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quoted prices in active markets for identical securities

other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

NPORT-EX 2 wfft.htm HTML


Wells Fargo Adjustable Rate Government Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities : 95.15%
FDIC Series 2010-S2 Class 3A (1 Month LIBOR +0.70%) 144A±		1.07	%	12-29-2045	$	105,116	$	105,170
FHLMC (11th District Cost of Funds +1.25%) ±		2.23		2-1-2035		56,233		55,520
FHLMC (11th District Cost of Funds +1.25%) ±		2.29		1-1-2030		2,097		2,076
FHLMC (11th District Cost of Funds +1.25%) ±		2.29		1-1-2030		482		481
FHLMC (11th District Cost of Funds +1.25%) ±		2.29		7-1-2030		119,383		118,400
FHLMC (11th District Cost of Funds +1.38%) ±		2.41		10-1-2030		831		830
FHLMC (12 Month LIBOR +1.62%) ±		2.73		7-1-2045		1,570,846		1,631,502
FHLMC (1 Year Treasury Constant Maturity +0.72%) ±		2.82		4-1-2030		31,106		31,401
FHLMC (11th District Cost of Funds +1.75%) ±		2.90		3-1-2025		2,926		2,920
FHLMC (11th District Cost of Funds +1.25%) ±		3.25		11-1-2030		26,015		26,387
FHLMC (6 Month LIBOR +1.42%) ±		3.29		2-1-2037		3,947		4,049
FHLMC (12 Month LIBOR +1.51%) ±		3.38		2-1-2037		49,326		49,687
FHLMC (11th District Cost of Funds 2.31%) ±		3.44		6-1-2029		22,571		22,761
FHLMC (11th District Cost of Funds +2.39%) ±		3.52		6-1-2021		7,681		7,693
FHLMC (6 Month LIBOR +1.68%) ±		3.52		1-1-2037		764,342		791,924
FHLMC (12 Month LIBOR +1.75%) ±		3.58		4-1-2035		136,738		144,197
FHLMC (6 Month LIBOR +1.73%) ±		3.61		6-1-2024		4,743		4,773
FHLMC (12 Month LIBOR +1.74%) ±		3.64		12-1-2036		195,860		205,890
FHLMC (US Treasury H15 Treasury Bill 6 Month Auction High Discount +1.75%) ±		3.66		1-1-2023		11,295		11,370
FHLMC (12 Month LIBOR +1.67%) ±		3.67		8-1-2035		132,268		133,113
FHLMC (6 Month LIBOR +1.70%) ±		3.67		6-1-2037		312,749		315,698
FHLMC (1 Year Treasury Constant Maturity +2.18%) ±		3.71		4-1-2023		107,912		108,488
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.73		4-1-2034		183,385		185,170
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.73		4-1-2034		173,880		175,095
FHLMC (1 Year Treasury Constant Maturity +1.99%) ±		3.74		11-1-2034		270,800		272,771
FHLMC (1 Year Treasury Constant Maturity +2.05%) ±		3.74		1-1-2030		12,078		12,185
FHLMC (12 Month LIBOR +1.74%) ±		3.75		5-1-2037		819,101		864,098
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.75		3-1-2034		575,892		579,932
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.75		5-1-2034		122,023		122,696
FHLMC (12 Month LIBOR +1.73%) ±		3.76		1-1-2035		378,251		381,794
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.76		3-1-2034		507,858		512,447
FHLMC (1 Year Treasury Constant Maturity +2.03%) ±		3.77		3-1-2025		28,242		28,384
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.78		8-1-2027		4,185		4,236
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.79		3-1-2027		60,898		61,238
FHLMC (12 Month LIBOR +1.88%) ±		3.80		4-1-2037		287,222		304,737
FHLMC (US Treasury H15 Treasury Bill 6 Month Auction High Discount +1.94%) ±		3.81		7-1-2024		20,885		20,694
FHLMC (5 Year Treasury Constant Maturity +2.44%) ±		3.82		8-1-2027		28,712		29,006
FHLMC (12 Month LIBOR +1.84%) ±		3.83		4-1-2035		772,552		815,764
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.83		1-1-2033		243,128		244,753
FHLMC (1 Year Treasury Constant Maturity +1.88%) ±		3.83		5-1-2035		274,785		276,667
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.85		2-1-2034		800,409		817,241
FHLMC (6 Month LIBOR +2.09%) ±		3.85		6-1-2026		534,453		538,594
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.86		2-1-2034		241,270		243,146
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		3.86		4-1-2038		663,348		669,071
FHLMC (12 Month LIBOR +1.86%) ±		3.86		4-1-2037		386,667		410,025
FHLMC (12 Month LIBOR +1.77%) ±		3.86		9-1-2037		322,031		339,381
FHLMC (12 Month LIBOR +1.91%) ±		3.86		3-1-2032		255,366		257,093
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.86		4-1-2038		621,145		652,890
FHLMC (1 Year Treasury Constant Maturity +2.16%) ±		3.89		6-1-2033		420,404		423,692
FHLMC (12 Month LIBOR +1.78%) ±		3.89		11-1-2035		231,583		243,677
FHLMC (1 Year Treasury Constant Maturity +2.17%) ±		3.90		6-1-2036		583,346		611,123
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.90		2-1-2036		449,084		473,208
FHLMC (1 Year Treasury Constant Maturity +2.17%) ±		3.91		5-1-2037		48,788		49,173
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.91		2-1-2034		414,036		418,171
FHLMC (1 Year Treasury Constant Maturity +2.19%) ±		3.92		8-1-2034		564,550		577,159
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.92		1-1-2037		618,741		625,579
FHLMC (12 Month LIBOR +1.99%) ±		3.93		7-1-2036		524,753		530,204
FHLMC (1 Year Treasury Constant Maturity +2.44%) ±		3.94		4-1-2029		66,960		67,742
FHLMC (3 Year Treasury Constant Maturity +2.44%) ±		3.94		5-1-2032		104,239		104,657
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		3.95		11-1-2022		45,554		46,040
FHLMC (1 Year Treasury Constant Maturity +2.05%) ±		3.95		8-1-2033		910,743		929,093
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.95		12-1-2033		441,055		444,033
FHLMC (1 Year Treasury Constant Maturity +2.10%) ±		3.95		10-1-2037		723,564		753,174
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.96		11-1-2036		563,715		569,941
FHLMC (12 Month LIBOR +1.82%) ±		3.96		5-1-2039		404,700		408,213


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Adjustable Rate Government Fund


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC (6 Month LIBOR +2.12%) ±		3.97	%	5-1-2037	$	29,123	$	29,493
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.98		2-1-2030		26,472		26,689
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.98		6-1-2030		70,551		71,194
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		3.98		11-1-2035		615,222		619,983
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		3.98		2-1-2034		946,011		992,351
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.98		1-1-2037		78,457		82,618
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		3.98		1-1-2036		347,845		366,097
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		3.98		9-1-2038		399,731		403,660
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.99		12-1-2034		200,880		202,392
FHLMC (12 Month LIBOR +1.87%) ±		3.99		5-1-2035		69,722		70,552
FHLMC (12 Month LIBOR +1.86%) ±		3.99		9-1-2036		486,068		514,342
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		4.00		1-1-2035		216,140		217,894
FHLMC		4.00		7-1-2029		2,601,583		2,761,627
FHLMC (12 Month LIBOR +1.75%) ±		4.00		9-1-2037		250,794		264,087
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.01		8-1-2035		290,909		305,177
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.01		10-1-2024		54,580		54,905
FHLMC (12 Month LIBOR +1.86%) ±		4.01		7-1-2038		1,122,362		1,184,338
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		4.02		11-1-2029		35,289		35,554
FHLMC (1 Year Treasury Constant Maturity +2.38%) ±		4.02		4-1-2034		334,636		337,768
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.03		2-1-2035		554,407		559,569
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		4.03		2-1-2036		419,101		440,120
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		4.04		11-1-2029		53,534		54,014
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±		4.04		6-1-2035		627,219		659,544
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.07		9-1-2035		911,271		954,417
FHLMC (12 Month LIBOR +1.93%) ±		4.08		4-1-2035		733,951		748,614
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.08		5-1-2034		62,974		66,005
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±		4.09		6-1-2035		275,704		277,823
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.09		7-1-2034		84,991		88,957
FHLMC (1 Year Treasury Constant Maturity +2.39%) ±		4.09		1-1-2037		1,104,012		1,165,658
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		4.09		10-1-2036		298,271		301,270
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.09		7-1-2036		170,747		172,400
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.10		10-1-2033		490,992		499,577
FHLMC (1 Year Treasury Constant Maturity +2.60%) ±		4.10		6-1-2032		132,086		133,109
FHLMC (12 Month LIBOR +1.98%) ±		4.10		11-1-2032		104,534		105,101
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.10		6-1-2035		68,647		72,083
FHLMC (1 Year Treasury Constant Maturity +2.20%) ±		4.10		11-1-2036		714,085		720,397
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		4.12		9-1-2029		398,813		402,912
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.13		4-1-2036		328,711		339,506
FHLMC (1 Year Treasury Constant Maturity 2.25%) ±		4.14		4-1-2037		337,770		341,414
FHLMC (1 Year Treasury Constant Maturity +2.03%) ±		4.14		12-1-2035		378,544		380,080
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.15		1-1-2034		548,952		555,028
FHLMC (1 Year Treasury Constant Maturity +2.30%) ±		4.15		7-1-2038		416,688		438,539
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.16		5-1-2038		496,951		500,981
FHLMC (1 Year Treasury Constant Maturity +2.35%) ±		4.16		9-1-2032		1,060,385		1,106,739
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.16		10-1-2033		717,031		748,884
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.17		10-1-2033		186,387		194,691
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.17		10-1-2036		224,027		225,789
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.18		6-1-2030		26,214		26,508
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		4.19		9-1-2033		374,015		383,852
FHLMC (3 Year Treasury Constant Maturity +2.27%) ±		4.19		4-1-2032		76,191		76,605
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		4.21		7-1-2031		458,451		461,892
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.21		2-1-2036		605,863		634,001
FHLMC (1 Year Treasury Constant Maturity +2.35%) ±		4.21		2-1-2036		70,024		73,665
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		4.22		5-1-2034		937,182		972,396
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		4.22		4-1-2037		800,854		824,391
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.22		2-1-2031		313,347		316,522
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.22		7-1-2037		320,977		336,398
FHLMC (12 Month Treasury Average +1.90%) ±		4.23		5-1-2028		163,147		164,136
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		4.23		11-1-2027		296,964		298,815
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		4.24		2-1-2036		278,360		283,840
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.25		12-1-2032		69,530		70,322
FHLMC (12 Month LIBOR +1.77%) ±		4.25		10-1-2036		317,213		334,443
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.27		9-1-2033		115,150		120,305
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		4.27		5-1-2025		49,375		49,788
FHLMC (6 Month LIBOR +2.38%) ±		4.27		2-1-2024		9,694		9,767
FHLMC (1 Year Treasury Constant Maturity +2.61%) ±		4.27		9-1-2030		50,376		50,694
FHLMC (1 Year Treasury Constant Maturity +2.39%) ±		4.28		6-1-2035		815,471		845,049
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		4.29		7-1-2035		360,658		377,575
FHLMC (1 Year Treasury Constant Maturity 2.34%) ±		4.29		10-1-2033		843,257		858,706


Wells Fargo Adjustable Rate Government Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC (1 Year Treasury Constant Maturity 2.33%) ±		4.30	%	7-1-2031	$	137,699	$	138,714
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.30		2-1-2036		608,133		617,900
FHLMC (1 Year Treasury Constant Maturity +2.31%) ±		4.30		3-1-2037		200,787		210,772
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.31		1-1-2028		14,032		14,116
FHLMC (1 Year Treasury Constant Maturity +2.46%) ±		4.31		10-1-2030		1,007,055		1,046,496
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.31		8-1-2035		928,827		957,000
FHLMC (2 Year Treasury Constant Maturity +2.44%) ±		4.32		8-1-2029		19,183		19,335
FHLMC (1 Year Treasury Constant Maturity +2.52%) ±		4.32		11-1-2029		81,018		82,107
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.32		3-1-2036		381,373		383,994
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.33		2-1-2036		374,605		378,715
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.33		3-1-2035		459,592		481,055
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.34		7-1-2029		47,043		47,412
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.34		10-1-2034		466,150		487,403
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.35		9-1-2038		128,726		129,649
FHLMC (1 Year Treasury Constant Maturity +2.39%) ±		4.39		9-1-2030		83,926		84,626
FHLMC (12 Month Treasury Average +2.52%) ±		4.39		6-1-2028		31,215		31,334
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.40		9-1-2031		36,301		36,555
FHLMC (3 Year Treasury Constant Maturity +2.44%) ±		4.41		5-1-2031		91,102		90,968
FHLMC (12 Month LIBOR +1.75%) ±		4.41		5-1-2033		137,602		138,364
FHLMC (3 Year Treasury Constant Maturity 2.69%) ±		4.41		6-1-2035		481,070		488,796
FHLMC (11th District Cost of Funds +2.29%) ±		4.42		12-1-2025		4,813		4,803
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		4.43		9-1-2033		546,896		551,271
FHLMC (12 Month LIBOR +1.77%) ±		4.44		10-1-2035		473,096		476,305
FHLMC (1 Year Treasury Constant Maturity +2.55%) ±		4.44		9-1-2029		75,297		75,432
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.44		1-1-2028		1,514		1,522
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.45		5-1-2034		497,239		499,875
FHLMC (5 Year Treasury Constant Maturity +2.13%) ±		4.51		8-1-2029		7,867		7,891
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.51		10-1-2025		38,036		38,143
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.52		11-1-2029		265,632		266,457
FHLMC (12 Month LIBOR +1.77%) ±		4.54		6-1-2035		491,712		494,388
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.57		11-1-2035		459,341		479,554
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.60		8-1-2033		63,956		64,083
FHLMC (12 Month LIBOR +1.75%) ±		4.60		6-1-2033		374,216		376,735
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.60		11-1-2026		55,560		55,785
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±		4.61		7-1-2034		275,179		276,691
FHLMC (1 Year Treasury Constant Maturity +2.66%) ±		4.62		5-1-2028		113,889		114,467
FHLMC (11th District Cost of Funds +2.57%) ±		4.72		12-1-2025		230,298		231,965
FHLMC (1 Year Treasury Constant Maturity 2.35%) ±		4.72		7-1-2027		333,292		335,275
FHLMC (1 Year Treasury Constant Maturity +2.35%) ±		4.73		7-1-2038		153,976		154,457
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.73		5-1-2032		35,962		36,041
FHLMC (1 Year Treasury Constant Maturity +2.43%) ±		4.80		6-1-2025		40,859		40,894
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.82		6-1-2030		209,599		210,343
FHLMC (1 Year Treasury Constant Maturity +2.47%) ±		4.92		7-1-2034		379,279		380,807
FHLMC (12 Month Treasury Average +2.46%) ±		4.96		10-1-2029		84,305		84,626
FHLMC (1 Year Treasury Constant Maturity +2.47%) ±		4.97		6-1-2035		176,429		176,945
FHLMC (Federal Cost of Funds +2.72%) ±		5.00		4-1-2023		2,009		2,001
FHLMC		5.00		10-1-2022		3,572		3,761
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		5.49		8-1-2024		146,907		147,709
FHLMC (6 Month LIBOR +3.83%) ±		5.71		11-1-2026		24,108		24,299
FHLMC Series 1671 Class QA (11th District Cost of Funds +0.95%) ±		1.94		2-15-2024		590,190		592,767
FHLMC Series 1686 Class FE (11th District Cost of Funds +1.10%) ±		2.09		2-15-2024		9,198		9,321
FHLMC Series 1709 Class FA (10 Year Treasury Constant Maturity -0.85%) ±		0.14		3-15-2024		180,594		177,105
FHLMC Series 1730 Class FA (10 Year Treasury Constant Maturity -0.60%) ±		0.08		5-15-2024		68,413		66,977
FHLMC Series 20 Class F ±±		2.97		7-1-2029		5,826		6,003
FHLMC Series 2315 Class FW (1 Month LIBOR +0.55%) ±		0.73		4-15-2027		53,831		53,893
FHLMC Series 2391 Class EF (1 Month LIBOR +0.50%) ±		0.68		6-15-2031		52,212		52,212
FHLMC Series 2454 Class SL (1 Month LIBOR +8.00%) ±(c)		7.82		3-15-2032		105,403		19,433
FHLMC Series 2461 Class FI (1 Month LIBOR +0.50%) ±		0.68		4-15-2028		70,570		70,570
FHLMC Series 2464 Class FE (1 Month LIBOR +1.00%) ±		1.18		3-15-2032		68,699		70,052
FHLMC Series 2466 Class FV (1 Month LIBOR +0.55%) ±		0.73		3-15-2032		135,506		135,777
FHLMC Series 2538 Class F (1 Month LIBOR +0.60%) ±		0.78		12-15-2032		289,630		292,553
FHLMC Series 264 Class F1 (1 Month LIBOR +0.55%) ±		0.73		7-15-2042		1,551,536		1,560,766
FHLMC Series 2682 Class FK (1 Month LIBOR +1.47%) ±		1.65		1-15-2033		2,846,226		2,940,299
FHLMC Series 3140 Class GF (1 Month LIBOR +0.35%) ±		0.53		3-15-2036		673,920		671,583


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Adjustable Rate Government Fund


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC Series 3149 Class FB (1 Month LIBOR +0.35%) ±		0.53	%	5-15-2036	$	1,128,002	$	1,123,738
FHLMC Series 319 Class F1 (1 Month LIBOR +0.45%) ±		0.63		11-15-2043		2,144,849		2,120,543
FHLMC Series 3240 Class FM (1 Month LIBOR +0.35%) ±		0.53		11-15-2036		1,210,402		1,206,739
FHLMC Series 3284 Class CF (1 Month LIBOR +0.37%) ±		0.55		3-15-2037		832,394		830,989
FHLMC Series 3286 Class FA (1 Month LIBOR +0.40%) ±		0.58		3-15-2037		333,263		332,490
FHLMC Series 3436 Class A ±±		4.32		11-15-2036		405,858		419,600
FHLMC Series 3753 Class FA (1 Month LIBOR +0.50%) ±		0.68		11-15-2040		2,186,106		2,186,951
FHLMC Series 3822 Class FY (1 Month LIBOR +0.40%) ±		0.58		2-15-2033		911,296		913,763
FHLMC Series 3827 Class DF (1 Month LIBOR +0.45%) ±		0.63		3-15-2041		791,356		792,427
FHLMC Series 3997 Class FQ (1 Month LIBOR +0.50%) ±		0.68		2-15-2042		945,573		945,946
FHLMC Series 4013 Class QF (1 Month LIBOR +0.55%) ±		0.73		3-15-2041		907,061		908,835
FHLMC Series 4095 Class FB (1 Month LIBOR +0.40%) ±		0.58		4-15-2039		852,686		853,431
FHLMC Series 4136 Class DF (1 Month LIBOR +0.30%) ±		0.48		11-15-2042		996,243		988,286
FHLMC Series 4316 Class JF (1 Month LIBOR +0.40%) ±		0.58		1-15-2044		1,939,373		1,931,562
FHLMC Series 4515 Class FA (1 Month LIBOR +0.37%) ±		1.35		8-15-2038		371,376		371,613
FHLMC Series 4678 Class AF (1 Month LIBOR +0.40%) ±		1.38		12-15-2042		1,975,107		1,976,403
FHLMC Series 4691 Class FA (1 Month LIBOR +0.35%) ±		0.53		6-15-2047		1,051,031		1,044,582
FHLMC Series 4821 Class FA (1 Month LIBOR +0.30%) ±		0.48		7-15-2048		1,377,611		1,370,362
FHLMC Series 4842 Class FA (1 Month LIBOR +0.35%) ±		0.53		11-15-2048		2,733,551		2,727,450
FHLMC Series 4921 Class FN (1 Month LIBOR +0.45%) ±		0.94		10-25-2049		1,812,063		1,810,736
FHLMC Series 4933 Class FA (1 Month LIBOR +0.50%) ±		0.99		12-25-2049		2,439,530		2,442,175
FHLMC Series T-15 Class A6 (1 Month LIBOR +0.40%) ±		0.57		11-25-2028		333,300		332,609
FHLMC Series T-16 Class A (1 Month LIBOR +0.10%) ±		0.84		6-25-2029		1,068,267		1,052,350
FHLMC Series T-20 Class A7 (1 Month LIBOR +0.15%) ±		0.79		12-25-2029		2,240,539		2,173,698
FHLMC Series T-21 Class A (1 Month LIBOR +0.18%) ±		0.85		10-25-2029		778,495		774,523
FHLMC Series T-23 Class A (1 Month LIBOR +0.14%) ±		0.77		5-25-2030		1,256,191		1,251,757
FHLMC Series T-27 Class A (1 Month LIBOR +0.15%) ±		0.79		10-25-2030		824,634		824,683
FHLMC Series T-30 Class A7 (1 Month LIBOR +0.24%) ±		0.41		12-25-2030		875,920		849,477
FHLMC Series T-35 Class A (1 Month LIBOR +0.14%) ±		0.77		9-25-2031		2,149,205		2,129,046
FHLMC Series T-48 Class 2A ±±		4.06		7-25-2033		1,648,230		1,725,328
FHLMC Series T-54 Class 4A ±±		4.11		2-25-2043		1,166,294		1,238,044
FHLMC Series T-55 Class 1A1		6.50		3-25-2043		49,878		58,582
FHLMC Series T-56 Class 3AF (1 Month LIBOR +1.00%) ±		1.17		5-25-2043		1,032,397		1,053,201
FHLMC Series T-62 Class 1A1 (12 Month Treasury Average +1.20%) ±		2.89		10-25-2044		2,548,774		2,565,187
FHLMC Series T-63 Class 1A1 (12 Month Treasury Average +1.20%) ±		3.06		2-25-2045		2,253,155		2,260,055
FHLMC Series T-66 Class 2A1 ±±		4.06		1-25-2036		1,401,002		1,451,417
FHLMC Series T-67 Class 1A1C ±±		3.59		3-25-2036		3,172,533		3,258,573
FHLMC Series T-67 Class 2A1C ±±		3.64		3-25-2036		3,045,472		3,115,801
FNMA (1 Month LIBOR +1.17%) ±		2.17		5-1-2029		38,196		38,755
FNMA (11th District Cost of Funds +1.26%) ±		2.23		1-1-2035		470,601		472,513
FNMA (11th District Cost of Funds +1.25%) ±		2.23		11-1-2020		1,085		1,083
FNMA (11th District Cost of Funds +1.25%) ±		2.23		11-1-2023		9,135		9,093
FNMA (11th District Cost of Funds +1.25%) ±		2.24		1-1-2038		31,198		31,299
FNMA (11th District Cost of Funds +1.25%) ±		2.24		4-1-2042		1,248,486		1,225,321
FNMA (11th District Cost of Funds +1.25%) ±		2.24		10-1-2044		724,474		721,665
FNMA (11th District Cost of Funds +1.25%) ±		2.25		3-1-2021		10		10
FNMA (11th District Cost of Funds +1.25%) ±		2.29		3-1-2033		78,246		77,018
FNMA (11th District Cost of Funds +1.25%) ±		2.29		11-1-2024		558		556
FNMA (11th District Cost of Funds +1.25%) ±		2.30		4-1-2021		4,951		4,953
FNMA (11th District Cost of Funds +1.25%) ±		2.39		9-1-2037		1,378,385		1,356,953
FNMA (1 Year Treasury Constant Maturity +1.66%) ±		2.53		7-1-2048		1,390,285		1,414,624
FNMA (12 Month LIBOR +1.62%) ±		2.58		4-1-2050		2,566,444		2,693,716
FNMA (11th District Cost of Funds +1.43%) ±		2.60		4-1-2024		764,236		764,552
FNMA (11th District Cost of Funds +1.78%) ±		2.60		1-1-2036		179,193		179,911
FNMA (11th District Cost of Funds +1.80%) ±		2.78		3-1-2033		209,613		210,317
FNMA (11th District Cost of Funds +1.25%) ±		2.79		7-1-2020		12,303		12,280
FNMA (11th District Cost of Funds +1.83%) ±		2.79		1-1-2036		20,583		20,694
FNMA (11th District Cost of Funds +1.86%) ±		2.86		10-1-2027		252,710		253,106
FNMA (6 Month LIBOR +1.00%) ±		2.88		6-1-2021		2,595		2,621
FNMA (11th District Cost of Funds +1.83%) ±		2.92		10-1-2024		166		166
FNMA (6 Month LIBOR +1.08%) ±		2.95		9-1-2032		48,797		49,057
FNMA (11th District Cost of Funds +1.82%) ±		2.96		5-1-2028		33,395		33,551
FNMA (11th District Cost of Funds +1.92%) ±		2.97		9-1-2030		206,517		205,397
FNMA (11th District Cost of Funds +1.70%) ±		3.00		4-1-2030		771		766
FNMA %%		3.00		6-11-2050		5,500,000		5,785,313
FNMA (11th District Cost of Funds +1.17%) ±		3.02		10-1-2034		77,602		78,037
FNMA (6 Month LIBOR +1.03%) ±		3.03		2-1-2033		114,091		113,984


