Funding Incorporated		3.10			5-15-2026		100,000		93,658
S&P Global Incorporated		4.00			6-15-2025		227,000		229,276
State Street Corporation		3.70			11-20-2023		1,300,000		1,321,657
State Street Corporation		2.65			5-19-2026		400,000		375,578
TD Ameritrade Holding Corporation		3.63			4-1-2025		140,000		139,390
TD Ameritrade Holding Corporation		5.60			12-1-2019		140,000		144,410

									12,847,681


Consumer Finance: 2.45%
Ahold Finance USA LLC		6.88			5-1-2029		210,000		247,637
American Express Company		2.65			12-2-2022		402,000		388,954
American Express Company		4.05			12-3-2042		633,000		628,161
American Express Credit Corporation		2.25			5-5-2021		200,000		195,239
American Express Credit Corporation		2.38			5-26-2020		175,000		172,963
American Honda Finance Corporation		2.00			2-14-2020		360,000		355,659
Capital One Bank USA NA		2.40			9-5-2019		200,000		198,975
Capital One Bank USA NA		3.38			2-15-2023		500,000		488,978
Capital One Financial Corporation		3.75			7-28-2026		525,000		492,677
Capital One Financial Corporation		3.75			3-9-2027		330,000		314,771
Capital One Financial Corporation		4.75			7-15-2021		315,000		325,988
Caterpillar Financial Services Corporation		2.63			3-1-2023		260,000		252,762
Caterpillar Financial Services Corporation		3.25			12-1-2024		200,000		198,948
Caterpillar Financial Services Corporation		3.75			11-24-2023		175,000		178,699
Daimler Finance North America LLC		8.50			1-18-2031		297,000		419,061
Discover Financial Services		3.95			11-6-2024		700,000		686,051
Discover Financial Services		3.85			11-21-2022		385,000		383,576
Ford Motor Credit Company LLC		5.75			2-1-2021		200,000		207,309
Ford Motor Credit Company LLC		3.10			5-4-2023		200,000		187,504
Ford Motor Credit Company LLC		3.66			9-8-2024		300,000		281,964
General Motors Financial Company Incorporated		3.70			5-9-2023		180,000		176,371
General Motors Financial Company Incorporated		3.15			1-15-2020		350,000		350,168
John Deere Capital Corporation		2.80			1-27-2023		350,000		343,843
John Deere Capital Corporation		3.90			7-12-2021		210,000		214,910
Synchrony Financial		4.25			8-15-2024		1,200,000		1,163,443
Toyota Motor Credit Corporation		3.40			9-15-2021		245,000		247,145
Toyota Motor Credit Corporation		4.50			6-17-2020		350,000		359,419

									9,461,175


Diversified Financial Services: 0.45%
Berkshire Hathaway Incorporated		2.75			3-15-2023		425,000		417,751
Block Financial LLC		5.50			11-1-2022		140,000		146,076
National Rural Utilities Cooperative Finance Corporation		3.40			2-7-2028		300,000		294,328
National Rural Utilities Cooperative Finance Corporation		2.30			11-15-2019		233,000		231,810
National Rural Utilities Cooperative Finance Corporation		3.25			11-1-2025		300,000		293,588
National Rural Utilities Cooperative Finance Corporation		4.02			11-1-2032		140,000		141,852
National Rural Utilities Cooperative Finance Corporation (3 Month LIBOR +2.91%) ±		4.75			4-30-2043		175,000		176,176
TECO Finance Incorporated		5.15			3-15-2020		45,000		46,198

									1,747,779

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


202		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Insurance: 3.77%
ACE INA Holdings Incorporated		2.70	%		3-13-2023	$	280,000	$	272,337
ACE INA Holdings Incorporated		3.15			3-15-2025		200,000		195,317
ACE INA Holdings Incorporated		3.35			5-15-2024		350,000		346,657
Alleghany Corporation		5.63			9-15-2020		70,000		73,044
Allstate Corporation (3 Month LIBOR +2.12%) ±		6.50			5-15-2067		140,000		156,100
American International Group Incorporated		4.50			7-16-2044		300,000		285,876
American International Group Incorporated		4.75			4-1-2048		600,000		592,512
American International Group Incorporated		4.88			6-1-2022		600,000		628,671
American International Group Incorporated		6.40			12-15-2020		200,000		213,840
Aon Corporation		6.25			9-30-2040		70,000		85,731
Arch Capital Group Limited		5.14			11-1-2043		147,000		158,101
Berkshire Hathaway Finance Corporation		2.90			10-15-2020		150,000		150,349
Berkshire Hathaway Finance Corporation		4.40			5-15-2042		180,000		187,509
Berkshire Hathaway Finance Corporation		5.75			1-15-2040		175,000		211,699
Berkshire Hathaway Incorporated		2.10			8-14-2019		200,000		199,158
Berkshire Hathaway Incorporated		3.00			2-11-2023		75,000		75,138
Berkshire Hathaway Incorporated		3.13			3-15-2026		525,000		510,483
Berkshire Hathaway Incorporated		3.40			1-31-2022		175,000		177,403
Berkshire Hathaway Incorporated		4.50			2-11-2043		275,000		290,075
Chubb Corporation		6.00			5-11-2037		196,000		241,583
Chubb INA Holdings Incorporated		2.30			11-3-2020		200,000		196,887
Chubb INA Holdings Incorporated		4.35			11-3-2045		900,000		934,592
CNA Financial Corporation		5.88			8-15-2020		350,000		366,893
Hartford Financial Services Group Incorporated		4.30			4-15-2043		30,000		28,908
Hartford Financial Services Group Incorporated		5.13			4-15-2022		168,000		177,217
Hartford Financial Services Group Incorporated		5.50			3-30-2020		175,000		181,176
Hartford Financial Services Group Incorporated		5.95			10-15-2036		52,000		61,111
Hartford Financial Services Group Incorporated		6.10			10-1-2041		175,000		208,470
Lincoln National Corporation		4.00			9-1-2023		175,000		178,546
Lincoln National Corporation		4.85			6-24-2021		56,000		57,980
Lincoln National Corporation		6.25			2-15-2020		210,000		218,552
Loews Corporation		2.63			5-15-2023		105,000		101,478
Loews Corporation		4.13			5-15-2043		140,000		133,577
Marsh & McLennan Companies Incorporated		4.80			7-15-2021		210,000		217,541
MetLife Incorporated		3.05			12-15-2022		190,000		187,767
MetLife Incorporated		4.13			8-13-2042		210,000		201,315
MetLife Incorporated		4.37			9-15-2023		400,000		417,365
MetLife Incorporated		4.72			12-15-2044		175,000		181,923
MetLife Incorporated		4.75			2-8-2021		525,000		543,050
MetLife Incorporated		4.88			11-13-2043		350,000		372,264
MetLife Incorporated		6.38			6-15-2034		196,000		238,261
MetLife Incorporated		6.40			12-15-2066		200,000		213,500
MetLife Incorporated		6.50			12-15-2032		140,000		174,618
Principal Financial Group Incorporated		3.30			9-15-2022		175,000		173,561
Principal Financial Group Incorporated		3.40			5-15-2025		140,000		137,046
Principal Financial Group Incorporated		4.63			9-15-2042		175,000		178,787
Progressive Corporation		6.25			12-1-2032		52,000		63,873
Prudential Financial Incorporated		3.91			12-7-2047		155,000		142,394
Prudential Financial Incorporated		3.94			12-7-2049		448,000		411,925
Prudential Financial Incorporated		4.50			11-16-2021		175,000		181,057

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			203

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Insurance (continued)
Prudential Financial Incorporated		4.60	%		5-15-2044	$	350,000	$	359,638
Prudential Financial Incorporated (3 Month LIBOR +3.04%) ±		5.20			3-15-2044		175,000		175,875
Prudential Financial Incorporated (3 Month LIBOR +3.92%) ±		5.63			6-15-2043		475,000		496,722
Prudential Financial Incorporated		5.75			7-15-2033		350,000		404,735
Prudential Financial Incorporated		6.63			12-1-2037		45,000		57,015
Reinsurance Group of America Incorporated		5.00			6-1-2021		42,000		43,693
Reinsurance Group of America Incorporated		6.45			11-15-2019		245,000		254,558
Transatlantic Holdings Incorporated		8.00			11-30-2039		70,000		97,021
Travelers Companies Incorporated		5.35			11-1-2040		245,000		283,925
Travelers Companies Incorporated		6.25			6-15-2037		255,000		321,394
WR Berkley Corporation		5.38			9-15-2020		140,000		144,991

									14,572,784


Health Care: 10.84%

Biotechnology: 1.87%
AbbVie Incorporated		2.30			5-14-2021		350,000		341,169
AbbVie Incorporated		2.50			5-14-2020		250,000		247,678
AbbVie Incorporated		3.20			5-14-2026		420,000		395,510
AbbVie Incorporated		4.30			5-14-2036		245,000		235,627
AbbVie Incorporated		4.45			5-14-2046		420,000		396,629
Amgen Incorporated		3.63			5-15-2022		200,000		201,552
Amgen Incorporated		3.63			5-22-2024		350,000		351,897
Amgen Incorporated		3.88			11-15-2021		200,000		203,431
Amgen Incorporated		4.50			3-15-2020		45,000		46,027
Amgen Incorporated		4.95			10-1-2041		320,000		327,521
Amgen Incorporated		5.75			3-15-2040		56,000		63,770
Amgen Incorporated		6.40			2-1-2039		175,000		213,063
Baxalta Incorporated		3.60			6-23-2022		140,000		140,805
Baxalta Incorporated		4.00			6-23-2025		455,000		459,357
Baxalta Incorporated		5.25			6-23-2045		280,000		305,227
Celgene Corporation		3.25			8-15-2022		350,000		346,494
Celgene Corporation		3.63			5-15-2024		350,000		345,720
Celgene Corporation		3.88			8-15-2025		175,000		172,457
Celgene Corporation		3.95			10-15-2020		140,000		142,582
Celgene Corporation		4.00			8-15-2023		175,000		177,424
Celgene Corporation		4.63			5-15-2044		240,000		226,040
Celgene Corporation		5.25			8-15-2043		105,000		108,156
Genzyme Corporation		5.00			6-15-2020		140,000		144,855
Gilead Sciences Incorporated		3.65			3-1-2026		350,000		346,475
Gilead Sciences Incorporated		3.70			4-1-2024		350,000		351,921
Gilead Sciences Incorporated		4.50			2-1-2045		200,000		200,100
Gilead Sciences Incorporated		4.75			3-1-2046		350,000		363,882
Gilead Sciences Incorporated		4.80			4-1-2044		350,000		364,952

									7,220,321


Health Care Equipment & Supplies: 1.71%
Abbott Laboratories		2.35			11-22-2019		38,000		37,744
Abbott Laboratories		4.13			5-27-2020		175,000		178,174
Abbott Laboratories		4.90			11-30-2046		700,000		760,622

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


204		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Health Care Equipment & Supplies (continued)
Abbott Laboratories		5.30	%		5-27-2040	$	175,000	$	195,732
Abbott Laboratories		6.00			4-1-2039		105,000		125,213
Abbott Laboratories		6.15			11-30-2037		166,000		199,760
Becton Dickinson & Company		2.89			6-6-2022		500,000		486,771
Becton Dickinson & Company		3.13			11-8-2021		210,000		207,607
Becton Dickinson & Company		3.25			11-12-2020		245,000		244,649
Becton Dickinson & Company		3.70			6-6-2027		750,000		718,168
Boston Scientific Corporation		3.85			5-15-2025		200,000		200,804
Boston Scientific Corporation		6.00			1-15-2020		245,000		254,495
Boston Scientific Corporation		7.38			1-15-2040		210,000		281,756
Medtronic Incorporated		2.50			3-15-2020		220,000		218,572
Medtronic Incorporated		3.15			3-15-2022		350,000		349,089
Medtronic Incorporated		3.50			3-15-2025		600,000		599,290
Medtronic Incorporated		4.63			3-15-2044		175,000		185,805
Stryker Corporation		4.10			4-1-2043		175,000		166,533
Stryker Corporation		4.38			1-15-2020		105,000		106,866
Stryker Corporation		4.63			3-15-2046		350,000		361,134
Zimmer Holdings Incorporated		3.55			4-1-2025		500,000		482,010
Zimmer Holdings Incorporated		4.63			11-30-2019		250,000		254,130

									6,614,924


Health Care Providers & Services: 3.97%
Aetna Incorporated		2.75			11-15-2022		650,000		628,953
Aetna Incorporated		4.13			6-1-2021		340,000		346,603
Aetna Incorporated		4.13			11-15-2042		175,000		163,200
Aetna Incorporated		4.75			3-15-2044		400,000		398,838
AmerisourceBergen Corporation		3.50			11-15-2021		210,000		210,809
AmerisourceBergen Corporation		4.25			3-1-2045		175,000		156,024
Anthem Incorporated		4.38			12-1-2047		200,000		186,658
Cardinal Health Incorporated		2.62			6-15-2022		400,000		383,867
Cardinal Health Incorporated		3.50			11-15-2024		350,000		338,263
Cardinal Health Incorporated		4.37			6-15-2047		600,000		524,019
Catholic Health Initiatives		4.35			11-1-2042		175,000		164,615
CIGNA Corporation		4.00			2-15-2022		175,000		177,334
CIGNA Corporation		4.50			3-15-2021		70,000		71,757
CIGNA Corporation		5.13			6-15-2020		150,000		154,753
CIGNA Corporation		5.38			2-15-2042		245,000		258,930
Coventry Health Care Incorporated		5.45			6-15-2021		406,000		425,996
CVS Caremark Corporation		2.75			12-1-2022		350,000		337,366
CVS Caremark Corporation		5.30			12-5-2043		210,000		221,265
CVS Health Corporation		2.13			6-1-2021		260,000		251,790
CVS Health Corporation		2.80			7-20-2020		400,000		397,254
CVS Health Corporation		3.88			7-20-2025		525,000		518,345
Dignity Health		2.64			11-1-2019		350,000		348,951
Express Scripts Holding Company		3.40			3-1-2027		600,000		555,383
Express Scripts Holding Company		3.90			2-15-2022		350,000		352,419
Express Scripts Holding Company		4.80			7-15-2046		210,000		202,088
Express Scripts Holding Company		6.13			11-15-2041		175,000		193,575
Howard Hughes Medical Institute		3.50			9-1-2023		332,000		337,673

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			205

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal			Value

Health Care Providers & Services (continued)
Humana Incorporated		3.15	%		12-1-2022	$	210,000		$	206,555
Humana Incorporated		4.95			10-1-2044		350,000			366,236
Kaiser Foundation Hospitals		4.88			4-1-2042		175,000			197,712
Laboratory Corporation of America Holdings		3.60			2-1-2025		350,000			342,859
Laboratory Corporation of America Holdings		3.75			8-23-2022		39,000			39,265
Laboratory Corporation of America Holdings		4.00			11-1-2023		105,000			106,263
McKesson Corporation		2.85			3-15-2023		140,000			134,430
McKesson Corporation		4.88			3-15-2044		350,000			352,056
Medco Health Solutions Incorporated		4.13			9-15-2020		350,000			354,715
Quest Diagnostics Incorporated		4.70			4-1-2021		112,000			115,171
Quest Diagnostics Incorporated		4.75			1-30-2020		413,000			422,351
UnitedHealth Group Incorporated		2.70			7-15-2020		320,000			319,093
UnitedHealth Group Incorporated		2.88			3-15-2023		800,000			784,578
UnitedHealth Group Incorporated		3.95			10-15-2042		520,000			503,661
UnitedHealth Group Incorporated		4.25			3-15-2043		175,000			175,634
UnitedHealth Group Incorporated		4.75			7-15-2045		350,000			378,510
UnitedHealth Group Incorporated		5.80			3-15-2036		175,000			209,439
UnitedHealth Group Incorporated		6.63			11-15-2037		105,000			137,589
WellPoint Incorporated		2.25			8-15-2019		280,000			278,546
WellPoint Incorporated		3.13			5-15-2022		350,000			345,221
WellPoint Incorporated		3.30			1-15-2023		700,000			693,451
WellPoint Incorporated		4.65			1-15-2043		315,000			308,508
WellPoint Incorporated		4.65			8-15-2044		50,000			48,674
WellPoint Incorporated		5.85			1-15-2036		200,000			224,578

										15,351,823


Life Sciences Tools & Services: 0.46%
Life Technologies Corporation		5.00			1-15-2021		105,000			107,926
Life Technologies Corporation		6.00			3-1-2020		175,000			181,818
Thermo Fisher Scientific Incorporated		3.00			4-15-2023		200,000			194,713
Thermo Fisher Scientific Incorporated		3.15			1-15-2023		350,000			343,838
Thermo Fisher Scientific Incorporated		3.30			2-15-2022		210,000			209,150
Thermo Fisher Scientific Incorporated		3.60			8-15-2021		280,000			281,389
Thermo Fisher Scientific Incorporated		4.15			2-1-2024		280,000			286,477
Thermo Fisher Scientific Incorporated		5.30			2-1-2044		140,000			156,099

										1,761,410


Pharmaceuticals: 2.83%
Allergan Incorporated		2.80			3-15-2023		157,000	��		149,660
Allergan Incorporated		3.38			9-15-2020		350,000			350,716
Bristol-Myers Squibb Company		2.00			8-1-2022		175,000			167,516
Bristol-Myers Squibb Company		3.25			11-1-2023		109,000			109,081
Bristol-Myers Squibb Company		3.25			8-1-2042		175,000			154,962
Bristol-Myers Squibb Company		4.50			3-1-2044		200,000			212,266
Eli Lilly & Company		2.75			6-1-2025		70,000			67,212
Eli Lilly & Company		3.70			3-1-2045		350,000			336,111
Eli Lilly & Company		5.50			3-15-2027		280,000			322,215
GlaxoSmithKline Capital Incorporated		2.80			3-18-2023		140,000			136,742
GlaxoSmithKline Capital Incorporated		5.38			4-15-2034		210,000			241,945