Wells Fargo Adjustable Rate Government Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA (6 Month LIBOR +1.52%) ±		3.06	%	11-1-2034	$	324,529	$	327,900
FNMA (1 Year Treasury Constant Maturity +1.58%) ±		3.08		3-1-2034		252,075		254,366
FNMA (6 Month LIBOR +1.74%) ±		3.12		10-1-2024		28,620		28,832
FNMA (12 Month LIBOR +1.74%) ±		3.12		5-1-2032		149,598		151,090
FNMA (6 Month LIBOR +1.18%) ±		3.16		8-1-2033		151,764		152,901
FNMA (6 Month LIBOR +1.40%) ±		3.16		10-1-2037		504,037		517,221
FNMA (1 Year Treasury Constant Maturity +1.67%) ±		3.17		4-1-2033		79,740		80,643
FNMA (11th District Cost of Funds +1.25%) ±		3.17		4-1-2034		740,598		747,830
FNMA (6 Month LIBOR +1.42%) ±		3.19		12-1-2031		163,243		164,795
FNMA (12 Month Treasury Average +1.25%) ±		3.23		1-1-2021		152		152
FNMA (6 Month LIBOR +1.37%) ±		3.24		1-1-2032		176,511		177,728
FNMA (6 Month LIBOR +1.38%) ±		3.25		8-1-2031		115,327		116,465
FNMA (6 Month LIBOR +1.38%) ±		3.25		12-1-2031		16,940		17,010
FNMA (12 Month Treasury Average +1.25%) ±		3.27		1-1-2021		197		198
FNMA (12 Month Treasury Average +1.40%) ±		3.27		12-1-2030		63,170		62,949
FNMA (6 Month LIBOR +1.42%) ±		3.29		9-1-2031		118,543		119,320
FNMA (6 Month LIBOR +1.55%) ±		3.32		3-1-2034		172,001		174,435
FNMA (1 Year Treasury Constant Maturity +1.70%) ±		3.33		2-1-2033		208,890		210,345
FNMA (1 Year Treasury Constant Maturity +1.74%) ±		3.37		1-1-2035		39,549		39,800
FNMA (6 Month LIBOR +1.16%) ±		3.37		8-1-2033		3,136		3,167
FNMA (1 Year Treasury Constant Maturity +1.89%) ±		3.39		6-1-2032		53,324		53,466
FNMA (6 Month LIBOR +1.53%) ±		3.41		1-1-2035		830,176		852,383
FNMA (1 Year Treasury Constant Maturity +1.82%) ±		3.45		4-1-2038		364,918		367,967
FNMA (1 Year Treasury Constant Maturity +1.50%) ±		3.45		8-1-2030		746,966		758,665
FNMA (1 Year Treasury Constant Maturity +1.63%) ±		3.50		11-1-2029		6,409		6,511
FNMA (6 Month LIBOR +1.55%) ±		3.55		12-1-2022		2,510		2,523
FNMA (12 Month LIBOR +1.75%) ±		3.58		4-1-2034		253,316		257,094
FNMA (1 Year Treasury Constant Maturity +1.85%) ±		3.60		11-1-2027		5,513		5,545
FNMA (12 Month LIBOR +1.75%) ±		3.61		5-1-2035		560,800		591,206
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		3.62		3-1-2031		28,909		28,915
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		3.63		5-1-2033		246,863		257,917
FNMA (12 Month LIBOR +1.65%) ±		3.65		12-1-2033		819,916		836,176
FNMA (1 Year Treasury Constant Maturity +2.15%) ±		3.67		4-1-2033		734,963		741,615
FNMA (12 Month LIBOR +1.73%) ±		3.68		6-1-2041		257,340		263,838
FNMA (12 Month LIBOR +1.75%) ±		3.68		4-1-2033		328,902		331,071
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.68		5-1-2035		95,564		100,229
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.69		3-1-2035		399,738		402,514
FNMA (12 Month LIBOR +1.69%) ±		3.69		4-1-2034		419,880		440,148
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		3.70		5-1-2033		316,624		318,664
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.71		5-1-2037		539,295		543,584
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.72		4-1-2033		519,705		523,326
FNMA (12 Month Treasury Average +1.84%) ±		3.74		11-1-2035		23,960		24,594
FNMA (5 Year Treasury Constant Maturity +1.90%) ±		3.74		9-1-2031		173,280		173,652
FNMA (6 Month LIBOR +1.74%) ±		3.74		12-1-2024		39,579		39,667
FNMA (6 Month LIBOR +1.63%) ±		3.75		1-1-2022		2,865		2,864
FNMA (12 Month LIBOR +1.75%) ±		3.75		1-1-2035		354,706		372,886
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		3.75		10-1-2029		15,150		15,245
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		3.76		5-1-2035		391,164		394,967
FNMA (1 Year Treasury Constant Maturity +2.09%) ±		3.76		1-1-2036		82,066		83,932
FNMA (1 Year Treasury Constant Maturity +1.93%) ±		3.76		7-1-2038		496,141		498,999
FNMA (12 Month Treasury Average +1.88%) ±		3.76		11-1-2035		588,025		590,869
FNMA (3 Year Treasury Constant Maturity +2.15%) ±		3.77		10-1-2024		22,107		22,341
FNMA (12 Month Treasury Average +1.92%) ±		3.77		10-1-2035		763,499		785,583
FNMA (1 Year Treasury Constant Maturity +2.03%) ±		3.77		12-1-2032		430,202		432,944
FNMA (12 Month Treasury Average +1.93%) ±		3.78		6-1-2035		453,008		466,476
FNMA (12 Month Treasury Average +1.89%) ±		3.79		11-1-2035		109,427		112,498
FNMA (12 Month LIBOR +1.64%) ±		3.79		11-1-2038		227,110		238,012
FNMA (1 Year Treasury Constant Maturity +1.52%) ±		3.79		8-1-2033		700,610		703,374
FNMA (1 Year Treasury Constant Maturity +2.30%) ±		3.80		1-1-2026		142,408		143,291
FNMA (12 Month Treasury Average +1.95%) ±		3.80		7-1-2035		637,786		656,731
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.80		12-1-2024		18,152		18,289
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.80		1-1-2035		42,947		43,387
FNMA (12 Month LIBOR +1.69%) ±		3.81		8-1-2036		368,268		386,601
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		3.81		5-1-2035		523,201		552,032
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		3.82		4-1-2028		108,609		109,424
FNMA (1 Year Treasury Constant Maturity +2.04%) ±		3.83		9-1-2035		1,189,710		1,239,343
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.83		5-1-2033		154,400		161,527
FNMA (12 Month LIBOR +1.56%) ±		3.83		9-1-2036		215,032		216,152


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Adjustable Rate Government Fund


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.85	%	8-1-2031	$	96,342	$	97,190
FNMA (6 Month LIBOR +1.98%) ±		3.85		9-1-2033		50,551		51,146
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		3.85		5-1-2036		426,370		446,365
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		3.85		2-1-2035		389,761		410,478
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		3.86		2-1-2035		86,780		90,707
FNMA (1 Year Treasury Constant Maturity +2.07%) ±		3.86		11-1-2035		379,725		396,092
FNMA (12 Month Treasury Average +1.98%) ±		3.87		11-1-2035		642,762		645,770
FNMA (1 Year Treasury Constant Maturity +2.04%) ±		3.87		6-1-2034		342,000		344,858
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.23%) ±		3.87		7-1-2025		674		677
FNMA (12 Month LIBOR +1.68%) ±		3.87		9-1-2038		491,245		515,373
FNMA (1 Year Treasury Constant Maturity +2.39%) ±		3.89		4-1-2038		218,324		220,355
FNMA (12 Month Treasury Average +2.05%) ±		3.90		7-1-2035		390,880		404,323
FNMA (6 Month LIBOR +2.01%) ±		3.90		10-1-2024		37,275		37,687
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.90		1-1-2036		238,805		238,762
FNMA (1 Year Treasury Constant Maturity +1.86%) ±		3.90		4-1-2030		33,198		33,353
FNMA (12 Month LIBOR +1.65%) ±		3.90		9-1-2037		543,047		546,290
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		3.90		7-1-2024		6,652		6,712
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		3.90		2-1-2037		351,796		354,540
FNMA (12 Month LIBOR +1.72%) ±		3.90		2-1-2038		325,375		342,301
FNMA (12 Month LIBOR +1.83%) ±		3.90		1-1-2033		298,293		300,691
FNMA (12 Month Treasury Average +2.00%) ±		3.91		10-1-2035		309,204		319,301
FNMA (12 Month LIBOR +1.67%) ±		3.92		9-1-2034		703,335		709,057
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		3.92		12-1-2039		169,485		170,206
FNMA (12 Month LIBOR +1.61%) ±		3.92		1-1-2040		134,740		136,929
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		3.92		10-1-2035		105,370		107,504
FNMA (1 Year Treasury Constant Maturity 2.22%) ±		3.92		12-1-2036		294,959		309,111
FNMA (6 Month LIBOR +1.93%) ±		3.93		6-1-2032		62,786		63,427
FNMA (12 Month LIBOR +1.53%) ±		3.93		9-1-2035		780,380		813,473
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.93		1-1-2027		159,108		160,023
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.93		5-1-2035		825,101		844,942
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		3.94		12-1-2032		337,939		340,646
FNMA (12 Month Treasury Average +2.07%) ±		3.94		1-1-2035		265,736		267,266
FNMA (3 Year Treasury Constant Maturity +1.21%) ±		3.95		3-1-2030		14,661		14,875
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		3.95		6-1-2032		18,133		18,244
FNMA (12 Month LIBOR +1.82%) ±		3.95		12-1-2046		63,492		63,889
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		3.95		11-1-2038		230,638		232,408
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		3.97		1-1-2037		524,021		548,314
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.97		6-1-2036		435,655		438,851
FNMA (1 Year Treasury Constant Maturity +2.15%) ±		3.97		12-1-2034		295,975		303,000
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		3.98		12-1-2035		216,839		226,719
FNMA (1 Year Treasury Constant Maturity +2.10%) ±		3.98		7-1-2035		78,972		79,502
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.99		7-1-2029		333,480		336,387
FNMA (1 Year Treasury Constant Maturity +2.15%) ±		4.00		5-1-2035		359,146		374,879
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.01		4-1-2033		321,608		328,946
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		4.01		10-1-2025		70,101		70,258
FNMA (12 Month LIBOR +1.71%) ±		4.02		3-1-2037		229,773		241,614
FNMA (1 Year Treasury Constant Maturity +2.40%) ±		4.03		6-1-2024		25,495		25,657
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		4.03		12-1-2034		780,561		795,694
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		4.03		4-1-2040		97,751		101,556
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.04		9-1-2033		331,277		334,546
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.05		10-1-2035		577,198		604,615
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.05		5-1-2036		1,024,634		1,060,675
FNMA (6 Month LIBOR +2.31%) ±		4.06		4-1-2033		174,048		175,417
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		4.06		5-1-2034		126,080		126,921
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		4.07		5-1-2025		23,911		24,142
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.07		2-1-2034		925,524		942,281
FNMA (1 Year Treasury Constant Maturity +2.51%) ±		4.07		8-1-2035		221,593		223,117
FNMA (11th District Cost of Funds +1.83%) ±		4.07		6-1-2034		96,972		97,620
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.08		12-1-2040		179,001		186,919
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.08		9-1-2035		113,947		115,145
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.08		5-1-2033		155,631		156,550
FNMA (6 Month LIBOR +2.44%) ±		4.09		1-1-2033		85,031		85,426
FNMA (1 Year Treasury Constant Maturity +2.04%) ±		4.09		12-1-2033		465,740		469,299
FNMA (1 Year Treasury Constant Maturity +2.15%) ±		4.09		2-1-2033		56,239		56,854
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.11		8-1-2026		159,630		160,474
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		4.11		5-1-2034		409,076		411,385
FNMA (Federal Cost of Funds +2.00%) ±		4.11		8-1-2029		30,434		30,773
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.12		4-1-2038		556,930		562,430


Wells Fargo Adjustable Rate Government Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA (6 Month LIBOR +2.25%) ±		4.12	%	3-1-2034	$	682,490	$	698,510
FNMA (1 Year Treasury Constant Maturity +2.37%) ±		4.12		7-1-2027		17,217		17,308
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		4.13		6-1-2032		79,994		80,195
FNMA (12 Month LIBOR +1.82%) ±		4.13		4-1-2035		699,977		735,668
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.13		1-1-2033		1,114,983		1,140,958
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.13		6-1-2036		761,673		795,733
FNMA (1 Year Treasury Constant Maturity +1.76%) ±		4.13		8-1-2032		122,024		122,328
FNMA (11th District Cost of Funds +1.93%) ±		4.13		12-1-2036		47,728		49,128
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.14		2-1-2036		378,010		394,879
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.14		9-1-2035		850,611		888,493
FNMA (1 Year Treasury Constant Maturity +2.37%) ±		4.14		9-1-2030		504,549		508,855
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.14		9-1-2035		273,470		276,745
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		4.15		12-1-2034		419,179		433,370
FNMA (12 Month LIBOR +1.72%) ±		4.15		12-1-2033		654,729		685,929
FNMA (12 Month Treasury Average +2.25%) ±		4.15		9-1-2036		241,249		243,506
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.15		12-1-2040		829,106		841,937
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		4.16		1-1-2031		263,924		265,773
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.17		10-1-2034		131,497		132,312
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		4.18		3-1-2027		63,087		63,726
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.18		6-1-2027		62,814		63,121
FNMA (1 Year Treasury Constant Maturity +2.37%) ±		4.19		7-1-2028		323,577		325,534
FNMA (1 Year Treasury Constant Maturity +2.64%) ±		4.19		3-1-2030		5,024		5,057
FNMA (1 Year Treasury Constant Maturity +2.14%) ±		4.19		10-1-2033		173,661		180,869
FNMA (12 Month LIBOR +1.90%) ±		4.20		10-1-2034		388,227		391,417
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.20		11-1-2035		801,362		819,779
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		4.20		10-1-2036		335,035		350,794
FNMA (12 Month Treasury Average +2.34%) ±		4.20		9-1-2036		283,830		285,354
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.20		11-1-2037		414,306		433,233
FNMA (12 Month Treasury Average +2.28%) ±		4.20		8-1-2035		525,393		527,201
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.21		10-1-2036		431,349		450,445
FNMA (1 Year Treasury Constant Maturity +2.41%) ±		4.21		5-1-2027		44,972		45,226
FNMA (5 Year Treasury Constant Maturity +2.43%) ±		4.21		6-1-2028		22,053		22,289
FNMA (1 Year Treasury Constant Maturity +2.52%) ±		4.21		5-1-2035		501,413		527,782
FNMA (12 Month Treasury Average +2.35%) ±		4.22		8-1-2040		378,317		379,535
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.22		6-1-2026		5,946		6,004
FNMA (1 Year Treasury Constant Maturity +2.60%) ±		4.22		2-1-2028		30,577		30,762
FNMA (11th District Cost of Funds +1.88%) ±		4.23		5-1-2034		114,396		115,243
FNMA (12 Month Treasury Average +2.34%) ±		4.23		5-1-2036		266,367		278,678
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.23		7-1-2028		94		95
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		4.24		4-1-2024		6,681		6,760
FNMA (1 Year Treasury Constant Maturity 2.26%) ±		4.24		1-1-2038		332,975		349,367
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.25		5-1-2033		817,997		828,790
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.25		12-1-2040		536,993		561,669
FNMA (12 Month LIBOR +1.86%) ±		4.25		6-1-2041		292,574		304,345
FNMA (1 Year Treasury Constant Maturity +2.69%) ±		4.25		5-1-2035		545,338		552,174
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.25		12-1-2040		366,695		383,756
FNMA (1 Year Treasury Constant Maturity +1.88%) ±		4.26		8-1-2031		51,680		51,740
FNMA (6 Month LIBOR +2.63%) ±		4.26		4-1-2033		212,381		213,551
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.26		9-1-2036		369,358		387,088
FNMA (1 Year Treasury Constant Maturity +2.52%) ±		4.27		11-1-2024		17,696		17,839
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		4.28		9-1-2026		16,477		16,498
FNMA (12 Month LIBOR +1.80%) ±		4.29		5-1-2033		252,559		264,705
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		4.29		12-1-2030		18,602		18,639
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		4.29		3-1-2033		517,403		521,648
FNMA (1 Year Treasury Constant Maturity +2.10%) ±		4.30		9-1-2036		287,665		287,671
FNMA (1 Year Treasury Constant Maturity +2.34%) ±		4.31		1-1-2037		523,416		529,075
FNMA (12 Month LIBOR +1.75%) ±		4.31		7-1-2035		388,645		408,616
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		4.32		5-1-2034		352,522		354,258
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.32		6-1-2035		497,557		520,791
FNMA (1 Year Treasury Constant Maturity +2.41%) ±		4.32		9-1-2033		404,073		407,312
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.33		1-1-2037		792,436		811,079
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		4.33		11-1-2034		255,336		268,290
FNMA (1 Year Treasury Constant Maturity +2.33%) ±		4.33		11-1-2024		47,869		48,340
FNMA (12 Month LIBOR +1.99%) ±		4.33		9-1-2035		303,965		322,126
FNMA (1 Year Treasury Constant Maturity +2.38%) ±		4.34		7-1-2030		258,955		260,650
FNMA (3 Year Treasury Constant Maturity +2.47%) ±		4.34		6-1-2024		9,601		9,690
FNMA (1 Year Treasury Constant Maturity +2.58%) ±		4.35		3-1-2032		104,525		104,885
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.36		9-1-2022		43,853		44,326


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Adjustable Rate Government Fund


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		4.36	%	1-1-2029	$	134,985	$	135,590
FNMA (6 Month LIBOR +2.48%) ±		4.36		7-1-2033		32,112		32,199
FNMA (12 Month LIBOR +1.67%) ±		4.36		7-1-2035		804,714		841,741
FNMA (1 Year Treasury Constant Maturity +2.35%) ±		4.37		6-1-2027		58,291		58,993
FNMA (1 Year Treasury Constant Maturity +2.33%) ±		4.37		12-1-2030		475,618		478,777
FNMA (1 Year Treasury Constant Maturity +2.87%) ±		4.37		8-1-2030		70,973		70,683
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		4.38		9-1-2030		375,543		378,019
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.39		7-1-2037		275,267		288,825
FNMA (3 Year Treasury Constant Maturity +2.14%) ±		4.39		10-1-2025		4,869		4,911
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.39		1-1-2035		307,197		320,820
FNMA (1 Year Treasury Constant Maturity +2.11%) ±		4.41		7-1-2035		285,031		286,712
FNMA (1 Year Treasury Constant Maturity +2.34%) ±		4.42		9-1-2037		391,491		396,088
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.42		6-1-2033		164,621		164,476
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.42		7-1-2035		667,168		669,712
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.45		1-1-2036		373,754		376,116
FNMA (1 Year Treasury Constant Maturity +2.09%) ±		4.46		8-1-2025		15,443		15,522
FNMA (1 Year Treasury Constant Maturity +2.34%) ±		4.46		4-1-2036		313,746		316,116
FNMA (1 Year Treasury Constant Maturity +2.47%) ±		4.47		9-1-2035		35,936		37,939
FNMA (12 Month LIBOR +1.80%) ±		4.48		7-1-2033		495,381		519,089
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		4.49		8-1-2026		22,697		22,701
FNMA (12 Month LIBOR +1.79%) ±		4.50		6-1-2036		223,125		235,027
FNMA (1 Year Treasury Constant Maturity +2.60%) ±		4.51		10-1-2025		6,017		6,056
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		4.51		10-1-2029		266,048		267,576
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		4.52		4-1-2024		18,799		18,879
FNMA (12 Month LIBOR +1.87%) ±		4.52		5-1-2038		441,139		465,551
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.54		6-1-2033		246,691		247,897
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.54		8-1-2035		596,660		620,747
FNMA (6 Month LIBOR +2.70%) ±		4.55		1-1-2033		57,068		57,560
FNMA (1 Year Treasury Constant Maturity +2.64%) ±		4.55		7-1-2028		39,211		39,460
FNMA (12 Month LIBOR +1.91%) ±		4.55		8-1-2034		1,056,380		1,112,658
FNMA (12 Month LIBOR 1.72%) ±		4.55		6-1-2035		104,835		110,001
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.56		6-1-2035		182,351		183,413
FNMA (1 Year Treasury Constant Maturity +2.38%) ±		4.56		7-1-2027		67,793		68,071
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.57		8-1-2033		483,680		485,487
FNMA (6 Month LIBOR +2.66%) ±		4.57		4-1-2024		90,746		91,500
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		4.58		9-1-2030		68,723		69,013
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.59		7-1-2033		33,550		34,809
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.59		7-1-2035		281,003		282,706
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.60		7-1-2035		406,739		424,376
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.60		7-1-2035		97,521		101,565
FNMA (1 Year Treasury Constant Maturity +2.45%) ±		4.60		7-1-2037		1,362,441		1,437,672
FNMA (Federal Cost of Funds +2.39%) ±		4.61		2-1-2029		767,738		775,621
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.63		6-1-2035		342,843		356,585
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		4.67		6-1-2037		262,241		263,257
FNMA (1 Year Treasury Constant Maturity +2.64%) ±		4.68		10-1-2028		86,146		86,343
FNMA (1 Year Treasury Constant Maturity +2.35%) ±		4.73		6-1-2030		13,306		13,301
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.73		1-1-2032		5,560		5,593
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		4.73		6-1-2036		103,550		105,982
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		4.74		10-1-2034		138,191		138,986
FNMA (12 Month LIBOR +1.90%) ±		4.78		5-1-2037		1,222,252		1,286,159
FNMA (6 Month LIBOR +2.76%) ±		4.79		5-1-2033		825,655		849,387
FNMA (12 Month Treasury Average +2.48%) ±		4.82		6-1-2040		634,222		637,229
FNMA (1 Year Treasury Constant Maturity +2.47%) ±		4.84		9-1-2028		33,730		33,766
FNMA (3 Year Treasury Constant Maturity +2.15%) ±		4.90		8-1-2031		30,768		31,061
FNMA (1 Year Treasury Constant Maturity +2.49%) ±		4.99		7-1-2037		215,297		215,678
FNMA (1 Year Treasury Constant Maturity +2.84%) ±		5.06		9-1-2030		161,318		161,873
FNMA (6 Month LIBOR +3.47%) ±		5.26		12-1-2032		136,617		137,734
FNMA (6 Month LIBOR +3.57%) ±		5.82		11-1-2031		8,414		8,395
FNMA		6.50		8-1-2028		40,635		41,934
FNMA		6.50		5-1-2031		83,833		95,933
FNMA		7.06		11-1-2024		639		640
FNMA		7.06		12-1-2024		18,089		18,178
FNMA		7.06		3-1-2025		14,988		15,065
FNMA		7.06		1-1-2027		19,105		19,173
FNMA		7.50		1-1-2031		36,545		39,950
FNMA		7.50		1-1-2033		104,770		116,092
FNMA		7.50		5-1-2033		95,651		106,646
FNMA		7.50		5-1-2033		102,783		113,139
FNMA		7.50		6-1-2033		21,191		21,411


Wells Fargo Adjustable Rate Government Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		7.50	%	7-1-2033	$	34,506	$	35,041
FNMA		7.50		8-1-2033		48,473		50,448
FNMA		8.00		12-1-2026		30,594		34,000
FNMA		8.00		2-1-2030		150		152
FNMA		8.00		3-1-2030		170		174
FNMA		8.00		5-1-2033		45,041		46,501
FNMA		8.50		10-1-2026		381		383
FNMA		8.50		8-15-2024		17,950		18,218
FNMA		10.00		1-20-2021		113		114
FNMA Series 1992-39 Class FA (7 Year Treasury Constant Maturity +0.00%) ±		0.51		3-25-2022		28,765		28,618
FNMA Series 1992-45 Class F (7 Year Treasury Constant Maturity +0.00%) ±		0.51		4-25-2022		5,072		5,043
FNMA Series 1992-87 Class Z		8.00		5-25-2022		3,120		3,268
FNMA Series 1993-113 Class FA (10 Year Treasury Constant Maturity -0.65%) ±		0.02		7-25-2023		24,561		24,529
FNMA Series 1993-247 Class FM (11th District Cost of Funds +1.20%) ±		2.08		12-25-2023		130,916		132,677
FNMA Series 1994-14 Class F (11th District Cost of Funds +1.60%) ±		2.48		10-25-2023		72,672		74,035
FNMA Series 2001-50 Class BA		7.00		10-25-2041		98,669		114,005
FNMA Series 2001-63 Class FD (1 Month LIBOR +0.60%) ±		0.78		12-18-2031		94,341		94,635
FNMA Series 2001-81 Class F (1 Month LIBOR +0.55%) ±		0.72		1-25-2032		40,156		40,232
FNMA Series 2001-T08 Class A1		7.50		7-25-2041		91,311		109,167
FNMA Series 2001-T10 Class A2		7.50		12-25-2041		1,532,811		1,771,564
FNMA Series 2001-T12 Class A2		7.50		8-25-2041		127,196		152,944
FNMA Series 2001-T12 Class A4 ±±		4.49		8-25-2041		2,987,273		3,163,021
FNMA Series 2001-W01 Class AV1 (1 Month LIBOR+0.24%) ±		0.73		8-25-2031		43,266		42,197
FNMA Series 2001-W03 Class A ±±		7.00		9-25-2041		375,180		418,399
FNMA Series 2002-05 Class FD (1 Month LIBOR +0.90%) ±		1.07		2-25-2032		82,607		83,502
FNMA Series 2002-33 Class A4 ±±		5.42		11-25-2030		101,333		108,228
FNMA Series 2002-59 Class F (1 Month LIBOR +0.40%) ±		0.57		9-25-2032		215,202		214,633
FNMA Series 2002-66 Class A3 ±±		4.17		4-25-2042		5,827,962		6,137,819
FNMA Series 2002-T12 Class A3		7.50		5-25-2042		1,060,798		1,309,352
FNMA Series 2002-T12 Class A5 ±±		4.70		10-25-2041		1,289,097		1,364,169
FNMA Series 2002-T18 Class A5 ±±		4.50		5-25-2042		2,565,660		2,788,062
FNMA Series 2002-T19 Class A4 ±±		4.50		3-25-2042		149,822		165,255
FNMA Series 2002-W01 Class 3A ±±		4.03		4-25-2042		758,535		796,353
FNMA Series 2002-W04 Class A6 ±±		4.31		5-25-2042		1,235,235		1,312,851
FNMA Series 2003-07 Class A2 ±±		3.93		5-25-2042		567,609		584,747
FNMA Series 2003-63 Class A8 ±±		3.86		1-25-2043		932,227		978,282
FNMA Series 2003-W02 Class 1A3		7.50		7-25-2042		291,912		358,547
FNMA Series 2003-W04 Class 5A ±±		4.02		10-25-2042		763,130		791,338
FNMA Series 2003-W08 Class 4A ±±		4.28		11-25-2042		947,962		1,015,746
FNMA Series 2003-W09 Class A (1 Month LIBOR +0.12%) ±		0.73		6-25-2033		1,357,243		1,333,300
FNMA Series 2003-W10 Class 2A ±±		4.00		6-25-2043		1,869,589		1,970,154
FNMA Series 2003-W18 Class 2A ±±		4.24		6-25-2043		2,647,511		2,797,913
FNMA Series 2004-17 Class FT (1 Month LIBOR +0.40%) ±		0.57		4-25-2034		755,056		753,046
FNMA Series 2004-T03 Class 1A3		7.00		2-25-2044		353,767		424,896
FNMA Series 2004-T03 Class 2A ±±		4.27		8-25-2043		1,004,870		1,052,773
FNMA Series 2004-T1 Class 2A ±±		3.74		8-25-2043		1,239,347		1,321,738
FNMA Series 2004-W01 Class 2A2		7.00		12-25-2033		185,916		220,290
FNMA Series 2004-W01 Class 3A ±±		4.37		1-25-2043		55,080		58,929
FNMA Series 2004-W02 Class 5A		7.50		3-25-2044		78,127		91,681
FNMA Series 2004-W12 Class 2A ±±		4.24		6-25-2044		2,783,068		2,977,872
FNMA Series 2004-W15 Class 3A ±±		4.28		6-25-2044		4,364,615		4,619,769
FNMA Series 2005-W03 Class 3A ±±		4.12		4-25-2045		832,916		908,040
FNMA Series 2006-15 Class FW (1 Month LIBOR +0.30%) ±		0.47		1-25-2036		14,966		14,970
FNMA Series 2006-44 Class FY (1 Month LIBOR +0.57%) ±		0.74		6-25-2036		953,892		961,728
FNMA Series 2006-W01 Class 3A ±±		3.88		10-25-2045		3,354,279		3,495,430
FNMA Series 2007-95 Class A2 (1 Month LIBOR +0.25%) ±		0.74		8-27-2036		233,978		224,573
FNMA Series 2008-67 Class FG (1 Month LIBOR +1.00%) ±		1.17		7-25-2038		1,029,449		1,054,022
FNMA Series 2012-47 Class FW (1 Month LIBOR +1.70%) ±		1.87		5-25-2027		264,368		272,296
FNMA Series 2016-40 Class AF (1 Month LIBOR +0.45%) ±		1.43		7-25-2046		520,798		521,159
FNMA Series 2016-58 Class FA (1 Month LIBOR +0.48%) ±		1.46		8-25-2046		1,411,866		1,407,960
FNMA Series 2016-87 Class AF (1 Month LIBOR +0.40%) ±		1.38		11-25-2046		593,331		591,225
FNMA Series 2018-47 Class PC		3.50		9-25-2047		1,825,573		1,861,413
FNMA Series 2019-25 Class FA (1 Month LIBOR +0.45%) ±		0.62		6-25-2049		520,118		520,502


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Adjustable Rate Government Fund


			Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA Series 2019-42 Class MF (1 Month LIBOR +0.40%) ±				1.38	%	8-25-2059	$	3,850,173	$	3,833,510
FNMA Series G92-20 Class FB (7 Year Treasury Constant Maturity +0.00%) ±				0.51		4-25-2022		1,876		1,870
FNMA Series G93-1 Class K				6.68		1-25-2023		92,275		96,363
GNMA				6.45		4-20-2025		26,892		29,053
GNMA				6.45		9-20-2025		27,989		31,326
GNMA				6.50		6-20-2034		68,398		70,096
GNMA				6.50		8-20-2034		367,319		402,151
GNMA				6.75		2-15-2029		37,309		40,998
GNMA				9.00		9-20-2024		696		710
GNMA				9.00		11-20-2024		93		94
GNMA				9.00		1-20-2025		2,262		2,381
GNMA				9.00		2-20-2025		10,181		11,227
GNMA Series 2008-65 Class FG (1 Month LIBOR +0.75%) ±				0.92		8-20-2038		1,168,782		1,181,909
GNMA Series 2008-68 Class FA (1 Month LIBOR +0.95%) ±				1.12		8-20-2038		1,434,046		1,461,762
GNMA Series 2009-50 Class FW (1 Month LIBOR +1.00%) ±				1.17		7-20-2039		1,500,242		1,533,306
GNMA Series 2009-52 Class FD (1 Month LIBOR +0.95%) ±				1.13		7-16-2039		709,756		722,656
GNMA Series 2010-25 Class FH (1 Month LIBOR +0.72%) ±				0.90		2-16-2040		751,893		761,013
GNMA Series 2011-H12 Class FA (1 Month LIBOR +0.49%) ±				1.51		2-20-2061		1,702,899		1,701,791
GNMA Series 2011-H17 Class FA (1 Month LIBOR +0.53%) ±				1.55		6-20-2061		733,419		733,338
GNMA Series 2017-H11 Class FE (12 Month LIBOR+0.18%) ±				1.18		5-20-2067		4,484,859		4,444,677
International Development Finance Corporation				2.12		3-20-2024		2,800,000		2,883,214
National Credit Union Administration Guaranteed Notes Series 2010-R1 Class 1A (1 Month LIBOR +0.45%) ±				0.70		10-7-2020		1,092,456		1,090,968
Total Agency Securities (Cost $286,019,990)										289,664,414


			Yield				Shares
Short-Term Investments : 6.17%
Investment Companies : 6.17%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				0.12				18,767,459		18,767,459

Total Short-Term Investments (Cost $18,767,459)										18,767,459

Total investments in securities (Cost $304,787,449)	101.32	%								308,431,873
Other assets and liabilities, net	(1.32	)								(4,015,824	)

Total net assets	100.00	%							$	304,416,049

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.