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


206		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Pharmaceuticals (continued)
GlaxoSmithKline Capital Incorporated		6.38	%		5-15-2038	$	900,000	$	1,155,789
Johnson & Johnson		2.45			3-1-2026		525,000		496,354
Johnson & Johnson		3.38			12-5-2023		300,000		304,454
Johnson & Johnson		3.70			3-1-2046		175,000		169,077
Johnson & Johnson		4.38			12-5-2033		200,000		216,926
Johnson & Johnson		4.50			9-1-2040		210,000		228,264
Johnson & Johnson		4.85			5-15-2041		140,000		161,056
Johnson & Johnson		4.95			5-15-2033		126,000		144,754
Merck & Company Incorporated		2.35			2-10-2022		250,000		244,688
Merck & Company Incorporated		2.75			2-10-2025		270,000		261,319
Merck & Company Incorporated		3.60			9-15-2042		175,000		167,736
Merck & Company Incorporated		3.70			2-10-2045		200,000		193,170
Merck & Company Incorporated		3.88			1-15-2021		245,000		250,417
Merck & Company Incorporated		4.15			5-18-2043		350,000		360,954
Mylan Incorporated		4.20			11-29-2023		200,000		199,034
Mylan Incorporated		5.40			11-29-2043		23,000		22,036
Mylan NV Company		3.15			6-15-2021		280,000		275,846
Novartis Capital Corporation		1.80			2-14-2020		180,000		177,395
Novartis Capital Corporation		2.40			9-21-2022		350,000		339,439
Novartis Capital Corporation		3.40			5-6-2024		600,000		601,323
Novartis Capital Corporation		3.70			9-21-2042		175,000		169,860
Novartis Capital Corporation		4.40			4-24-2020		350,000		358,493
Pfizer Incorporated		3.40			5-15-2024		350,000		354,265
Pfizer Incorporated		4.13			12-15-2046		420,000		425,143
Pfizer Incorporated		4.30			6-15-2043		210,000		217,790
Pharmacia Corporation		6.60			12-1-2028		350,000		425,720
Schering-Plough Corporation		6.50			12-1-2033		175,000		226,080
Schering-Plough Corporation		6.55			9-15-2037		140,000		189,908
Zoetis Incorporated		4.70			2-1-2043		350,000		359,226

									10,944,942


Industrials: 8.93%

Aerospace & Defense: 2.52%
General Dynamics Corporation		2.25			11-15-2022		350,000		336,254
General Dynamics Corporation		3.50			5-15-2025		200,000		201,800
General Dynamics Corporation		3.75			5-15-2028		600,000		608,642
General Dynamics Corporation		3.88			7-15-2021		140,000		142,699
L-3 Communications Corporation		4.95			2-15-2021		350,000		361,291
Lockheed Martin Corporation		2.50			11-23-2020		260,000		256,950
Lockheed Martin Corporation		3.35			9-15-2021		175,000		176,103
Lockheed Martin Corporation		3.80			3-1-2045		350,000		324,309
Lockheed Martin Corporation		4.07			12-15-2042		229,000		222,647
Lockheed Martin Corporation		4.70			5-15-2046		350,000		372,937
Lockheed Martin Corporation		6.15			9-1-2036		122,000		149,694
Northrop Grumman Corporation		2.55			10-15-2022		1,100,000		1,065,714
Northrop Grumman Corporation		3.50			3-15-2021		210,000		211,868
Northrop Grumman Corporation		5.05			8-1-2019		59,000		60,170
Northrop Grumman Corporation		5.05			11-15-2040		70,000		75,101
Northrop Grumman Corporation		7.75			2-15-2031		210,000		280,546

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			207

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Aerospace & Defense (continued)
Precision Castparts Corporation		2.50	%		1-15-2023	$	175,000	$	169,279
Precision Castparts Corporation		3.25			6-15-2025		210,000		205,770
Precision Castparts Corporation		3.90			1-15-2043		140,000		135,451
Raytheon Company		2.50			12-15-2022		245,000		239,012
Raytheon Company		7.20			8-15-2027		84,000		106,128
Rockwell Collins Incorporated		3.70			12-15-2023		245,000		245,180
Rockwell Collins Incorporated		4.80			12-15-2043		175,000		179,445
Textron Incorporated		4.30			3-1-2024		140,000		142,386
The Boeing Company		2.60			10-30-2025		800,000		755,039
The Boeing Company		2.80			3-1-2023		200,000		197,365
The Boeing Company		4.88			2-15-2020		428,000		441,580
The Boeing Company		5.88			2-15-2040		21,000		26,461
The Boeing Company		6.13			2-15-2033		126,000		157,598
United Technologies Corporation		3.10			6-1-2022		200,000		197,591
United Technologies Corporation		3.75			11-1-2046		270,000		238,441
United Technologies Corporation		4.05			5-4-2047		1,200,000		1,112,181
United Technologies Corporation		4.50			4-15-2020		350,000		357,988

									9,753,620


Air Freight & Logistics: 0.82%
FedEx Corporation		2.63			8-1-2022		337,000		328,460
FedEx Corporation		3.88			8-1-2042		140,000		124,387
FedEx Corporation		3.90			2-1-2035		330,000		311,897
FedEx Corporation		4.00			1-15-2024		203,000		207,810
FedEx Corporation		4.55			4-1-2046		350,000		342,904
FedEx Corporation		4.90			1-15-2034		175,000		186,866
FedEx Corporation		5.10			1-15-2044		210,000		220,669
United Parcel Service Incorporated		2.35			5-16-2022		300,000		291,469
United Parcel Service Incorporated		2.45			10-1-2022		280,000		272,072
United Parcel Service Incorporated		3.13			1-15-2021		630,000		633,457
United Parcel Service Incorporated		6.20			1-15-2038		206,000		258,464

									3,178,455


Airlines: 0.32%
American Airlines Incorporated		3.20			12-15-2029		57,164		54,518
American Airlines Incorporated		3.38			11-1-2028		27,307		26,454
American Airlines Incorporated		4.95			7-15-2024		433,159		444,963
Continental Airlines Incorporated Series A		7.25			5-10-2021		85,306		88,888
Delta Air Lines Incorporated		6.82			2-10-2024		35,512		38,619
United Airlines Incorporated		4.00			10-11-2027		291,517		294,561
United Airlines Incorporated		4.30			2-15-2027		184,572		188,660
US Airways Group Incorporated		3.95			5-15-2027		78,086		77,934

									1,214,597


Building Products: 0.34%
Johnson Controls International plc		3.90			2-14-2026		500,000		496,340
Johnson Controls International plc		4.25			3-1-2021		120,000		122,120
Johnson Controls International plc		5.00			3-30-2020		100,000		102,753
Masco Corporation		3.50			4-1-2021		245,000		244,672

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


208		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Building Products (continued)
Masco Corporation		4.38	%		4-1-2026	$	190,000	$	190,180
Owens Corning Incorporated		4.20			12-15-2022		149,000		150,551

									1,306,616


Commercial Services & Supplies: 0.30%
Cintas Corporation No. 2		3.25			6-1-2022		70,000		69,689
Republic Services Incorporated		2.90			7-1-2026		260,000		242,516
Republic Services Incorporated		4.75			5-15-2023		210,000		220,289
Republic Services Incorporated		5.25			11-15-2021		35,000		36,994
Republic Services Incorporated		5.50			9-15-2019		87,000		89,242
Waste Management Incorporated		4.10			3-1-2045		350,000		345,589
Waste Management Incorporated		4.60			3-1-2021		140,000		144,451

									1,148,770


Electrical Equipment: 0.21%
Eaton Corporation		4.15			11-2-2042		350,000		335,559
Emerson Electric Company		3.15			6-1-2025		210,000		203,827
Emerson Electric Company		4.25			11-15-2020		140,000		142,735
Emerson Electric Company		4.88			10-15-2019		140,000		143,087

									825,208


Industrial Conglomerates: 1.04%
3M Company		5.70			3-15-2037		227,000		276,412
General Electric Capital Corporation		4.38			9-16-2020		200,000		204,866
General Electric Capital Corporation		5.88			1-14-2038		200,000		228,281
General Electric Capital Corporation		6.75			3-15-2032		621,000		769,101
General Electric Company		4.13			10-9-2042		400,000		365,431
General Electric Company		4.50			3-11-2044		200,000		193,540
Honeywell International Incorporated		2.50			11-1-2026		1,800,000		1,673,515
Honeywell International Incorporated		3.35			12-1-2023		140,000		141,286
Honeywell International Incorporated		4.25			3-1-2021		35,000		36,016
Roper Industries Incorporated		6.25			9-1-2019		140,000		144,418

									4,032,866


Machinery: 0.88%
Caterpillar Incorporated		3.80			8-15-2042		105,000		101,169
Caterpillar Incorporated		4.30			5-15-2044		350,000		367,640
Caterpillar Incorporated		4.75			5-15-2064		900,000		948,147
Deere & Company		2.60			6-8-2022		350,000		343,554
Deere & Company		3.90			6-9-2042		350,000		350,157
Deere & Company		5.38			10-16-2029		210,000		240,271
Dover Corporation		5.38			10-15-2035		140,000		158,235
Illinois Tool Works Incorporated		3.38			9-15-2021		84,000		84,499
Illinois Tool Works Incorporated		3.90			9-1-2042		214,000		212,060
Illinois Tool Works Incorporated		4.88			9-15-2041		206,000		230,131
Parker Hannifin Corporation		3.50			9-15-2022		70,000		70,426
Parker Hannifin Corporation		6.25			5-15-2038		42,000		52,532
Stanley Black & Decker Incorporated		2.90			11-1-2022		245,000		240,269

									3,399,090

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			209

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Professional Services: 0.05%
Verisk Analytics Incorporated		4.13	%		9-12-2022	$	175,000	$	177,629


Road & Rail: 1.89%
Burlington Northern Santa Fe LLC		3.00			3-15-2023		210,000		207,364
Burlington Northern Santa Fe LLC		3.40			9-1-2024		210,000		209,693
Burlington Northern Santa Fe LLC		3.75			4-1-2024		350,000		355,352
Burlington Northern Santa Fe LLC		4.45			3-15-2043		210,000		216,435
Burlington Northern Santa Fe LLC		4.55			9-1-2044		210,000		219,850
Burlington Northern Santa Fe LLC		4.70			10-1-2019		87,000		88,693
Burlington Northern Santa Fe LLC		4.95			9-15-2041		140,000		153,636
Burlington Northern Santa Fe LLC		5.05			3-1-2041		175,000		193,716
Burlington Northern Santa Fe LLC		5.15			9-1-2043		210,000		236,784
CSX Corporation		3.40			8-1-2024		278,000		275,748
CSX Corporation		3.70			10-30-2020		175,000		176,630
CSX Corporation		4.10			3-15-2044		280,000		264,848
CSX Corporation		4.50			8-1-2054		350,000		341,332
CSX Corporation		4.75			5-30-2042		161,000		166,892
CSX Corporation		6.00			10-1-2036		210,000		249,476
CSX Corporation		6.22			4-30-2040		140,000		171,381
Kansas City Southern		3.00			5-15-2023		51,000		49,266
Kansas City Southern		4.30			5-15-2043		140,000		132,601
Norfolk Southern Corporation		2.90			2-15-2023		400,000		391,850
Norfolk Southern Corporation		2.90			6-15-2026		50,000		47,340
Norfolk Southern Corporation		3.00			4-1-2022		350,000		346,178
Norfolk Southern Corporation		3.15			6-1-2027		300,000		285,939
Norfolk Southern Corporation		3.85			1-15-2024		140,000		142,088
Norfolk Southern Corporation		3.95			10-1-2042		384,000		360,773
Ryder System Incorporated		2.50			5-11-2020		140,000		138,274
Union Pacific Corporation		2.75			4-15-2023		200,000		194,486
Union Pacific Corporation		3.25			1-15-2025		175,000		171,010
Union Pacific Corporation		3.75			3-15-2024		140,000		141,490
Union Pacific Corporation		3.80			10-1-2051		809,000		721,580
Union Pacific Corporation		4.15			1-15-2045		175,000		169,527
Union Pacific Corporation		4.16			7-15-2022		306,000		315,887
Union Pacific Corporation		4.30			6-15-2042		175,000		175,448

									7,311,567


Trading Companies & Distributors: 0.56%
Air Lease Corporation		3.25			3-1-2025		200,000		188,625
Air Lease Corporation		3.63			12-1-2027		1,500,000		1,394,787
GATX Corporation		4.85			6-1-2021		70,000		72,218
International Lease Finance Corporation		8.25			12-15-2020		200,000		219,587
W.W. Grainger Incorporated		4.60			6-15-2045		280,000		295,822

									2,171,039


Information Technology: 6.73%

Communications Equipment: 0.59%
Cisco Systems Incorporated		2.20			2-28-2021		700,000		688,370
Cisco Systems Incorporated		2.45			6-15-2020		420,000		417,453

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


210		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Communications Equipment (continued)
Cisco Systems Incorporated		2.90	%		3-4-2021	$	210,000	$	209,636
Cisco Systems Incorporated		2.95			2-28-2026		340,000		328,008
Cisco Systems Incorporated		3.00			6-15-2022		140,000		139,547
Motorola Incorporated		3.50			3-1-2023		385,000		376,435
Motorola Incorporated		7.50			5-15-2025		84,000		96,612

									2,256,061


Electronic Equipment, Instruments & Components: 0.24%
Amphenol Corporation		4.00			2-1-2022		210,000		214,073
Avnet Incorporated		5.88			6-15-2020		70,000		72,669
Corning Incorporated		4.25			8-15-2020		175,000		177,816
Corning Incorporated		5.75			8-15-2040		105,000		121,218
Keysight Technologies Incorporated		3.30			10-30-2019		175,000		174,432
Keysight Technologies Incorporated		4.55			10-30-2024		175,000		178,166

									938,374


Internet Software & Services: 0.44%
Alphabet Incorporated		3.38			2-25-2024		87,000		88,426
Alphabet Incorporated		3.63			5-19-2021		350,000		357,471
eBay Incorporated		2.60			7-15-2022		245,000		237,680
eBay Incorporated		2.88			8-1-2021		350,000		345,902
eBay Incorporated		3.25			10-15-2020		140,000		140,560
eBay Incorporated		3.45			8-1-2024		405,000		396,538
eBay Incorporated		4.00			7-15-2042		175,000		146,458

									1,713,035


IT Services: 1.45%
Fidelity National Information Services Incorporated		3.00			8-15-2026		400,000		372,511
Fidelity National Information Services Incorporated		3.50			4-15-2023		49,000		48,714
Fidelity National Information Services Incorporated		4.75			5-15-2048		500,000		503,273
Fidelity National Information Services Incorporated		5.00			10-15-2025		195,000		206,547
Fiserv Incorporated		2.70			6-1-2020		280,000		277,619
Fiserv Incorporated		3.85			6-1-2025		210,000		208,826
IBM Corporation		1.63			5-15-2020		350,000		343,164
IBM Corporation		1.88			8-1-2022		280,000		266,195
IBM Corporation		3.38			8-1-2023		210,000		210,635
IBM Corporation		4.00			6-20-2042		350,000		339,277
IBM Corporation		5.88			11-29-2032		175,000		210,453
IBM Corporation		7.00			10-30-2025		210,000		254,300
Mastercard Incorporated		3.50			2-26-2028		400,000		399,215
Total System Services Incorporated		3.75			6-1-2023		105,000		104,534
Visa Incorporated		2.20			12-14-2020		700,000		690,087
Visa Incorporated		3.15			12-14-2025		1,020,000		998,586
Western Union Company		5.25			4-1-2020		56,000		57,369
Western Union Company		6.20			11-17-2036		122,000		121,788

									5,613,093


Life Sciences Tools & Services: 0.03%
Agilent Technologies Incorporated		3.88			7-15-2023		105,000		105,346

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			211

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Semiconductors & Semiconductor Equipment: 1.35%
Analog Devices Incorporated		2.88	%		6-1-2023	$	105,000	$	101,393
Applied Materials Incorporated		4.30			6-15-2021		210,000		217,353
Applied Materials Incorporated		5.85			6-15-2041		140,000		167,823
Broadcom Corporation		3.88			1-15-2027		1,200,000		1,121,870
Intel Corporation		2.60			5-19-2026		220,000		206,090
Intel Corporation		4.10			5-19-2046		800,000		799,677
Intel Corporation		4.10			5-11-2047		310,000		311,195
Intel Corporation		4.25			12-15-2042		175,000		178,944
Intel Corporation		4.90			7-29-2045		230,000		256,626
Lam Research Corporation		2.80			6-15-2021		350,000		345,031
Qualcomm Incorporated		2.25			5-20-2020		500,000		493,922
Qualcomm Incorporated		3.45			5-20-2025		700,000		681,381
Texas Instruments Incorporated		2.25			5-1-2023		175,000		167,123
Xilinx Incorporated		3.00			3-15-2021		175,000		174,158

									5,222,586


Software: 1.23%
Adobe Systems Incorporated		4.75			2-1-2020		227,000		233,090
Autodesk Incorporated		3.60			12-15-2022		175,000		173,892
CA Incorporated		5.38			12-1-2019		350,000		358,985
Microsoft Corporation		2.00			11-3-2020		490,000		483,019
Microsoft Corporation		3.00			10-1-2020		280,000		281,987
Microsoft Corporation		3.75			5-1-2043		33,000		32,055
Microsoft Corporation		3.75			2-12-2045		350,000		340,695
Microsoft Corporation		4.00			2-12-2055		350,000		347,832
Microsoft Corporation		4.50			2-6-2057		250,000		272,134
Microsoft Corporation		4.88			12-15-2043		140,000		159,087
Microsoft Corporation		5.20			6-1-2039		77,000		90,772
Oracle Corporation		2.80			7-8-2021		250,000		249,060
Oracle Corporation		3.88			7-15-2020		245,000		249,393
Oracle Corporation		4.00			7-15-2046		350,000		336,444
Oracle Corporation		4.30			7-8-2034		175,000		180,114
Oracle Corporation		4.38			5-15-2055		200,000		201,424
Oracle Corporation		4.50			7-8-2044		350,000		362,806
Oracle Corporation		6.13			7-8-2039		140,000		174,236
Oracle Corporation		6.50			4-15-2038		175,000		225,320

									4,752,345


Technology Hardware, Storage & Peripherals: 1.40%
Apple Incorporated		3.25			2-23-2026		475,000		467,084
Apple Incorporated		3.35			2-9-2027		200,000		197,129
Apple Incorporated		4.38			5-13-2045		350,000		365,295
Apple Incorporated		4.65			2-23-2046		200,000		217,830
Diamond 1 Finance Corporation 144A		4.42			6-15-2021		400,000		406,789
Diamond 1 Finance Corporation 144A		8.35			7-15-2046		700,000		857,120
Hewlett Packard Enterprise Company		4.40			10-15-2022		200,000		205,933
Hewlett Packard Enterprise Company		4.90			10-15-2025		700,000		721,426
Hewlett Packard Enterprise Company		6.35			10-15-2045		525,000		541,164
Hewlett-Packard Company		3.75			12-1-2020		29,000		29,298

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


212		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Technology Hardware, Storage & Peripherals (continued)
Hewlett-Packard Company		4.05	%		9-15-2022	$	175,000	$	177,879
Hewlett-Packard Company		6.00			9-15-2041		332,000		339,465
Seagate HDD		4.75			1-1-2025		350,000		335,272
Xerox Corporation		4.50			5-15-2021		400,000		403,534
Xerox Corporation		5.63			12-15-2019		140,000		143,820

									5,409,038


Materials: 2.69%

Chemicals: 1.80%
Air Products & Chemicals Incorporated		3.00			11-3-2021		175,000		174,631
Air Products & Chemicals Incorporated		4.38			8-21-2019		105,000		106,724
Dow Chemical Company		3.50			10-1-2024		675,000		661,860
Dow Chemical Company		4.13			11-15-2021		350,000		357,028
Dow Chemical Company		4.25			10-1-2034		175,000		170,181
Dow Chemical Company		5.25			11-15-2041		175,000		185,399
E.I. du Pont de Nemours & Company		2.80			2-15-2023		810,000		790,941
E.I. du Pont de Nemours & Company		4.50			8-15-2019		280,000		284,762
E.I. du Pont de Nemours & Company		4.63			1-15-2020		140,000		143,183
E.I. du Pont de Nemours & Company		6.50			1-15-2028		175,000		207,901
Eastman Chemical Company		2.70			1-15-2020		210,000		209,025
Eastman Chemical Company		3.60			8-15-2022		280,000		280,319
Eastman Chemical Company		4.80			9-1-2042		140,000		139,985
Ecolab Incorporated		4.35			12-8-2021		286,000		295,815
Ecolab Incorporated		5.50			12-8-2041		210,000		247,536
Mosaic Company		3.75			11-15-2021		80,000		80,039
Mosaic Company		4.25			11-15-2023		297,000		301,069
Mosaic Company		5.63			11-15-2043		175,000		178,642
Praxair Incorporated		2.45			2-15-2022		140,000		136,821
Praxair Incorporated		2.70			2-21-2023		105,000		102,714
Praxair Incorporated		4.05			3-15-2021		140,000		143,097
RPM International Incorporated		6.13			10-15-2019		140,000		144,217
The Sherwin-Williams Company		3.13			6-1-2024		1,200,000		1,158,618
The Sherwin Williams Company		3.45			8-1-2025		400,000		385,289
The Sherwin-Williams Company		4.00			12-15-2042		92,000		83,072

									6,968,868


Containers & Packaging: 0.46%
Bemis Company Incorporated		6.80			8-1-2019		7,000		7,238
International Paper Company		3.00			2-15-2027		200,000		185,072
International Paper Company		3.65			6-15-2024		350,000		348,316
International Paper Company		4.75			2-15-2022		52,000		54,021
International Paper Company		4.80			6-15-2044		175,000		172,853
International Paper Company		7.30			11-15-2039		175,000		222,598
International Paper Company		7.50			8-15-2021		214,000		237,730
MeadWestvaco Corporation		7.95			2-15-2031		35,000		45,763
Packaging Corporation of America		3.65			9-15-2024		175,000		172,202
Packaging Corporation of America		3.90			6-15-2022		140,000		141,872
Plum Creek Timberlands LP		3.25			3-15-2023		192,000		187,483

									1,775,148

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			213

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Metals & Mining: 0.38%
Barrick Gold Finance Company LLC		5.70	%		5-30-2041	$	210,000	$	228,516
Newmont Mining Corporation		4.88			3-15-2042		350,000		343,910
Nucor Corporation		4.00			8-1-2023		132,000		135,039
Nucor Corporation		5.20			8-1-2043		140,000		154,527
Nucor Corporation		6.40			12-1-2037		140,000		173,530
Southern Copper Corporation		5.38			4-16-2020		63,000		65,180
Southern Copper Corporation		6.75			4-16-2040		308,000		364,014

									1,464,716


Paper & Forest Products: 0.05%
Georgia-Pacific LLC		8.00			1-15-2024		140,000		168,665


Real Estate: 4.50%

Equity REITs: 4.50%
Alexandria Real Estate Equities Incorporated		4.50			7-30-2029		525,000		527,454
American Campus Communities Incorporated		3.75			4-15-2023		70,000		69,615
American Tower Corporation		3.45			9-15-2021		350,000		350,022
American Tower Corporation		3.50			1-31-2023		295,000		290,864
American Tower Corporation		4.00			6-1-2025		350,000		347,063
American Tower Corporation		5.00			2-15-2024		245,000		257,187
American Tower Corporation		5.05			9-1-2020		350,000		360,967
AvalonBay Communities Incorporated		2.95			9-15-2022		245,000		240,514
AvalonBay Communities Incorporated		3.45			6-1-2025		140,000		137,700
AvalonBay Communities Incorporated		3.63			10-1-2020		140,000		140,987
AvalonBay Communities Incorporated		4.20			12-15-2023		175,000		180,272
Boston Properties LP		2.75			10-1-2026		500,000		457,493
Boston Properties LP		3.13			9-1-2023		105,000		102,846
Boston Properties LP		3.80			2-1-2024		300,000		300,135
Boston Properties LP		3.85			2-1-2023		200,000		201,922
Boston Properties LP		4.13			5-15-2021		210,000		214,288
Boston Properties LP		5.63			11-15-2020		380,000		397,114
Boston Properties LP		5.88			10-15-2019		350,000		358,898
Corporate Office Properties LP		3.60			5-15-2023		70,000		68,223
Corporate Office Properties LP		3.70			6-15-2021		350,000		347,238
Crown Castle International Corporation		3.70			6-15-2026		350,000		335,142
Crown Castle International Corporation		4.88			4-15-2022		50,000		51,605
Crown Castle International Corporation		5.25			1-15-2023		350,000		368,077
DDR Corporation		4.63			7-15-2022		175,000		179,915
Digital Realty Trust LP		3.63			10-1-2022		140,000		139,863
Digital Realty Trust LP		3.95			7-1-2022		140,000		141,653
Digital Realty Trust LP		5.25			3-15-2021		70,000		72,735
Digital Realty Trust LP		5.88			2-1-2020		210,000		216,074
Duke Realty LP		3.75			12-1-2024		455,000		450,970
Entertainment Properties Trust		5.75			8-15-2022		105,000		110,667
Equity One Incorporated		3.75			11-15-2022		175,000		174,787
ERP Operating LP		4.63			12-15-2021		419,000		434,384
Essex Portfolio LP		3.25			5-1-2023		70,000		68,432
Federal Realty Investment Trust		4.50			12-1-2044		175,000		179,246
HCP Incorporated		3.15			8-1-2022		70,000		68,459

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


214		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Equity REITs (continued)
HCP Incorporated		3.88	%		8-15-2024	$	300,000	$	295,153
HCP Incorporated		6.75			2-1-2041		95,000		119,916
Health Care REIT Incorporated		4.00			6-1-2025		210,000		208,238
Health Care REIT Incorporated		4.50			1-15-2024		140,000		143,334
Health Care REIT Incorporated		6.50			3-15-2041		140,000		168,555
Hospitality Properties Trust		4.65			3-15-2024		350,000		350,169
Host Hotels & Resorts Company		3.75			10-15-2023		70,000		68,755
Host Hotels & Resorts Company		4.75			3-1-2023		175,000		179,512
Host Hotels & Resorts Company		6.00			10-1-2021		350,000		370,723
Kilroy Realty Corporation		3.80			1-15-2023		175,000		174,642
Kimco Realty Corporation		2.80			10-1-2026		350,000		314,640
Liberty Property LP		4.40			2-15-2024		109,000		111,232
Liberty Property LP		4.75			10-1-2020		175,000		179,306
Mid-America Apartments LP		4.30			10-15-2023		35,000		35,723
National Retail Properties Incorporated		3.30			4-15-2023		70,000		68,671
National Retail Properties Incorporated		3.80			10-15-2022		70,000		70,212
Realty Income Corporation		3.88			7-15-2024		350,000		352,186
Realty Income Corporation		4.65			8-1-2023		210,000		218,943
Simon Property Group LP		3.30			1-15-2026		410,000		398,940
Simon Property Group LP		3.38			3-15-2022		350,000		350,715
Simon Property Group LP		3.75			2-1-2024		175,000		176,846
Simon Property Group LP		4.13			12-1-2021		210,000		215,369
Simon Property Group LP		4.25			11-30-2046		400,000		398,671
Simon Property Group LP		4.38			3-1-2021		350,000		359,478
Simon Property Group LP		4.75			3-15-2042		175,000		186,625
Simon Property Group LP		6.75			2-1-2040		245,000		322,771
UDR Incorporated		3.70			10-1-2020		175,000		176,086
UDR Incorporated		4.63			1-10-2022		70,000		72,064
Ventas Realty LP		3.85			4-1-2027		800,000		775,133
Ventas Realty LP		4.25			3-1-2022		700,000		714,883
Ventas Realty LP		5.70			9-30-2043		175,000		195,565
VEREIT Operating Partnership LP		4.13			6-1-2021		80,000		81,017
VEREIT Operating Partnership LP		4.60			2-6-2024		98,000		98,852
VEREIT Operating Partnership LP		4.88			6-1-2026		119,000		120,849
Welltower Incorporated		5.25			1-15-2022		70,000		73,286
Weyerhaeuser Company		4.63			9-15-2023		210,000		217,368
Weyerhaeuser Company		7.38			10-1-2019		70,000		73,162
Weyerhaeuser Company		7.38			3-15-2032		200,000		254,871
WP Carey Incorporated		4.60			4-1-2024		350,000		355,126

									17,390,398


Telecommunication Services: 0.80%

Diversified Telecommunication Services: 0.71%
AT&T Incorporated		3.00			2-15-2022		200,000		196,648
AT&T Incorporated		3.90			3-11-2024		350,000		349,127
AT&T Incorporated		4.30			12-15-2042		350,000		299,736
AT&T Incorporated		4.50			5-15-2035		230,000		213,452
AT&T Incorporated		5.00			3-1-2021		200,000		207,626
AT&T Incorporated		6.00			8-15-2040		280,000		294,862

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			215

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Diversified Telecommunication Services (continued)
Verizon Communications Incorporated		3.85	%		11-1-2042	$	260,000	$	223,485
Verizon Communications Incorporated		4.67			3-15-2055		655,000		604,834
Verizon Communications Incorporated		4.75			11-1-2041		350,000		340,017

									2,729,787


Wireless Telecommunication Services: 0.09%
CC Holdings GS V LLC		3.85			4-15-2023		350,000		348,531


Utilities: 7.16%

Electric Utilities: 5.72%
Alabama Power Company		3.55			12-1-2023		175,000		176,067
Alabama Power Company		3.85			12-1-2042		140,000		133,221
Alabama Power Company		4.15			8-15-2044		105,000		103,483
American Electric Power Company Incorporated		2.95			12-15-2022		740,000		722,011
Appalachian Power Company		3.40			6-1-2025		175,000		172,561
Appalachian Power Company		4.45			6-1-2045		175,000		180,574
Appalachian Power Company		7.00			4-1-2038		70,000		92,839
Arizona Public Service Company		3.15			5-15-2025		105,000		102,269
Arizona Public Service Company		4.50			4-1-2042		70,000		72,882
Baltimore Gas & Electric Company		3.50			8-15-2046		50,000		45,129
Carolina Power & Light Company		2.80			5-15-2022		175,000		172,451
CenterPoint Energy Houston		2.25			8-1-2022		210,000		201,901
CenterPoint Energy Houston		3.55			8-1-2042		175,000		162,071
CenterPoint Energy Houston		4.50			4-1-2044		175,000		187,234
Commonwealth Edison Company		3.80			10-1-2042		70,000		66,886
Commonwealth Edison Company		5.90			3-15-2036		175,000		211,688
Connecticut Light & Power Company		4.15			6-1-2045		87,000		88,596
Consolidated Edison Company of New York Incorporated		4.45			3-15-2044		350,000		362,530
Consolidated Edison Company of New York Incorporated		4.63			12-1-2054		300,000		310,409
Consolidated Edison Company of New York Incorporated Series 07-A		6.30			8-15-2037		175,000		222,958
Consolidated Edison Company of New York Incorporated Series 08-B		6.75			4-1-2038		210,000		279,912
Consolidated Edison Company of New York Incorporated Series 12-A		4.20			3-15-2042		175,000		174,284
Consolidated Edison Company of New York Incorporated Series C		4.30			12-1-2056		245,000		240,024
Constellation Energy Group Incorporated		5.15			12-1-2020		70,000		72,096
DTE Electric Company		3.65			3-15-2024		105,000		105,865
Duke Energy Carolinas LLC		3.70			12-1-2047		200,000		186,045
Duke Energy Carolinas LLC		4.30			6-15-2020		50,000		51,228
Duke Energy Corporation		3.05			8-15-2022		70,000		69,077
Duke Energy Corporation		3.95			10-15-2023		140,000		141,663
Duke Energy Florida Incorporated		3.85			11-15-2042		70,000		66,994
Duke Energy Indiana Incorporated		4.90			7-15-2043		105,000		116,957
Duke Energy Indiana Incorporated		6.45			4-1-2039		45,000		58,365
Duke Energy Progress Incorporated		3.00			9-15-2021		175,000		174,234
Duke Energy Progress Incorporated		4.10			3-15-2043		105,000		104,777
Duke Energy Progress Incorporated		4.15			12-1-2044		175,000		175,483
Duke Energy Progress Incorporated		4.38			3-30-2044		175,000		181,313
Emera US Finance LP		3.55			6-15-2026		200,000		190,059
Entergy Arkansas Incorporated		3.70			6-1-2024		175,000		176,549
Entergy Corporation		5.13			9-15-2020		175,000		179,920

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


216		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
Entergy Gulf States Louisiana LLC		5.59	%		10-1-2024	$	84,000	$	92,398
Entergy Louisiana LLC		5.40			11-1-2024		175,000		192,204
Eversource Energy		4.50			11-15-2019		70,000		71,227
Exelon Corporation		4.95			6-15-2035		140,000		146,880
Exelon Corporation		5.10			6-15-2045		280,000		297,820
Exelon Generation Company LLC		4.25			6-15-2022		157,000		160,243
FirstEnergy Corporation		4.25			3-15-2023		168,000		171,321
Florida Power & Light Company		3.25			6-1-2024		350,000		346,992
Florida Power & Light Company		4.05			6-1-2042		175,000		177,506
Florida Power & Light Company		5.25			2-1-2041		140,000		163,012
Florida Power & Light Company		5.95			2-1-2038		224,000		278,607
Florida Power & Light Company		5.96			4-1-2039		175,000		221,584
Florida Power Corporation		5.65			4-1-2040		87,000		104,208
Georgia Power Company		4.30			3-15-2042		175,000		168,724
Interstate Power & Light Company		6.25			7-15-2039		21,000		26,839
Kansas City Power & Light Company		3.15			3-15-2023		140,000		137,500
Kentucky Utilities Company		3.25			11-1-2020		175,000		175,448
LG&E & KU Energy LLC		3.75			11-15-2020		70,000		70,537
MidAmerican Energy Holdings Company		5.95			5-15-2037		210,000		252,007
MidAmerican Energy Holdings Company		6.13			4-1-2036		140,000		169,731
MidAmerican Energy Holdings Company		6.75			12-30-2031		105,000		135,413
Nevada Power Company		6.75			7-1-2037		140,000		182,340
Northeast Utilities		2.80			5-1-2023		122,000		118,043
Northern States Power Company of Minnesota		2.15			8-15-2022		175,000		167,609
Northern States Power Company of Minnesota		2.60			5-15-2023		105,000		101,967
Northern States Power Company of Minnesota		3.40			8-15-2042		175,000		160,433
Northern States Power Company of Minnesota		5.35			11-1-2039		28,000		32,631
Northern States Power Company of Minnesota		6.20			7-1-2037		210,000		266,729
NSTAR Electric Company		2.38			10-15-2022		140,000		134,819
NSTAR Electric Company		5.50			3-15-2040		70,000		82,238
Oglethorpe Power Corporation		5.38			11-1-2040		210,000		237,127
Oglethorpe Power Corporation		5.95			11-1-2039		105,000		127,089
Ohio Edison Company		6.88			7-15-2036		175,000		230,202
Ohio Power Company		5.38			10-1-2021		45,000		47,881
Oncor Electric Delivery Company LLC		4.55			12-1-2041		140,000		149,660
Oncor Electric Delivery Company LLC		5.25			9-30-2040		175,000		202,396
Oncor Electric Delivery Company LLC		7.00			5-1-2032		122,000		160,146
Oncor Electric Delivery Company LLC		7.50			9-1-2038		140,000		198,764
Pacific Gas & Electric Company		2.45			8-15-2022		175,000		164,911
Pacific Gas & Electric Company		2.95			3-1-2026		350,000		316,904
Pacific Gas & Electric Company		3.40			8-15-2024		205,000		196,626
Pacific Gas & Electric Company		3.50			6-15-2025		105,000		99,687
Pacific Gas & Electric Company		3.75			8-15-2042		140,000		121,330
Pacific Gas & Electric Company		4.30			3-15-2045		140,000		130,533
Pacific Gas & Electric Company		5.13			11-15-2043		175,000		181,563
Pacific Gas & Electric Company		5.40			1-15-2040		310,000		331,176
Pacific Gas & Electric Company		6.35			2-15-2038		70,000		80,311
PacifiCorp		3.60			4-1-2024		175,000		175,996
PacifiCorp		4.10			2-1-2042		70,000		69,662
PacifiCorp		5.75			4-1-2037		175,000		211,860