±±	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.

(c)

Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

%%	The security is purchased on a when-issued basis.

(l)

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

(u)

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

##	All or a portion of this security is segregated for when-issued securities.

Abbreviations:

FHLMC

Federal Home Loan Mortgage Corporation

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

LIBOR

London Interbank Offered Rate

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		10,631,386		102,938,945		(94,802,872	)		18,767,459	$	18,767,459		6.17	%

Wells Fargo Adjustable Rate Government Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies are valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC. 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.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	289,664,414	$	0	$	289,664,414
Short-term investments
Investment companies		18,767,459		0		0		18,767,459

Total assets	$	18,767,459	$	289,664,414	$	0	$	308,431,873

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the nine months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.


Wells Fargo Conservative Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities : 0.81%
FHLMC Multi Family Structured Pass-Through Securities Series K-714 Class A2 ±±		3.03	%	10-25-2020	$	3,107,751	$	3,110,483

Total Agency Securities (Cost $3,107,751)								3,110,483

Asset-Backed Securities : 27.36%
American Express Credit Account Master Trust Series 2017-6 Class A		2.04		5-15-2023		2,236,000		2,249,645
AmeriCredit Automobile Receivables Trust Series 2019-1 Class A2A		2.93		6-20-2022		669,432		671,849
AmeriCredit Automobile Receivables Trust Series 2020-1 Class A3		1.11		8-19-2024		3,400,000		3,385,698
BlueMountain CLO Limited Series 2012-2A Class AR2 (3 Month LIBOR +1.05%) 144A±		1.43		11-20-2028		5,000,000		4,944,560
Canadian Pacer Auto Receivables Trust Series 2018-2A Class A2A 144A		3.00		6-21-2021		149,219		149,443
Canadian Pacer Auto Receivables Trust Series 2019-1A Class A2 144A		2.78		3-21-2022		967,434		972,570
Capital One Multi Asset Execution Trust Series 2017-A4 Class A4		1.99		7-17-2023		5,706,000		5,731,613
CarMax Auto Owner Trust Series 2018-4 Class A2A		3.11		2-15-2022		815,093		818,897
CarMax Auto Owner Trust Series 2020-1 Class A2		1.87		4-17-2023		2,865,000		2,893,782
CCG Receivables Trust Series 2018-2 Class A2 144A		3.09		12-15-2025		2,084,063		2,109,241
Chase Issuance Trust Series 2016-A4 Class A4		1.49		7-15-2022		3,000,000		3,003,817
Delamare Cards Series 2018-1A Class A1 (1 Month LIBOR +0.70%) 144A±		0.87		11-19-2025		5,000,000		4,989,885
Dell Equipment Finance Trust Series 2018-2 Class A2 144A		3.16		2-22-2021		314,507		315,310
Dell Equipment Finance Trust Series 2019-2 Class A2 144A		1.95		12-22-2021		3,000,000		3,010,545
Dorchester Park CLO Limited Series 2016-25A Class AR (3 Month LIBOR +0.90%) 144A±		2.04		4-20-2028		5,000,000		4,931,550
Enterprise Fleet Financing LLC Series 2020-1 Class A2 144A		1.78		12-22-2025		2,500,000		2,471,334
Evergreen Credit Card Trust Series 2019-3 Class B 144A		2.36		10-16-2023		3,750,000		3,795,558
Ford Credit Auto Owner Trust Series 2019-B Class A3		2.23		10-15-2023		1,785,000		1,826,901
GM Financial Securitized Term Auto Receivables Trust Series 2020-1 Class A2		1.83		1-17-2023		1,150,000		1,159,266
Hertz Fleet Lease Funding LP Series 2017-1 Class A1 (1 Month LIBOR +0.65%) 144A±		0.87		4-10-2031		447,373		439,517
Hyundai Auto Lease Securitization Trust Series 2019-B Class A3 144A		2.04		8-15-2022		7,500,000		7,526,041
Mercedes-Benz Auto Lease Trust Series 2019-A Class A2		3.01		2-16-2021		423,288		423,629
Mercedes-Benz Auto Receivables Trust Series 2019-1 Class A2A		2.04		6-15-2022		891,362		897,268
NextGear Floorplan Master Trust Series 2018-1A Class A1 (1 Month LIBOR +0.64%) 144A±		0.82		2-15-2023		5,000,000		4,932,050
Oscar US Funding Trust Series 2018-2A Class A2A 144A		3.15		8-10-2021		249,391		250,007
Oscar US Funding Trust Series 2019-2A Class A2 144A		2.49		8-10-2022		355,380		358,398
Penarth Master Issuer plc Series 2019-1A Class A1 (1 Month LIBOR +0.54%) 144A±		0.72		7-18-2023		2,000,000		1,984,048
Santander Retail Auto Lease Trust Series 2019-B Class A2A 144A		2.29		4-20-2022		2,980,633		3,002,189
Santander Retail Auto Lease Trust Series 2019-C Class A2A 144A		1.89		9-20-2022		2,876,765		2,893,436
Santander Retail Auto Lease Trust Series 2020-A Class A2 144A		1.69		1-20-2023		500,000		499,320
SoFi Consumer Loan Program Trust Series 2018-4 Class A 144A		3.54		11-26-2027		1,760,529		1,774,080
SoFi Consumer Loan Program Trust Series 2019-2 Class A 144A		3.01		4-25-2028		750,126		757,787
SoFi Consumer Loan Program Trust Series 2020-1 Class A 144A		2.02		1-25-2029		2,739,875		2,736,803
Toyota Auto Receivables Owner Trust Series 2020-A Class A2		1.67		11-15-2022		5,855,000		5,909,244
Trillium Credit Card Trust II Series 2019-2A Class A 144A		3.04		1-26-2024		7,000,000		7,107,554
Trillium Credit Card Trust II Series 2020-1A Class B 144A		2.33		12-26-2024		1,355,000		1,318,717
Venture CDO Limited Series 16-25A Class AR (3 Month LIBOR +1.23%) 144A±		2.37		4-20-2029		5,000,000		4,891,690
Verizon Owner Trust Series 2017-3A Class A1A 144A		2.06		4-20-2022		1,575,318		1,581,146
Verizon Owner Trust Series 2018-1A Class A1 144A		2.82		9-20-2022		3,105,701		3,135,211


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Conservative Income Fund


	Interest rate			Maturity date	Principal		Value
Asset-Backed Securities (continued)
Volvo Financial Equipment LLC Series 2019-1A Class A2 144A		2.90	%	11-15-2021	$	815,209	$	819,056
World Omni Auto Lease Trust Series 2020-A Class A2		1.71		11-15-2022		2,365,000		2,375,845
Total Asset-Backed Securities (Cost $105,055,485)								105,044,500

Corporate Bonds and Notes : 35.84%
Communication Services : 1.64%
Media : 1.64%
Comcast Corporation (3 Month LIBOR +0.33%) ±		1.76		10-1-2020		2,279,000		2,280,620
NBCUniversal Enterprise Incorporated (3 Month LIBOR +0.40%) 144A±		1.83		4-1-2021		4,000,000		4,008,639
								6,289,259

Consumer Staples : 0.39%
Food Products : 0.39%
WM Wrigley Jr. Company 144A		3.38		10-21-2020		1,500,000		1,513,579

Energy : 2.32%
Oil, Gas & Consumable Fuels : 2.32%
Chevron Corporation (3 Month LIBOR +0.90%) ±		1.35		5-11-2023		4,525,000		4,567,662
Exxon Mobil Corporation (3 Month LIBOR +0.33%) ±		0.72		8-16-2022		4,375,000		4,360,325
								8,927,987

Financials : 29.13%
Banks : 6.04%
Bank of America Corporation (3 Month LIBOR +0.66%) ±		1.77		7-21-2021		3,432,000		3,432,976
Bank of America Corporation (3 Month LIBOR +0.66%) ±		2.37		7-21-2021		1,000,000		1,001,253
Bank of America Corporation (3 Month LIBOR +0.37%) ±		2.74		1-23-2022		2,000,000		2,021,238
Bank of America Corporation		5.70		1-24-2022		1,000,000		1,079,646
Citibank NA		3.40		7-23-2021		2,040,000		2,100,419
Credit Suisse New York		2.10		11-12-2021		1,000,000		1,020,169
Credit Suisse New York		2.80		4-8-2022		4,150,000		4,300,030
JPMorgan Chase & Company (3 Month LIBOR +1.10%) ±		2.10		6-7-2021		1,000,000		1,005,751
PNC Bank NA		2.15		4-29-2021		2,000,000		2,028,144
PNC Bank NA (3 Month LIBOR +0.33%) ±		0.68		2-24-2023		2,300,000		2,272,746
Truist Financial Corporation		2.05		5-10-2021		1,000,000		1,013,919
Truist Bank (U.S. SOFR +0.73%) ±		0.94		3-9-2023		2,000,000		1,936,141
								23,212,432

Capital Markets : 4.55%
Bank of New York Mellon Corporation (3 Month LIBOR +0.28%) ±		1.53		6-4-2021		900,000		900,000
Charles Schwab Corporation (3 Month LIBOR +0.32%) ±		0.69		5-21-2021		4,540,000		4,541,453
Goldman Sachs Group Incorporated		2.35		11-15-2021		1,000,000		1,006,652
Intercontinental Exchange Incorporated		2.75		12-1-2020		4,831,000		4,873,271
Morgan Stanley (U.S. SOFR +0.70%) ±		0.73		1-20-2023		3,950,000		3,868,197
Morgan Stanley (3 Month LIBOR +1.18%) ±		2.32		1-20-2022		1,000,000		1,003,272
State Street Corporation (U.S. SOFR +2.69%) 144A±		2.83		3-30-2023		1,225,000		1,266,716
								17,459,561

Consumer Finance : 3.49%
American Honda Finance Corporation		1.70		9-9-2021		2,000,000		2,019,240
Caterpillar Financial Service Corporation (3 Month LIBOR +0.30%) ±		1.30		3-8-2021		1,500,000		1,497,272
John Deere Capital Corporation		1.95		6-22-2020		1,950,000		1,951,896
John Deere Capital Corporation		2.35		1-8-2021		2,000,000		2,021,553
Toyota Motor Credit Corporation (3 Month LIBOR +0.13%) ±		0.56		8-13-2021		1,900,000		1,889,557
Toyota Motor Credit Corporation		1.15		5-26-2022		2,000,000		2,009,544


Wells Fargo Conservative Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Consumer Finance (continued)
Toyota Motor Credit Corporation		1.90	%	4-8-2021	$	2,000,000	$	2,018,888
								13,407,950

Diversified Financial Services : 2.37%
National Rural Utilities Cooperative Finance		2.40		4-25-2022		3,950,000		4,076,923
WEA Finance LLC 144A		3.25		10-5-2020		5,000,000		5,007,190
								9,084,113

Insurance : 12.68%
AIG Global Funding (3 Month LIBOR +0.46%) 144A±		1.68		6-25-2021		2,600,000		2,593,629
Berkshire Hathaway Finance Corporation		4.25		1-15-2021		5,000,000		5,112,597
Jackson National Life Global Company (3 Month LIBOR +0.48%) 144A±		1.25		6-11-2021		2,500,000		2,489,541
Jackson National Life Global Company 144A		2.25		4-29-2021		4,000,000		4,042,700
MassMutual Global Funding 144A		2.45		11-23-2020		1,710,000		1,727,213
MassMutual Global Funding II 144A		1.95		9-22-2020		4,936,000		4,956,214
Metropolitan Life Global Funding Incorporated (3 Month LIBOR +0.40%) 144A±		1.18		6-12-2020		1,975,000		1,975,453
Metropolitan Life Global Funding Incorporated 144A		1.95		9-15-2021		4,175,000		4,227,588
New York Life Global Funding (3 Month LIBOR +0.16%) 144A±		1.59		10-1-2020		1,300,000		1,300,786
New York Life Global Funding 144A		2.00		4-13-2021		600,000		608,758
New York Life Global Funding 144A		2.95		1-28-2021		4,545,000		4,620,540
Principal Life Global Funding II 144A		2.38		11-21-2021		1,500,000		1,531,133
Protective Life Global Funding (3 Month LIBOR +0.52%) 144A±		1.89		6-28-2021		5,000,000		5,001,310
Protective Life Global Funding 144A		2.16		9-25-2020		2,360,000		2,373,122
The Allstate Corporation (3 Month LIBOR +0.43%) ±		1.80		3-29-2021		825,000		825,428
USAA Capital Corporation 144A		2.00		6-1-2021		5,220,000		5,290,377
								48,676,389

Industrials : 2.36%
Machinery : 1.32%
Caterpillar Financial Services Corporation		0.95		5-13-2022		5,000,000		5,049,798

Road & Rail : 1.04%
TTX Company 144A		2.60		6-15-2020		4,000,000		4,002,119

Total Corporate Bonds and Notes (Cost $136,978,697)								137,623,187

Municipal Obligations : 7.43%
California : 4.31%
Miscellaneous Revenue : 3.91%
California Earthquake Authority Series A		1.30		7-1-2020		14,000,000		14,003,500
Fresno County CA Pension CAB Series A (National Insured) ¤		0.00		8-15-2020		1,025,000		1,020,931
Ontario CA Pension Obligation		1.97		6-1-2021		585,000		588,492
Ontario CA Pension Obligation		2.07		6-1-2022		915,000		927,536

								16,540,459

Connecticut : 0.36%
GO Revenue : 0.36%
Connecticut Series A %%		3.00		7-1-2021		1,350,000		1,371,060


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Conservative Income Fund


	Interest rate			Maturity date	Principal		Value
Ohio : 1.31%
Tobacco Revenue : 1.31%
Buckeye Ohio Tobacco Settlement Financing Authority		1.58	%	6-1-2021	$	5,065,000	$	5,038,865

Pennsylvania : 0.41%
Education Revenue : 0.41%
Pennsylvania State University Series D		1.09		9-1-2021		1,560,000		1,569,126

Tennessee : 1.04%
Health Revenue : 1.04%
Nashville & Davidson Counties TN Vanderbilt University Medical Center Series D (1 Month LIBOR +2.50%) ±##		2.80		7-1-2046		4,000,000		4,002,840

Total Municipal Obligations (Cost $28,638,914)								28,522,350

Yankee Corporate Bonds and Notes : 21.75%
Energy : 2.66%
Oil, Gas & Consumable Fuels : 2.66%
BP Capital Markets plc (3 Month LIBOR +0.25%) ±		0.61		11-24-2020		1,270,000		1,269,577
Shell International Finance BV		1.75		9-12-2021		2,000,000		2,029,981
Total Capital International SA		2.22		7-12-2021		2,112,000		2,142,512
Total Capital SA		4.25		12-15-2021		1,000,000		1,051,680
Total Capital SA		4.45		6-24-2020		3,690,000		3,699,004
								10,192,754

Finance : 0.23%
Financials : 16.90%
Banks : 16.36%
ABN AMRO Bank NV (3 Month LIBOR +0.57%) 144A±		0.94		8-27-2021		5,000,000		5,002,270
Australia and New Zealand Banking Group 144A		4.88		1-12-2021		1,000,000		1,026,766
Banque Federative du Credit Mutuel 144A		2.75		10-15-2020		2,278,000		2,295,529
Barclays Bank plc		1.70		5-12-2022		1,075,000		1,089,681
Barclays Bank plc (3 Month LIBOR +0.46%) ±		1.77		1-11-2021		2,000,000		2,000,170
Cooperatieve Rabobank UA (3 Month LIBOR +0.43%) ±		1.42		4-26-2021		3,000,000		3,004,285
Credit Agricole 144A		2.38		7-1-2021		1,000,000		1,018,303
Credit Agricole (3 Month LIBOR +1.18%) 144A±		2.61		7-1-2021		1,000,000		1,005,169
Credit Agricole 144A		2.75		6-10-2020		3,550,000		3,551,291
DnB Bank ASA (3 Month LIBOR +0.62%) 144A±		2.20		12-2-2022		500,000		497,715
HSBC Holdings plc		2.95		5-25-2021		1,000,000		1,022,204
Macquarie Bank Limited 144A		2.85		1-15-2021		4,000,000		4,037,906
National Australia Bank Limited		3.70		11-4-2021		1,410,000		1,468,469
Royal Bank of Canada (3 Month LIBOR +0.36%) ±		1.49		1-17-2023		3,650,000		3,606,696
Santander UK plc (3 Month LIBOR +0.62%) ±		2.20		6-1-2021		2,500,000		2,505,100
Santander UK plc (3 Month LIBOR +0.66%) ±		1.05		11-15-2021		2,629,000		2,622,214
Santander UK plc		3.40		6-1-2021		520,000		533,913
Skandinaviska Enskilda Banken (3 Month LIBOR +0.65%) 144A±		1.43		12-12-2022		1,250,000		1,247,920
Skandinaviska Enskilda Banken 144A		2.63		11-17-2020		3,000,000		3,029,826
Societe Generale SA (3 Month LIBOR +1.33%) 144A±		2.68		4-8-2021		5,000,000		5,031,784
Sumitomo Mitsui Banking Corporation (3 Month LIBOR +1.14%) ±		2.28		10-19-2021		815,000		819,097
Svenska Handelsbanken AB (3 Month LIBOR +0.47%) ±		0.83		5-24-2021		4,000,000		4,011,748
Swedbank AB 144A%%		1.30		6-2-2023		2,225,000		2,222,397
Toronto-Dominion Bank (U.S. SOFR +0.48%) ±		0.52		1-27-2023		6,000,000		5,867,174


Wells Fargo Conservative Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Interest rate			Maturity date	Principal		Value
Banks (continued)
United Overseas Bank Limited (3 Month LIBOR +0.48%) 144A±				1.52	%	4-23-2021	$	1,800,000	$	1,795,746
Westpac Banking Corporation (3 Month LIBOR +1.00%) ±				1.43		5-13-2021		2,500,000		2,519,274
										62,832,647

Diversified Financial Services : 0.54%
Shell International Finance BV				2.38		8-21-2022		2,000,000		2,075,647

Industrials : 1.96%
Electrical Equipment : 1.96%
Siemens Financieringsmaatschappij NV 144A				1.70		9-15-2021		2,600,000		2,636,599
Tyco Electronics Group SA (3 Month LIBOR +0.45%) ±				1.76		6-5-2020		4,900,000		4,899,713
										7,536,312

Total Yankee Corporate Bonds and Notes (Cost $83,483,977)										83,526,675

Short-Term Investments : 7.41%
Commercial Paper : 7.11%
Anglesea Funding plc 144A(p)(z)				0.24		7-1-2020		8,000,000		7,998,519
Concord Minutemen Capital Company 144A(p)(z)				0.13		6-2-2020		3,000,000		2,999,970
LMA Americas LLC 144A(p)(z)				0.30		8-4-2020		4,000,000		3,998,221
Toyota Motor Credit Corporation (z)				1.24		8-17-2020		3,000,000		2,997,953
Versailles CDS LLC 144A(z)				0.83		6-2-2020		9,300,000		9,299,829
										27,294,492


			Yield				Shares
Investment Companies : 0.30%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				0.12				1,152,809		1,152,809

Total Short-Term Investments (Cost $28,440,538)										28,447,301

Total investments in securities (Cost $385,705,362)	100.60	%								386,274,496
Other assets and liabilities, net	(0.60	)								(2,284,772	)

Total net assets	100.00	%							$	383,989,724

±±	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.

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.

¤	The security is issued in zero coupon form with no periodic interest payments.

%%	The security is purchased on a when-issued basis.

(p)

Asset-backed commercial paper

(z)

Zero coupon security. The rate represents the current yield to maturity.

(l)

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

(u)

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

##	All or a portion of this security is segregated for when-issued securities.

Abbreviations:

CAB

Capital appreciation bond

FHLMC

Federal Home Loan Mortgage Corporation

GO	General obligation

LIBOR

London Interbank Offered Rate

National

National Public Finance Guarantee Corporation

SOFR

Secured Overnight Financing Rate

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		220,913		212,275,121		(211,343,225	)		1,152,809	$	1,152,809		0.30	%

Wells Fargo Conservative Income Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

Investments in registered open-end investment companies are valued at net asset value.

When-issued transactions

Fair valuation measurements

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities	$	0	$	3,110,483	$	0	$	3,110,483
Asset-backed securities		0		105,044,500		0		105,044,500
Corporate bonds and notes		0		137,623,187		0		137,623,187
Municipal obligations		0		28,522,350		0		28,522,350
Yankee corporate bonds and notes		0		83,526,675		0		83,526,675
Short-term investments
Commercial paper		0		27,294,492		0		27,294,492
Investment companies		1,152,809		0		0		1,152,809

Total assets	$	1,152,809	$	385,121,687	$	0	$	386,274,496

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the nine months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.