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			217

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
PECO Energy Company		4.15	%		10-1-2044	$	245,000	$	247,617
Potomac Electric Power Company		3.60			3-15-2024		175,000		176,280
Potomac Electric Power Company		6.50			11-15-2037		140,000		179,923
PPL Capital Funding Incorporated		4.20			6-15-2022		140,000		142,431
PPL Capital Funding Incorporated		4.70			6-1-2043		87,000		88,103
PPL Electric Utilities		4.75			7-15-2043		105,000		114,219
PPL Electric Utilities		6.25			5-15-2039		31,000		39,716
PPL Electric Utilities Corporation		4.15			6-15-2048		200,000		201,976
PSEG Power LLC		5.13			4-15-2020		196,000		201,259
PSEG Power LLC		8.63			4-15-2031		75,000		99,197
Public Service Company of Colorado		2.25			9-15-2022		70,000		67,309
Public Service Company of Colorado		3.20			11-15-2020		210,000		210,441
Public Service Company of Colorado		3.60			9-15-2042		140,000		131,645
Public Service Company of Colorado		4.30			3-15-2044		175,000		181,081
Public Service Company of New Hampshire		3.50			11-1-2023		210,000		211,409
Public Service Electric & Gas Company		2.38			5-15-2023		140,000		134,345
Public Service Electric & Gas Company		3.00			5-15-2027		500,000		478,815
Public Service Electric & Gas Company		3.65			9-1-2042		175,000		165,294
Public Service Electric & Gas Company		3.80			1-1-2043		140,000		135,408
Public Service Electric & Gas Company		3.95			5-1-2042		70,000		69,336
Public Service Electric & Gas Company		5.80			5-1-2037		70,000		85,904
South Carolina Eletric & Gas Company		4.50			6-1-2064		200,000		185,380
Southern California Edison Company		3.88			6-1-2021		449,000		455,535
Southern California Edison Company		3.90			3-15-2043		105,000		97,954
Southern California Edison Company		4.05			3-15-2042		350,000		336,104
Southern California Edison Company		5.35			7-15-2035		126,000		139,746
Southern California Edison Company		5.50			3-15-2040		140,000		159,180
Southern California Edison Company		6.00			1-15-2034		70,000		82,387
Southern Company		2.75			6-15-2020		175,000		173,380
Southern Company		2.95			7-1-2023		200,000		192,781
Southwestern Electric Power Company		6.20			3-15-2040		35,000		42,611
TXU Electric Delivery Company		7.25			1-15-2033		52,000		70,695
Union Electric Company		3.90			9-15-2042		175,000		171,835
Union Electric Company		8.45			3-15-2039		56,000		85,349
Virginia Electric & Power Company		3.10			5-15-2025		70,000		67,671
Virginia Electric & Power Company		3.45			2-15-2024		105,000		104,670
Virginia Electric & Power Company		4.00			1-15-2043		227,000		219,254
Virginia Electric & Power Company		4.00			11-15-2046		270,000		258,311
Virginia Electric & Power Company		4.20			5-15-2045		105,000		103,424
Virginia Electric & Power Company		4.45			2-15-2044		105,000		106,816
Virginia Electric & Power Company		6.00			1-15-2036		70,000		84,417
Westar Energy Incorporated		4.10			4-1-2043		210,000		209,496
Wisconsin Electric Power Company		5.63			5-15-2033		70,000		80,981
Wisconsin Electric Power Company		5.70			12-1-2036		105,000		126,777
Wisconsin Power & Light Company		6.38			8-15-2037		175,000		222,138
Xcel Energy Incorporated		4.70			5-15-2020		175,000		178,518

									22,090,557

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


218		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Gas Utilities: 0.29%
Atmos Energy Corporation		4.13	%		10-15-2044	$	245,000	$	243,079
Atmos Energy Corporation		4.15			1-15-2043		113,000		112,102
Atmos Energy Corporation		5.50			6-15-2041		42,000		48,961
CenterPoint Energy Resources Corporation		4.50			1-15-2021		45,000		45,935
CenterPoint Energy Resources Corporation		5.85			1-15-2041		77,000		91,529
National Fuel Gas Company		3.75			3-1-2023		218,000		216,128
One Gas Incorporated		3.61			2-1-2024		70,000		69,868
One Gas Incorporated		4.66			2-1-2044		35,000		37,380
Piedmont Natural Gas Company		4.65			8-1-2043		35,000		37,398
Southern California Gas Company		3.75			9-15-2042		140,000		132,716
Southern California Gas Company		5.13			11-15-2040		70,000		79,370

									1,114,466


Multi-Utilities: 1.10%
Berkshire Hathaway Energy		5.15			11-15-2043		280,000		308,389
Black Hills Corporation		4.25			11-30-2023		210,000		214,446
CMS Energy Corporation		5.05			3-15-2022		245,000		256,679
Consumers Energy Company		3.95			5-15-2043		140,000		138,638
Consumers Energy Company		6.70			9-15-2019		100,000		103,951
Dominion Resources Incorporated		2.50			12-1-2019		132,000		131,073
Dominion Resources Incorporated		2.75			9-15-2022		210,000		203,427
Dominion Resources Incorporated		3.63			12-1-2024		210,000		206,414
Dominion Resources Incorporated		4.05			9-15-2042		175,000		164,290
Dominion Resources Incorporated		4.45			3-15-2021		70,000		71,680
Dominion Resources Incorporated		4.90			8-1-2041		42,000		44,062
Dominion Resources Incorporated		5.95			6-15-2035		157,000		179,828
DTE Energy Company		2.40			12-1-2019		210,000		208,003
DTE Energy Company		3.30			6-15-2022		70,000		69,264
DTE Energy Company		3.85			12-1-2023		170,000		171,222
NiSource Finance Corporation		5.65			2-1-2045		140,000		161,138
Puget Energy Incorporated		3.65			5-15-2025		140,000		136,029
Puget Energy Incorporated		6.00			9-1-2021		175,000		186,485
Puget Sound Energy Incorporated		5.80			3-15-2040		35,000		43,015
Puget Sound Energy Incorporated		6.27			3-15-2037		231,000		291,372
San Diego Gas & Electric Company		3.00			8-15-2021		300,000		298,134
Sempra Energy		2.88			10-1-2022		140,000		136,395
Sempra Energy		3.25			6-15-2027		300,000		280,410
WEC Energy Group Incorporated		2.45			6-15-2020		105,000		104,115
WEC Energy Group Incorporated		3.55			6-15-2025		140,000		138,543

									4,247,002


Water Utilities: 0.05%
American Water Capital Corporation		3.40			3-1-2025		210,000		208,425


Total Corporate Bonds and Notes (Cost $314,926,378)									314,084,988


Yankee Corporate Bonds and Notes: 17.13%

Consumer Discretionary: 0.26%

Auto Components: 0.05%
Magna International Incorporated		4.15			10-1-2025		175,000		177,930

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			219

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Media: 0.21%
Thomson Reuters Corporation		4.30	%		11-23-2023	$	210,000	$	214,460
Thomson Reuters Corporation		5.65			11-23-2043		140,000		151,183
Thomson Reuters Corporation		5.85			4-15-2040		94,000		102,227
WPP Finance 2010		3.75			9-19-2024		200,000		193,079
WPP Finance 2010		5.63			11-15-2043		140,000		146,430

									807,379


Consumer Staples: 0.26%

Beverages: 0.26%
Coca-Cola Femsa SAB de CV		3.88			11-26-2023		300,000		302,800
Coca-Cola Femsa SAB de CV		4.63			2-15-2020		200,000		203,902
Diageo Capital plc		2.63			4-29-2023		210,000		204,028
Diageo Capital plc		3.88			4-29-2043		161,000		158,317
Diageo Capital plc		5.88			9-30-2036		122,000		148,213

									1,017,260


Energy: 2.07%

Oil, Gas & Consumable Fuels: 2.07%
BP Capital Markets plc		3.25			5-6-2022		525,000		523,983
BP Capital Markets plc		3.81			2-10-2024		350,000		355,417
BP Capital Markets plc		4.50			10-1-2020		350,000		359,917
Canadian National Resources Limited		6.75			2-1-2039		110,000		135,860
Canadian Natural Resources Limited		3.85			6-1-2027		800,000		777,632
Canadian Natural Resources Limited		3.90			2-1-2025		210,000		208,557
Canadian Natural Resources Limited		4.95			6-1-2047		200,000		209,570
Cenovus Energy Incorporated		3.00			8-15-2022		145,000		139,496
Cenovus Energy Incorporated		4.25			4-15-2027		800,000		772,731
Cenovus Energy Incorporated		4.45			9-15-2042		320,000		279,263
Cenovus Energy Incorporated		5.70			10-15-2019		200,000		204,820
Cenovus Energy Incorporated		6.75			11-15-2039		240,000		274,226
Husky Energy Incorporated		4.00			4-15-2024		350,000		350,328
Husky Energy Incorporated		6.80			9-15-2037		70,000		86,803
Petro-Canada		5.95			5-15-2035		140,000		162,343
Suncor Energy Incorporated		5.95			12-1-2034		52,000		60,669
Total Capital Canada Limited		2.75			7-15-2023		245,000		239,024
Total Capital International SA		2.70			1-25-2023		385,000		375,457
Total Capital International SA		2.88			2-17-2022		175,000		173,483
Total Capital International SA		3.75			4-10-2024		350,000		356,159
Total Capital SA		4.13			1-28-2021		70,000		71,723
Total Capital SA		4.45			6-24-2020		350,000		359,777
TransCanada PipeLines Limited		3.75			10-16-2023		175,000		176,236
TransCanada PipeLines Limited		3.80			10-1-2020		210,000		212,747
TransCanada PipeLines Limited		5.00			10-16-2043		350,000		360,518
TransCanada PipeLines Limited		5.60			3-31-2034		70,000		76,962
TransCanada PipeLines Limited		6.10			6-1-2040		210,000		241,238
TransCanada PipeLines Limited		7.63			1-15-2039		350,000		467,464

									8,012,403

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


220		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Financials: 10.46%

Banks: 8.66%
Australia & New Zealand Banking Group Limited		2.70	%		11-16-2020	$	850,000	$	841,695
Banco Santander SA		4.38			4-12-2028		2,000,000		1,933,579
Bancolombia SA		5.95			6-3-2021		200,000		209,750
Bank of Montreal		1.75			9-11-2019		300,000		297,291
Bank of Montreal		1.90			8-27-2021		470,000		452,808
Bank of Montreal (5 Year USD Swap +1.43%) ±		3.80			12-15-2032		800,000		751,920
Bank of Nova Scotia		2.45			9-19-2022		300,000		289,937
Bank of Nova Scotia		2.80			7-21-2021		900,000		888,821
Bank of Nova Scotia		4.38			1-13-2021		350,000		359,190
Barclays plc		2.75			11-8-2019		2,000		1,989
Barclays plc		2.88			6-8-2020		300,000		296,698
Barclays plc		3.25			1-12-2021		500,000		494,259
Barclays plc		4.38			1-12-2026		800,000		781,392
BNP Paribas		3.25			3-3-2023		300,000		296,116
BNP Paribas		4.25			10-15-2024		400,000		398,347
BNP Paribas		5.00			1-15-2021		1,105,000		1,149,332
BPCE SA		2.75			12-2-2021		330,000		321,968
BPCE SA		4.00			4-15-2024		250,000		253,320
Commonwealth Bank of Australia		2.30			9-6-2019		250,000		248,986
Cooperatieve Rabobank UA		3.75			7-21-2026		780,000		743,880
Credit Suisse		5.40			1-14-2020		200,000		205,633
Credit Suisse Group Funding Limited		3.45			4-16-2021		250,000		249,393
Credit Suisse Group Funding Limited		4.55			4-17-2026		750,000		759,146
HSBC Holdings plc		4.00			3-30-2022		200,000		203,485
HSBC Holdings plc (3 Month LIBOR +1.55%) ±		4.04			3-13-2028		500,000		488,876
HSBC Holdings plc		4.88			1-14-2022		175,000		182,501
HSBC Holdings plc		6.10			1-14-2042		280,000		341,458
HSBC Holdings plc		6.50			5-2-2036		200,000		237,348
Intesa Sanpaolo SpA		5.25			1-12-2024		200,000		198,450
Lloyds Banking Group plc (3 Month LIBOR +1.21%) ±		3.57			11-7-2028		800,000		737,156
Lloyds Banking Group plc		4.50			11-4-2024		600,000		595,907
Lloyds Banking Group plc		4.58			12-10-2025		250,000		246,306
Lloyds Banking Group plc		5.30			12-1-2045		300,000		305,545
Mitsubishi UFJ Financial Group Incorporated		2.19			9-13-2021		600,000		577,839
Mitsubishi UFJ Financial Group Incorporated		2.76			9-13-2026		900,000		829,055
Mitsubishi UFJ Financial Group Incorporated		3.85			3-1-2026		200,000		199,401
Mizuho Financial Group		2.95			2-28-2022		750,000		735,432
Mizuho Financial Group		3.17			9-11-2027		1,200,000		1,131,949
MUFG Americas Holdings Corporation		3.00			2-10-2025		350,000		334,839
National Australia Bank Limited		2.50			7-12-2026		1,100,000		998,665
Rabobank Nederland NV		3.88			2-8-2022		750,000		760,264
Rabobank Nederland NV		4.50			1-11-2021		350,000		359,662
Rabobank Nederland NV		5.75			12-1-2043		250,000		287,309
Royal Bank of Canada		2.15			3-6-2020		500,000		494,216
Royal Bank of Canada		2.50			1-19-2021		350,000		344,672
Royal Bank of Canada		4.65			1-27-2026		700,000		719,575
Royal Bank of Scotland Group plc		3.88			9-12-2023		300,000		292,319
Royal Bank of Scotland Group plc		4.80			4-5-2026		1,300,000		1,317,731

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			221

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Santander UK Group Holdings plc		3.57	%		1-10-2023	$	800,000	$	782,315
Santander UK plc		2.35			9-10-2019		240,000		238,765
Santander UK plc		4.00			3-13-2024		525,000		532,186
Skandinaviska Enskilda		2.63			3-15-2021		500,000		491,854
Sumitomo Mitsui Banking Corporation		3.95			7-19-2023		250,000		253,861
Sumitomo Mitsui Financial Group		3.01			10-19-2026		655,000		614,539
Sumitomo Mitsui Financial Group		3.78			3-9-2026		700,000		696,507
Svenska Handelsbanken AB		1.88			9-7-2021		500,000		478,979
Svenska Handelsbanken AB		2.45			3-30-2021		1,000,000		979,278
Toronto Dominion Bank		1.80			7-13-2021		200,000		192,572
Toronto Dominion Bank		2.50			12-14-2020		560,000		552,189
Toronto Dominion Bank		3.50			7-19-2023		300,000		301,335
Toronto Dominion Bank (5 Year USD Swap +2.21%) ±		3.63			9-15-2031		525,000		497,610
Westpac Banking Corporation		2.10			5-13-2021		350,000		338,914
Westpac Banking Corporation		2.30			5-26-2020		700,000		690,448
Westpac Banking Corporation		2.85			5-13-2026		700,000		655,858

									33,442,620


Capital Markets: 0.42%
Deutsche Bank AG		3.13			1-13-2021		350,000		342,381
Deutsche Bank AG		3.70			5-30-2024		700,000		660,538
Invesco Finance plc		4.00			1-30-2024		175,000		177,484
Invesco Finance plc		5.38			11-30-2043		175,000		198,357
Nomura Holdings Incorporated		6.70			3-4-2020		249,000		261,103

									1,639,863


Diversified Financial Services: 1.27%
Barrick Australian Finance Proprietary Limited		5.95			10-15-2039		135,000		148,775
BHP Billiton Finance USA Limited		3.85			9-30-2023		200,000		204,541
Burlington Resources Finance Company		7.20			8-15-2031		350,000		449,728
ConocoPhillips Canada Funding Company		5.95			10-15-2036		210,000		253,810
GE Capital International Funding Company		2.34			11-15-2020		1,200,000		1,175,406
GE Capital International Funding Company		3.37			11-15-2025		550,000		532,147
Shell International Finance BV		2.25			1-6-2023		175,000		168,343
Shell International Finance BV		2.38			8-21-2022		175,000		170,196
Shell International Finance BV		2.88			5-10-2026		230,000		220,114
Shell International Finance BV		3.25			5-11-2025		350,000		345,176
Shell International Finance BV		3.40			8-12-2023		175,000		176,109
Shell International Finance BV		3.63			8-21-2042		175,000		161,832
Shell International Finance BV		4.38			3-25-2020		350,000		358,335
Shell International Finance BV		6.38			12-15-2038		245,000		318,052
UBS AG		2.38			8-14-2019		225,000		224,121

									4,906,685


Insurance: 0.11%
Aon plc		4.00			11-27-2023		105,000		106,976
XL Capital Limited		6.25			5-15-2027		70,000		80,192
XL Capital Limited		6.38			11-15-2024		70,000		78,627
XLIT Limited		5.25			12-15-2043		140,000		153,064

									418,859

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


222		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Health Care: 1.16%

Health Care Equipment & Supplies: 0.15%
Covidien International Finance SA		6.55	%		10-15-2037	$	280,000	$	359,282
Koninklijke Philips Electronics NV		6.88			3-11-2038		175,000		227,733

									587,015


Pharmaceuticals: 1.01%
Actavis Funding SCS		3.85			6-15-2024		350,000		348,744
Actavis Funding SCS		4.85			6-15-2044		350,000		346,280
AstraZeneca plc		1.95			9-18-2019		200,000		198,366
AstraZeneca plc		2.38			11-16-2020		350,000		344,434
AstraZeneca plc		3.38			11-16-2025		500,000		486,059
AstraZeneca plc		4.00			9-18-2042		385,000		362,670
AstraZeneca plc		4.38			11-16-2045		200,000		199,194
AstraZeneca plc		6.45			9-15-2037		180,000		225,257
Mylan NV		3.95			6-15-2026		700,000		663,848
Shire Acquisitions Investment Ireland Limited		1.90			9-23-2019		190,000		187,788
Shire plc ADR		3.20			9-23-2026		560,000		521,545

									3,884,185


Industrials: 0.73%

Aerospace & Defense: 0.07%
Embraer Netherlands Finance BV		5.05			6-15-2025		290,000		290,003


Industrial Conglomerates: 0.09%
Tyco Electronics Group SA		7.13			10-1-2037		245,000		330,206


Road & Rail: 0.21%
Canadian National Railway Company		6.20			6-1-2036		140,000		175,548
Canadian Pacific Railway Company		4.45			3-15-2023		140,000		145,110
Canadian Pacific Railway Company		5.95			5-15-2037		45,000		54,279
Canadian Pacific Railway Company		6.13			9-15-2115		350,000		418,093

									793,030


Trading Companies & Distributors: 0.36%
AerCap Ireland Capital DAC		3.95			2-1-2022		520,000		519,613
AerCap Ireland Capital DAC		4.25			7-1-2020		200,000		202,534
AerCap Ireland Capital DAC		4.63			10-30-2020		665,000		679,948

									1,402,095


Information Technology: 0.38%

Internet Software & Services: 0.38%
Alibaba Group Holding Limited		3.13			11-28-2021		250,000		247,864
Alibaba Group Holding Limited		3.40			12-6-2027		1,100,000		1,033,416
Alibaba Group Holding Limited		3.60			11-28-2024		200,000		197,912

									1,479,192

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			223

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Materials: 0.74%

Chemicals: 0.32%
LyondellBasell Industries NV		4.63	%		2-26-2055	$	350,000	$	328,516
LyondellBasell Industries NV		5.75			4-15-2024		250,000		271,415
Nutrien Limited		4.88			3-30-2020		178,000		181,748
Nutrien Limited		5.63			12-1-2040		140,000		152,079
Nutrien Limited		5.88			12-1-2036		157,000		174,140
Nutrien Limited		6.13			1-15-2041		115,000		130,838

									1,238,736


Metals & Mining: 0.42%
Goldcorp Incorporated		3.70			3-15-2023		210,000		208,671
Rio Tinto Finance (USA) Limited		4.13			8-21-2042		175,000		172,170
Vale Overseas Limited		4.38			1-11-2022		140,000		140,728
Vale Overseas Limited		6.88			11-21-2036		382,000		439,778
Vale Overseas Limited		6.88			11-10-2039		91,000		105,788
Vale SA		5.63			9-11-2042		525,000		536,813

									1,603,948


Telecommunication Services: 1.07%

Diversified Telecommunication Services: 0.40%
British Telecommunications plc		9.63			12-15-2030		200,000		285,408
France Telecom SA		5.38			1-13-2042		350,000		381,747
Telefonica Emisiones SAU		4.57			4-27-2023		500,000		516,655
Telefonica Europe BV		8.25			9-15-2030		294,000		383,767

									1,567,577


Wireless Telecommunication Services: 0.67%
America Movil SAB de CV		3.13			7-16-2022		220,000		215,637
America Movil SAB de CV		4.38			7-16-2042		250,000		245,324
America Movil SAB de CV		6.13			11-15-2037		70,000		81,630
America Movil SAB de CV		6.38			3-1-2035		395,000		467,502
Rogers Communications Incorporated		3.00			3-15-2023		140,000		137,073
Rogers Communications Incorporated		4.50			3-15-2043		140,000		137,102
Vodafone Group plc		2.50			9-26-2022		350,000		336,984
Vodafone Group plc		2.95			2-19-2023		190,000		184,565
Vodafone Group plc		4.38			2-19-2043		350,000		316,018
Vodafone Group plc		6.25			11-30-2032		210,000		239,480
Vodafone Group plc		7.88			2-15-2030		175,000		221,142

									2,582,457


Total Yankee Corporate Bonds and Notes (Cost $66,730,549)									66,181,443


	Yield					Shares
Short-Term Investments: 0.49%

Investment Companies: 0.48%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87					1,867,794		1,867,794

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


224		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

INVESTMENT GRADE CORPORATE BOND PORTFOLIO


Security name	Yield			Maturity date		Principal		Value

U.S. Treasury Securities: 0.01%
U.S. Treasury Bill (z)		1.32	%		9-13-2018	$	40,000	$	39,981


Total Short-Term Investments (Cost $1,907,775)									1,907,775


Total investments in securities (Cost $383,564,702)	98.90	%		382,174,206
Other assets and liabilities, net	1.10			4,244,238

Total net assets	100.00	%	$	386,418,444

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		46,024,533		44,156,739		1,867,794	$	0	$	0	$	21,199	$	1,867,794		0.48	%

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			225

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 1.83%
FHLB		2.00	%		9-13-2019	$	370,000	$	367,888
FHLB		2.26			10-4-2022		165,000		161,890
FHLMC		1.50			1-17-2020		430,000		423,745
FHLMC		2.13			6-9-2023		35,000		33,997
FHLMC		2.75			12-13-2024		135,000		133,251
FHLMC		3.25			6-9-2023		50,000		50,811
FNMA ¤		0.00			10-9-2019		310,000		301,232
FNMA		1.38			10-7-2021		45,000		43,191
FNMA		1.50			6-22-2020		33,000		32,352
FNMA		1.50			11-30-2020		110,000		107,177
FNMA		1.88			9-24-2026		95,000		87,292
FNMA		2.13			4-24-2026		93,000		87,644
FNMA		2.63			9-6-2024		100,000		98,506

Total Agency Securities (Cost $1,939,295)									1,928,976


U.S. Treasury Securities: 92.99%
TIPS		0.13			4-15-2020		3,789,848		3,740,402
TIPS		0.13			4-15-2021		696,409		683,324
TIPS		0.13			1-15-2022		3,512,619		3,438,621
TIPS		0.13			4-15-2022		101,544		99,082
TIPS		0.13			7-15-2022		3,920,737		3,843,277
TIPS		0.13			1-15-2023		2,962,901		2,885,483
TIPS		0.13			7-15-2024		2,444,059		2,367,495
TIPS		0.13			7-15-2026		2,078,361		1,982,426
TIPS		0.25			1-15-2025		1,276,680		1,236,971
TIPS		0.38			7-15-2023		2,631,228		2,596,634
TIPS		0.38			7-15-2025		1,758,620		1,719,875
TIPS		0.38			1-15-2027		1,789,054		1,729,652
TIPS		0.38			7-15-2027		30,904		29,909
TIPS		0.63			7-15-2021		893,322		893,285
TIPS		0.63			4-15-2023		461,593		458,828
TIPS		0.63			1-15-2024		3,456,984		3,436,737
TIPS		0.63			1-15-2026		3,764,811		3,725,839
TIPS		0.75			7-15-2028		757,929		755,857
TIPS		1.13			1-15-2021		3,664,321		3,694,145
TIPS		1.25			7-15-2020		2,276,276		2,304,417
TIPS		1.38			1-15-2020		5,826		5,870
TIPS		1.75			1-15-2028		1,401,309		1,519,416
TIPS		2.00			1-15-2026		1,022,044		1,111,841
TIPS		2.38			1-15-2025		1,328,819		1,462,667
TIPS		2.38			1-15-2027		1,297,033		1,463,568
TIPS		3.63			4-15-2028		927,010		1,165,486
U.S. Treasury Bond		6.38			8-15-2027		365,000		466,230
U.S. Treasury Bond		6.88			8-15-2025		20,000		25,117
U.S. Treasury Note		0.50			1-15-2028		1,808,214		1,757,829
U.S. Treasury Note		1.13			4-30-2020		689,000		672,556
U.S. Treasury Note		1.13			7-31-2021		778,000		743,902
U.S. Treasury Note		1.13			9-30-2021		780,000		743,773
U.S. Treasury Note		1.25			10-31-2019		569,000		560,843
U.S. Treasury Note		1.25			10-31-2021		778,000		743,750

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


226		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Note		1.25	%		7-31-2023	$	743,000	$	691,977
U.S. Treasury Note		1.38			1-15-2020		686,000		675,174
U.S. Treasury Note		1.38			1-31-2020		538,000		529,258
U.S. Treasury Note		1.38			2-15-2020		449,000		441,353
U.S. Treasury Note		1.38			3-31-2020		275,000		269,844
U.S. Treasury Note		1.38			4-30-2020		3,000		2,940
U.S. Treasury Note		1.38			5-31-2020		99,000		96,912
U.S. Treasury Note		1.38			10-31-2020		775,000		754,263
U.S. Treasury Note		1.38			4-30-2021		774,000		748,089
U.S. Treasury Note		1.38			6-30-2023		744,000		698,081
U.S. Treasury Note		1.38			8-31-2023		740,000		692,565
U.S. Treasury Note		1.38			9-30-2023		339,000		316,859
U.S. Treasury Note		1.50			11-30-2019		400,000		394,969
U.S. Treasury Note		1.50			4-15-2020		686,000		674,129
U.S. Treasury Note		1.50			5-15-2020		347,000		340,589
U.S. Treasury Note		1.50			5-31-2020		488,000		478,736
U.S. Treasury Note		1.50			3-31-2023		735,000		695,781
U.S. Treasury Note		1.50			8-15-2026		1,032,000		934,121
U.S. Treasury Note		1.63			3-15-2020		684,000		674,141
U.S. Treasury Note		1.63			6-30-2020		2,000		1,964
U.S. Treasury Note		1.63			7-31-2020		700,000		686,902
U.S. Treasury Note		1.63			8-15-2022		365,000		349,887
U.S. Treasury Note		1.63			4-30-2023		733,000		697,209
U.S. Treasury Note		1.63			5-31-2023		20,000		19,006
U.S. Treasury Note		1.63			10-31-2023		516,000		487,902
U.S. Treasury Note		1.63			2-15-2026		1,018,000		935,884
U.S. Treasury Note		1.63			5-15-2026		1,019,000		934,216
U.S. Treasury Note		1.75			9-30-2019		275,000		272,809
U.S. Treasury Note		1.75			10-31-2020		718,000		704,453
U.S. Treasury Note		1.75			2-28-2022		733,000		709,349
U.S. Treasury Note		1.75			3-31-2022		549,000		530,771
U.S. Treasury Note		1.75			5-31-2022		772,000		745,010
U.S. Treasury Note		1.75			6-30-2022		305,000		294,111
U.S. Treasury Note		1.75			1-31-2023		10,000		9,589
U.S. Treasury Note		1.75			5-15-2023		885,000		846,247
U.S. Treasury Note		1.88			6-30-2020		586,000		578,309
U.S. Treasury Note		1.88			2-28-2022		450,000		437,309
U.S. Treasury Note		1.88			4-30-2022		770,000		747,111
U.S. Treasury Note		1.88			8-31-2022		732,000		708,153
U.S. Treasury Note		1.88			8-31-2024		160,000		151,944
U.S. Treasury Note		2.00			1-31-2020		625,000		620,166
U.S. Treasury Note		2.00			7-31-2020		434,000		428,982
U.S. Treasury Note		2.00			9-30-2020		636,000		627,752
U.S. Treasury Note		2.00			11-30-2020		674,000		664,259
U.S. Treasury Note		2.00			5-31-2021		714,000		701,031
U.S. Treasury Note		2.00			10-31-2021		729,000		713,309
U.S. Treasury Note		2.00			2-15-2022		10,000		9,762
U.S. Treasury Note		2.00			11-30-2022		780,000		756,844
U.S. Treasury Note		2.00			2-15-2023		285,000		276,149
U.S. Treasury Note		2.00			4-30-2024		10,000		9,591

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			227

STRATEGIC RETIREMENT BOND PORTFOLIO


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
U.S. Treasury Note		2.00	%		5-31-2024	$	269,000	$	257,830
U.S. Treasury Note		2.00			6-30-2024		185,000		177,217
U.S. Treasury Note		2.00			2-15-2025		907,000		863,634
U.S. Treasury Note		2.00			8-15-2025		1,025,000		971,828
U.S. Treasury Note		2.00			11-15-2026		990,000		929,014
U.S. Treasury Note		2.13			1-31-2021		157,000		154,995
U.S. Treasury Note		2.13			12-31-2021		729,000		715,246
U.S. Treasury Note		2.13			12-31-2022		985,000		960,029
U.S. Treasury Note		2.13			2-29-2024		723,000		699,135
U.S. Treasury Note		2.13			5-15-2025		990,000		948,350
U.S. Treasury Note		2.25			3-31-2021		693,000		685,556
U.S. Treasury Note		2.25			7-31-2021		723,000		713,963
U.S. Treasury Note		2.25			12-31-2023		482,000		469,649
U.S. Treasury Note		2.25			1-31-2024		719,000		700,182
U.S. Treasury Note		2.25			11-15-2024		705,000		682,914
U.S. Treasury Note		2.25			2-15-2027		580,000		553,968
U.S. Treasury Note		2.25			8-15-2027		480,000		456,900
U.S. Treasury Note		2.25			11-15-2027		420,000		399,230
U.S. Treasury Note		2.38			12-31-2020		668,000		663,642
U.S. Treasury Note		2.38			5-15-2027		453,000		436,526
U.S. Treasury Note		2.50			8-15-2023		559,000		552,515
U.S. Treasury Note		2.63			8-15-2020		758,000		757,882
U.S. Treasury Note		2.63			11-15-2020		275,000		274,710
U.S. Treasury Note		2.75			11-15-2023		16,000		15,993
U.S. Treasury Note		3.38			11-15-2019		700,000		706,891
U.S. Treasury Note		3.50			5-15-2020		729,000		739,508
U.S. Treasury Note		3.63			2-15-2020		801,000		812,671
U.S. Treasury Note		6.00			2-15-2026		146,000		177,241
U.S. Treasury Note		6.50			11-15-2026		30,000		38,032
U.S. Treasury Note		6.75			8-15-2026		355,000		453,942
U.S. Treasury Note		8.00			11-15-2021		421,000		488,771
U.S. Treasury Note		8.13			5-15-2021		339,000		386,553
U.S. Treasury Note		8.13			8-15-2021		340,000		392,023
U.S. Treasury Note		8.75			8-15-2020		76,000		84,743

Total U.S. Treasury Securities (Cost $100,086,978)									98,152,151


	Yield					Shares
Short-Term Investments: 0.16%

Investment Companies: 0.16%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.87					169,918		169,918


Total Short-Term Investments (Cost $169,918)									169,918


Total investments in securities (Cost $102,196,191)	94.98	%		100,251,045
Other assets and liabilities, net	5.02			5,298,678

Total net assets	100.00	%	$	105,549,723

¤	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.