Wells Fargo Core Plus Bond Fund		Portfolio of Investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities : 14.01%
FHLB		3.00	%	9-1-2034	$	1,353,431	$	1,427,623
FHLMC		4.00		5-1-2049		7,292,760		7,755,914
FHLMC (12 Month LIBOR +1.33%) ±		3.37		1-1-2036		10,695		11,063
FHLMC		3.50		12-1-2045		2,605,926		2,785,649
FHLMC		3.50		12-1-2045		909,385		976,789
FHLMC		4.00		6-1-2044		1,917,633		2,104,958
FHLMC		5.00		6-1-2036		192,819		221,158
FHLMC		5.00		8-1-2040		172,219		195,903
FHLMC		5.50		8-1-2038		44,222		50,660
FHLMC		5.50		12-1-2038		399,742		457,728
FHLMC		5.50		6-1-2040		680,995		772,607
FHLMC		6.75		9-15-2029		5,910,000		8,928,467
FHLMC		8.00		2-1-2030		164		194
FHLMC Series 2015-SC01 Class 1A		3.50		5-25-2045		591,269		604,950
FHLMC Series 3774 Class AB		3.50		12-15-2020		9,700		9,747
FHLMC Series 4753 Class KB		3.50		6-15-2042		2,324,433		2,369,232
FHLMC Series K020 Class X1 ±±(c)		1.36		5-25-2022		12,530,910		278,269
FHLMC Series T-42 Class A5		7.50		2-25-2042		1,271,442		1,562,096
FHLMC Series T-57 Class 2A1 ±±		3.98		7-25-2043		37,919		42,224
FHLMC Series T-59 Class 2A1 ±±		3.76		10-25-2043		193,986		226,882
FNMA		3.50		3-1-2048		10,448,982		11,054,253
FNMA (12 Month LIBOR +1.61%) ±		2.51		5-1-2046		1,010,845		1,043,288
FNMA (12 Month LIBOR +1.61%) ±		2.53		3-1-2046		1,025,994		1,061,865
FNMA		3.00		11-1-2045		1,659,952		1,758,392
FNMA		3.00		12-1-2045		4,126,605		4,371,259
FNMA		3.00		12-1-2046		2,014,520		2,128,836
FNMA %%		3.00		6-11-2050		8,000,000		8,415,000
FNMA		3.02		2-1-2026		3,114,506		3,394,951
FNMA		3.27		7-1-2022		1,167,218		1,209,369
FNMA		3.48		3-1-2029		983,211		1,137,045
FNMA		3.50		10-1-2043		901,627		975,958
FNMA		3.50		4-1-2045		215,404		231,824
FNMA		3.50		8-1-2045		4,718,049		5,066,964
FNMA		3.62		3-1-2029		443,000		520,198
FNMA		3.63		3-1-2029		1,246,965		1,444,392
FNMA		3.77		3-1-2029		985,001		1,149,628
FNMA		3.77		3-1-2029		1,073,519		1,251,946
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		3.90		1-1-2036		34,107		35,863
FNMA		3.95		9-1-2021		390,231		398,992
FNMA (12 Month LIBOR +1.73%) ±		3.98		9-1-2036		11,810		12,411
FNMA		4.00		2-1-2046		377,334		408,716
FNMA		4.00		4-1-2046		2,085,457		2,262,388
FNMA		4.00		6-1-2048		4,463,365		4,744,148
FNMA		4.00		2-1-2050		6,292,313		6,699,505
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.17		8-1-2036		551,959		578,411
FNMA (12 Month LIBOR +1.78%) ±		4.23		8-1-2036		19,830		20,839
FNMA		4.50		11-1-2048		4,265,299		4,611,817
FNMA		5.00		1-1-2024		34,005		35,832
FNMA		5.00		2-1-2036		20,155		23,120
FNMA		5.00		6-1-2040		68,723		78,774
FNMA		5.00		8-1-2040		1,233,804		1,417,321
FNMA		5.50		11-1-2023		25,011		26,463
FNMA		5.50		8-1-2034		72,304		84,358
FNMA		5.50		2-1-2035		22,015		25,695
FNMA		5.50		8-1-2038		98,292		108,108
FNMA		5.50		8-1-2038		178,849		196,703
FNMA		6.00		10-1-2037		410,465		472,972
FNMA		6.00		11-1-2037		26,905		31,120
FNMA		6.50		7-1-2036		19,034		22,362
FNMA		6.50		7-1-2036		8,857		10,536
FNMA		6.50		11-1-2036		3,658		4,171
FNMA		6.63		11-15-2030		5,015,000		7,780,780
FNMA		7.00		12-1-2022		60,697		62,198
FNMA		7.00		7-1-2036		5,624		5,910
FNMA		7.00		11-1-2037		3,203		3,684
FNMA		7.50		5-1-2038		1,871		1,896
FNMA Series 2002-T12 Class A3		7.50		5-25-2042		5,412		6,680
FNMA Series 2003-W08 Class 4A ±±		4.15		11-25-2042		110,953		118,887


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Core Plus Bond Fund


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA Series 2003-W14 Class 2A ±±		3.86	%	6-25-2045	$	74,127	$	79,308
FNMA Series 2003-W14 Class 2A ±±		4.28		1-25-2043		191,849		202,902
FNMA Series 2004-W11 Class 1A3		7.00		5-25-2044		936,021		1,076,499
FNMA Series 2004-W15 Class 1A3		7.00		8-25-2044		455,741		550,666
GNMA		3.00		11-20-2045		3,329,786		3,543,602
GNMA %%		3.00		6-22-2050		8,420,000		8,912,044
GNMA		3.50		9-20-2047		2,499,177		2,669,966
GNMA		3.50		12-20-2047		5,263,166		5,626,172
GNMA		4.00		12-20-2047		2,846,703		3,060,684
GNMA		4.50		8-20-2049		1,265,690		1,360,274
GNMA		5.00		7-20-2040		477,693		539,262
GNMA		7.50		12-15-2029		596		681
GNMA Series 2008-22 Class XM ±±(c)		1.11		2-16-2050		827,214		20,959
Overseas Private Investment Corporation		2.12		3-20-2024		4,635,000		4,772,749
STRIPS ¤		0.00		5-15-2044		9,270,000		6,408,624
TVA		5.88		4-1-2036		6,400,000		9,854,149
Total Agency Securities (Cost $146,805,988)								155,966,482

Asset-Backed Securities : 6.01%
Ally Auto Receivables Trust Series 2019-1 Class A3		2.91		9-15-2023		4,945,000		5,060,231
California Republic Auto Receivables Trust Series 2017-1 Class A4		2.28		6-15-2022		2,049,772		2,056,731
Daimler Trucks Retail Trust Series 2018-1 Class A3 144A		2.85		7-15-2021		641,139		642,035
Daimler Trucks Retail Trust Series 2018-1 Class A4 144A		3.03		11-15-2024		5,000,000		5,030,545
Educational Services of America Series 2015-1 Class A (1 Month LIBOR +0.80%) 144A±		0.97		10-25-2056		859,577		833,811
Enterprise Fleet Financing Trust Series 2017-2 Class A2 144A		1.97		1-20-2023		170,475		170,549
Exeter Automobile Receivables Trust Series 2018-1A Class C1 144A		3.03		1-17-2023		2,467,405		2,483,117
Five Guys Funding LLC Series 17-1A Class A2 144A		4.60		7-25-2047		1,597,925		1,582,095
Flagship Credit Auto Trust Series 2019-4 Class A 144A		2.17		6-17-2024		3,979,726		4,002,155
GM Financial Consumer Automobile Receivables Trust Series 2017-2A Class A3 144A		1.86		12-16-2021		1,583,067		1,586,680
Hertz Vehicle Financing LLC Series 2015-3A Class A 144A		2.67		9-25-2021		1,827,115		1,764,247
Hertz Vehicle Financing LLC Series 2017-2A Class A 144A		3.29		10-25-2023		2,510,000		2,391,471
Hertz Vehicle Financing LLC Series 2018-1A Class A 144A		3.29		2-25-2024		2,725,000		2,630,142
Hertz Vehicle Financing LLC Series 2018-2A Class A 144A		3.65		6-27-2022		1,646,222		1,572,040
Hertz Vehicle Financing LLC Series 2019-1A Class A 144A		3.71		3-25-2023		3,026,305		2,890,210
MMAF Equipment Finance LLC Series 2017-AA Class A4 144A		2.41		8-16-2024		1,975,000		1,991,928
MMAF Equipment Finance LLC Series 2019-A Class A2 144A		2.84		1-10-2022		1,299,719		1,306,373
Oscar US Funding Trust Series 2016-2A Class A4 144A		2.99		12-15-2023		3,192,426		3,224,301
SLM Student Loan Trust Series 2004-1 Class A4 (3 Month LIBOR +0.26%) ±		1.25		10-27-2025		1,041,023		1,029,003
South Carolina Student Loan Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.75%) ±		1.12		5-1-2030		2,469,035		2,439,078
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		1.39		10-25-2027		1,018,608		1,020,219
TCF Auto Receivables Owner Trust Series 2016-1A Class A4 144A		2.03		2-15-2022		387,937		387,989
Towd Point Asset Funding LLC Series 2019-HE1 Class A1 (1 Month LIBOR +0.90%) 144A±		1.07		4-25-2048		2,361,221		2,305,376
Towd Point Asset Trust Series 2018-SL1 Class A (1 Month LIBOR +0.60%) 144A±		0.77		1-25-2046		2,222,091		2,157,543
Toyota Auto Receivables Owner Trust Series 2017-D Class A4		2.12		2-15-2023		8,088,000		8,223,743
Volvo Financial Equipment LLC Series 2018-AA Class A (1 Month LIBOR +0.52%) 144A±		0.70		7-17-2023		2,590,000		2,565,437
Westlake Automobile Receivables Trust Series 2019-1A Class A2A 144A		3.06		5-16-2022		782,060		785,732
Westlake Automobile Receivables Trust Series 2019-2A Class A2A 144A		2.57		2-15-2023		4,159,417		4,184,923
Wheels SPV LLC Series 2018-1A Class A2 144A		3.06		4-20-2027		575,416		579,530
Total Asset-Backed Securities (Cost $66,938,830)								66,897,234


Wells Fargo Core Plus Bond Fund		Portfolio of Investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Corporate Bonds and Notes : 29.52%
Communication Services : 3.59%
Diversified Telecommunication Services : 0.21%
AT&T Incorporated		4.75	%	5-15-2046	$	1,975,000	$	2,302,560

Media : 2.31%
CCO Holdings LLC 144A		4.50		8-15-2030		1,500,000		1,556,250
Charter Communications Operating LLC		6.48		10-23-2045		655,000		846,011
Comcast Corporation		4.70		10-15-2048		1,800,000		2,351,396
Communications Finance Incorporated		6.88		9-1-2027		75,000		71,438
CSC Holdings LLC 144A		5.75		1-15-2030		2,000,000		2,110,000
Diamond Sports Group LLC 144A		6.63		8-15-2027		2,040,000		1,227,468
Discovery Communications LLC		4.65		5-15-2050		2,000,000		2,126,102
Discovery Incorporated		5.30		5-15-2049		385,000		436,526
Discovery Incorporated		6.35		6-1-2040		1,550,000		1,905,769
DISH Network Corporation		3.38		8-15-2026		2,500,000		2,202,872
Gray Television Incorporated 144A		7.00		5-15-2027		2,000,000		2,112,500
Nexstar Broadcasting Incorporated 144A		5.63		7-15-2027		45,000		46,125
Nielsen Finance LLC 144A		5.00		4-15-2022		2,000,000		1,996,900
Sirius XM Radio Incorporated 144A		5.50		7-1-2029		2,000,000		2,135,000
ViacomCBS Incorporated		4.75		5-15-2025		1,200,000		1,320,232
ViacomCBS Incorporated		4.95		1-15-2031		3,005,000		3,325,130
								25,769,719

Wireless Telecommunication Services : 1.07%
Crown Castle Towers LLC 144A		3.22		5-15-2042		2,600,000		2,641,173
SBA Tower Trust 144A		3.72		4-9-2048		1,968,000		2,002,671
Sprint Capital Corporation		6.88		11-15-2028		2,000,000		2,470,000
Sprint Spectrum Company 144A		4.74		9-20-2029		3,930,000		4,165,800
Sprint Spectrum Company 144A		5.15		9-20-2029		530,000		591,151
								11,870,795

Consumer Discretionary : 2.25%
Auto Components : 0.14%
Panther BF Aggregator 2 LP 144A		6.25		5-15-2026		1,500,000		1,526,250

Automobiles : 0.50%
Ford Motor Company		9.00		4-22-2025		1,925,000		2,023,656
General Motors Company		5.95		4-1-2049		985,000		1,011,792
General Motors Company		6.80		10-1-2027		2,215,000		2,517,235
								5,552,683

Hotels, Restaurants & Leisure : 0.55%
Las Vegas Sands Corporation		3.90		8-8-2029		3,000,000		2,839,758
Marriott International Incorporated %%		4.63		6-15-2030		3,205,000		3,279,817
								6,119,575

Household Durables : 0.18%
KB Home Company		4.80		11-15-2029		2,000,000		2,018,100

Multiline Retail : 0.42%
Kohl’s Corporation		9.50		5-15-2025		765,000		812,888
Macy’s Retail Holdings Incorporated		3.45		1-15-2021		3,940,000		3,821,800
								4,634,688

Specialty Retail : 0.28%
Asbury Automotive Group Incorporated 144A		4.50		3-1-2028		45,000		42,638
Asbury Automotive Group Incorporated 144A		4.75		3-1-2030		1,662,000		1,595,520


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Core Plus Bond Fund


	Interest rate			Maturity date	Principal		Value
Specialty Retail (continued)
Lowe’s Companies Incorporated		5.13	%	4-15-2050	$	1,105,000	$	1,487,489
								3,125,647

Textiles, Apparel & Luxury Goods : 0.18%
Levi Strauss & Company		5.00		5-1-2025		2,000,000		2,040,000

Consumer Staples : 1.17%
Beverages : 0.30%
Anheuser-Busch InBev Worldwide Incorporated		4.60		4-15-2048		1,810,000		2,012,339
Keurig Dr Pepper Incorporated		3.80		5-1-2050		1,250,000		1,360,716
								3,373,055

Food & Staples Retailing : 0.35%
Kroger Company		5.40		1-15-2049		1,500,000		2,010,585
Walgreens Boots Alliance		4.10		4-15-2050		1,925,000		1,852,681
								3,863,266

Food Products : 0.26%
Albertsons Company LLC		6.63		6-15-2024		1,500,000		1,551,000
Kraft Heinz Foods Company 144A		4.88		10-1-2049		1,430,000		1,404,413
								2,955,413

Tobacco : 0.26%
Altria Group Incorporated		5.95		2-14-2049		590,000		754,510
BAT Capital Corporation		3.56		8-15-2027		1,510,000		1,586,553
Reynolds American Incorporated		7.00		8-4-2041		450,000		538,334
								2,879,397

Energy : 4.35%
Energy Equipment & Services : 0.24%
Diamond Offshore Drilling Incorporated †		7.88		8-15-2025		1,250,000		139,063
Hilcorp Energy Company 144A		6.25		11-1-2028		1,900,000		1,624,500
USA Compression Partners LP		6.88		4-1-2026		1,000,000		962,500
								2,726,063

Oil, Gas & Consumable Fuels : 4.11%
Antero Midstream Partners LP 144A		5.75		1-15-2028		2,300,000		1,798,140
Apache Corporation		5.35		7-1-2049		2,250,000		1,763,505
Archrock Partners LP 144A		6.88		4-1-2027		1,300,000		1,241,500
Baker Hughes Holdings LLC		4.49		5-1-2030		785,000		880,191
Boardwalk Pipelines LP		4.80		5-3-2029		1,620,000		1,581,556
Buckeye Partners LP		4.13		12-1-2027		1,300,000		1,254,500
Cheniere Energy Partners LP 144A		4.50		10-1-2029		2,445,000		2,389,988
Crestwood Midstream Partners LP 144A		5.63		5-1-2027		2,300,000		2,001,000
Denbury Resources Incorporated 144A		9.25		3-31-2022		1,250,000		500,000
Energy Transfer Operating Partners LP		5.25		4-15-2029		455,000		487,389
Energy Transfer Operating Partners LP		6.13		12-15-2045		1,330,000		1,388,568
EnLink Midstream Partners LP		4.15		6-1-2025		1,000,000		805,000
EnLink Midstream Partners LP		5.45		6-1-2047		1,100,000		676,720
Enterprise Products Operating LLC		2.80		1-31-2030		2,960,000		3,066,460
Enviva Partners LP 144A		6.50		1-15-2026		2,030,000		2,146,725
EQT Corporation		1.75		5-1-2026		1,750,000		1,914,159
EQT Corporation		3.90		10-1-2027		4,955,000		4,348,013
Exxon Mobil Corporation		4.33		3-19-2050		2,485,000		3,091,499
Gulfport Energy Corporation		6.38		5-15-2025		1,250,000		625,000
Marathon Petroleum Corporation		4.50		4-1-2048		3,295,000		3,130,037
Murphy Oil Corporation		5.88		12-1-2027		2,050,000		1,906,500
Nabors Industries Incorporated		4.63		9-15-2021		198,000		135,630
Oasis Petroleum Incorporated 144A		6.25		5-1-2026		1,250,000		206,250


Wells Fargo Core Plus Bond Fund		Portfolio of Investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corporation		4.10	%	2-1-2021	$	1,000,000	$	980,000
Oneok Incorporated		7.15		1-15-2051		2,070,000		2,449,255
QEP Resources Incorporated		5.38		10-1-2022		650,000		370,305
Rockies Express Pipeline LLC 144A		4.95		7-15-2029		1,975,000		1,831,418
Southern Star Central Corporation 144A		5.13		7-15-2022		1,189,000		1,189,357
Southwestern Energy Company		7.75		10-1-2027		1,250,000		1,165,625
Western Midstream Operating LP		5.25		2-1-2050		225,000		182,183
Whiting Petroleum Corporation		1.25		4-1-2020		2,000,000		255,000
								45,761,473

Financials : 8.50%
Banks : 2.41%
Bank of America Corporation (3 Month LIBOR +0.64%) ±		2.02		2-13-2026		5,000,000		5,097,233
Bank of America Corporation (3 Month LIBOR +0.94%) ±		3.86		7-23-2024		1,310,000		1,418,238
Bank of America Corporation		3.95		4-21-2025		1,170,000		1,278,340
Bank of America Corporation (3 Month LIBOR +3.90%) ±		6.10		12-29-2049		2,590,000		2,725,975
Citigroup Incorporated (U.S. SOFR +1.15%) ±		2.67		1-29-2031		5,250,000		5,323,763
Citigroup Incorporated (3 Month LIBOR +4.52%) ±		6.25		12-29-2049		1,030,000		1,096,950
JPMorgan Chase & Company		2.97		1-15-2023		2,550,000		2,632,452
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±		5.15		12-29-2049		3,625,000		3,480,000
PNC Financial Services (3 Month LIBOR +3.30%) ±		5.00		12-29-2049		565,000		565,000
Santander Holdings USA Incorporated		3.24		10-5-2026		1,125,000		1,132,919
Truist Financial Corporation (5 Year Treasury Constant Maturity +4.61%) ±%%(s)		4.95		9-1-2025		2,015,000		2,032,631
								26,783,501

Capital Markets : 2.28%
Bank of NY Mellon Corporation (5 Year Treasury Constant Maturity +4.36%) ±(s)		4.70		9-20-2025		3,100,000		3,189,125
Blackstone Holdings Finance Company LLC 144A		2.50		1-10-2030		5,500,000		5,617,847
Blackstone Holdings Finance Company LLC 144A		5.00		6-15-2044		1,015,000		1,204,297
Charles Schwab Corporation (5 Year Treasury Constant Maturity +4.97%) ±(s)		5.38		6-1-2025		3,905,000		4,100,250
Goldman Sachs Group Incorporated (3 Month LIBOR+0.82%)±		2.88		10-31-2022		1,910,000		1,951,492
Morgan Stanley		3.70		10-23-2024		3,235,000		3,549,676
Morgan Stanley (U.S. SOFR +4.84%) ±		5.60		3-24-2051		3,995,000		5,792,841
								25,405,528

Consumer Finance : 1.47%
ERAC USA Finance LLC 144A		4.50		2-15-2045		1,695,000		1,631,623
Ford Motor Credit Company LLC		3.20		1-15-2021		2,890,000		2,842,315
General Motors Financial Company Incorporated		5.65		1-17-2029		730,000		799,497
Hyundai Capital America 144A		2.65		2-10-2025		5,810,000		5,476,115
KKR Group Finance Company LLC 144A		5.13		6-1-2044		1,960,000		2,188,694
Springleaf Finance Corporation		7.13		3-15-2026		1,500,000		1,477,500
Synchrony Financial		2.85		7-25-2022		2,000,000		1,962,993
								16,378,737

Diversified Financial Services : 0.36%
Ladder Capital Securities LLC 144A		5.25		10-1-2025		2,125,000		1,806,250
WEA Finance LLC 144A		2.88		1-15-2027		2,390,000		2,222,644
								4,028,894

Insurance : 1.94%
Athene Global Funding 144A		2.95		11-12-2026		3,550,000		3,538,611
Axis Specialty Finance LLC (5 Year Treasury Constant Maturity +3.19%) ±		4.90		1-15-2040		5,105,000		4,645,550
Brighthouse Financial Incorporated		4.70		6-22-2047		1,955,000		1,722,017
Guardian Life Insurance Company 144A		3.70		1-22-2070		1,500,000		1,431,160
Guardian Life Insurance Company 144A		4.85		1-24-2077		1,045,000		1,254,146


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Core Plus Bond Fund


	Interest rate			Maturity date	Principal		Value
Insurance (continued)
Lincoln National Corporation		4.38	%	6-15-2050	$	1,000,000	$	1,071,548
National Life Global Insurance Company (3 Month LIBOR +3.31%) 144A±		5.25		7-19-2068		1,668,000		1,677,848
New York Life Insurance Company 144A		3.75		5-15-2050		1,670,000		1,875,251
PartnerRe Finance II Incorporated (3 Month LIBOR +2.33%) ±		2.68		12-1-2066		1,345,000		935,380
Transatlantic Holdings Incorporated		8.00		11-30-2039		2,329,000		3,424,157
								21,575,668

Thrifts & Mortgage Finance : 0.04%
Ladder Capital Finance LP 144A		4.25		2-1-2027		525,000		438,375

Health Care : 1.65%
Biotechnology : 0.18%
AbbVie Incorporated 144A		2.95		11-21-2026		1,825,000		1,956,728

Health Care Providers & Services : 1.47%
CommonSpirit Health		2.95		11-1-2022		1,250,000		1,293,234
CommonSpirit Health		3.82		10-1-2049		1,810,000		1,870,730
CVS Health Corporation		4.25		4-1-2050		1,310,000		1,535,847
Dignity Health		3.81		11-1-2024		2,000,000		2,066,619
HCA Incorporated		3.50		9-1-2030		2,000,000		1,969,654
Highmark Incorporated 144A		6.13		5-15-2041		710,000		928,086
Magellan Health Incorporated		4.90		9-22-2024		2,710,000		2,764,200
WellPoint Incorporated		3.13		5-15-2022		3,804,000		3,983,155
								16,411,525

Industrials : 3.15%
Aerospace & Defense : 0.42%
The Boeing Company		5.81		5-1-2050		2,490,000		2,818,480
TransDigm Incorporated 144A		5.50		11-15-2027		2,000,000		1,815,000
								4,633,480

Airlines : 0.48%
Delta Air Lines Incorporated		2.00		12-10-2029		3,725,000		3,422,844
Delta Airlines Pass-Through Certificates Series 2015-B		4.25		1-30-2025		2,169,243		1,898,497
								5,321,341

Building Products : 0.17%
Builders Firstsource Incorporated 144A		5.00		3-1-2030		2,000,000		1,875,000

Commercial Services & Supplies : 0.29%
Covanta Holding Corporation		6.00		1-1-2027		900,000		886,500
KAR Auction Services Incorporated 144A		5.13		6-1-2025		2,500,000		2,361,975
								3,248,475

Industrial Conglomerates : 0.42%
Carlisle Companies Incorporated		2.75		3-1-2030		2,750,000		2,691,763
General Electric Company		4.35		5-1-2050		2,070,000		2,011,012
								4,702,775

Machinery : 0.38%
Idex Corporation		3.00		5-1-2030		4,135,000		4,245,511

Professional Services : 0.20%
Equifax Incorporated		3.10		5-15-2030		2,090,000		2,175,063

Trading Companies & Distributors : 0.24%
Fortress Transportation & Infrastructure Investors LLC 144A		6.50		10-1-2025		1,500,000		1,256,250


Wells Fargo Core Plus Bond Fund		Portfolio of Investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Trading Companies & Distributors (continued)
United Rentals North America Incorporated		4.00	%	7-15-2030	$	1,500,000	$	1,461,555
								2,717,805

Transportation Infrastructure : 0.55%
Toll Road Investors Partnership II LP 144A¤		0.00		2-15-2027		1,050,000		737,745
Toll Road Investors Partnership II LP 144A¤		0.00		2-15-2026		5,630,000		4,612,409
Toll Road Investors Partnership II LP 144A¤		0.00		2-15-2028		1,150,000		806,596
								6,156,750

Information Technology : 1.29%
Communications Equipment : 0.17%
CommScope Technologies Finance LLC 144A		5.00		3-15-2027		2,000,000		1,830,000

Electronic Equipment, Instruments & Components : 0.33%
Arrow Electronics Incorporated		3.88		1-12-2028		1,000,000		1,021,270
Corning Incorporated		3.90		11-15-2049		2,500,000		2,639,505
								3,660,775

IT Services : 0.23%
Paypal Holdings Incorporated		2.30		6-1-2030		2,490,000		2,570,129

Software : 0.11%
Citrix Systems Incorporated		3.30		3-1-2030		1,225,000		1,261,070

Technology Hardware, Storage & Peripherals : 0.45%
Dell International LLC / EMC Corporation 144A		6.20		7-15-2030		3,125,000		3,558,222
Diamond 1 Finance Corporation 144A		8.35		7-15-2046		1,175,000		1,489,389
								5,047,611

Materials : 1.23%
Containers & Packaging : 0.74%
Ardagh Packagiing Finance plc 144A		5.25		8-15-2027		2,000,000		1,970,000
Berry Global Incorporated		5.13		7-15-2023		2,000,000		2,020,000
Flex Acquisition Company Incorporated 144A		6.88		1-15-2025		1,000,000		1,008,770
WRKCo Incorporated		3.90		6-1-2028		3,000,000		3,223,758
								8,222,528

Metals & Mining : 0.49%
Freeport-McMoRan Incorporated		4.13		3-1-2028		2,000,000		1,945,000
Freeport-McMoRan Incorporated		4.25		3-1-2030		1,500,000		1,455,000
Novelis Corporation 144A		5.88		9-30-2026		2,000,000		2,048,380
								5,448,380

Real Estate : 1.47%
Equity REITs : 1.47%
Federal Realty Investment Trust		3.63		8-1-2046		915,000		839,342
Omega Healthcare Investors Incorporated		4.50		1-15-2025		2,130,000		2,151,002
Omega Healthcare Investors Incorporated		5.25		1-15-2026		1,700,000		1,719,312
Realty Income Corporation		3.25		1-15-2031		1,750,000		1,788,598
Sabra Health Care LP / Sabra Capital Corporation		4.80		6-1-2024		2,000,000		1,949,370
Tanger Properties LP		3.75		12-1-2024		1,600,000		1,461,567
The Geo Group Incorporated		5.13		4-1-2023		2,000,000		1,755,000


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Core Plus Bond Fund


	Interest rate			Maturity date			Principal		Value
Equity REITs (continued)
Welltower Incorporated		4.25	%	4-1-2026	$			4,465,000	$	4,724,147
										16,388,338

Utilities : 0.87%
Electric Utilities : 0.34%
Basin Electric Power Cooperative 144A		4.75		4-26-2047				1,315,000		1,530,821
Edison International		4.95		4-15-2025				1,000,000		1,089,682
Oglethorpe Power Corporation		5.05		10-1-2048				1,060,000		1,226,118
										3,846,621

Independent Power & Renewable Electricity Producers : 0.34%
AES Corporation 144A		3.95		7-15-2030				1,660,000		1,666,557
TerraForm Power Operating LLC 144A		4.75		1-15-2030				2,000,000		2,075,000
										3,741,557

Multi-Utilities : 0.19%
Ameren Corporation		3.50		1-15-2031				1,915,000		2,127,634

Total Corporate Bonds and Notes (Cost $319,074,461)										328,718,483


							Shares
Exchange-Traded Funds : 5.77%
SPDR Bloomberg Barclays High Yield Bond ETF								212,071		21,629,121
VanEck Vectors JPMorgan Emerging Markets Local Currency Bond ETF								182,200		5,617,226
Xtrackers USD High Yield Corporate Bond ETF								786,000		37,004,880
Total Exchange-Traded Funds (Cost $61,886,596)										64,251,227


							Principal
Foreign Corporate Bonds and Notes : 3.00%
Communication Services : 0.45%
Media : 0.45%
Tele Columbus AG 144A		3.88		5-2-2025		EUR		2,320,000		2,356,415
Ziggo Bond Company BV 144A		3.38		2-28-2030		EUR		2,500,000		2,629,432
										4,985,847

Consumer Discretionary : 0.24%
Auto Components : 0.07%
HP Pelzer Holding GmbH 144A		4.13		4-1-2024		EUR		1,430,000		746,859

Automobiles : 0.17%
Peugeot SA Company		2.00		3-20-2025		EUR		1,800,000		1,967,020

Consumer Staples : 0.69%
Food & Staples Retailing : 0.13%
Tasty Bondco 1 SA 144A		6.25		5-15-2026		EUR		1,600,000		1,410,847

Food Products : 0.40%
Danone SA (5 Year EUR Swap +1.43%) ±(s)		1.75		3-27-2023		EUR		2,600,000		2,874,073
Sigma Holdings Company BV 144A		5.75		5-15-2026		EUR		1,500,000		1,631,774
										4,505,847

Household Products : 0.16%
Energizer Gamma Acquisition BV 144A		4.63		7-15-2026		EUR		1,600,000		1,793,841


Wells Fargo Core Plus Bond Fund		Portfolio of Investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date			Principal		Value
Energy : 0.62%
Oil, Gas & Consumable Fuels : 0.62%
Eni SpA		1.13	%	9-19-2028		EUR		3,200,000	$	3,557,205
Petroleos Mexicanos		3.75		2-21-2024		EUR		1,000,000		1,029,092
Total SA (5 Year EUR Swap +3.78%) ±		3.88		12-29-2049		EUR		2,000,000		2,314,455
										6,900,752

Financials : 0.48%
Banks : 0.30%
Bankia SA (5 Year EUR Swap +5.82%) ±(s)		6.00		7-18-2022		EUR		1,200,000		1,190,942
Caixa Geral de Depositos SA (5 Year EUR Swap +10.93%) ±(s)		10.75		3-30-2022		EUR		1,800,000		2,147,780
										3,338,722

Diversified Financial Services : 0.18%
LKQ European Holdings BV Company 144A		3.63		4-1-2026		EUR		1,800,000		2,018,072

Industrials : 0.22%
Commercial Services & Supplies : 0.10%
Paprec Holding SA 144A		4.00		3-31-2025		EUR		1,200,000		1,146,504

Road & Rail : 0.12%
Europcar Groupe SA 144A		4.13		11-15-2024		EUR		1,800,000		1,273,783

Real Estate : 0.30%
Real Estate Management & Development : 0.30%
Akelius Residential Property AB (EUR ICE Swap +3.49%) ±		3.88		10-5-2078		EUR		2,500,000		2,758,614
ATF Netherlands BV		1.50		7-15-2024		EUR		500,000		546,518
										3,305,132

Total Foreign Corporate Bonds and Notes (Cost $37,146,279)										33,393,226

Foreign Government Bonds : 0.34%
Brazil		10.00		1-1-2025		BRL		8,600,000		1,939,666
Nota do Tesouro Nacional		10.00		1-1-2029		BRL		8,000,000		1,839,269
Total Foreign Government Bonds (Cost $5,017,108)										3,778,935

Loans : 0.20%
Communication Services : 0.10%
Media : 0.10%
Ancestry.com Incorporated (1 Month LIBOR +3.75%) ±‡		4.75		10-19-2023	$			1,206,487		1,158,228

Health Care : 0.10%
Health Care Providers & Services : 0.10%
Surgery Center Holdings Incorporated (1 Month LIBOR +3.25%) ±		4.25		9-3-2024				1,218,750		1,112,487

Total Loans (Cost $2,428,005)										2,270,715

Municipal Obligations : 1.52%
California : 0.33%
Airport Revenue : 0.19%
San Jose CA Series B (AGM Insured)		6.60		3-1-2041				2,000,000		2,058,480


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Core Plus Bond Fund


	Interest rate			Maturity date	Principal		Value
Transportation Revenue : 0.14%
Alameda CA Corridor Transportation Authority CAB Refunding Bond Subordinated Series B (Ambac Insured) ¤		0.00	%	10-1-2028	$	2,115,000	$	1,592,595

								3,651,075

Illinois : 0.65%
GO Revenue : 0.36%
Cook County IL Series B (BAM Insured)		6.36		11-15-2033		1,745,000		2,403,703
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) ¤		0.00		1-1-2025		1,820,000		1,634,360
								4,038,063

Tax Revenue : 0.29%
Chicago IL Transit Authority Taxable Pension Funding Series A		6.90		12-1-2040		1,075,000		1,444,101
Metropolitan Pier & Exposition Authority Illinois CAB McCormick Place Expansion Project Series 2010-B1 (AGM Insured) ¤		0.00		6-15-2026		1,975,000		1,659,731
Metropolitan Pier & Exposition Authority Illinois CAB McCormick Place Expansion Project Series 2012-B ¤		0.00		12-15-2051		765,000		140,316
								3,244,148

								7,282,211

Kansas : 0.05%
Health Revenue : 0.05%
Kansas Development Finance Authority Village Shalom Project Series 2018-B		4.00		11-15-2025		650,000		596,239

Maryland : 0.09%
Education Revenue : 0.09%
Maryland Health & HEFAR Green Street Academy Series B 144A		6.75		7-1-2023		975,000		968,828

Michigan : 0.12%
Miscellaneous Revenue : 0.12%
Michigan Finance Authority Local Government Loan Program Project Series E		7.19		11-1-2022		1,235,000		1,327,464

Pennsylvania : 0.28%
Health Revenue : 0.08%
Quakertown PA General Authority USDA Loan Anticipation Notes Series 2017-B		3.80		7-1-2021		900,000		895,617

Miscellaneous Revenue : 0.20%
Commonwealth of Pennsylvania Financing Authority Series A		4.14		6-1-2038		1,995,000		2,201,383

								3,097,000

Total Municipal Obligations (Cost $15,174,814)								16,922,817

Non-Agency Mortgage-Backed Securities : 19.54%
Agate Bay Mortgage Loan Trust Series 2015-3 Class B3 144A±±		3.63		4-25-2045 2,041,646				2,018,164
ALM Loan Funding Series 2015-16A Class AAR2 (3 Month LIBOR +0.90%) 144A±		2.12		7-15-2027 1,597,850				1,590,810
American Money Management Corporation Series 2015-16A Class AR (3 Month LIBOR +1.26%) 144A±		2.57		4-14-2029 3,000,000				2,977,563
American Money Management Corporation Series 2016-19A Class AR (3 Month LIBOR +1.14%) 144A±		2.36		10-16-2028 2,750,000				2,716,937
Angel Oak Mortgage Trust I LLC Series 2017-2 Class A2 144A±±		2.63		7-25-2047 1,742,674				1,739,856


Wells Fargo Core Plus Bond Fund		Portfolio of Investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Angel Oak Mortgage Trust I LLC Series 2019-3 Class A1 144A±±		2.93	%	5-25-2059	$	949,795	$	954,665
Angel Oak Mortgage Trust I LLC Series 2019-4 Class A1 144A±±		2.99		7-26-2049		7,878,457		7,968,710
Banc of America Funding Corporation Series 2016-R1 Class A1 144A±±		2.50		3-25-2040		460,317		460,256
Benefit Street Partners CLO Limited Series 2014-IVA Class A1RR (3 Month LIBOR +1.25%) 144A±		2.39		1-20-2029		1,000,000		993,977
Benefit Street Partners CLO Limited Series 2016-10A Class A1R (3 Month LIBOR +1.14%) 144A±		2.36		1-15-2029		3,500,000		3,462,995
BlueMountain CLO Limited Series 2012-2A Class AR2 (3 Month LIBOR +1.05%) 144A±		1.43		11-20-2028		935,000		924,633
BlueMountain CLO Limited Series 2013-1A Class A1R2 (3 Month LIBOR +1.23%) 144A±		2.37		1-20-2029		1,917,001		1,900,915
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A		2.72		11-25-2059		3,557,264		3,581,002
BX Trust Series 2019-OC11 Class A 144A		3.20		12-9-2041		4,975,000		4,990,108
Cascade Funding Mortgage Trust Series 2018- RM2 Class A 144A±±		4.00		10-25-2068		505,439		519,307
CD Commercial Mortgage Trust Series 2017-6 Class A5		3.46		11-13-2050		1,035,000		1,132,452
CIFC Funding Limited Series 2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		1.94		1-20-2028		2,500,716		2,481,508
Citigroup Commercial Mortgage Trust 2017-MDRA Class A 144A		3.66		7-10-2030		2,000,000		2,022,295
CNH Equipment Trust Series 2019-A Class A2		2.96		5-16-2022		1,843,314		1,853,055
Colt Funding LLC Series 2018-3 Class A1 144A±±		3.69		10-26-2048		1,877,958		1,902,162
Colt Funding LLC Series 2019-1 Class A1 144A±±		3.71		3-25-2049		1,323,933		1,330,716
Commercial Mortgage Trust Series 2014-CR15 Class A2		2.93		2-10-2047		295,009		295,758
Credit Suisse Mortgage Trust Series 2013 Class B4 144A±±		3.41		4-25-2043		3,964,082		3,882,281
Credit Suisse Mortgage Trust Series 2018 Class A1 144A±±		4.13		7-25-2058		1,560,207		1,576,725
Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		2.13		12-31-2027		1,438,092		1,431,590
Crown Point Limited Series 2018-6A Class A1 (3 Month LIBOR +1.17%) 144A±		2.31		10-20-2028		3,463,486		3,411,967
CSMLT Trust Series 2015-1 Class B4 144A±±		3.86		5-25-2045		4,657,417		4,635,930
DBWF Mortgage Trust 2018-GLKS 144a (1 Month LIBOR +1.03%) 144A±		1.20		12-19-2030		582,684		544,011
Deephaven Residential Mortgage Series 2019-2A Class A1 144A±±		3.56		4-25-2059		1,643,888		1,640,619
Deephaven Residential Mortgage Series 2019-4A Class A1 144A±±		2.79		10-25-2059		2,487,341		2,489,237
DLL Securitization Trust Series 2019-MT3 Class A1 144A		2.06		10-20-2020		1,297,747		1,298,864
Dryden Senior Loan Fund Series 2013-28A Class A2LR (3 Month LIBOR +1.65%) 144A±		2.04		8-15-2030		4,000,000		3,895,348
Financial Asset Securitization Incorporated Series 1997-NAM2 Class B2 †		8.00		7-25-2027		16,973		898
FWD Securitization Trust Series 2019-INV1 Class A3 144A±±		3.11		6-25-2049		3,585,517		3,475,337
GCAT Series 2019-NQM1 Class A1 144A		2.99		2-25-2059		3,054,724		3,124,351
GCAT Series 2019-NQM2 Class A1 144A		2.86		9-25-2059		4,095,447		4,186,755
GCAT Series 2019-RPl1 Class A1 144A±±		2.65		10-25-2068		4,526,363		4,544,728
Gilbert Park CLO Series 2017-1A Class B (3 Month LIBOR +1.60%) 144A±		2.82		10-15-2030		3,000,000		2,913,945
Goldman Sachs Mortgage Securities Trust Series 2019-GSA1 Class C ±±		3.81		11-10-2052		500,000		378,081
Goldman Sachs Mortgage Securities Trust Series 2019-PJ1 Class A6 144A±±		4.00		8-25-2049		404,579		408,342
Goldman Sachs Mortgage Securities Trust Series 2019-PJ2 Class A4 144A±±		4.00		11-25-2049		2,548,998		2,608,194
Homeward Opportunities Fund I Trust Series 2019-1 Class A1 144A±±		3.45		1-25-2059		1,696,941		1,712,205
Hospitality Mortgage Trust Series 2019 Class A (1 Month LIBOR +1.00%) 144A±		1.18		11-15-2036		2,434,191		2,252,751
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C8 Class ASB		2.38		10-15-2045		1,934,276		1,954,275
JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-MFP Class A (1 Month LIBOR +0.96%) 144A±		1.14		7-15-2036		5,000,000		4,730,596
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-B4 144A±±		3.39		7-25-2043		3,616,907		3,152,532


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Core Plus Bond Fund


	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
JPMorgan Mortgage Trust Series 2014-2 Class B4 144A±±		3.39	%	6-25-2029	$	1,215,000	$	1,140,115
JPMorgan Mortgage Trust Series 2020-1 Class A15 144A±±		3.50		6-25-2050		5,143,523		5,026,100
Lendmark Funding Trust Series 2018-1A Class A 144A		3.81		12-21-2026		2,685,000		2,575,655
Lendmark Funding Trust Series 2018-2A Class A 144A		4.23		4-20-2027		600,000		579,983
LoanCore Limited Series 2018-CRE1 Class A (1 Month LIBOR +1.13%) 144A±		1.31		5-15-2028		3,000,000		2,896,875
Mach One Trust Commercial Mortgage Backed Series 2004-1 Class X 144A±±(c)		0.78		5-28-2040		56,108		0
Mello Warehouse Securitization Series 2019-1 Class A (1 Month LIBOR +0.80%) 144A±		0.97		6-25-2052		3,115,000		3,090,226
Metlife Securitization Trust 2019-1A Class A1A 144A±±		3.75		4-25-2058		2,285,647		2,395,992
Mill City Mortgage Trust Series 2019 Class M2 144A±±		3.25		7-25-2059		4,592,000		4,210,371
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class B ±±		3.31		9-15-2049		610,000		572,644
Morgan Stanley Capital I Series 2004-RR2 Class X 144A±±(c)		0.35		10-28-2033		2,933		10
New Residential Mortgage Loan Trust Series 2018-NQM1 Class A1 144A±±		3.99		11-25-2048		1,879,115		1,925,933
New Residential Mortgage Loan Trust Series 2019-RPL3 Class M1 144A±±		3.25		7-25-2059		5,000,000		4,775,159
Octagon Investment Partners Series 2017-1A Class B1 (3 Month LIBOR +1.70%) 144A±		2.84		7-20-2030		1,000,000		971,109
Ondeck Asset Securitization Trust LLC Series 2018-1A Class A 144A		3.50		4-18-2022		4,074,156		4,076,198
Onslow Bay Financial LLC Series 2020 Class A21 144A±±		3.50		12-25-2049		3,828,942		3,882,324
OZLM Funding Limited Series 2014-8A Class A2RR (3 Month LIBOR +1.80%) 144A±		2.93		10-17-2029		5,400,000		5,221,287
Palmer Square Loan Funding Limited Series 2019-2A Class A1 (3 Month LIBOR +0.97%) 144A±		2.11		4-20-2027		2,365,390		2,343,383
Residential Mortgage Loan Trust Series 2020-1 Class M1 144A±±		3.24		2-25-2024		5,000,000		4,477,405
Shellpoint Company Originator Trust Series 2016-1 Class B2 144A±±		3.62		11-25-2046		6,036,734		6,003,641
Sound Point CLO Limited Series 2013-2RA Class A1 (3 Month LIBOR +0.95%) 144A±		2.17		4-15-2029		2,825,000		2,729,117
Starwood Mortgage Residential Trust Series 2019-1 Class A1 144A±±		2.94		6-25-2049		2,458,628		2,478,898
Starwood Mortgage Residential Trust Series 2019-INV1 Class A1 144A±±		2.61		9-27-2049		3,036,769		3,000,808
TCW CLO 2017-1 Limited Series 2017-1A Class BR (3 Month LIBOR +1.55%) 144A±		2.39		7-29-2029		5,545,000		5,422,173
TCW CLO 2019-1 AMR Limited Series 2019-1A Class A (3 Month LIBOR +1.07%) 144A±		1.46		2-15-2029		4,210,000		4,168,763
Towd Point Mortgage Trust Series 2015-1 Class A3 144A±±		3.25		10-25-2053		5,000,000		5,097,783
Towd Point Mortgage Trust Series 2015-4 Class A2 144A±±		3.75		4-25-2055		2,675,000		2,763,371
Towd Point Mortgage Trust Series 2017-4 Class A1 144A±±		2.75		6-25-2057		2,231,941		2,277,606
Towd Point Mortgage Trust Series 2019- MH1 Class A1 144A±±		3.00		11-25-2058		1,830,195		1,873,057
Towd Point Mortgage Trust Series 2019-4 Class M1 144A±±		3.50		10-25-2059		4,000,000		3,597,256
Towd Point Mortgage Trust Series 2019-SJ3 Class A1 144A±±		3.00		11-25-2059		4,164,633		4,191,140
UBS Commercial Mortgage Trust Series 2017-C5 Class A5		3.47		11-15-2050		1,140,000		1,245,962
UBS Commercial Mortgage Trust Series 2018-NYCH Class A (1 Month LIBOR +0.85%) 144A±		1.03		2-15-2032		2,930,000		2,677,280
Venture Limited Series 2018 Class 35A 144A		4.40		10-22-2031		2,000,000		2,016,870
Verus Securitization Trust Series 2019-1 Class A1 144A±±		3.40		12-25-2059		1,839,813		1,866,436
Verus Securitization Trust Series 2019-2 Class A1 144A±±		3.21		5-25-2059		3,389,305		3,412,219
Voya CLO Limited Series 2015-2A Class AR (3 Month LIBOR +0.97%) 144A±		2.01		7-23-2027		2,900,000		2,856,306
West CLO Limited Series 2014-2A Class A1 (3 Month LIBOR +0.87%) 144A±		2.05		1-16-2027		999,082		990,249
Whitehorse Limited Series 2014-1A Class AR (3 Month LIBOR +0.90%) 144A±		1.59		5-1-2026		675,797		672,575
Total Non-Agency Mortgage-Backed Securities (Cost $221,418,976)								217,569,685

U.S. Treasury Securities : 6.16%
TIPS		0.13		1-15-2030		11,949,303		12,682,011
TIPS		1.38		2-15-2044		3,112,328		4,174,893


Wells Fargo Core Plus Bond Fund		Portfolio of Investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond ¤		0.00	%	11-15-2027	$	1,795,000	$	1,712,879
U.S. Treasury Bond		1.25		5-15-2050		21,095,000		20,218,239
U.S. Treasury Bond		2.00		2-15-2050		6,885,000		7,870,685
U.S. Treasury Bond		4.25		11-15-2040		4,560,000		7,115,559
U.S. Treasury Note		0.38		4-30-2025		3,180,000		3,190,807
U.S. Treasury Note		0.63		5-15-2030		11,680,000		11,647,150
Total U.S. Treasury Securities (Cost $65,880,390)								68,612,223

Yankee Corporate Bonds and Notes : 8.44%
Communication Services : 0.58%
Diversified Telecommunication Services : 0.16%
Telefonica Emisiones SAU		5.21		3-8-2047		1,485,000		1,801,322

Interactive Media & Services : 0.30%
Tencent Holdings Limited 144A		3.98		4-11-2029		3,000,000		3,362,617

Wireless Telecommunication Services : 0.12%
Vodafone Group plc		4.25		9-17-2050		1,170,000		1,343,331

Consumer Staples : 0.52%
Beverages : 0.15%
Fomento Economico SA		3.50		1-16-2050		1,580,000		1,597,338

Tobacco : 0.37%
Imperial Brands Finance plc 144A		3.50		7-26-2026		4,055,000		4,153,309

Energy : 0.30%
Energy Equipment & Services : 0.01%
Valaris plc		5.75		10-1-2044		1,500,000		120,000

Oil, Gas & Consumable Fuels : 0.29%
Baytex Energy Corporation 144A		5.63		6-1-2024		2,000,000		1,020,000
Comision Federal de Electricidad 144A		4.75		2-23-2027		1,140,000		1,191,300
EnCana Corporation		6.50		2-1-2038		836,000		638,320
Transocean Incorporated		7.50		4-15-2031		1,250,000		377,313
								3,226,933

Financials : 5.93%
Banks : 3.61%
ABN AMRO Bank NV 144A		4.75		7-28-2025		1,800,000		1,945,933
Banco Bradesco 144A		2.85		1-27-2023		3,205,000		3,132,888
Banco de Bogota SA 144A		4.38		8-3-2027		1,110,000		1,080,874
Banco del Estado de Chile 144A		2.70		1-9-2025		4,165,000		4,206,650
Banco do Brasil SA 144A		4.63		1-15-2025		1,615,000		1,652,953
Banco Internacional del Peru 144A		3.25		10-4-2026		1,600,000		1,588,016
Banco Mercantil del Norte SA (5 Year Treasury Constant Maturity +4.97%) 144A±(s)		6.75		9-27-2024		1,565,000		1,479,708
Banco Safra SA 144A		4.13		2-8-2023		1,695,000		1,701,373
Banco Santander Mexico (5 Year Treasury Constant Maturity +3.00%) 144A±		5.95		10-1-2028		1,700,000		1,678,750
Banco Santander SA		4.25		4-11-2027		1,600,000		1,730,977
Banistmo SA 144A		3.65		9-19-2022		1,160,000		1,154,212
Bank of New Zealand 144A		2.00		2-21-2025		4,000,000		4,098,710
Banque Ouest Africaine de Developpement 144A		5.00		7-27-2027		2,520,000		2,507,400
BPCE SA 144A		5.15		7-21-2024		1,725,000		1,886,100
Danske Bank 144A		5.38		1-12-2024		1,705,000		1,862,735
Deutsche Bank AG (5 Year USD Swap +2.55%) ±		4.88		12-1-2032		1,750,000		1,605,048
Itau Unibanco Holding SA 144A		3.25		1-24-2025		3,510,000		3,395,925
Perrigo Finance plc		4.90		12-15-2044		1,500,000		1,492,851


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Core Plus Bond Fund


	Interest rate			Maturity date	Principal		Value
Banks (continued)
Perrigo Finance Unlimited Company		4.38	%	3-15-2026	$	1,365,000	$	1,477,841
Sumitomo Mitsui Financial Group Incorporated		2.44		10-19-2021		500,000		512,604
								40,191,548

Capital Markets : 0.14%
Credit Suisse Group Funding Limited (3 Month LIBOR +1.20%) 144A±		3.00		12-14-2023		1,485,000		1,531,623

Diversified Financial Services : 1.21%
AerCap Ireland Limited		2.88		8-14-2024		3,655,000		3,083,958
Banco Nacional de Comercio Exterior SNC 144A		4.38		10-14-2025		2,350,000		2,382,313
Brookfield Finance Incorporated		3.90		1-25-2028		2,475,000		2,595,930
Corporacion Financiera de Desarrollo SA (3 Month LIBOR +5.61%) 144A±		5.25		7-15-2029		1,185,000		1,241,892
UBS Group Funding Switzerland AG 144A		3.49		5-23-2023		1,165,000		1,214,683
UBS Group Funding Switzerland AG (5 Year USD Swap +4.87%) ±		7.00		12-29-2049		1,650,000		1,798,424
WPP Finance Limited 2010		3.75		9-19-2024		1,054,000		1,122,400
								13,439,600

Insurance : 0.74%
Fairfax Financials Holdings Limited		4.85		4-17-2028		2,780,000		2,795,949
Sompo International Holdings Limited		7.00		7-15-2034		1,330,000		1,883,708
Swiss Re Finance (Luxembourg) SA (5 Year Treasury Constant Maturity +3.58%) 144A±		5.00		4-2-2049		1,600,000		1,761,728
Validus Holdings Limited		8.88		1-26-2040		1,210,000		1,838,929
								8,280,314

Thrifts & Mortgage Finance : 0.23%
Nationwide Building Society (5 Year USD Swap +1.85%) 144A±		4.13		10-18-2032		2,500,000		2,575,822

Health Care : 0.43%
Pharmaceuticals : 0.43%
Bausch Health Companies Incorporated 144A		5.00		1-30-2028		2,000,000		1,932,460
Perrigo Finance Unlimited Company		3.50		3-15-2021		1,305,000		1,306,573
Teva Pharmaceutical Finance BV		2.20		7-21-2021		800,000		784,360
Teva Pharmaceutical Finance BV		2.80		7-21-2023		800,000		756,000
								4,779,393

Industrials : 0.04%
Transportation Infrastructure : 0.04%
Mexico City Airport Trust 144A		5.50		7-31-2047		570,000		487,920

Utilities : 0.64%
Electric Utilities : 0.64%
Enel Finance International SA 144A		4.63		9-14-2025		3,635,000		4,125,573
Western Power Distributions Holdings Limited 144A		7.38		12-15-2028		2,265,000		2,997,579
								7,123,152

Total Yankee Corporate Bonds and Notes (Cost $93,264,903)								94,014,222

Yankee Government Bonds : 1.63%
Abu Dhabi 144A		3.88		4-16-2050		2,600,000		2,960,750
Bermuda 144A		3.72		1-25-2027		995,000		1,042,263
Bermuda 144A		4.14		1-3-2023		1,210,000		1,258,400
Mexico		4.75		4-27-2032		3,615,000		3,913,238
Provincia de Cordoba 144A		7.13		6-10-2021		1,750,000		787,518
Provincia de Santa Fe 144A		7.00		3-23-2023		2,000,000		1,100,000


Wells Fargo Core Plus Bond Fund		Portfolio of Investments — May 31, 2020 (unaudited)


			Interest rate			Maturity date		Principal		Value
Yankee Government Bonds (continued)
Republic of Argentina				6.88	%		4-22-2021	$	1,280,000	$	520,320
Republic of Argentina				6.88			1-11-2048		1,000,000		360,010
Republic of Argentina				7.50			4-22-2026		1,350,000		516,389
Republic of Kenya 144A				8.25			2-28-2048		750,000		700,800
Republic of Paraguay 144A				5.40			3-30-2050		1,000,000		1,103,510
Republic of Senegal 144A				6.25			5-23-2033		750,000		705,000
Saudi Arabia 144A				4.50			4-22-2060		1,870,000		2,065,714
Ukraine 144A				7.38			9-25-2032		1,200,000		1,143,216
Total Yankee Government Bonds (Cost $20,955,202)											18,177,128


			Yield					Shares
Short-Term Investments : 3.46%
Investment Companies : 3.46%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				0.12					38,495,806		38,495,806

Total Short-Term Investments (Cost $38,495,806)											38,495,806

Total investments in securities (Cost $1,094,487,358)	99.60	%									1,109,068,183
Other assets and liabilities, net	0.40										4,426,890

Total net assets	100.00	%								$	1,113,495,073

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

±±	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.

(c)

%%	The security is purchased on a when-issued basis.

¤	The security is issued in zero coupon form with no periodic interest payments.

144A

The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

†	Non-income-earning security

(s)

Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.

‡	Security is valued using significant unobservable inputs.