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


228		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

STRATEGIC RETIREMENT BOND PORTFOLIO

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		5,888,321		5,718,403		169,918	$	0	$	0	$	2,720	$	169,918		0.16	%

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			229

U.S. REIT PORTFOLIO


Security name	Shares		Value

Common Stocks: 100.05%

Real Estate: 100.05%

Equity REITs: 100.05%
Acadia Realty Trust		6,269	$	178,792
Alexandria Real Estate Equities Incorporated		8,153		1,046,438
American Assets Trust Incorporated		3,054		120,633
American Campus Communities Incorporated		10,960		459,553
American Homes 4 Rent Class A		21,002		487,246
Americold Realty Trust		5,101		127,015
Apartment Investment & Management Company Class A		12,440		544,872
Apple Hospitality REIT Incorporated		17,533		309,457
Armada Hoffler Properties Incorporated		3,596		56,062
Ashford Hospitality Trust Incorporated		7,762		50,375
AvalonBay Communities Incorporated		10,987		2,013,807
Boston Properties Incorporated		12,453		1,624,494
Brandywine Realty Trust		14,268		239,132
Brixmor Property Group Incorporated		24,387		444,331
Camden Property Trust		7,292		693,178
CBL & Associates Properties Incorporated		13,639		60,830
Chatham Lodging Trust		3,664		78,593
Chesapeake Lodging Trust		4,788		157,573
Colony Capital Incorporated		39,193		240,253
Columbia Property Trust Incorporated		9,506		228,904
CoreCivic Incorporated		9,424		243,987
Corporate Office Properties Trust		8,194		252,211
Cousins Properties Incorporated		33,893		316,900
CubeSmart		14,644		447,374
DDR Corporation		11,387		159,304
DiamondRock Hospitality		16,307		195,032
Digital Realty Trust Incorporated		16,373		2,034,836
Douglas Emmett Incorporated		13,113		512,194
Duke Realty Corporation		28,407		809,315
Easterly Government Properties Incorporated		4,804		97,281
EastGroup Properties Incorporated		2,745		267,006
Education Realty Trust Incorporated		6,457		267,191
Empire State Realty Trust Incorporated		13,344		234,721
Equity Commonwealth †		9,441		302,678
Equity Lifestyle Properties Incorporated		6,394		619,451
Equity Residential		28,755		1,948,151
Essex Property Trust Incorporated		5,179		1,275,484
Extra Space Storage Incorporated		9,791		902,828
Federal Realty Investment Trust		5,823		760,542
First Industrial Realty Trust Incorporated		9,886		320,900
Forest City Realty Trust Incorporated		18,564		466,885
Gaming and Leisure Properties Incorporated		16,104		576,362
Government Properties Income		7,837		132,524
HCP Incorporated		37,423		1,011,544
Healthcare Realty Trust Incorporated		9,816		303,903
Healthcare Trust of America Incorporated Class A		16,333		466,634
Hersha Hospitality Trust		3,182		75,095

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


230		Wells Fargo Funds		Portfolio of investments—August 31, 2018 (unaudited)

U.S. REIT PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)
Highwoods Properties Incorporated		8,239	$	409,808
Hospitality Properties Trust		12,905		374,116
Host Hotels & Resorts Incorporated		59,362		1,278,064
Hudson Pacific Properties Incorporated		12,477		422,222
Independence Realty Trust Incorporated		6,944		71,732
Invitation Homes Incorporated		23,847		557,304
Iron Mountain Incorporated		22,446		810,301
JBG Smith Properties		8,786		329,124
Jernigan Capital Incorporated		1,435		28,714
Kilroy Realty Corporation		8,004		585,413
Kimco Realty Corporation		33,391		571,320
Kite Realty Group Trust		6,729		117,623
Lamar Advertising Company Class A		6,722		517,930
LaSalle Hotel Properties		8,982		315,358
Liberty Property Trust		11,903		520,756
Life Storage Incorporated		3,680		359,168
LTC Properties Incorporated		3,116		144,738
Mack-Cali Realty Corporation		6,824		149,036
Mid-America Apartment Communities Incorporated		9,066		938,875
National Health Investors Incorporated		3,211		254,472
National Storage Affiliates Trust		4,154		117,807
Outfront Media Incorporated		11,273		223,995
Paramount Group Incorporated		17,231		273,628
Park Hotels & Resorts Incorporated		16,330		546,239
Pebblebrook Hotel Trust		5,486		211,814
Pennsylvania Real Estate Investment Trust		5,284		53,897
Piedmont Office Realty Trust Incorporated Class A		10,198		202,328
Preferred Apartment Communities Incorporated Series A		3,161		56,329
Prologis Incorporated		49,569		3,330,045
PS Business Parks Incorporated		1,604		209,210
Public Storage Incorporated		12,014		2,553,936
Ramco-Gershenson Properties Trust		6,156		85,938
Regency Centers Corporation		12,484		824,319
Retail Opportunity Investment Corporation		8,818		174,067
Rexford Industrial Realty Incorporated		6,477		210,503
RLJ Lodging Trust		14,061		308,077
Ryman Hospitality Properties Incorporated		3,612		320,493
SBA Communications Corporation †		9,119		1,415,542
Senior Housing Properties Trust		18,884		360,873
Seritage Growth Property Class A		2,640		135,907
Simon Property Group Incorporated		24,638		4,509,493
SL Green Realty Corporation		6,859		716,080
STAG Industrial Incorporated		7,760		224,031
Summit Hotel Properties Incorporated		8,412		115,497
Sun Communities Incorporated		6,197		639,406
Sunstone Hotel Investors Incorporated		18,228		305,866
Tanger Factory Outlet Centers Incorporated		7,391		177,827
Taubman Centers Incorporated		4,533		292,877
Terreno Realty Corporation		4,398		168,927
The Geo Group Incorporated		9,714		246,444

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


Portfolio of investments—August 31, 2018 (unaudited)		Wells Fargo Funds			231

U.S. REIT PORTFOLIO


Security name	Shares		Value

Equity REITs (continued)
The Macerich Company		11,221	$	659,122
Tier Incorporated		3,799		90,568
UDR Incorporated		21,076		842,408
Uniti Group Incorporated		13,798		287,274
Urban Edge Properties		8,758		200,208
Ventas Incorporated		28,525		1,707,792
VICI Properties Incorporated		23,164		484,359
Vornado Realty Trust		14,013		1,079,001
Washington Prime Group Incorporated		14,864		115,047
Washington REIT		6,247		197,155
Weingarten Realty Investors		9,638		298,103
Welltower Incorporated		29,675		1,979,619
Xenia Hotels & Resorts Incorporated		8,682		210,625

				60,080,621


Total Common Stocks (Cost $54,289,877)				60,080,621


Total investments in securities (Cost $54,289,877)	100.05	%		60,080,621
Other assets and liabilities, net	(0.05	)		(31,204	)

Total net assets	100.00	%	$	60,049,417

†	Non-income-earning security

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
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class *		336,973		4,794,892		5,131,865		0	$	0	$	0	$	947	$	0

No longer held at the end of the period.

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


232		Wells Fargo Funds		Statements of assets and liabilities—August 31, 2018 (unaudited)


	Bloomberg Barclays US Aggregate ex- Corporate Portfolio		Emerging Markets Bond Portfolio

Assets
Investments in unaffiliated securities, at value (see cost below)	$	824,053,078	$	59,003,729
Investments in affiliated securities, at value (see cost below)		34,114,908		2,807,900
Cash		0		0
Segregated cash for futures contracts		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		42,641,719		950,608
Receivable for dividends and interest		3,869,628		913,511
Receivable for daily variation margin on open futures contracts		0		0
Unrealized gains on forward foreign currency contracts		0		0
Prepaid expenses and other assets		2,515		568

Total assets		904,681,848		63,676,316


Liabilities
Payable for investments purchased		37,121,717		0
Custodian and accounting fees payable		87,031		0
Professional fees payable		50,688		22,166
Management fee payable		39,803		13,960
Shareholder report expenses payable		13,692		16,007
Payable for daily variation margin on open futures contracts		0		0
Unrealized losses on forward foreign currency contracts		0		0
Contingent tax liability		0		0
Trustees’ fees and expenses payable		0		0
Accrued expenses and other liabilities		9,464		15,223

Total liabilities		37,322,395		67,356

Total net assets	$	867,359,453	$	63,608,960


Investments in unaffiliated securities, at cost	$	845,154,667	$	63,037,773

Investments in affiliated securities, at cost	$	34,114,908	$	2,807,900

Foreign currency, at cost	$	0	$	0

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


Statements of assets and liabilities—August 31, 2018 (unaudited)		Wells Fargo Funds			233


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


$	284,953,016	$	889,417,105	$	1,524,187,175	$	367,166,616	$	108,058,662	$	10,490,219	$	380,306,412
	13,354,608		40,929,757		16,690,970		11,630,466		3,064,761		1,018,943		1,867,794
	0		0		905,298		1,119		0		0		0
	1,778,773		2,846,472		4,508,000		1,880,000		0		0		0
	1,427,906		1,159,900		0		0		0		47,864		0
	8,243,014		33,052,794		106,420,618		19,281,100		425,301		4,472,779		0
	652,941		4,356,554		3,523,041		308,219		1,957,279		84,179		4,372,554
	88,660		0		4,735		113,715		0		0		0
	0		0		0		0		0	��	48,278		0
	0		2,629,437		12,308		1,361		0		0		69,820

	310,498,918		974,392,019		1,656,252,145		400,382,596		113,506,003		16,162,262		386,616,580



	0		0		0		0		0		5,387,151		0
	832,638		486,122		0		19,347		0		0		100,974
	0		0		0		22,617		0		0		70,676
	10,851		117,714		146,224		51,042		25,888		2,278		16,518
	0		0		0		1,541		2,042		10		7,088
	0		347,565		0		0		0		0		0
	0		0		0		0		0		54,616		0
	42,259		0		0		0		0		0		0
	0		0		0		0		0		0		2,880
	3,823		6,363		241,557		0		26,167		47,695		0

	889,571		957,764		387,781		94,547		54,097		5,491,750		198,136

$	309,609,347	$	973,434,255	$	1,655,864,364	$	400,288,049	$	113,451,906	$	10,670,512	$	386,418,444


$	293,951,075	$	856,663,456	$	1,293,568,578	$	310,199,161	$	110,943,811	$	10,566,684	$	381,696,908

$	13,354,608	$	40,929,757	$	16,690,970	$	11,630,466	$	3,064,761	$	1,018,943	$	1,867,794

$	1,433,012	$	1,160,013	$	0	$	0	$	0	$	46,957	$	0

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


234		Wells Fargo Funds		Statements of assets and liabilities—August 31, 2018 (unaudited)


	Strategic Retirement Bond Portfolio		U.S. REIT Portfolio

Assets
Investments in unaffiliated securities, at value (see cost below)	$	100,081,127	$	60,080,622
Investments in affiliated securities, at value (see cost below)		169,918		0
Receivable for investments sold		5,081,062		490,211
Receivable for dividends and interest		278,197		24,629
Prepaid expenses and other assets		931		19,603

Total assets		105,611,235		60,615,065


Liabilities
Custodian and accounting fees payable		1,800		0
Professional fees payable		35,200		34,889
Management fee payable		4,933		5,606
Shareholder report expenses payable		19,579		0
Due to custodian bank		0		524,241
Accrued expenses and other liabilities		0		912

Total liabilities		61,512		565,648

Total net assets	$	105,549,723	$	60,049,417


Investments in unaffiliated securities, at cost	$	102,026,273	$	54,289,877

Investments in affiliated securities, at cost	$	169,918	$	0

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

This page is intentionally left blank.


236		Wells Fargo Funds		Statements of operations—six months ended August 31, 2018 (unaudited)


	Bloomberg Barclays US Aggregate ex- Corporate Portfolio			Emerging Markets Bond Portfolio

Investment income
Interest*	$	11,089,653		$	1,671,584
Income from affiliated securities		273,020			9,735
Dividends**		0			0

Total investment income		11,362,673			1,681,319


Expenses
Management fee		239,014			86,945
Custody and accounting fees		56,541			5,058
Professional fees		25,352			24,225
Shareholder report expenses		8,518			8,252
Trustees’ fees and expenses		9,651			9,651
Other fees and expenses		9,941			10,044

Total expenses		349,017			144,175
Less: Fee waivers and/or expense reimbursements		(818	)		(830	)

Net expenses		348,199			143,345

Net investment income (loss)		11,014,474			1,537,974


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(4,877,624	)		(998,896	)
Futures contracts		17,089			0
Forward foreign currency contracts		0			0

Net realized gain (losses) on investments		(4,860,535	)		(998,896	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		5,342,274			(2,319,243	)
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		5,342,274			(2,319,243	)

Net realized and unrealized gains (losses) on investments		481,739			(3,318,139	)

Net increase (decrease) in net assets resulting from operations	$	11,496,213		$	(1,780,165	)


* Net of foreign interest withholding taxes in the amount of		$0			$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—six months ended August 31, 2018 (unaudited)		Wells Fargo Funds			237


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


$	0		$	0		$	0		$	0		$	3,619,917		$	62,720		$	8,035,368
	72,160			226,231			311,696			98,967			11,863			552			21,199
	5,762,564			21,373,614			21,375,089			3,540,255			0			0			0

	5,834,724			21,599,845			21,686,785			3,639,222			3,631,780			63,272			8,056,567



	255,148			813,231			914,683			331,452			153,567			12,726			107,086
	623,570			356,871			144,927			59,148			4,363			2,050			24,203
	25,352			25,352			25,352			25,352			23,659			44,163			25,352
	2,796			2,796			2,796			2,994			3,194			3,835			8,518
	9,651			9,651			9,651			9,651			9,651			9,651			9,651
	6,150			6,148			4,611			4,611			7,174			4,612			3,333

	922,667			1,214,049			1,102,020			433,208			201,608			77,037			178,143
	(136,810	)		(70,104	)		(31,867	)		(15,586	)		(563	)		0			(3,895	)

	785,857			1,143,945			1,070,153			417,622			201,045			77,037			174,248

	5,048,867			20,455,900			20,616,632			3,221,600			3,430,735			(13,765	)		7,882,319





	(7,793,408	)		(111,592,155	)		(357,072,709	)		21,728,139			(1,520,793	)		(313,912	)		(866,784	)
	(1,316,155	)		(2,231,048	)		(1,024,299	)		1,087,352			0			0			85,774
	0			0			0			0			0			12,101			0

	(9,109,563	)		(113,823,203	)		(358,097,008	)		22,815,491			(1,520,793	)		(301,811	)		(781,010	)



	(28,980,884	)		98,894,607			446,187,050			40,997,274			75,363			(193,972	)		(5,578,240	)
	111,419			1,208,717			3,016,898			1,355,992			0			0			0
	0			0			0			0			0			(11,579	)		0
	(5,057	)		5,745			0			0			0			(4,258	)		0

	(28,874,522	)		100,109,069			449,203,948			42,353,266			75,363			(209,809	)		(5,578,240	)

	(37,984,085	)		(13,714,134	)		91,106,940			65,168,757			(1,445,430	)		(511,620	)		(6,359,250	)

$	(32,935,218	)	$	6,741,766		$	111,723,572		$	68,390,357		$	1,985,305		$	(525,385	)	$	1,523,069


	$0			$0			$0			$0			$0			$1,445			$230
	$841,264			$2,214,929			$365			$0			$0			$0			$0

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


238		Wells Fargo Funds		Statements of operations—six months ended August 31, 2018 (unaudited)


	Strategic Retirement Bond Portfolio			U.S. REIT Portfolio

Investment income
Interest	$	1,929,696		$	0
Income from affiliated securities		2,720			947
Dividends		0			1,331,256

Total investment income		1,932,416			1,332,203


Expenses
Management fee		29,173			32,571
Custody and accounting fees		4,067			1,573
Professional fees		25,352			25,352
Shareholder report expenses		9,982			2,994
Trustees’ fees and expenses		9,651			9,651
Other fees and expenses		3,330			4,612

Total expenses		81,555			76,753

Net investment income		1,850,861			1,255,450


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on investments		(431,552	)		(5,223,068	)
Net change in unrealized gains (losses) on investments		13,027			14,198,957

Net realized and unrealized gains (losses) on investments		(418,525	)		8,975,889

Net increase (decrease) in net assets resulting from operations	$	1,432,336		$	10,231,339

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


Statements of changes in net assets		Wells Fargo Funds			239


	Bloomberg Barclays US Aggregate ex-Corporate Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	11,014,474		$	13,940,324
Net realized gains (losses) on investments		(4,860,535	)		2,695,847
Net change in unrealized gains (losses) on investments		5,342,274			(26,443,863	)

Net increase (decrease) in net assets resulting from operations		11,496,213			(9,807,692	)


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		48,054,130			1,487,528,060
Withdrawals		(218,619,817	)		(451,291,441	)

Net increase (decrease) in net assets resulting from capital share transactions		(170,565,687	)		1,036,236,619

Total increase (decrease) in net assets		(159,069,474	)		1,026,428,927


Net assets
Beginning of period		1,026,428,927			0

End of period	$	867,359,453		$	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.


240		Wells Fargo Funds		Statements of changes in net assets


	Emerging Markets Bond Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	1,537,974		$	2,384,919
Net realized gains (losses) on investments		(998,896	)		717,913
Net change in unrealized gains (losses) on investments		(2,319,243	)		(1,714,801	)

Net increase (decrease) in net assets resulting from operations		(1,780,165	)		1,388,031


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		7,995,687			129,766,929
Withdrawals		(17,560,242	)		(56,201,280	)

Net increase (decrease) in net assets resulting from capital share transactions		(9,564,555	)		74,565,649

Total increase (decrease) in net assets		(11,344,720	)		74,953,680


Net assets
Beginning of period		74,953,680			0

End of period	$	63,608,960		$	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			241


	Factor Enhanced Emerging Markets Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	5,048,867		$	3,823,944
Net realized gains (losses) on investments		(9,109,563	)		15,886,798
Net change in unrealized gains (losses) on investments		(28,874,522	)		19,565,366

Net increase (decrease) in net assets resulting from operations		(32,935,218	)		39,276,108


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		38,647,802			515,679,635
Withdrawals		(59,681,741	)		(191,377,239	)

Net increase (decrease) in net assets resulting from capital share transactions		(21,033,939	)		324,302,396

Total increase (decrease) in net assets		(53,969,157	)		363,578,504


Net assets
Beginning of period		363,578,504			0

End of period	$	309,609,347		$	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.


242		Wells Fargo Funds		Statements of changes in net assets


	Factor Enhanced International Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	20,455,900		$	13,815,516
Net realized gains (losses) on investments		(113,823,203	)		129,352,717
Net change in unrealized gains (losses) on investments		100,109,069			(67,926,428	)

Net increase in net assets resulting from operations		6,741,766			75,241,805


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		40,409,604			1,627,315,279
Withdrawals		(211,330,918	)		(564,943,281	)

Net increase (decrease) in net assets resulting from capital share transactions		(170,921,314	)		1,062,371,998

Total increase (decrease) in net assets		(164,179,548	)		1,137,613,803


Net assets
Beginning of period		1,137,613,803			0

End of period	$	973,434,255		$	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			243


	Factor Enhanced Large Cap Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	20,616,632		$	25,720,430
Net realized gains (losses) on investments		(358,097,008	)		360,790,673
Net change in unrealized gains (losses) on investments		449,203,948			(216,930,577	)

Net increase in net assets resulting from operations		111,723,572			169,580,526


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		65,036,246			2,690,661,084
Withdrawals		(430,733,414	)		(950,403,650	)

Net increase (decrease) in net assets resulting from capital share transactions		(365,697,168	)		1,740,257,434

Total increase (decrease) in net assets		(253,973,596	)		1,909,837,960


Net assets
Beginning of period		1,909,837,960			0

End of period	$	1,655,864,364		$	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.