(l)

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

(u)

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

##	All or a portion of this security is segregated for when-issued securities.

Abbreviations:

AGM

Assured Guaranty Municipal

Ambac

Ambac Financial Group Incorporated

BAM

Build America Mutual Assurance Company

BRL

Brazilian real

CAB

Capital appreciation bond

EUR

Euro

FHLB

Federal Home Loan Bank

FHLMC

Federal Home Loan Mortgage Corporation

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

GO	General obligation

HEFAR

Higher Education Facilities Authority Revenue

LIBOR

London Interbank Offered Rate

REIT

Real estate investment trust

SOFR

Secured Overnight Financing Rate

STRIPS

Separate Trading of Registered Interest & Principal of Securities

TIPS

Treasury Inflation-Protected Securities

TVA

Tennessee Valley Authority

Futures Contracts


Description	Number of contracts	Expiration date	Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
10-Year U.S. Treasury Notes	52	9-21-2020	$	7,228,088		$	7,231,250		$	3,162	$	0
U.S. Ultra Bond	105	9-21-2020		22,809,542			22,893,281			83,739		0
U.S. Long Term Bond	111	9-21-2020		19,695,757			19,799,625			103,868		0
10-Year Canadian Treasury Bonds	395	9-21-2020		43,991,614			44,077,278			85,664		0
5-Year U.S. Treasury Notes	474	9-30-2020		59,452,880			59,546,250			93,370		0
2-Year U.S. Treasury Notes	638	9-30-2020		140,854,474			140,898,312			43,838		0
Short
Euro-Schatz Futures	(67)	6-8-2020		(8,359,092	)		(8,333,909	)		25,183		0
Euro-BOBL Futures	(135)	6-8-2020		(20,395,301	)		(20,253,147	)		142,154		0
Euro-Bund Futures	(184)	6-8-2020		(35,940,313	)		(35,224,830	)		715,483		0
10-Year Ultra Futures	(283)	9-21-2020		(44,302,256	)		(44,523,859	)		0		(221,603	)

									$	1,296,461	$	(221,603	)

Forward Foreign Currency Contracts


Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
7,570,000 EUR	8,211,558 USD	Citibank	6-30-2020	$	196,323	$	0
8,850,000 EUR	9,609,330 USD	Citibank	6-30-2020		220,226		0
2,181,538 USD	2,000,000 EUR	Citibank	6-30-2020		0		(39,830	)
4,964,758 USD	87,000,000 ZAR	Citibank	6-30-2020		22,544		0
44,553,428 USD	41,029,034 EUR	Citibank	6-30-2020		0		(1,016,875	)
87,000,000 ZAR	4,964,620 USD	Citibank	6-30-2020		0		(22,406	)

				$	439,093	$	(1,079,111	)

Centrally Cleared Credit Default Swaps


Reference index	Fixed rate received			Payment frequency		Maturity date		Notional amount		Value		Premiums paid			Unrealized gains		Unrealized losses
Sell protection
Markit iTraxx Europe Index		1.00	%		Quarterly		12-20-2024	EUR	4,000,000	$	163,184	$	(47,466	)	$	210,650	$	0

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		5,226,857		112,433,363		(117,660,220	)		0	$	0
Wells Fargo Government Money Market Fund Select Class		86,371,118		485,021,291		(532,896,603	)		38,495,806		38,495,806

										$	38,495,806		3.46	%

*	No longer held at end of period

Wells Fargo Core Plus Bond Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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 Fund’s 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.

Forward foreign currency contracts are recorded at the forward rate 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”).

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.

Investments in registered open-end investment companies are valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

The Fund is 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 Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’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 Fund and the counterparty.

When-issued transactions

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and foreign exchange rates and is subject to interest rate risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund 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). Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded.

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund 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.

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 Fund’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund 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. Pursuant to the contract, the Fund 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) on centrally cleared swaps. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses).

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund 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).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund 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 Fund is the seller of protection and a credit event occurs, the Fund 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.

As the seller of protection, the Fund 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 Fund 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.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the

various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	155,966,482	$	0	$	155,966,482
Asset-backed securities		0		66,897,234		0		66,897,234
Corporate bonds and notes		0		328,718,483		0		328,718,483
Exchange-traded funds		64,251,227		0		0		64,251,227
Foreign corporate bonds and notes		0		33,393,226		0		33,393,226
Foreign government bonds		0		3,778,935		0		3,778,935
Loans		0		1,112,487		1,158,228		2,270,715
Municipal obligations		0		16,922,817		0		16,922,817
Non-agency mortgage-backed securities		0		217,569,685		0		217,569,685
U.S. Treasury securities		68,612,223		0		0		68,612,223
Yankee corporate bonds and notes		0		94,014,222		0		94,014,222
Yankee government bonds		0		18,177,128		0		18,177,128
Short-term investments
Investment companies		38,495,806		0		0		38,495,806

		171,359,256		936,550,699		1,158,228		1,109,068,183
Futures contracts		1,296,461		0		0		1,296,461
Forward foreign currency contracts		0		439,093		0		439,093
Credit default swap contracts		0		210,650		0		210,650

Total assets	$	172,655,717	$	937,200,442	$	1,158,228	$	1,111,014,387

Liabilities
Futures contracts	$	221,603	$	0	$	0	$	221,603
Forward foreign currency contracts		0		1,079,111		0		1,079,111

Total liabilities	$	221,603	$	1,079,111	$	0	$	1,300,714

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

Futures contracts, forward foreign currency contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date.

As of May 31, 2020, the Fund had segregated $4,374,589 as cash collateral for these open futures contracts and centrally cleared swaps.

For the nine months ended May 31, 2020, the Fund had no material transfers into/out of Level 3.


Wells Fargo Dynamic Target Today Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 99.17%
Affiliated Master Portfolios : 99.17%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	2,052,831
Wells Fargo Emerging Markets Bond Portfolio				174,286
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio				206,892
Wells Fargo Factor Enhanced International Equity Portfolio				690,253
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio				1,325,520
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio				316,139
Wells Fargo High Yield Corporate Bond Portfolio				173,907
Wells Fargo Investment Grade Corporate Bond Portfolio				1,072,175
Wells Fargo Strategic Retirement Bond Portfolio				694,594
Wells Fargo U.S. REIT Portfolio				226,701
Total Investment Companies (Cost $6,647,412)				6,933,298

Total investments in securities (Cost $6,647,412)	99.17	%		6,933,298
Other assets and liabilities, net	0.83			58,076

Total net assets	100.00	%	$	6,991,374

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		6-19-2020	$	150,465		$	152,100		$	1,635	$	0
Short
British Pound Futures		(4)		6-15-2020		(304,375	)		(308,150	)		0		(3,775	)

											$	1,635	$	(3,775	)

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.32	%		0.37	%	$	2,052,831
Wells Fargo Emerging Markets Bond Portfolio		0.42			0.48			174,286
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		0.09			0.10			206,892
Wells Fargo Factor Enhanced International Equity Portfolio		0.11			0.13			690,253
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		0.13			0.15			1,325,520
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		0.13			0.15			316,139
Wells Fargo High Yield Corporate Bond Portfolio		0.32			0.10			173,907
Wells Fargo Investment Grade Corporate Bond Portfolio		0.42			0.49			1,072,175
Wells Fargo Strategic Retirement Bond Portfolio		0.94			1.08			694,594
Wells Fargo U.S. REIT Portfolio		0.84			0.96			226,701

							$	6,933,298		99.17	%

Wells Fargo Dynamic Target Today Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio invests in a combination of securities to gain exposure to equity and fixed income asset classes. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

Investments in 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.

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	6,933,298
Futures contracts	$	1,635	$	0	$	0		1,635

Total assets	$	1,635	$	0	$	0	$	6,934,933

Liabilities
Futures contracts	$	3,775	$	0	$	0	$	3,775

Total liabilities	$	3,775	$	0	$	0	$	3,775

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in the affiliated Master Portfolios are valued at $6,933,298 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date.

As of May 31, 2020, the Fund had segregated $139,750 as cash collateral for these open futures.

For the three months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity 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 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Dynamic Target 2015 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 98.65%
Affiliated Master Portfolios : 98.65%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	1,406,678
Wells Fargo Emerging Markets Bond Portfolio				119,435
Wells Fargo Factor Enhanced Emerging Markets Portfolio				204,341
Wells Fargo Factor Enhanced International Portfolio				682,007
Wells Fargo Factor Enhanced Large Cap Portfolio				1,308,863
Wells Fargo Factor Enhanced Small Cap Portfolio				311,977
Wells Fargo High Yield Corporate Bond Portfolio				119,174
Wells Fargo Investment Grade Corporate Bond Portfolio				734,743
Wells Fargo Strategic Retirement Bond Portfolio				476,049
Wells Fargo U.S. REIT Portfolio				224,084
Total Investment Companies (Cost $5,305,486)				5,587,351

Total investments in securities (Cost $5,305,486)	98.65	%		5,587,351
Other assets and liabilities, net	1.35			76,382

Total net assets	100.00	%	$	5,663,733

Futures Contracts


Description	Number of contracts	Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized loss
Long
MSCI EAFE Index	1		6/19/2020	$	79,783		$	86,280		$	6,497	$	0
MSCI Emerging Markets Index	1		6/19/2020		44,512			46,645			2,133		0
Russell 2000 E-Mini Index	1		6/19/2020		60,136			69,640			9,504		0
S&P 500 E-Mini Index	2		6/19/2020		259,458			304,200			44,742		0
Short
British Pound Futures	(3)		6/15/2020		(228,622	)		(231,112	)		0		(2,490	)
MSCI EAFE Index	(1)		6/19/2020		(70,205	)		(86,280	)		0		(16,075	)
MSCI Emerging Markets Index	(1)		6/19/2020		(44,532	)		(46,645	)		0		(2,113	)
Russell 2000 E-Mini Index	(2)		6/19/2020		(124,481	)		(139,280	)		0		(14,799	)
S&P 500 E-Mini Index	(1)		6/19/2020		(122,782	)		(152,100	)		0		(29,318	)

										$	62,876	$	(64,795	)

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.23	%		0.25	%	$	1,406,678
Wells Fargo Emerging Markets Bond Portfolio		0.29			0.33			119,435
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.09			0.10			204,341
Wells Fargo Factor Enhanced International Portfolio		0.11			0.13			682,007
Wells Fargo Factor Enhanced Large Cap Portfolio		0.13			0.14			1,308,863
Wells Fargo Factor Enhanced Small Cap Portfolio		0.13			0.15			311,977
Wells Fargo High Yield Bond Portfolio		0.23			0.07			119,174
Wells Fargo Investment Grade Corporate Bond Portfolio		0.30			0.34			734,743
Wells Fargo Strategic Retirement Bond Portfolio		0.67			0.74			476,049
Wells Fargo U.S. REIT Portfolio		0.85			0.95			224,084

							$	5,587,351		98.65	%

Wells Fargo Dynamic Target 2015 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

Investments in 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.

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund 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 contract, the Fund 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). Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	5,587,351
Futures contracts	$	62,876	$	0	$	0		62,876

Total assets	$	62,876	$	0	$	0	$	5,650,227

Liabilities
Futures contracts	$	64,795	$	0	$	0	$	64,795

Total liabilities	$	64,795	$	0	$	0	$	64,795

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in the affiliated Master Portfolios are valued at $5,587,351 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $157,053 as cash collateral for these open futures contracts.

For the three months ended May 31, 2020, the Funds did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Dynamic Target 2020 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 97.05%
Affiliated Master Portfolios : 97.05%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	1,389,111
Wells Fargo Emerging Markets Bond Portfolio				117,774
Wells Fargo Factor Enhanced Emerging Markets Portfolio				279,027
Wells Fargo Factor Enhanced International Portfolio				931,943
Wells Fargo Factor Enhanced Large Cap Portfolio				1,767,418
Wells Fargo Factor Enhanced Small Cap Portfolio				417,319
Wells Fargo High Yield Corporate Bond Portfolio				117,518
Wells Fargo Investment Grade Corporate Bond Portfolio				725,574
Wells Fargo Strategic Retirement Bond Portfolio				431,664
Wells Fargo U.S. REIT Portfolio				270,726

Total Investment Companies (Cost $6,172,734)				6,448,074

Total investments in securities (Cost $6,172,734)	97.05	%		6,448,074
Other assets and liabilities, net	2.95			196,273

Total net assets	100.00	%	$	6,644,347

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		1		6-19-2020	$	79,783		$	86,280		$	6,497	$	0
MSCI Emerging Markets Index		1		6-19-2020		43,682			46,645			2,963		0
Russell 2000 E-Mini Index		1		6-19-2020		60,136			69,640			9,504		0
S&P 500 E-Mini Index		2		6-19-2020		247,497			304,200			56,703		0
Short
British Pound Futures		(3)		6-15-2020		(228,622	)		(231,112	)		0		(2,490	)
MSCI EAFE Index		(2)		6-19-2020		(164,848	)		(172,560	)		0		(7,712	)
MSCI Emerging Markets Index		(1)		6-19-2020		(40,867	)		(46,645	)		0		(5,778	)
Russell 2000 E-Mini Index		(2)		6-19-2020		(122,219	)		(139,280	)		0		(17,061	)
S&P 500 E-Mini Index		(2)		6-19-2020		(289,958	)		(304,200	)		0		(14,242	)

											$	75,667	$	(47,283	)

Investments in Affiliates

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.23	%		0.25	%	$	1,389,111
Wells Fargo Emerging Markets Bond Portfolio		0.30			0.33			117,774
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.13			0.14			279,027
Wells Fargo Factor Enhanced International Portfolio		0.16			0.17			931,943
Wells Fargo Factor Enhanced Large Cap Portfolio		0.18			0.19			1,767,418
Wells Fargo Factor Enhanced Small Cap Portfolio		0.19			0.20			417,319
Wells Fargo High Yield Corporate Bond Portfolio		0.23			0.07			117,518
Wells Fargo Investment Grade Corporate Bond Portfolio		0.30			0.33			725,574
Wells Fargo Strategic Retirement Bond Portfolio		0.63			0.67			431,664
Wells Fargo U.S. REIT Portfolio		1.09			1.15			270,726

							$	6,448,074		97.05	%

Wells Fargo Dynamic Target 2020 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

Investments in 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.

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	6,448,074
Futures contracts	$	75,667	$	0	$	0		75,667

Total assets	$	75,667	$	0	$	0	$	6,523,741

Liabilities
Futures contracts	$	47,283	$	0	$	0	$	47,283

Total liabilities	$	47,283	$	0	$	0	$	47,283

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in the affiliated Master Portfolios are valued at $6,448,074 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $210,722 as cash collateral for these open futures contracts.

For the three months ended May 31, 2020, the Funds did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Dynamic Target 2025 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 98.29%
Affiliated Master Portfolios : 98.29%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	1,730,917
Wells Fargo Emerging Markets Bond Portfolio				145,522
Wells Fargo Factor Enhanced Emerging Markets Portfolio				525,988
Wells Fargo Factor Enhanced International Portfolio				1,752,422
Wells Fargo Factor Enhanced Large Cap Portfolio				3,184,806
Wells Fargo Factor Enhanced Small Cap Portfolio				766,418
Wells Fargo High Yield Corporate Bond Portfolio				145,201
Wells Fargo Investment Grade Corporate Bond Portfolio				904,103
Wells Fargo Strategic Retirement Bond Portfolio				285,451
Wells Fargo U.S. REIT Portfolio				270,938
Total Investment Companies (Cost $9,388,808)				9,711,766

Total investments in securities (Cost $9,388,808)	98.29	%		9,711,766
Other assets and liabilities, net	1.71			168,944

Total net assets	100.00	%	$	9,880,710

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		2		6-19-2020	$	159,566		$	172,560		$	12,994	$	0
MSCI Emerging Markets Index		1		6-19-2020		43,682			46,645			2,963		0
Russell 2000 E-Mini Index		2		6-19-2020		120,272			139,280			19,008		0
S&P 500 E-Mini Index		4		6-19-2020		515,835			608,400			92,565		0
Short
British Pound Futures		(5)		6-15-2020		(380,809	)		(385,187	)		0		(4,378	)
MSCI EAFE Index		(3)		6-19-2020		(239,632	)		(258,840	)		0		(19,208	)
MSCI Emerging Markets Index		(2)		6-19-2020		(89,971	)		(93,290	)		0		(3,319	)
Russell 2000 E-Mini Index		(3)		6-19-2020		(186,157	)		(208,920	)		0		(22,763	)
S&P 500 E-Mini Index		(3)		6-19-2020		(423,240	)		(456,300	)		0		(33,060	)

											$	127,530	$	(82,728	)

Investments in Affiliates

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.28	%		0.31	%	$	1,730,917
Wells Fargo Emerging Markets Bond Portfolio		0.36			0.40			145,522
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.24			0.26			525,988
Wells Fargo Factor Enhanced International Portfolio		0.29			0.32			1,752,422
Wells Fargo Factor Enhanced Large Cap Portfolio		0.32			0.35			3,184,806
Wells Fargo Factor Enhanced Small Cap Portfolio		0.34			0.37			766,418
Wells Fargo High Yield Corporate Bond Portfolio		0.28			0.09			145,201
Wells Fargo Investment Grade Corporate Bond Portfolio		0.37			0.41			904,103
Wells Fargo Strategic Retirement Bond Portfolio		0.41			0.44			285,451
Wells Fargo U.S. REIT Portfolio		1.04			1.15			270,938

							$	9,711,766		98.29	%

Wells Fargo Dynamic Target 2025 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

Investments in 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.

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	9,711,766
Futures contracts	$	127,530	$	0	$	0		127,530

Total assets	$	127,530	$	0	$	0	$	9,839,296

Liabilities
Futures contracts	$	82,728	$	0	$	0	$	82,728

Total liabilities	$	82,728	$	0	$	0	$	82,728

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in the affiliated Master Portfolios are valued at $9,711,766 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $261,051 as cash collateral for these open futures contracts.

For the three months ended May 31, 2020, the Funds did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Dynamic Target 2030 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 98.29%
Affiliated Master Portfolios : 98.29%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	1,151,068
Wells Fargo Emerging Markets Bond Portfolio				96,144
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio				539,043
Wells Fargo Factor Enhanced International Equity Portfolio				1,803,491
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio				3,137,462
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio				752,485
Wells Fargo High Yield Corporate Bond Portfolio				95,931
Wells Fargo Investment Grade Corporate Bond Portfolio				600,669
Wells Fargo Strategic Retirement Bond Portfolio				56,161
Wells Fargo U.S. REIT Portfolio				80,049
Total Investment Companies (Cost $7,821,224)				8,312,503

Total investments in securities (Cost $7,821,224)	98.29	%		8,312,503
Other assets and liabilities, net	1.71			144,722

Total net assets	100.00	%	$	8,457,225

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		2		6-19-2020	$	159,566		$	172,560		$	12,994	$	0
MSCI Emerging Markets Index		1		6-19-2020		43,682			46,645			2,963		0
Russell 2000 E-Mini Index		2		6-19-2020		120,272			139,280			19,008		0
S&P 500 E-Mini Index		4		6-19-2020		506,955			608,400			101,445		0
Short
British Pound Futures		(4)		6-15-2020		(304,374	)		(308,150	)		0		(3,776	)
MSCI EAFE Index		(3)		6-19-2020		(230,271	)		(258,840	)		0		(28,569	)
MSCI Emerging Markets Index		(2)		6-19-2020		(89,003	)		(93,290	)		0		(4,287	)
Russell 2000 E-Mini Index		(3)		6-19-2020		(177,626	)		(208,920	)		0		(31,294	)
S&P 500 E-Mini Index		(3)		6-19-2020		(387,518	)		(456,300	)		0		(68,782	)

											$	136,410	$	(136,708	)

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.18	%		0.21	%	$	1,151,068
Wells Fargo Emerging Markets Bond Portfolio		0.23			0.27			96,144
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		0.24			0.27			539,043
Wells Fargo Factor Enhanced International Equity Portfolio		0.29			0.33			1,803,491
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		0.31			0.34			3,137,462
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		0.32			0.36			752,485
Wells Fargo High Yield Corporate Bond Portfolio		0.18			0.06			95,931
Wells Fargo Investment Grade Corporate Bond Portfolio		0.24			0.28			600,669
Wells Fargo Strategic Retirement Bond Portfolio		0.08			0.09			56,161
Wells Fargo U.S. REIT Portfolio		0.30			0.34			80,049

							$	8,312,503		98.29	%

Wells Fargo Dynamic Target 2030 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	8,312,503

Futures contracts	$	136,410	$	0	$	0		136,410

Total assets	$	136,410	$	0	$	0	$	8,448,913

Liabilities
Futures contracts	$	136,708	$	0	$	0	$	136,708

Total liabilities	$	136,708	$	0	$	0	$	136,708

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in Master Portfolios are valued at $8,312,503 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $272,047 as cash collateral for these open futures contracts.

For the three months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity 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 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Dynamic Target 2035 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 98.03%
Affiliated Master Portfolios : 98.03%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	886,880
Wells Fargo Emerging Markets Bond Portfolio				74,627
Wells Fargo Factor Enhanced Emerging Markets Portfolio				563,947
Wells Fargo Factor Enhanced International Portfolio				1,896,319
Wells Fargo Factor Enhanced Large Cap Portfolio				3,160,276
Wells Fargo Factor Enhanced Small Cap Portfolio				756,801
Wells Fargo High Yield Corporate Bond Portfolio				74,462
Wells Fargo Investment Grade Corporate Bond Portfolio				463,105
Total Investment Companies (Cost $7,639,998)				7,876,417

Total investments in securities (Cost $7,639,998)	98.03	%		7,876,417
Other assets and liabilities, net	1.97			158,109

Total net assets	100.00	%	$	8,034,526

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		2		6-19-2020	$	159,566		$	172,560		$	12,994	$	0
MSCI Emerging Markets Index		1		6-19-2020		43,682			46,645			2,963		0
Russell 2000 E-Mini Index		2		6-19-2020		120,272			139,280			19,008		0
S&P 500 E-Mini Index		4		6-19-2020		506,955			608,400			101,445		0
Short
British Pound Futures		(4)		6-15-2020		(304,375	)		(308,150	)		0		(3,775	)
MSCI EAFE Index		(3)		6-19-2020		(218,926	)		(258,840	)		0		(39,914	)
MSCI Emerging Markets Index		(2)		6-19-2020		(89,003	)		(93,290	)		0		(4,287	)
Russell 2000 E-Mini Index		(3)		6-19-2020		(177,626	)		(208,920	)		0		(31,294	)
S&P 500 E-Mini Index		(3)		6-19-2020		(387,518	)		(456,300	)		0		(68,782	)

											$	136,410	$	(148,052	)

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.15	%		0.16	%	$	886,880
Wells Fargo Emerging Markets Bond Portfolio		0.19			0.21			74,627
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.26			0.28			563,947
Wells Fargo Factor Enhanced International Portfolio		0.32			0.35			1,896,319
Wells Fargo Factor Enhanced Large Cap Portfolio		0.32			0.35			3,160,276
Wells Fargo Factor Enhanced Small Cap Portfolio		0.33			0.36			756,801
Wells Fargo High Yield Corporate Bond Portfolio		0.14			0.04			74,462
Wells Fargo Investment Grade Corporate Bond Portfolio		0.19			0.21			463,105

							$	7,876,417		98.03	%

Wells Fargo Dynamic Target 2035 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	7,876,417
Futures contracts	$	136,410	$	0	$	0		136,410

Total assets	$	136,410	$	0	$	0	$	8,012,827

Liabilities
Futures contracts	$	148,052	$	0	$	0	$	148,052

Total liabilities	$	148,052	$	0	$	0	$	148,052

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in the affiliated Master Portfolio are valued at $7,876,417 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $286,383 as cash collateral for these open futures contracts.

For the three months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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


Wells Fargo Dynamic Target 2040 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 97.47%
Affiliated Master Portfolios : 97.47%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	601,644
Wells Fargo Emerging Markets Bond Portfolio				50,627
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio				567,249
Wells Fargo Factor Enhanced International Equity Portfolio				1,893,012
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio				3,045,084
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio				727,023
Wells Fargo High Yield Corporate Bond Portfolio				50,514
Wells Fargo Investment Grade Corporate Bond Portfolio				314,159
Total Investment Companies (Cost $6,962,216)				7,249,312

Total investments in securities (Cost $6,962,216)	97.47	%		7,249,312
Other assets and liabilities, net	2.53			187,913

Total net assets	100.00	%	$	7,437,225

Futures Contracts


Description	Number of contracts	Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI EAFE Index	2		6-19-2020	$	159,566		$	172,560		$	12,994	$	0
MSCI Emerging Markets Index	1		6-19-2020		43,682			46,645			2,963		0
Russell 2000 E-Mini Index	2		6-19-2020		120,272			139,280			19,008		0
S&P 500 E-Mini Index	3		6-19-2020		384,166			456,300			72,134		0
Short
British Pound Futures	(4)		6-15-2020		(304,375	)		(308,150	)		0		(3,775	)
MSCI EAFE Index	(3)		6-19-2020		(239,930	)		(258,840	)		0		(18,910	)
MSCI Emerging Markets Index	(2)		6-19-2020		(89,141	)		(93,290	)		0		(4,149	)
Russell 2000 E-Mini Index	(3)		6-19-2020		(184,918	)		(208,920	)		0		(24,002	)
S&P 500 E-Mini Index	(3)		6-19-2020		(418,052	)		(456,300	)		0		(38,248	)

										$	107,099	$	(89,084	)

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.07	%		0.11	%	$	601,644
Wells Fargo Emerging Markets Bond Portfolio		0.08			0.14			50,627
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		0.16			0.28			567,249
Wells Fargo Factor Enhanced International Equity Portfolio		0.20			0.35			1,893,012
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		0.20			0.33			3,045,084
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		0.21			0.35			727,023
Wells Fargo High Yield Corporate Bond Portfolio		0.04			0.03			50,514
Wells Fargo Investment Grade Corporate Bond Portfolio		0.08			0.14			314,159

							$	7,249,312		97.47	%

Wells Fargo Dynamic Target 2040 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	7,249,312
Futures contracts	$	107,099	$	0	$	0		107,099

Total assets	$	107,099	$	0	$	0	$	107,099

Liabilities
Futures contracts	$	89,084	$	0	$	0	$	89,084

Total liabilities	$	89,084	$	0	$	0	$	89,084

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The aggregated affiliated Master Portfolios valued at $7,249,312 do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $266,547 as cash collateral for these open futures contracts.

For the three months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity 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 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


Wells Fargo Dynamic Target 2045 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 97.44%
Affiliated Master Portfolios : 97.44%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	322,891
Wells Fargo Emerging Markets Bond Portfolio				27,170
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio				506,647
Wells Fargo Factor Enhanced International Equity Portfolio				1,694,571
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio				2,667,092
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio				637,056
Wells Fargo High Yield Corporate Bond Portfolio				27,110
Wells Fargo Investment Grade Corporate Bond Portfolio				168,604
Total Investment Companies (Cost $5,884,422)				6,051,141

Total investments in securities (Cost $5,884,422)	97.44	%		6,051,141
Other assets and liabilities, net	2.56			158,866

Total net assets	100.00	%	$	6,210,007

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		2		6-19-2020	$	160,405		$	172,560		$	12,155	$	0
MSCI Emerging Markets Index		1		6-19-2020		43,682			46,645			2,963		0
Russell 2000 E-Mini Index		2		6-19-2020		120,272			139,280			19,008		0
S&P 500 E-Mini Index		2		6-19-2020		259,458			304,200			44,742		0
Short
British Pound Futures		(3)		6-15-2020		(228,622	)		(231,113	)		0		(2,491	)
MSCI EAFE Index		(3)		6-19-2020		(229,360	)		(258,840	)		0		(29,480	)
MSCI Emerging Markets Index		(2)		6-19-2020		(89,604	)		(93,290	)		0		(3,686	)
Russell 2000 E-Mini Index		(3)		6-19-2020		(169,971	)		(208,920	)		0		(38,949	)
S&P 500 E-Mini Index		(2)		6-19-2020		(273,756	)		(304,200	)		0		(30,444	)

											$	78,868	$	(105,050	)

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.05	%		0.05	%	$	322,891
Wells Fargo Emerging Markets Bond Portfolio		0.07			0.08			27,170
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		0.24			0.25			506,647
Wells Fargo Factor Enhanced International Equity Portfolio		0.29			0.31			1,694,571
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		0.28			0.29			2,667,092
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		0.29			0.31			637,056
Wells Fargo High Yield Corporate Bond Portfolio		0.05			0.16			27,110
Wells Fargo Investment Grade Corporate Bond Portfolio		0.07			0.08			168,604

							$	6,051,141		97.44	%

Wells Fargo Dynamic Target 2045 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	6,051,141
Futures contracts	$	78,868	$	0	$	0		78,868

Total assets	$	78,868	$	0	$	0	$	6,130,009

Liabilities
Futures contracts	$	105,050	$	0	$	0	$	105,050

Total liabilities	$	105,050	$	0	$	0	$	105,050

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The aggregated affiliated Master Portfolios valued at $6,051,141 do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $271,885 as cash collateral for these open futures contracts.

For the three months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Equity Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity 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 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


Wells Fargo Dynamic Target 2050 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 96.78%
Affiliated Master Portfolios : 96.78%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	157,949
Wells Fargo Emerging Markets Bond Portfolio				13,291
Wells Fargo Factor Enhanced Emerging Markets Portfolio				469,753
Wells Fargo Factor Enhanced International Portfolio				1,574,011
Wells Fargo Factor Enhanced Large Cap Portfolio				2,436,291
Wells Fargo Factor Enhanced Small Cap Portfolio				581,201
Wells Fargo High Yield Corporate Bond Portfolio				13,262
Wells Fargo Investment Grade Corporate Bond Portfolio				82,477
Total Investment Companies (Cost $5,116,565)				5,328,235

Total investments in securities (Cost $5,116,565)	96.78	%		5,328,235
Other assets and liabilities, net	3.22			177,014

Total net assets	100.00	%	$	5,505,249

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		1		6-19-2020	$	79,783		$	86,280		$	6,497	$	0
MSCI Emerging Markets Index		1		6-19-2020		43,682			46,645			2,963		0
Russell 2000 E-Mini Index		2		6-19-2020		120,272			139,280			19,008		0
S&P 500 E-Mini Index		2		6-19-2020		259,458			304,200			44,742		0
Short
British Pound Futures		(3)		6-15-2020		(228,622	)		(231,113	)		0		(2,491	)
MSCI EAFE Index		(2)		6-19-2020		(159,732	)		(172,560	)		0		(12,828	)
MSCI Emerging Markets Index		(2)		6-19-2020		(90,126	)		(93,290	)		0		(3,164	)
Russell 2000 E-Mini Index		(3)		6-19-2020		(187,794	)		(208,920	)		0		(21,126	)
S&P 500 E-Mini Index		(2)		6-19-2020		(289,958	)		(304,200	)		0		(14,242	)

											$	73,210	$	(53,851	)

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.03	%		0.03	%	$	157,949
Wells Fargo Emerging Markets Bond Portfolio		0.03			0.04			13,291
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.22			0.23			469,753
Wells Fargo Factor Enhanced International Portfolio		0.27			0.29			1,574,011
Wells Fargo Factor Enhanced Large Cap Portfolio		0.25			0.27			2,436,291
Wells Fargo Factor Enhanced Small Cap Portfolio		0.27			0.28			581,201
Wells Fargo High Yield Corporate Bond Portfolio		0.03			0.01			13,262
Wells Fargo Investment Grade Corporate Bond Portfolio		0.04			0.04			82,477

							$	5,328,235		96.78	%

Wells Fargo Dynamic Target 2050 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Investments measured at net asset value*							$	5,328,235
Futures contracts	$	73,210	$	0	$	0		73,210

Total assets	$	73,210	$	0	$	0	$	5,401,445

Liabilities
Futures contracts	$	53,851	$	0	$	0	$	53,851

Total liabilities	$	53,851	$	0	$	0	$	53,851

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in the affiliated Master Portfolios are valued at $5,328,235 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $241,352 as cash collateral for these open futures.

For the three months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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


Wells Fargo Dynamic Target 2055 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 96.82%
Affiliated Master Portfolios : 96.82%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	167,957
Wells Fargo Emerging Markets Bond Portfolio				14,077
Wells Fargo Factor Enhanced Emerging Markets Portfolio				484,368
Wells Fargo Factor Enhanced International Portfolio				1,623,359
Wells Fargo Factor Enhanced Large Cap Portfolio				2,512,085
Wells Fargo Factor Enhanced Small Cap Portfolio				599,469
Wells Fargo High Yield Corporate Bond Portfolio				14,045
Wells Fargo Investment Grade Corporate Bond Portfolio				87,351
Total Investment Companies (Cost $5,292,675)				5,502,711

Total investments in securities (Cost $5,292,675)	96.82	%		5,502,711
Other assets and liabilities, net	3.18			180,972

Total net assets	100.00	%	$	5,683,683

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		1		6-19-2020	$	79,783		$	86,280		$	6,497	$	0
MSCI Emerging Markets Index		1		6-19-2020		43,682			46,645			2,963		0
Russell 2000 E-Mini Index		2		6-19-2020		120,272			139,280			19,008		0
S&P 500 E-Mini Index		2		6-19-2020		259,458			304,200			44,742		0
Short
British Pound Futures		(3)		6-15-2020		(228,622	)		(231,113	)		0		(2,491	)
MSCI EAFE Index		(2)		6-19-2020		(159,732	)		(172,560	)		0		(12,828	)
MSCI Emerging Markets Index		(2)		6-19-2020		(90,126	)		(93,290	)		0		(3,164	)
Russell 2000 E-Mini Index		(3)		6-19-2020		(185,952	)		(208,920	)		0		(22,968	)
S&P 500 E-Mini Index		(2)		6-19-2020		(289,958	)		(304,200	)		0		(14,242	)

											$	73,210	$	(55,693	)

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.03	%		0.03	%	$	167,957
Wells Fargo Emerging Markets Bond Portfolio		0.04			0.04			14,077
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.23			0.24			484,368
Wells Fargo Factor Enhanced International Portfolio		0.28			0.30			1,623,359
Wells Fargo Factor Enhanced Large Cap Portfolio		0.26			0.28			2,512,085
Wells Fargo Factor Enhanced Small Cap Portfolio		0.27			0.29			599,469
Wells Fargo High Yield Corporate Bond Portfolio		0.03			0.01			14,045
Wells Fargo Investment Grade Corporate Bond Portfolio		0.04			0.04			87,351

							$	5,502,711		96.82	%

Wells Fargo Dynamic Target 2055 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values, and foreign exchange rates and is subject to interest rate risk, equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1	–	quoted prices in active markets for identical securities

Level 2	–	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3	–	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	5,502,711
Futures contracts	$	73,210	$	0	$	0		73,210

Total assets	$	73,210	$	0	$	0	$	5,575,921

Liabilities
Futures contracts	$	55,693	$	0	$	0	$	55,693

Total liabilities	$	55,693	$	0	$	0	$	55,693

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in the affiliated Master Portfolios valued at $5,502,711 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $242,196 as cash collateral for these open futures.

For the three months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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


Wells Fargo Dynamic Target 2060 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 97.28%
Affiliated Master Portfolios : 97.28%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	150,942
Wells Fargo Emerging Markets Bond Portfolio				12,701
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio				448,912
Wells Fargo Factor Enhanced International Equity Portfolio				1,503,839
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio				2,326,363
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio				556,935
Wells Fargo High Yield Corporate Bond Portfolio				12,673
Wells Fargo Investment Grade Corporate Bond Portfolio				78,817
Wells Fargo U.S. REIT Portfolio				5,237
Total Investment Companies (Cost $4,915,645)				5,096,419

Total investments in securities (Cost $4,915,645)	97.28	%		5,096,419
Other assets and liabilities, net	2.72			142,623

Total net assets	100.00	%	$	5,239,042

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
MSCI EAFE Index		1		6-19-2020	$	79,783		$	86,280		$	6,497	$	0
MSCI Emerging Markets Index		1		6-19-2020		43,682			46,645			2,963		0
Russell 2000 E-Mini Index		2		6-19-2020		125,755			139,280			13,525		0
S&P 500 E-Mini Index		2		6-19-2020		259,458			304,200			44,742		0
Short
British Pound Futures		(3)		6-15-2020		(228,622	)		(231,113	)		0		(2,491	)
MSCI EAFE Index		(2)		6-19-2020		(151,421	)		(172,560	)		0		(21,139	)
MSCI Emerging Markets Index		(2)		6-19-2020		(89,604	)		(93,290	)		0		(3,686	)
Russell 2000 E-Mini Index		(3)		6-19-2020		(185,123	)		(208,920	)		0		(23,797	)
S&P 500 E-Mini Index		(2)		6-19-2020		(273,756	)		(304,200	)		0		(30,444	)

											$	67,727	$	(81,557	)

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.03	%		0.03	%	$	150,942
Wells Fargo Emerging Markets Bond Portfolio		0.03			0.04			12,701
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		0.22			0.22			448,912
Wells Fargo Factor Enhanced International Equity Portfolio		0.27			0.28			1,503,839
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		0.25			0.26			2,326,363
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		0.26			0.27			556,935
Wells Fargo High Yield Corporate Bond Portfolio		0.03			0.01			12,673
Wells Fargo Investment Grade Corporate Bond Portfolio		0.03			0.04			78,817
Wells Fargo U.S. REIT Portfolio		0.02			0.02			5,237

							$	5,096,419		97.28	%

Wells Fargo Dynamic Target 2060 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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

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.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and foreign exchange rates and is subject to equity price risk and foreign currency risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

Level 2 –		other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 –		significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments measured at net asset value*							$	5,096,419
Futures contracts	$	67,727	$	0	$	0		67,727

Total assets	$	67,727	$	0	$	0	$	5,164,146

Liabilities
Futures contracts	$	81,557	$	0	$	0	$	81,557

Total liabilities	$	81,557	$	0	$	0	$	81,557

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The Fund’s investment in the affiliated Master Portfolios are valued at $5,096,419 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

As of May 31, 2020, the Fund had segregated $248,538 as cash collateral for these open futures contracts.

For the three months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.

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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity 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 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
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Emerging Markets Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 98.98%
Affiliated Master Portfolio : 98.98%
Wells Fargo Emerging Markets Bond Portfolio			$	945,647

Total Investment Companies (Cost $970,129)				945,647

Total investments in securities (Cost $970,129)	98.98	%		945,647
Other assets and liabilities, net	1.02			9,710

Total net assets	100.00	%	$	955,357

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo Emerging Markets Bond Portfolio		2.40	%		2.62	%	$	945,647		98.98	%

Wells Fargo Emerging Markets Bond Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a feeder fund in a master-feeder structure that seeks to achieve its investment objective by investing substantially all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. Since the affiliated Master Portfolio directly acquires portfolio securities, the Fund acquires an indirect interest in those securities. A portfolio of investments for the affiliated Master Portfolio is included with this filing.

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the Fund’s investment in Wells Fargo Emerging Markets Bond Portfolio, the affiliated Master Portfolio with a substantially identical investment objective seeking to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses, was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. At May 31, 2020, the affiliated Master Portfolio valued at $945,647 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Government Securities Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities : 70.95%
FDIC Series 2013-R1 Class A 144A		1.15	%	3-25-2033	$	168,347	$	167,460
FHLB		5.63		3-14-2036		6,020,000		9,308,279
FHLMC		3.50		10-1-2049		9,915,842		10,453,614
FHLMC		4.00		5-1-2049		4,818,956		5,125,001
FHLMC		5.00		6-1-2026		944,001		994,346
FHLMC		2.62		12-25-2026		3,869,939		4,099,177
FHLMC		2.75		3-25-2027		5,208,406		5,544,693
FHLMC		2.90		4-25-2026		5,844,851		6,224,045
FHLMC		3.00		12-1-2049		5,549,838		5,840,102
FHLMC (11th District Cost of Funds +1.25%) ±		3.37		7-1-2032		290,964		294,094
FHLMC		3.50		8-1-2045		4,168,306		4,474,367
FHLMC		3.50		11-1-2045		7,553,125		8,114,296
FHLMC		3.50		12-1-2045		5,288,994		5,653,760
FHLMC		3.50		12-1-2045		1,654,819		1,777,474
FHLMC (3 Year Treasury Constant Maturity +2.21%) ±		3.79		5-1-2026		22,053		22,328
FHLMC (1 Year Treasury Constant Maturity +2.14%) ±		3.87		10-1-2026		106,422		107,269
FHLMC (12 Month LIBOR +1.72%) ±		3.97		7-1-2038		1,146,619		1,204,447
FHLMC		4.00		6-1-2044		3,608,857		3,961,390
FHLMC		4.00		9-1-2049		1,129,103		1,200,820
FHLMC (12 Month LIBOR +2.05%) ±		4.05		1-1-2038		557,282		563,296
FHLMC (12 Month LIBOR +1.91%) ±		4.16		9-1-2031		2,983		2,993
FHLMC (12 Month LIBOR +1.91%) ±		4.16		9-1-2031		40,355		40,775
FHLMC		4.50		3-1-2042		269,849		296,517
FHLMC		4.50		9-1-2044		2,862,394		3,166,063
FHLMC		4.50		9-1-2049		11,266,386		12,160,172
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.67		6-1-2032		19,104		19,155
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.90		7-1-2029		24,017		24,107
FHLMC		5.00		8-1-2040		804,703		915,371
FHLMC		5.50		7-1-2035		2,549,390		2,907,573
FHLMC		5.50		12-1-2038		1,600,056		1,832,159
FHLMC		6.00		10-1-2032		21,626		24,955
FHLMC (1 Year Treasury Constant Maturity +2.13%) ±		6.38		1-1-2026		44,036		43,958
FHLMC		6.50		4-1-2021		398		401
FHLMC		6.50		4-1-2022		15,105		16,813
FHLMC		6.50		9-1-2028		12,152		13,621
FHLMC		6.50		7-1-2031		2		2
FHLMC		6.75		9-15-2029		5,360,000		8,097,561
FHLMC		7.00		12-1-2023		1,443		1,544
FHLMC		7.00		12-1-2026		283		311
FHLMC		7.00		4-1-2029		1,050		1,218
FHLMC		7.00		5-1-2029		6,293		7,392
FHLMC		7.00		4-1-2032		69,551		81,820
FHLMC		7.50		11-1-2031		139,132		161,985
FHLMC		7.50		4-1-2032		138,891		164,747
FHLMC		8.00		8-1-2023		4,561		4,750
FHLMC		8.00		6-1-2024		2,467		2,677
FHLMC		8.00		6-1-2024		2,068		2,088
FHLMC		8.00		6-1-2024		3,822		3,945
FHLMC		8.00		8-1-2026		10,783		12,369
FHLMC		8.00		11-1-2026		10,156		11,665
FHLMC		8.00		11-1-2028		5,290		5,806
FHLMC		8.50		12-1-2025		6,222		6,866
FHLMC		8.50		5-1-2026		899		936
FHLMC		8.50		8-1-2026		4,045		4,081
FHLMC		8.50		8-1-2026		13,283		13,348
FHLMC		9.00		4-1-2021		22		22
FHLMC		9.00		8-1-2021		29		30
FHLMC		9.00		7-1-2022		17		17
FHLMC		9.00		9-1-2024		85		85
FHLMC		9.50		6-1-2020		1		1
FHLMC		9.50		8-1-2020		4		4
FHLMC		9.50		9-1-2020		1		1
FHLMC		9.50		9-1-2020		16		16
FHLMC		9.50		9-1-2020		1		1
FHLMC		9.50		10-1-2020		1		1
FHLMC		9.50		11-1-2020		5		6
FHLMC		9.50		5-1-2021		28		28
FHLMC		9.50		9-17-2022		5,251		5,287


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Government Securities Fund


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FHLMC		9.50	%	4-1-2025	$	10,323	$	10,455
FHLMC		10.00		6-1-2020		1		1
FHLMC		10.00		8-1-2020		1		1
FHLMC		10.00		10-1-2021		10		10
FHLMC		10.00		8-17-2022		65		65
FHLMC		10.00		2-17-2025		6,134		6,144
FHLMC Multifamily Structured Pass-through Series T056 Class A4		6.00		5-25-2043		3,766,141		4,494,274
FHLMC Multifamily Structured Pass-through Series K075 Class A2 ±±		3.65		2-25-2028		4,370,000		5,103,113
FHLMC Series 2015-SC01 Class 1A		3.50		5-25-2045		1,534,613		1,570,121
FHLMC Series 2882 Class TF (1 Month LIBOR +0.25%) ±		0.43		10-15-2034		48,211		48,013
FHLMC Series 3614 Class QB		4.00		12-15-2024		1,274,700		1,340,251
FHLMC Series 3906 Class EA		3.00		5-15-2026		450,914		465,097
FHLMC Series 4159 Class AF (1 Month LIBOR +1.18%) ±		1.36		12-15-2036		317,498		324,472
FHLMC Series 4218 Class DF (1 Month LIBOR +0.25%) ±		0.43		7-15-2042		525,132		521,389
FHLMC Series 4409 Class MA		3.00		1-15-2054		108,827		112,516
FHLMC Series K020 Class X1 ±±(c)		1.36		5-25-2022		41,706,027		926,149
FHLMC Series K032 Class A2 ±±		3.31		5-25-2023		2,800,000		3,002,421
FHLMC Series K039 Class A2		3.30		7-25-2024		325,000		356,319
FHLMC Series K153 Class A3 ±±		3.12		10-25-2031		160,000		181,181
FHLMC Series KF15 Class A (1 Month LIBOR +0.67%) ±		1.00		2-25-2023		195,850		195,039
FHLMC Series KJ14 Class A1		2.20		11-25-2023		1,395,306		1,447,035
FHLMC Series M036 Class A		4.16		12-15-2029		3,385,000		3,685,419
FHLMC Series T-15 Class A6 (1 Month LIBOR +0.40%) ±		0.57		11-25-2028		155,351		155,029
FHLMC Series T-23 Class A (1 Month LIBOR +0.14%) ±		0.77		5-25-2030		520,318		518,481
FHLMC Series T-35 Class A (1 Month LIBOR +0.14%) ±		0.77		9-25-2031		612,632		606,886
FHLMC Series T-42 Class A6		9.50		2-25-2042		684,949		869,740
FHLMC Series T-55 Class 2A1 ±±		3.66		3-25-2043		347,076		355,673
FHLMC Series T-57 Class 1A1		6.50		7-25-2043		883,680		1,092,939
FHLMC Series T-57 Class 2A1 ±±		3.98		7-25-2043		1,681,281		1,872,145
FHLMC Series T-62 Class 1A1 (12 Month Treasury Average +1.20%) ±		2.89		10-25-2044		855,703		861,213
FHLMC Series T-67 Class 1A1C ±±		3.59		3-25-2036		750,907		771,271
FHLMC Series T-67 Class 2A1C ±±		3.64		3-25-2036		1,180,880		1,208,150
FNMA		2.32		1-1-2026		6,313,326		6,679,032
FNMA ¤		0.00		5-15-2030		7,700,000		6,678,842
FNMA		1.50		2-12-2025		6,670,000		6,976,696
FNMA		1.97		5-1-2030		6,028,000		6,351,578
FNMA (11th District Cost of Funds +1.25%) ±		2.36		5-1-2036		876,647		864,439
FNMA %%		2.50		6-11-2050		6,645,000		6,893,149
FNMA (11th District Cost of Funds +1.51%) ±		2.51		5-1-2023		6,819		6,812
FNMA (12 Month LIBOR +1.61%) ±		2.51		5-1-2046		3,786,631		3,908,165
FNMA		2.65		2-1-2032		3,002,267		3,319,201
FNMA		2.65		2-1-2032		2,335,096		2,581,601
FNMA (11th District Cost of Funds +1.25%) ±		2.70		9-1-2027		136,217		136,923
FNMA		2.75		9-1-2031		926,983		1,033,070
FNMA		2.86		11-1-2021		2,474,401		2,535,744
FNMA		2.86		7-1-2029		1,011,549		1,126,505
FNMA		3.00		5-1-2027		968,595		1,021,746
FNMA		3.00		6-1-2034		10,551,179		11,118,812
FNMA		3.00		4-1-2045		100,252		106,379
FNMA		3.00		11-1-2045		8,222,421		8,710,036
FNMA		3.00		12-1-2045		18,555,666		19,655,778
FNMA		3.00		12-1-2046		660,558		698,042
FNMA %%		3.00		6-11-2050		13,115,000		13,795,341
FNMA		3.02		2-1-2026		6,072,566		6,619,370
FNMA ±±		3.05		1-1-2024		24,753		24,940
FNMA (11th District Cost of Funds +1.25%) ±		3.32		5-1-2036		311,101		316,204
FNMA (12 Month LIBOR +1.63%) ±		3.38		4-1-2032		58,070		58,280
FNMA		3.48		3-1-2029		914,386		1,057,452
FNMA		3.50		4-1-2034		10,528,030		11,112,964
FNMA		3.50		2-1-2043		45,066		48,926
FNMA		3.50		2-1-2045		1,459,591		1,569,667
FNMA		3.50		4-1-2045		4,313,200		4,641,999
FNMA		3.50		8-1-2045		537,165		576,890
FNMA		3.50		12-1-2045		2,051,622		2,199,202
FNMA		3.50		2-1-2046		2,020,285		2,169,467
FNMA		3.50		8-1-2049		6,938,105		7,313,524


Wells Fargo Government Securities Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA (12 Month LIBOR +1.54%) ±		3.55	%	1-1-2043	$	147,228	$	152,790
FNMA		3.63		3-1-2029		389,053		450,650
FNMA		3.77		3-1-2029		985,001		1,149,628
FNMA		3.86		3-1-2029		834,224		978,396
FNMA (12 Month LIBOR +1.73%) ±		3.98		9-1-2036		321,690		338,049
FNMA		4.00		4-1-2046		11,392,771		12,359,344
FNMA		4.00		3-1-2047		1,475,400		1,616,096
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.03		11-1-2031		112,206		112,910
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.03		12-1-2034		239,427		240,342
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.11		12-1-2040		22,955		23,145
FNMA (12 Month LIBOR +1.78%) ±		4.23		8-1-2036		518,438		544,817
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.28		9-1-2031		27,247		27,428
FNMA (1 Year Treasury Constant Maturity +2.42%) ±		4.38		10-1-2027		97,435		97,809
FNMA		4.50		1-1-2026		51,120		53,880
FNMA		4.50		10-1-2046		294,353		320,350
FNMA		4.50		9-1-2049		3,814,091		4,118,306
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		4.56		7-1-2026		65,398		65,744
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.64		9-1-2031		104,208		104,480
FNMA (1 Year Treasury Constant Maturity +2.30%) ±		4.67		6-1-2034		271,512		272,300
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.72		6-1-2032		82,118		82,371
FNMA		5.00		4-1-2023		81,832		86,159
FNMA		5.00		6-1-2023		202,912		213,624
FNMA		5.00		3-1-2034		364,874		418,464
FNMA		5.00		8-1-2040		4,699,993		5,399,074
FNMA		5.00		10-1-2040		566,190		650,411
FNMA		5.00		1-1-2042		420,352		482,006
FNMA		5.00		11-1-2048		1,264,176		1,381,006
FNMA		5.00		12-1-2048		1,166,145		1,273,707
FNMA (6 Month LIBOR +2.86%) ±		5.23		4-1-2033		11,045		11,132
FNMA		5.50		6-1-2020		1,776		1,774
FNMA		5.50		11-1-2023		37,036		39,187
FNMA		5.50		1-1-2025		15,002		15,659
FNMA		5.50		1-1-2025		70,988		73,724
FNMA		5.50		9-1-2033		1,555,737		1,815,671
FNMA		5.50		9-1-2033		603,164		703,035
FNMA		5.50		8-1-2035		451,254		526,208
FNMA		5.50		1-1-2037		437,420		510,333
FNMA		5.50		4-1-2040		1,150,173		1,342,497
FNMA		5.61		2-1-2021		367,754		370,225
FNMA (6 Month LIBOR +3.13%) ±		5.61		7-1-2033		132,723		133,326
FNMA		6.00		3-1-2024		39,209		43,543
FNMA		6.00		1-1-2028		650,346		722,898
FNMA		6.00		2-1-2035		951,313		1,053,685
FNMA		6.00		11-1-2037		347,273		401,669
FNMA		6.00		7-1-2038		122,620		141,828
FNMA		6.50		1-1-2024		7,606		8,463
FNMA		6.50		3-1-2028		11,413		12,474
FNMA		6.50		12-1-2029		151,289		170,107
FNMA		6.50		11-1-2031		32,609		36,318
FNMA		6.50		7-1-2036		289,817		340,499
FNMA		6.50		7-1-2036		246,547		293,267
FNMA		6.63		11-15-2030		8,220,000		12,753,342
FNMA		7.00		11-1-2026		3,741		4,054
FNMA		7.00		9-1-2031		1,948		1,955
FNMA		7.00		1-1-2032		1,921		2,216
FNMA		7.00		2-1-2032		66,232		78,892
FNMA		7.00		10-1-2032		146,460		176,012
FNMA		7.00		2-1-2034		1,778		2,095
FNMA		7.00		4-1-2034		97,080		114,713
FNMA		7.00		1-1-2036		6,057		6,610
FNMA		7.50		9-1-2031		66,304		80,175
FNMA		7.50		2-1-2032		25,408		30,279
FNMA		7.50		10-1-2037		649,031		789,278
FNMA		8.00		5-1-2027		23,636		23,907
FNMA		8.00		6-1-2028		2,939		3,223
FNMA		8.00		2-1-2030		27,562		28,010
FNMA		8.00		7-1-2031		723,041		836,616
FNMA		8.50		8-1-2024		3,821		3,839