244		Wells Fargo Funds		Statements of changes in net assets


	Factor Enhanced Small Cap Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	3,221,600		$	3,985,942
Net realized gains on investments		22,815,491			14,886,344
Net change in unrealized gains (losses) on investments		42,353,266			15,424,466

Net increase in net assets resulting from operations		68,390,357			34,296,752


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		15,490,143			671,189,441
Withdrawals		(140,103,005	)		(248,975,639	)

Net increase (decrease) in net assets resulting from capital share transactions		(124,612,862	)		422,213,802

Total increase (decrease) in net assets		(56,222,505	)		456,510,554


Net assets
Beginning of period		456,510,554			0

End of period	$	400,288,049		$	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			245


	High Yield Corporate Bond Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	3,430,735		$	4,096,582
Net realized losses on investments		(1,520,793	)		(309,369	)
Net change in unrealized gains (losses) on investments		75,363			(2,960,512	)

Net increase in net assets resulting from operations		1,985,305			826,701


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		6,246,233			220,176,332
Withdrawals		(25,237,407	)		(90,545,258	)

Net increase (decrease) in net assets resulting from capital share transactions		(18,991,174	)		129,631,074

Total increase (decrease) in net assets		(17,005,869	)		130,457,775


Net assets
Beginning of period		130,457,775			0

End of period	$	113,451,906		$	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.


246		Wells Fargo Funds		Statements of changes in net assets


	International Government Bond Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment loss	$	(13,765	)	$	(9,546	)
Net realized gains (losses) on investments		(301,811	)		78,824
Net change in unrealized gains (losses) on investments		(209,809	)		126,757

Net increase (decrease) in net assets resulting from operations		(525,385	)		196,035


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		999,897			10,000,000
Withdrawals		0			(35	)

Net increase in net assets resulting from capital share transactions		999,897			9,999,965

Total increase in net assets		474,512			10,196,000


Net assets
Beginning of period		10,196,000			0

End of period	$	10,670,512		$	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			247


	Investment Grade Corporate Bond Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	7,882,319		$	11,821,570
Net realized gains (losses) on investments		(781,010	)		7,149,309
Net change in unrealized gains (losses) on investments		(5,578,240	)		4,187,744

Net increase in net assets resulting from operations		1,523,069			23,158,623


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		26,282,136			699,980,637
Withdrawals		(103,383,062	)		(261,142,959	)

Net increase (decrease) in net assets resulting from capital share transactions		(77,100,926	)		438,837,678

Total increase (decrease) in net assets		(75,577,857	)		461,996,301


Net assets
Beginning of period		461,996,301			0

End of period	$	386,418,444		$	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.


248		Wells Fargo Funds		Statements of changes in net assets


	Strategic Retirement Bond Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	1,850,861		$	1,236,369
Net realized gains (losses) on investments		(431,552	)		326,544
Net change in unrealized gains (losses) on investments		13,027			(2,020,610	)

Net increase (decrease) in net assets resulting from operations		1,432,336			(457,697	)


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,910,222			184,009,394
Withdrawals		(25,017,182	)		(57,327,350	)

Net increase (decrease) in net assets resulting from capital share transactions		(22,106,960	)		126,682,044

Total increase (decrease) in net assets		(20,674,624	)		126,224,347


Net assets
Beginning of period		126,224,347			0

End of period	$	105,549,723		$	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			249


	U.S. REIT Portfolio
	Six months ended August 31, 2018 (unaudited)			Year ended February 28, 2018¹

Operations
Net investment income	$	1,255,450		$	891,262
Net realized gains (losses) on investments		(5,223,068	)		1,952,565
Net change in unrealized gains (losses) on investments		14,198,957			(8,390,155	)

Net increase (decrease) in net assets resulting from operations		10,231,339			(5,546,328	)


Capital share transactions
Transactions in investors’ beneficial interests
Contributions		3,050,719			92,668,856
Withdrawals		(19,446,222	)		(20,908,947	)

Net increase (decrease) in net assets resulting from capital share transactions		(16,395,503	)		71,759,909

Total increase (decrease) in net assets		(6,164,164	)		66,213,581


Net assets
Beginning of period		66,213,581			0

End of period	$	60,049,417		$	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.


250		Wells Fargo Funds		Financial highlights


	Ratio to average net assets (annualized)
	Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate

Bloomberg Barclays US Aggregate ex-Corporate Portfolio
Six months ended August 31, 2018 (unaudited)		2.30	%		0.07	%		0.07	%		1.24	%		44	%
Year ended February 28, 2018²		2.03	%		0.08	%		0.07	%		(1.39	)%		221	%

Emerging Markets Bond Portfolio
Six months ended August 31, 2018 (unaudited)		4.42	%		0.41	%		0.41	%		(2.63	)%		17	%
Year ended February 28, 2018²		4.19	%		0.44	%		0.43	%		0.62	%		174	%

Factor Enhanced Emerging Markets Portfolio
Six months ended August 31, 2018 (unaudited)		2.97	%		0.54	%		0.46	%		(9.71	)%		33	%
Year ended February 28, 2018²		1.56	%		0.49	%		0.49	%		13.43	%		136	%

Factor Enhanced International Portfolio
Six months ended August 31, 2018 (unaudited)		3.78	%		0.22	%		0.21	%		0.49	%		21	%
Year ended February 28, 2018²		1.74	%		0.21	%		0.21	%		8.99	%		106	%

Factor Enhanced Large Cap Portfolio
Six months ended August 31, 2018 (unaudited)		2.25	%		0.12	%		0.12	%		6.83	%		14	%
Year ended February 28, 2018²		1.94	%		0.12	%		0.12	%		11.92	%		75	%

Factor Enhanced Small Cap Portfolio
Six months ended August 31, 2018 (unaudited)		1.46	%		0.20	%		0.19	%		17.11	%		53	%
Year ended February 28, 2018²		1.23	%		0.19	%		0.19	%		8.75	%		85	%

High Yield Corporate Bond Portfolio
Six months ended August 31, 2018 (unaudited)		5.59	%		0.33	%		0.33	%		1.77	%		16	%
Year ended February 28, 2018²		5.36	%		0.37	%		0.37	%		0.49	%		122	%

International Government Bond Portfolio
Six months ended August 31, 2018 (unaudited)		(0.27	)%		1.51	%		1.51	%		(5.13	)%		141	%
Year ended February 28, 2018³		(0.18	)%		1.69	%		1.69	%		1.95	%		224	%

Investment Grade Corporate Bond Portfolio
Six months ended August 31, 2018 (unaudited)		3.68	%		0.08	%		0.08	%		0.46	%		8	%
Year ended February 28, 2018²		3.48	%		0.08	%		0.08	%		(0.12	)%		61	%

Strategic Retirement Bond Portfolio
Six months ended August 31, 2018 (unaudited)		3.17	%		0.14	%		0.14	%		1.26	%		7	%
Year ended February 28, 2018²		1.45	%		0.17	%		0.17	%		1.40	%		193	%

U.S. REIT Portfolio
Six months ended August 31, 2018 (unaudited)		3.97	%		0.24	%		0.24	%		17.23	%		9	%
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 (unaudited)		Wells Fargo Funds			251

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 Market Bond Portfolio (“Emerging Market 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.

The Portfolios offer their shares to multiple feeder funds and other affiliated master portfolios 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 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 August 31, 2018, such fair value pricing was not used in pricing foreign securities.

Investments in registered open-end investment companies are valued at net asset value.

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 of the Portfolios. 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 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.


252		Wells Fargo Funds		Notes to financial statements (unaudited)

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

The accounting records of 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 a commodity, financial instrument or currency at specified price and on a specified date. The Portfolio may buy and sell


Notes to financial statements (unaudited)		Wells Fargo Funds			253

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 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.


254		Wells Fargo Funds		Notes to financial statements (unaudited)

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.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis in each affiliated Master Portfolio. Realized gains or losses in each affiliated Master Portfolio 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 in each affiliated Master Portfolio 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.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

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.

As of August 31, 2018, 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	$	879,825,076	$	195,459	$	(21,852,549	)	$	(21,657,090	)
Emerging Markets Bond Portfolio		65,845,673		73,023		(4,107,067	)		(4,034,044	)
Factor Enhanced Emerging Markets Portfolio		302,108,780		18,931,439		(22,991,052	)		(4,059,613	)
Factor Enhanced International Portfolio		775,755,327		191,290,790		(37,184,829	)		154,105,961
Factor Enhanced Large Cap Portfolio		856,538,917		710,111,659		(24,616,945	)		685,494,714
Factor Enhanced Small Cap Portfolio		311,523,634		81,461,187		(13,377,462	)		68,083,725
High Yield Corporate Bond Portfolio		114,008,572		642,015		(3,527,164	)		(2,885,149	)
International Government Bond Portfolio		11,590,868		52,213		(140,257	)		(88,044	)
Investment Grade Corporate Bond Portfolio		384,141,046		6,881,897		(8,848,737	)		(1,966,840	)
Strategic Retirement Bond Portfolio		102,108,672		64,546		(1,922,173	)		(1,857,627	)
U.S. REIT Portfolio		47,850,939		12,580,133		(350,451	)		12,229,682

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:


Notes to financial statements (unaudited)		Wells Fargo Funds			255

∎

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 August 31, 2018:


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	$	333,923,933	$	0	$	333,923,933

Asset-backed securities		0		6,330,612		0		6,330,612

Municipal obligations		0		7,095,112		0		7,095,112

Non-agency mortgage-backed securities		0		13,359,802		0		13,359,802

U.S. Treasury securities		416,912,320		0		0		416,912,320

Yankee corporate bonds and notes		0		7,598,391		0		7,598,391

Yankee government bonds		0		38,832,908		0		38,832,908

Short-term investments
Investment companies		34,114,908		0		0		34,114,908
Total assets	$	451,027,228	$	407,140,758	$	0	$	858,167,986


Emerging Markets Bond Portfolio	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Participation notes	$	0	$	303,767	$	0	$	303,767

Yankee corporate bonds and notes		0		8,441,997		0		8,441,997

Yankee government bonds		0		50,257,965		0		50,257,965

Short-term investments
Investment companies		2,807,900		0		0		2,807,900
Total assets	$	2,807,900	$	59,003,729	$	0	$	61,811,629


256		Wells Fargo Funds		Notes to financial statements (unaudited)


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	$	9,990,316		$	0	$	0	$	14,739,245
Chile		7,170,072			0		0		0
China		25,828,747			0		0		0
Columbia		2,312,884			0		0		0
Egypt		810,726			0		0		0
Greece		589,846			0		21,284		0
Hong Kong		3,263,856			0		0		0
India		45,441,761			0		0		0
Indonesia		2,865,793			0		0		0
Luxembourg		323,970			0		0		0
Malaysia		2,521,570			12,185,790		0		14,707,360
Mexico		11,460,434			95,160		0		11,555,594
Philippines		4,562,004			0		0		0
Poland		3,757,270			0		0		0
Russia		7,270,866			0		0		0
South Africa		14,027,199			0		0		0
South Korea		55,255,864			61,534		0		55,317,398
Spain		88,939			0		0		0
Taiwan		45,872,504			0		0		0
Thailand		16,091,102			0		0		0
Turkey		2,695,339			0		0		0

Preferred stocks
Brazil		9,237,284			0		0		0
Chile		291,624			0		0		0
Colombia		675,165			0		0		0
Russia		69,697			0		0		0
South Korea		54,087			0		0		0

Rights
Phillipines		0			282		0		282

Warrants
Malaysia		0			10,278		0		10,278
Thailand		0			49,769		0		49,769

Short-term investments
Investment companies		13,354,608			0		0		13,354,608
Total assets	$	285,883,527		$	12,402,813	$	21,284	$	298,307,624
Liabilities

Future contracts	$	(258,457	)	$	0	$	0	$	(258,457	)
Total liabilities	$	(258,457	)	$	0	$	0	$	(258,457	)


Notes to financial statements (unaudited)		Wells Fargo Funds			257


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	$	84,867,731	$	289,123	$	0	$	85,156,854
Austria		2,893,824		0		0		2,893,824
Belgium		5,459,463		362,032		0		5,821,495
Canada		85,367,070		0		0		85,367,070
China		3,662,257		0		0		3,662,257
Czech Republic		527,031		0		0		527,031
Denmark		18,927,530		0		0		18,927,530
Finland		13,609,848		0		0		13,609,848
France		61,059,510		0		0		61,059,510
Germany		44,317,123		0		0		44,317,123
Hong Kong		37,426,468		0		0		37,426,468
Ireland		7,710,808		0		0		7,710,808
Italy		5,446,401		0		0		5,446,401
Japan		199,235,833		0		0		199,235,833
Luxembourg		2,397,707		0		0		2,397,707
Malta		196,872		0		0		196,872
Netherlands		31,879,632		0		0		31,879,632
New Zealand		3,193,254		0		0		3,193,254
Norway		9,153,807		0		0		9,153,807
Portugal		1,811,696		0		0		1,811,696
Singapore		15,344,548		0		0		15,344,548
South Africa		694,756		0		0		694,756
Spain		12,484,541		0		0		12,484,541
Sweden		26,362,909		0		0		26,362,909
Switzerland		45,761,796		0		0		45,761,796
Thailand		277,759		0		0		277,759
United Kingdom		163,382,914		0		0		163,382,914

Preferred stocks		0		0		0		0
Germany		5,312,862		0		0		5,312,862

Short-term investments		0		0		0		0
Investment companies		40,929,757		0		0		40,929,757
Total assets	$	929,695,707	$	651,155	$	0	$	930,346,862
Liabilities

Future contracts	$	485,574	$	0	$	0	$	485,574
Total liabilities	$	485,574	$	0	$	0	$	485,574


258		Wells Fargo Funds		Notes to financial statements (unaudited)


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
Consumer discretionary	$	209,505,219	$	0	$	0	$	209,505,219
Consumer staples		146,919,315		0		0		146,919,315
Energy		82,263,636		0		0		82,263,636
Financials		161,961,099		0		0		161,961,099
Health care		296,896,783		0		0		296,896,783
Industrials		196,378,673		0		0		196,378,673
Information technology		165,838,606		0		0		165,838,606
Materials		53,537,782		0		0		53,537,782
Real estate		88,472,695		0		0		88,472,695
Telecommunication		48,146,806		0		0		48,146,806
Utilities		73,791,976		0		0		73,791,976

Exchange-traded funds		474,585		0		0		474,585

Short-term investments
Investment companies		16,690,970		0		0		16,690,970
		1,540,878,145		0		0		1,540,878,145
Futures contracts		1,155,486		0		0		1,155,486
Total assets	$	1,542,033,631	$	0	$	0	$	1,542,033,631


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
Consumer discretionary	$	58,984,597	$	0	$	0	$	58,984,597
Consumer staples		15,993,832		0		0		15,993,832
Energy		11,473,943		0		0		11,473,943
Financials		73,452,149		13,022		0		73,465,171
Health care		43,694,724		0		0		43,694,724
Industrials		55,973,105		0		0		55,973,105
Information technology		47,571,644		0		5,405		47,577,049
Materials		12,297,833		0		0		12,297,833
Real estate		35,449,960		0		0		35,449,960
Telecommunication		3,992,199		0		0		3,992,199
Utilities		8,264,203		0		0		8,264,203

Short-term investments
Investment companies		11,630,466		0		0		11,630,466
		378,788,655		13,022		5,405		378,797,082
Future contracts		810,277		0		0		810,277
Total assets	$	379,588,932	$	13,022	$	5,405	$	379,607,359


Notes to financial statements (unaudited)		Wells Fargo Funds			259


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	$	90,482,876	$	0	$	90,482,876

Yankee corporate bonds and notes		0		17,575,786		0		17,575,786

Short-term investments
Investment companies		3,064,761		0		0		3,064,761
Total assets	$	3,064,761	$	108,058,662	$	0	$	111,123,423


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	$	10,490,219	$	0	$	10,490,219

Short-term investments
Investment companies		1,018,943		0		0		1,018,943
		1,018,943		10,490,219		0		11,509,162
Forward foreign currency contracts		0		48,278		0		48,278
Total assets	$	1,018,943	$	10,538,497	$	0	$	11,557,440
Liabilities

Forward foreign currency contracts	$	0	$	54,616	$	0	$	54,616
Total liabilities	$	0	$	54,616	$	0	$	54,616


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	$	314,084,988	$	0	$	314,084,988

Yankee corporate bonds and notes		0		66,181,443		0		66,181,443

Short-term investments
Investment companies		1,867,794		0		0		1,867,794
U.S. Treasuries securities		39,981		0		0		39,981
Total assets	$	1,907,775	$	380,266,431	$	0	$	382,174,206


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	$	1,928,976	$	0	$	1,928,976

U.S. Treasury securities		98,152,151		0		0		98,152,151

Short-term investments
Investment companies		169,918		0		0		169,918
Total assets	$	98,322,069	$	1,928,976	$	0	$	100,251,045


260		Wells Fargo Funds		Notes to financial statements (unaudited)


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	$	60,080,621	$	0	$	0	$	60,080,621
Total assets	$	60,080,621	$	0	$	0	$	60,080,621

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 Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

The Portfolios recognize transfers between levels within the fair value hierarchy at the end of the reporting period. At August 31, 2018, the Portfolios, except Factor Enhanced Emerging Markets Portfolio, Factor Enhanced International Portfolio and Factor Enhanced Small Cap Portfolio, did not have any transfers into/out of Level 1, Level 2, or Level 3.

Factor Enhanced Small Cap Portfolio had no material transfers between Level 1 and Level 3 and the Portfolio did not have any transfers into/out of Level 2.

For Factor Enhanced Emerging Markets Portfolio and Factor Enhanced International Portfolio, fair value pricing was not used in pricing certain foreign securities at August 31, 2018, but was used in pricing certain foreign securities at the previous period end and therefore common stocks and preferred stocks were transferred from Level 2 to Level 1 within the fair value hierarchy in the following amounts:


	Common stocks		Preferred stocks
Factor Enhanced Emerging Markets Portfolio	$	160,267,242	$	166,980
Factor Enhanced International Portfolio	$	676,104,001	$	5,312,862

However, fair value pricing was used in pricing certain other foreign securities at August 31, 2018 for Factor Enhanced Emerging Markets Portfolio and common stocks valued at $3,433,387 were transferred from Level 1 to Level 2 within the fair value hierarchy.

Factor Enhanced Emerging Markets Portfolio and Factor Enhanced International Portfolio did not have any 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 annual advisory fee which is calculated based on the average daily net assets of each Portfolio.

Funds Management has retained the services of 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 as subadvisers. Each subadviser is an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo. The fees for subadvisory services are 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.


Notes to financial statements (unaudited)		Wells Fargo Funds			261

The annual advisory and subadvisory fee rates for each Portfolio are as follows:


	Advisory fee						Effective rate for the period ended August 31, 2018			Subadviser	Subadvisory fee
	starting at			declining to			Effective rate for the period ended August 31, 2018			Subadviser	starting at	declining to
Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.05	%		0.03	%		0.05	%	WellsCap	0.04%		0.03	%
Emerging Markets Bond Portfolio		0.25			0.21			0.25		Wells Fargo Asset Management (International), LLC	0.09		0.07
Factor Enhanced Emerging Markets Portfolio		0.15			0.11			0.15		WellsCap*	0.08		0.05
Factor Enhanced International Portfolio		0.15			0.11			0.15		WellsCap*	0.08		0.05
Factor Enhanced Large Cap Portfolio		0.10			0.06			0.10		WellsCap*	0.06		0.04
Factor Enhanced Small Cap Portfolio		0.15			0.11			0.15		WellsCap*	0.08		0.05
High Yield Corporate Bond Portfolio		0.25			0.21			0.25		WellsCap	0.09		0.07
International Government Bond Portfolio		0.25			0.21			0.25		Wells Fargo Asset Management (International), LLC	0.09		0.07
Investment Grade Corporate Bond Portfolio		0.05			0.03			0.05		WellsCap	0.04		0.03
Strategic Retirement Bond Portfolio		0.05			0.03			0.05		WellsCap	0.04		0.03
U.S. REIT Portfolio		0.10			0.06			0.10		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 the management fee to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

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 $715,813 in interfund sales during the six months ended August 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended August 31, 2018 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	$	400,941,300	$	9,522,837	$	551,368,116	$	35,164,588
Emerging Markets Bond Portfolio		0		11,402,319		0		22,155,647
Factor Enhanced Emerging Markets Portfolio		0		106,882,106		0		139,012,615
Factor Enhanced International Portfolio		0		217,733,027		0		417,476,477
Factor Enhanced Large Cap Portfolio		0		243,733,449		0		655,048,844
Factor Enhanced Small Cap Portfolio		0		214,461,446		0		325,366,379
High Yield Corporate Bond Portfolio		0		19,159,828		0		35,600,071
International Government Bond Portfolio		0		15,145,624		0		13,988,345
Investment Grade Corporate Bond Portfolio		0		31,162,641		0		101,223,270
Strategic Retirement Bond Portfolio		7,991,255		161,783		35,089,837		0
U.S. REIT Portfolio		0		5,962,444		0		20,923,657


262		Wells Fargo Funds		Notes to financial statements (unaudited)

6. DERIVATIVE TRANSACTIONS

During the six months ended August 31, 2018, 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 and Investment Grade Corporate 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 six months ended August 31, 2018.


	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
Futures contracts
Average notional balance on long futures	$	202,946	$	15,085,070	$	48,284,420	$	50,561,548	$	14,093,898		N/A	$	339,959
Average notional balance on short futures		67,946		0		0		0		0		N/A		19,606
Forward foreign currency contracts
Average contract amounts to buy		N/A		0		N/A		N/A		N/A	$	2,086,815		N/A
Average contract amounts to sell		N/A		867		N/A		N/A		N/A		2,012,934		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 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

$48,278

(48,278

)


	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	$54,616	$	(48,278	)	$	0	$	6,338

7. BANK BORROWINGS

The Trust, Wells Fargo Master 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


Notes to financial statements (unaudited)		Wells Fargo Funds			263

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 portfolio.

For the six months ended August 31, 2018, there were no borrowings by the Portfolios under the agreement.

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY CHANGES


264		Wells Fargo Funds		Other information (unaudited)

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 wellsfargofunds.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 wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.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-0330.


Other information (unaudited)		Wells Fargo Funds			265

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 154 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. (Born 1952)	Trustee, since 2009	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. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	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
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


266		Wells Fargo Funds		Other information (unaudited)


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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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; Vice Chairman, from 2017 to 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; Advisory Board Member, from 2017 to 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
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 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.


Other information (unaudited)		Wells Fargo Funds			267

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 Kymn³ (Born 1973)	Secretary, since 2018; 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)	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 U.S. REIT Portfolio and as Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 66 other funds and Assistant Treasurer of 69 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report and 69 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 wellsfargofunds.com.

³	Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.


268		Wells Fargo Funds		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT, ADVISORY AND SUB-ADVISORY AGREEMENTS:

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; Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio; Wells Fargo International Government Bond 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 Investment Grade Corporate Bond Portfolio

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (each, a “Board” and collectively, the “Boards”) of each of Wells Fargo Funds Trust (“Funds Trust”) and Wells Fargo Master Trust (“Master Trust”) (collectively, the “Trusts”) must determine annually whether to approve the continuation of the Trusts’ investment management, advisory and sub-advisory agreements, as applicable. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Funds Trust Board, all the members of which have no direct or indirect interest in the investment management agreement and are not “interested persons” of the Trusts, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”) for each of the funds of Funds Trust identified in the table below (individually, an “Intuitive Fund” and collectively, the “Intuitive Funds”):

Intuitive Fund

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

In addition, the Funds Trust Board reviewed and approved an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”) for the U.S. Core Bond Fund (the “Core Bond Fund Sub-Advisory Agreement”).

At the Meeting, the Master Trust Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are Independent Trustees, reviewed and approved: (i) an investment advisory agreement (the “Master Portfolio Advisory Agreement”) with Funds Management for each of the portfolios of Master Trust identified in the table below (individually, a “Master Portfolio” and collectively, the “Master Portfolios”); and (ii) an investment sub-advisory agreement (each, a “Master Portfolio Sub-Advisory Agreement”, and collectively, the “Master Portfolio Sub-Advisory Agreements”) with the sub-adviser(s) identified in the chart below (each, a “Sub-Adviser”, and collectively, the “Sub-Advisers”) for the corresponding Master Portfolio identified in the chart:


Portfolio		Sub-Adviser
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Wells Cap
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Analytic Investors, LLC (“Analytic”)
Wells Fargo Emerging Markets Bond Portfolio		Wells Fargo Asset Management (International), LLC (“WFAM International”)
Wells Fargo Factor Enhanced International Portfolio		Analytic
Wells Fargo Factor Enhanced Large Cap Portfolio		Analytic
Wells Fargo Factor Enhanced Small Cap Portfolio		Analytic
Wells Fargo International Government Bond Portfolio		WFAM International
Wells Fargo Investment Grade Corporate Bond Portfolio		WellsCap
Wells Fargo High Yield Corporate Bond Portfolio		WellsCap


Other information (unaudited)		Wells Fargo Funds			269

The Intuitive Funds and the Master Portfolios are collectively referred to as the “Funds.” The Management Agreement, the Core Bond Fund Sub-Advisory Agreement, the Master Portfolio Advisory Agreement and the Master Portfolio Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

The Board noted that each of the Intuitive Funds is a feeder fund that invests all of its assets in its corresponding Master Portfolio, with the exception of the U.S. Core Bond Fund, which invests in multiple Master Portfolios. Information provided to the Boards regarding the Intuitive Funds is also applicable to the Master Portfolios identified above, as relevant.

At the Meeting, the Boards considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Boards have adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the Boards in the discharge of their duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Boards, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Boards’ annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Boards considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Boards reviewed reports of Funds Management at each of their quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Boards and the teams mentioned above confer with portfolio managers at various times throughout the year. The Boards did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Funds Trust Board unanimously approved the continuation of the Management Agreement and the Core Bond Fund Sub-Advisory Agreement for a one-year period. Additionally, after its deliberations, the Master Trust Board unanimously approved the continuation of the Master Portfolio Advisory Agreement and each Master Portfolio Sub-Advisory Agreement for a one-year term. The Boards also determined that the compensation or the absence of compensation payable to Funds Management and to each of the Sub-Advisers was reasonable. The Boards considered the approval of the Advisory Agreements for the Funds as part of their consideration of agreements for funds across the complex, but their approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Boards in support of their approvals.

Nature, extent and quality of services

The Boards received and considered various information regarding the nature, extent and quality of services provided to the Funds by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Advisers are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and/or personnel changes involving Funds Management and the Subadvisers, and a description of Funds Management’s and the Sub-Advisers’ business continuity planning programs and of their approaches to data privacy and cybersecurity. The Boards also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Funds. The Master Trust Board noted that each of the Master Portfolios replicates the performance of a proprietary index provided by an affiliate of Funds Management, except that the Bloomberg Barclays US Aggregate ex-Corporate Portfolio and the Emerging Markets Bond Portfolio will track the performance of third-party indexes.

The Boards evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Boards further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Boards took into account the full range of services provided to the Funds by Funds Management and its affiliates.


270		Wells Fargo Funds		Other information (unaudited)

Investment performance and expenses

The Boards noted that the Funds had recently commenced operations and had no performance history to review. The Boards noted that they would have the opportunity to review the Funds’ performance history in connection with the Boards’ future review and approval of the Funds’ advisory agreements.

The Funds Trust Board also received and considered information regarding the “zero fee and expense” structure of each Intuitive Fund. Specifically, the Funds Trust Board noted that each Intuitive Fund’s gross operating expense ratio and each of its various components, including management fees, administration fees, custody fees, Rule 12b-1 fees, and other fees, are zero. The Funds Trust Board also noted that each Fund serves as a dedicated mutual fund for use exclusively as part of a robo-advisory program offered by Wells Fargo Advisors, LLC (“WFA”), an affiliate of Funds Management, and that Funds Management assumes and pays or reimburses all of the ordinary operating expenses of each Intuitive Fund, including acquired fund fees and expenses, pursuant to an agreement with each of the Intuitive Funds (the “Fee and Expense Agreement”). The Funds Trust Board further noted that Funds Management receives a fee from Wells Fargo Wealth and Investment Management (“WIM”) pursuant to an intercompany agreement equal to the Master Portfolio fees and expenses absorbed by Funds Management through its Fee and Expense Agreement with each of the Intuitive Funds.

With respect to the Master Portfolios, the Master Trust Board reviewed the fee rates that are payable to Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding expense Group.

The Boards took into account the Funds’ expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management, advisory and sub-advisory fee rates

The Funds Trust Board reviewed and considered that the contractual investment management fee rate payable by each Intuitive Fund to Funds Management for investment management services zero, and also reviewed and considered that each Fund’s other expenses would normally be zero, because of Funds Management’s commitment to assume and pay or reimburse all of the ordinary operating expenses of each Fund, including acquired fund fees and expenses, under the Fee and Expense Agreement. The Funds Trust Board also reviewed and considered that the contractual investment sub-advisory fee rate payable by Funds Management to WellsCap for investment sub-advisory services for the U.S. Core Bond Fund is also zero.

The Master Trust Board reviewed and considered the contractual investment advisory fee rates that are payable by the Master Portfolios to Funds Management for investment advisory services under the Master Portfolio Advisory Agreement (the “Advisory Agreement Rates”). The Master Trust Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

The Master Trust Board reviewed a comparison of the Advisory Agreement Rates of each Master Portfolio with those of other funds in each Master Portfolio’s respective expense Group at a common asset level. The Master Trust Board noted that the Advisory Agreement Rates of each Master Portfolio were lower than or in range of the median rate for the Master Portfolio’s expense Group.

The Boards also received and considered information about the portions of the total management fees that were retained by Funds Management after payment of the fees to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of these amounts, the Boards received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. Given the current affiliation between Funds Management and the Sub-Advisers, the Boards ascribed limited relevance to the allocation of the fees between them.

The Boards also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients with investment strategies similar to those of certain Funds. In this regard, the Boards received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Funds Trust Board determined that the compensation received by Funds Management from WIM pursuant to the intercompany agreement, and the absence of compensation payable by the Funds to Funds Management pursuant to the Management Agreement or to WellsCap pursuant to the Core Bond Fund Sub-Advisory Agreement, was reasonable. Based on its consideration of the factors and information it deemed relevant, including those described here, the Master Trust Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates for each Master Portfolio were reasonable.


Other information (unaudited)		Wells Fargo Funds			271

Profitability

The Boards received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Funds and the fund family as a whole. The Boards noted that the Sub-Advisers’ profitability information with respect to providing services to the Funds was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Boards noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Boards did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Funds to be at a level that would prevent the Boards from approving the continuation of the Advisory Agreements.

Economies of scale

The Boards considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Boards noted the existence of breakpoints in each Master Portfolio’s advisory fee structure and each Intuitive Fund’s management fee structure, which operate generally to reduce the Funds’ expense ratios as the Funds grow in size. They considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Boards also considered that, in addition to management fee breakpoints, competitive fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Funds.

The Boards concluded that the Funds’ fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Funds and their shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Boards received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including WellsCap, Analytic, and WFAM International, as a result of their relationships with the Funds. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Funds and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationships with the Funds. The Boards noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Boards also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers, fees earned by Funds Management and WellsCap from managing a private investment vehicle for the fund family’s securities lending collateral, and commissions earned by an affiliated broker from portfolio transactions.

Based on their consideration of the factors and information they deemed relevant, including those described here, the Boards did not find that any ancillary benefits received by Funds Management and its affiliates, including WellsCap, Analytic, and WFAM International, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Funds Trust Board unanimously approved the continuation of the Management Agreement and the Core Bond Fund Sub-Advisory Agreement for a one-year period. Additionally, after its deliberations, the Master Trust Board unanimously approved the continuation of the Master Portfolio Advisory Agreement and each Master Portfolio Sub-Advisory Agreement for a one-year term. The Boards also determined that the compensation or the absence of compensation payable to Funds Management and to each of the Sub-Advisers was reasonable.


272		Wells Fargo Funds		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Strategic Retirement Bond Portfolio

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Master Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory or sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved: (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”) for the Wells Fargo Strategic Retirement Bond Portfolio (the “Portfolio”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Portfolio as part of its consideration of agreements for funds across the complex, but its approvals were made on a portfolio-by-portfolio basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Portfolio by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory and administrative services provided to the Portfolio, as well as, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and the Sub-Adviser are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Portfolio.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Portfolio by Funds Management and its affiliates.


Other information (unaudited)		Wells Fargo Funds			273

Investment performance and expenses

The Boards noted that the Portfolio had recently commenced operations and had no performance history to review. The Board noted that it would have the opportunity to review the Portfolio’s performance history in connection with the Board’s future review and approval of the Portfolio’s advisory agreements.

The Board reviewed the fee rates that are payable to Funds Management for investment advisory services (as discussed below), which are the only fees charged at the Master Portfolio level, relative to a corresponding class-specific expense groups that was determined by Broadridge to be similar to the Portfolio (the “Group”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Group. The Board also received an explanation of how funds comprising expense Group and its expense ratios may vary from year-to-year.

The Board took into account the Portfolio’s expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rate that is payable by the Portfolio to Funds Management for investment advisory services under the Advisory Agreement (the “Advisory Agreement Rate”). The Board also reviewed and considered the contractual investment sub-advisory fee rate that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rate”).

The Master Trust Board reviewed a comparison of the Advisory Agreement Rate of the Portfolio with those of other funds in the Portfolio’s expense Group at a common asset level. The Board noted that the Portfolio’s Advisory Agreement Rate was lower than the median rate for the Portfolio’s expense Group.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fees to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the current affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the fees between them.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Advisory Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Portfolio and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Portfolio was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Portfolio to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Portfolio’s advisory fee structure, which operate generally to reduce the Portfolio’s expense ratios as the Portfolio grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Portfolio shareholders, are means of sharing potential economies of scale with shareholders of the Portfolio.

The Board concluded that the Portfolio’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Portfolio and its shareholders.


274		Wells Fargo Funds		Other information (unaudited)

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Portfolio. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Portfolio and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Portfolio. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.


Other information (unaudited)		Wells Fargo Funds			275

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Wells Fargo U.S. REIT Portfolio

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Master Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory or sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved: (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”) for the Wells Fargo U.S. REIT Portfolio (the “Portfolio”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


276		Wells Fargo Funds		Other information (unaudited)

Investment performance and expenses

The Board took into account the Portfolio’s expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment advisory and sub-advisory fee rates

Profitability

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Portfolio to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale


Other information (unaudited)		Wells Fargo Funds			277

Other benefits to Funds Management and the Sub-Adviser

Conclusion

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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: wellsfargofunds.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 wellsfargofunds.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.

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

315414 10-18

SA271/SAR271 08-18

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

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. EXHIBITS

(a)(1) Not applicable.

(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:		October 26, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.


Wells Fargo Master Trust

By:
		/s/ Andrew Owen

		Andrew Owen
		President

Date:		October 26, 2018

By:
		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date:		October 26, 2018

Wells Fargo Master Trust N-CSRSCertified semi-annual shareholder report (management investment company)