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Government Securities Fund


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA		8.50	%	5-1-2026	$	68,733	$	75,786
FNMA		8.50		7-1-2026		16,825		17,397
FNMA		8.50		10-1-2026		45		45
FNMA		8.50		10-1-2026		1,453		1,459
FNMA		8.50		11-1-2026		23,172		23,480
FNMA		8.50		11-1-2026		5,206		5,337
FNMA		8.50		12-1-2026		93,504		105,444
FNMA		8.50		12-1-2026		12,081		13,472
FNMA		8.50		12-1-2026		218		219
FNMA		8.50		2-1-2027		146		164
FNMA		8.50		2-1-2027		4,947		4,970
FNMA		8.50		3-1-2027		648		693
FNMA		8.50		6-1-2027		48,643		50,541
FNMA		9.00		3-1-2021		861		867
FNMA		9.00		6-1-2021		12		12
FNMA		9.00		8-1-2021		20		21
FNMA		9.00		10-1-2021		191		192
FNMA		9.00		1-1-2025		11,648		12,763
FNMA		9.00		3-1-2025		1,496		1,502
FNMA		9.00		3-1-2025		649		651
FNMA		9.00		7-1-2028		2,982		3,012
FNMA		9.50		11-1-2020		3		3
FNMA		9.50		6-1-2022		91		92
FNMA		9.50		7-1-2028		4,401		4,419
FNMA Series 1990-144 Class W		9.50		12-25-2020		2,597		2,638
FNMA Series 1990-84 Class Y		9.00		7-25-2020		18		18
FNMA Series 1990-96 Class Z		9.67		8-25-2020		801		804
FNMA Series 1991-85 Class Z		8.00		6-25-2021		4,719		4,856
FNMA Series 1992-45 Class Z		8.00		4-25-2022		18,566		19,451
FNMA Series 2000-T6 Class A2		9.50		11-25-2040		568,022		656,484
FNMA Series 2001-T10 Class A3		9.50		12-25-2041		642,137		776,591
FNMA Series 2001-T12 Class A3		9.50		8-25-2041		183,279		225,482
FNMA Series 2002 Class 5F (1 Month LIBOR +0.35%) ±		0.52		2-25-2032		384,775		383,735
FNMA Series 2002-T1 Class A3		7.50		11-25-2031		277,545		338,459
FNMA Series 2002-T12 Class A5 ±±		4.70		10-25-2041		727,002		769,339
FNMA Series 2002-T19 Class A1		6.50		7-25-2042		3,217,560		3,888,892
FNMA Series 2002-T5 Class A1 (1 Month LIBOR +0.24%) ±		0.41		5-25-2032		353,937		350,773
FNMA Series 2002-T6 Class A1		6.50		7-25-2042		1,236,432		1,482,447
FNMA Series 2002-W4 Class A4		6.25		5-25-2042		465,719		546,769
FNMA Series 2003-T2 Class A1 (1 Month LIBOR +0.14%) ±		0.77		3-25-2033		864,123		848,026
FNMA Series 2003-W09 Class A (1 Month LIBOR +0.12%) ±		0.73		6-25-2033		74,585		73,269
FNMA Series 2003-W1 Class 1A1 ±±		5.25		12-25-2042		621,390		685,002
FNMA Series 2003-W11 Class A1 ±±		4.35		6-25-2033		32,153		32,799
FNMA Series 2003-W3 Class 1A4 ±±		4.02		8-25-2042		1,962,340		2,088,394
FNMA Series 2003-W5 Class A (1 Month LIBOR +0.11%) ±		0.71		4-25-2033		237,402		232,190
FNMA Series 2003-W6 Class 6A ±±		4.03		8-25-2042		1,031,156		1,086,489
FNMA Series 2003-W6 Class PT4 ±±		8.30		10-25-2042		1,111,340		1,379,356
FNMA Series 2003-W8 Class PT1 ±±		9.06		12-25-2042		412,547		485,581
FNMA Series 2004-T1 Class 1A2		6.50		1-25-2044		333,917		393,833
FNMA Series 2004-W01 Class 2A2		7.00		12-25-2033		908,458		1,076,424
FNMA Series 2004-W15 Class 1A3		7.00		8-25-2044		579,004		699,603
FNMA Series 2005-71 Class DB		4.50		8-25-2025		315,850		326,576
FNMA Series 2007-101 Class A2 (1 Month LIBOR +0.25%) ±		0.65		6-27-2036		75,108		73,923
FNMA Series 2007-W10 Class 2A ±±		6.30		8-25-2047		268,509		309,204
FNMA Series 2010-112 Class IO (c)		4.00		10-25-2025		18,654		87
FNMA Series 2010-M6 Class A2		3.31		9-25-2020		804,229		807,136
FNMA Series 2011-15 Class HI (c)		5.50		3-25-2026		45,539		754
FNMA Series 2013-17 Class PC		2.00		3-25-2039		821,452		824,835
FNMA Series 2014-20 Class TM ±±		5.45		4-25-2044		872,392		1,026,611
FNMA Series 2017-M2 Class A2 ±±		2.80		2-25-2027		10,000,000		10,909,028
FNMA Series 2018-M13 Class A2 ±±		3.70		9-25-2030		460,000		546,618
FNMA Series 265 Class 2		9.00		3-25-2024		34,737		38,408
FNMA Series 4764 Class NK		3.50		9-15-2043		3,256,290		3,311,325
FNMA Series G-8 Class E		9.00		4-25-2021		959		963
FNMA Series G92-30 Class Z		7.00		6-25-2022		8,918		9,189
FNMA Series G93-39 Class ZQ		6.50		12-25-2023		569,732		609,557
GNMA		3.50		12-20-2049		7,947,762		8,430,025
GNMA %%		2.50		6-22-2050		12,500,000		13,150,388
GNMA		3.00		11-20-2045		8,516,854		9,063,749


Wells Fargo Government Securities Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
GNMA %%		3.00	%	6-22-2050	$	7,125,000	$	7,541,367
GNMA (1 Year Treasury Constant Maturity +1.50%) ±		3.13		11-20-2020		3,258		3,270
GNMA (1 Year Treasury Constant Maturity +1.50%) ±		3.25		8-20-2020		1,589		1,590
GNMA		3.50		12-20-2047		9,980,719		10,669,099
GNMA		4.00		11-15-2024		899,038		950,620
GNMA		4.00		12-20-2047		6,795,983		7,306,823
GNMA		4.25		6-20-2036		363,602		394,339
GNMA		4.50		8-20-2049		1,991,715		2,140,553
GNMA		5.00		7-20-2040		937,168		1,057,958
GNMA		6.00		8-20-2034		82,496		92,768
GNMA		6.50		12-15-2025		5,966		6,556
GNMA		6.50		5-15-2029		539		592
GNMA		6.50		5-15-2031		666		732
GNMA		6.50		9-20-2033		41,045		48,377
GNMA		7.00		12-15-2022		5,844		6,075
GNMA		7.00		5-15-2026		1,315		1,426
GNMA		7.00		3-15-2028		18,441		18,759
GNMA		7.00		4-15-2031		808		825
GNMA		7.00		8-15-2031		17,720		18,595
GNMA		7.00		3-15-2032		13,323		13,668
GNMA		7.34		10-20-2021		8,172		8,251
GNMA		7.34		9-20-2022		3,638		3,652
GNMA		8.00		6-15-2023		1,972		2,092
GNMA		8.00		12-15-2023		101,311		109,040
GNMA		8.00		2-15-2024		426		459
GNMA		8.00		9-15-2024		2,095		2,129
GNMA		8.00		6-15-2025		41		41
GNMA Series 2002-53 Class IO ±±(c)		0.21		4-16-2042		199,498		2
GNMA Series 2005-23 Class IO ±±(c)		0.02		6-17-2045		1,655,949		171
GNMA Series 2006-32 Class XM ±±(c)		0.05		11-16-2045		5,225,256		5,860
GNMA Series 2007-69 Class D ±±		5.25		6-16-2041		260,388		270,200
GNMA Series 2008-22 Class XM ±±(c)		1.11		2-16-2050		11,317,726		286,759
GNMA Series 2010-158 Class EI (c)		4.00		12-16-2025		6,166,057		421,079
GNMA Series 2012-12 Class HD		2.00		5-20-2062		73,263		74,011
GNMA Series 2019-H06 Class HI ±±		1.70		4-20-2069		7,006,727		345,743
Overseas Private Investment Corporation ¤		0.00		1-17-2026		2,000,000		2,155,014
Overseas Private Investment Corporation		2.12		3-20-2024		5,770,000		5,941,480
Resolution Funding Corporation STRIPS ¤		0.00		1-15-2030		4,500,000		3,955,459
Resolution Funding Corporation STRIPS ¤		0.00		4-15-2030		6,100,000		5,341,389
TVA ¤		0.00		11-1-2025		7,400,000		7,028,963
TVA		2.88		2-1-2027		4,258,000		4,792,974
TVA		4.25		9-15-2065		2,600,000		3,937,963
TVA		4.63		9-15-2060		7,550,000		11,951,585
TVA		5.88		4-1-2036		4,380,000		6,743,933
Total Agency Securities (Cost $457,591,583)								487,850,175

Asset-Backed Securities : 0.81%
MMAF Equipment Finance LLC Series 2017-AA Class A4 144A		2.41		8-16-2024		4,445,000		4,483,099
Tesla Auto Lease Trust Series 2018-B Class A 144A		3.71		8-20-2021		1,041,945		1,058,475
Total Asset-Backed Securities (Cost $5,486,970)								5,541,574

Corporate Bonds and Notes : 0.62%
Financials : 0.62%
Mortgage REITs : 0.62%
American Tower Trust I 144A		3.65		3-15-2048		4,000,000		4,302,466

Total Corporate Bonds and Notes (Cost $4,000,000)								4,302,466


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Government Securities Fund


	Interest rate			Maturity date	Principal		Value
Municipal Obligations : 0.83%
Texas : 0.83%
Miscellaneous Revenue : 0.83%
San Antonio TX Retama Development Corporation		10.00	%	12-15-2020	$	5,405,000	$	5,684,709

Total Municipal Obligations (Cost $5,538,803)								5,684,709

Non-Agency Mortgage-Backed Securities : 6.92%
Arroyo Mortgage Trust Series 2019-1 Class A1 144A±±		3.81		1-25-2049		3,696,692		3,773,983
Benchmark Mortgage Trust Series 2018-B1 Class A4		3.40		1-15-2051		305,000		333,936
BX Trust Series 2019-OC11 Class A 144A		3.20		12-9-2041		3,030,000		3,039,201
CD Commercial Mortgage Trust Series 2014-CR16 Class A3		3.78		4-10-2047		2,641,668		2,829,803
CD Commercial Mortgage Trust Series 2017-6 Class A5		3.46		11-13-2050		2,340,000		2,560,327
Deephaven Residential Mortgage Trust Series 2018-1A Class A1 144A±±		2.98		12-25-2057		1,575,443		1,583,226
Goldman Sachs Mortgage Securities Trust Series 2013-G1 Class A2 144A±±		3.56		4-10-2031		5,349,842		5,020,344
Goldman Sachs Mortgage Securities Trust Series 2014-GC24 Class A4		3.67		9-10-2047		4,165,000		4,435,740
Goldman Sachs Mortgage Securities Trust Series 2019-PJ1 Class A6 144A±±		4.00		8-25-2049		392,680		396,332
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C28 Class A4		3.23		10-15-2048		5,000,000		5,298,342
Mello Warehouse Securitization Series 2019-1 Class A (1 Month LIBOR +0.80%) 144A±		0.97		6-25-2052		3,000,000		2,976,140
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66		6-15-2044		4,684,812		4,800,235
Starwood Mortgage Residential Trust Series 2019-1 Class A1 144A±±		2.94		6-25-2049		1,853,699		1,868,982
Towd Point Mortgage Trust Series 2019-SJ3 Class A1 144A±±		3.00		11-25-2059		2,538,404		2,554,560
UBS Commercial Mortgage Trust Series 2017-C5 Class A5		3.47		11-15-2050		2,581,000		2,820,901
Vendee Mortgage Trust Series 1995-1 Class 4 ±±		8.23		2-15-2025		107,293		120,243
Vendee Mortgage Trust Series 1995-2C Class 3A		8.79		6-15-2025		139,043		160,165
Vendee Mortgage Trust Series 2011-1 Class DA		3.75		2-15-2035		587,556		599,144
Verus Securitization Trust Series 2019-2 Class A1 144A±±		3.21		5-25-2059		2,372,514		2,388,553
Total Non-Agency Mortgage-Backed Securities (Cost $47,059,467)								47,560,157

U.S. Treasury Securities : 12.94%
TIPS		0.13		1-15-2030		5,026,533		5,334,750
TIPS		1.38		2-15-2044		3,040,335		4,078,321
U.S. Treasury Bond		1.25		5-15-2050		42,555,000		40,786,308
U.S. Treasury Bond		3.75		11-15-2043		9,295,000		13,808,521
U.S. Treasury Bond		4.25		11-15-2040		10,330,000		16,119,239
U.S. Treasury Note		0.38		4-30-2025		8,815,000		8,844,957
Total U.S. Treasury Securities (Cost $81,623,500)								88,972,096

Yankee Corporate Bonds and Notes : 0.38%
Financials : 0.38%
Banks : 0.38%
Inter-American Development Bank		7.00		6-15-2025		2,000,000		2,617,945

Total Yankee Corporate Bonds and Notes (Cost $2,334,823)								2,617,945

Yankee Government Bonds : 1.16%
U.S. International Development Finance Corporation		2.82		3-20-2024		7,605,000		7,980,101

Total Yankee Government Bonds (Cost $7,798,765)								7,980,101


Wells Fargo Government Securities Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Yield			Shares		Value
Short-Term Investments : 11.14%
Investment Companies : 11.14%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				0.12	%		76,575,626	$	76,575,626

Total Short-Term Investments (Cost $76,575,626)									76,575,626

Total investments in securities (Cost $688,009,537)	105.75	%							727,084,849
Other assets and liabilities, net	(5.75	)							(39,506,338	)

Total net assets	100.00	%						$	687,578,511

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.

±±	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.

(c)

¤	The security is issued in zero coupon form with no periodic interest payments.

%%	The security is purchased on a when-issued basis.

(l)

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

(u)

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

##	All or a portion of this security is segregated for when-issued securities.


Abbreviations:
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
LIBOR		London Interbank Offered Rate
STRIPS		Separate trading of registered interest and principal securities
TIPS		Treasury Inflation-Protected Securities
TVA		Tennessee Valley Authority

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
10-Year U.S. Treasury Notes		55		9-21-2020	$	7,624,899		$	7,648,438		$	23,539	$	0
2-Year U.S. Treasury Notes		447		9-30-2020		98,686,442			98,717,156			30,714		0
5-Year U.S. Treasury Notes		251		9-30-2020		31,489,963			31,531,875			41,912		0
Short
10-Year Ultra Futures		(157)		9-21-2020		(24,577,577	)		(24,700,516	)		0		(122,939	)
U.S. Long Term Bonds		(150)		9-21-2020		(26,616,989	)		(26,756,250	)		0		(139,261	)
U.S. Ultra Bond		(84)		9-21-2020		(18,261,463	)		(18,314,625	)		0		(53,162	)

											$	96,165	($	315,362	)

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		21,461,781		259,403,428		(204,289,583	)		76,575,626	$	76,575,626		11.14	%

Wells Fargo Government Securities Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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.

Investments in registered open-end investment companies are valued at net asset value.

When-issued transactions

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

Level 2 –		other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 –		significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	487,850,175	$	0	$	487,850,175
Asset-backed securities		0		5,541,574		0		5,541,574
Corporate bonds and notes		0		4,302,466		0		4,302,466
Municipal obligations		0		5,684,709		0		5,684,709
Non-agency mortgage-backed securities		0		47,560,157		0		47,560,157
U.S. Treasury securities		88,972,096		0		0		88,972,096
Yankee corporate bonds and notes		0		2,617,945		0		2,617,945
Yankee government bonds		0		7,980,101		0		7,980,101
Short-term investments
Investment companies		76,575,626		0		0		76,575,626

		165,547,722		561,537,127		0		727,084,849
Futures contracts		96,165		0		0		96,165

Total assets	$	165,643,887	$	561,537,127	$	0	$	727,181,014

Liabilities
Futures contracts	$	315,362	$	0	$	0	$	315,362

Total liabilities	$	315,362	$	0	$	0	$	315,362

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

As of May 31, 2020, the Fund had segregated $2,124,867 as cash collateral for these open futures contracts.

For the nine months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.


Wells Fargo High Yield Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Shares		Value
Common Stocks : 8.48%
Health Care : 3.11%
Biotechnology : 2.03%
AbbVie Incorporated		40,000	$	3,706,800
Alexion Pharmaceuticals Incorporated †		5,000		599,500
Amgen Incorporated		11,000		2,526,700
				6,833,000

Health Care Equipment & Supplies : 0.14%
Abbott Laboratories		5,000		474,600

Health Care Providers & Services : 0.23%
McKesson Corporation		5,000		793,350

Pharmaceuticals : 0.71%
Bristol-Myers Squibb Company		40,000		2,388,800

Industrials : 0.37%
Aerospace & Defense : 0.25%
Curtiss-Wright Corporation		8,381		840,614

Machinery : 0.12%
John Bean Technologies Corporation		5,000		410,750

Information Technology : 2.53%
Electronic Equipment, Instruments & Components : 0.29%
Amphenol Corporation Class A		10,000		965,600

IT Services : 1.09%
Akamai Technologies Incorporated †		15,000		1,587,000
Leidos Holdings Incorporated		20,000		2,105,800
				3,692,800

Semiconductors & Semiconductor Equipment : 0.72%
Applied Materials Incorporated		10,000		561,800
Microchip Technology Incorporated		7,000		672,140
Micron Technology Incorporated †		25,000		1,197,750
				2,431,690

Software : 0.43%
Broadcom Incorporated		5,000		1,456,350

Materials : 1.28%
Chemicals : 1.28%
Celanese Corporation Series A		15,000		1,348,650
Huntsman Corporation		22,000		399,300
LyondellBasell Industries NV Class A		40,000		2,550,400
				4,298,350

Real Estate : 0.14%
Equity REITs : 0.14%
Saul Centers Incorporated		15,000		455,700


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo High Yield Bond Fund


					Shares		Value
Utilities : 1.05%
Gas Utilities : 0.61%
Atmos Energy Corporation						20,000	$	2,055,600

Independent Power & Renewable Electricity Producers : 0.12%
Vistra Energy Corporation						20,000		408,800

Multi-Utilities : 0.32%
DTE Energy Company						10,000		1,075,700

Total Common Stocks (Cost $27,284,043)								28,581,704

	Interest rate			Maturity date	Principal
Corporate Bonds and Notes : 76.76%
Communication Services : 0.93%
Media : 0.93%
CCO Holdings LLC 144A		5.75	%	2-15-2026	$	3,000,000		3,128,040

Consumer Discretionary : 3.39%
Auto Components : 2.15%
Allison Transmission Incorporated 144A		5.00		10-1-2024		1,000,000		1,007,500
Dana Holding Corporation		5.50		12-15-2024		1,500,000		1,500,000
Speedway Motors Incorporated 144A		4.88		11-1-2027		2,000,000		1,680,000
Tenneco Incorporated		5.00		7-15-2026		6,000,000		3,058,200
								7,245,700

Household Durables : 1.24%
Installed Building Company 144A		5.75		2-1-2028		4,110,000		4,171,650

Consumer Staples : 4.57%
Food Products : 3.96%
Lamb Weston Holdings Incorporated 144A		4.88		11-1-2026		3,000,000		3,105,000
Post Holdings Incorporated 144A		5.00		8-15-2026		10,000,000		10,250,000
								13,355,000

Household Products : 0.61%
Spectrum Brands Incorporated		5.75		7-15-2025		2,000,000		2,062,500

Energy : 2.90%
Energy Equipment & Services : 0.32%
NGPL PipeCo LLC 144A		4.88		8-15-2027		1,000,000		1,087,644

Oil, Gas & Consumable Fuels : 2.58%
Cheniere Corpus Christi Holdings LLC		5.13		6-30-2027		3,500,000		3,790,379
Cheniere Energy Partners LP 144A		4.50		10-1-2029		5,000,000		4,887,500
								8,677,879

Financials : 2.39%
Banks : 0.94%
Bank of America Corporation (3 Month LIBOR +3.90%) ±		6.10		12-29-2049		3,000,000		3,157,500

Consumer Finance : 0.98%
Navient Corporation		5.88		10-25-2024		1,000,000		918,770


Wells Fargo High Yield Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Consumer Finance (continued)
SLM Corporation		5.50	%	1-25-2023	$	2,500,000	$	2,381,250
								3,300,020

Insurance : 0.47%
Genworth Holdings Incorporated		4.80		2-15-2024		2,000,000		1,600,000

Health Care : 13.54%
Health Care Equipment & Supplies : 2.88%
Teleflex Incorporated 144A		4.25		6-1-2028		4,000,000		4,120,000
Teleflex Incorporated		4.88		6-1-2026		5,415,000		5,577,450
								9,697,450

Health Care Providers & Services : 5.34%
Centene Corporation		4.63		12-15-2029		3,000,000		3,229,500
Davita Incorporated		5.00		5-1-2025		3,000,000		3,078,750
Encompass Health Corporation		5.75		11-1-2024		2,334,000		2,347,934
HealthSouth Corporation		5.13		3-15-2023		5,000,000		5,025,000
West Street Merger Sub Incorporated 144A		6.38		9-1-2025		4,400,000		4,334,000
								18,015,184

Health Care Technology : 0.94%
IQVIA Incorporated 144A		5.00		10-15-2026		3,000,000		3,176,250

Life Sciences Tools & Services : 1.95%
Charles River Laboratories Incorporated 144A		5.50		4-1-2026		6,300,000		6,578,397

Pharmaceuticals : 2.43%
Catalent Pharma Solutions Incorporated 144A		4.88		1-15-2026		8,000,000		8,180,000

Industrials : 12.76%
Aerospace & Defense : 4.45%
Huntington Ingalls Industries Incorporated 144A		5.00		11-15-2025		2,500,000		2,575,293
Moog Incorporated 144A		4.25		12-15-2027		4,050,000		3,863,862
TransDigm Group Incorporated		6.38		6-15-2026		9,200,000		8,556,000
								14,995,155

Commercial Services & Supplies : 4.06%
Clean Harbors Incorporated 144A		4.88		7-15-2027		3,000,000		3,105,000
Clean Harbors Incorporated 144A		5.13		7-15-2029		4,250,000		4,464,115
Stericycle Incorporated 144A		5.38		7-15-2024		6,000,000		6,135,000
								13,704,115

Construction & Engineering : 0.94%
Aecom Company		5.13		3-15-2027		3,000,000		3,183,180

Machinery : 1.50%
SPX FLOW Incorporated 144A		5.63		8-15-2024		5,000,000		5,050,000

Trading Companies & Distributors : 1.81%
WESCO Distribution Incorporated		5.38		6-15-2024		6,245,000		6,112,294


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo High Yield Bond Fund


	Interest rate			Maturity date		Principal		Value
Information Technology : 20.41%
Communications Equipment : 3.54%
CommScope Incorporated 144A		5.50	%		6-15-2024	$	8,200,000	$	8,061,584
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		4,000,000		3,888,880
									11,950,464

Electronic Equipment, Instruments & Components : 5.36%
MTS Systems Corporation 144A		5.75			8-15-2027		10,000,000		9,000,000
TTM Technologies Incorporated 144A		5.63			10-1-2025		9,000,000		9,072,090
									18,072,090

IT Services : 1.51%
Gartner Incorporated 144A		5.13			4-1-2025		5,000,000		5,102,050

Semiconductors & Semiconductor Equipment : 4.44%
Broadcom Incorporated 144A		4.75			4-15-2029		10,000,000		10,955,522
Microchip Technology Incorporated 144A		4.25			9-1-2025		4,000,000		4,027,235
									14,982,757

Software : 2.75%
Citrix Systems Incorporated		3.30			3-1-2030		2,000,000		2,058,890
Fair Isaac Corporation 144A		5.25			5-15-2026		1,000,000		1,078,180
NortonLifeLock Incorporated 144A		5.00			4-15-2025		6,000,000		6,120,000
									9,257,070

Technology Hardware, Storage & Peripherals : 2.81%
Western Digital Corporation		4.75			2-15-2026		8,995,000		9,467,238

Materials : 8.72%
Chemicals : 5.73%
Koppers Incorporated 144A		6.00			2-15-2025		3,363,000		3,093,960
Olin Corporation		5.50			8-15-2022		3,275,000		3,291,375
Tronox Incorporated 144A		6.50			4-15-2026		2,000,000		1,892,380
Valvoline Incorporated		4.38			8-15-2025		10,901,000		11,064,515
									19,342,230

Containers & Packaging : 2.99%
Berry Global Incorporated 144A		4.50			2-15-2026		6,000,000		6,031,740
Berry Global Incorporated		5.13			7-15-2023		4,000,000		4,040,000
									10,071,740

Real Estate : 7.15%
Equity REITs : 7.15%
Equinix Incorporated		5.38			5-15-2027		3,430,000		3,692,807
Iron Mountain Incorporated 144A		4.88			9-15-2027		500,000		502,500
Iron Mountain Incorporated 144A		5.38			6-1-2026		11,250,000		11,408,963
Sabra Health Care LP/Sabra Capital Corporation		3.90			10-15-2029		3,639,000		3,070,496
SBA Communications Corporation 144A		3.88			2-15-2027		5,350,000		5,432,390
									24,107,156

Total Corporate Bonds and Notes (Cost $262,139,277)									258,830,753


Wells Fargo High Yield Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes : 13.15%
Communication Services : 0.16%
Diversified Telecommunication Services : 0.16%
Virgin Media Finance plc 144A				5.75	%		1-15-2025	$	533,000	$	548,324

Consumer Discretionary : 3.21%
Auto Components : 2.29%
Adient Global Holdings Limited 144A				4.88			8-15-2026		9,210,000		7,730,644

Hotels, Restaurants & Leisure : 0.92%
International Game Technology plc 144A				6.50			2-15-2025		3,000,000		3,091,140

Health Care : 3.63%
Pharmaceuticals : 3.63%
Bausch Health Companies Incorporated 144A				5.25			1-30-2030		12,450,000		12,232,125

Industrials : 0.93%
Electrical Equipment : 0.93%
Sensata Technologies BV 144A				5.63			11-1-2024		3,000,000		3,138,480

Information Technology : 1.89%
Technology Hardware, Storage & Peripherals : 1.89%
Seagate HDD				4.88			6-1-2027		6,000,000		6,393,772

Materials : 3.33%
Chemicals : 3.33%
Tronox Finance plc 144A				5.75			10-1-2025		12,000,000		11,220,000

Total Yankee Corporate Bonds and Notes (Cost $46,229,595)											44,354,485

			Yield					Shares
Short-Term Investments : 0.12%
Investment Companies : 0.12%
Wells Fargo Government Money Market Fund Select Class (l)(u)				0.12	%				407,677		407,677

Total Short-Term Investments (Cost $407,677)											407,677

Total investments in securities (Cost $336,060,592)	98.51	%									332,174,619
Other assets and liabilities, net	1.49										5,039,407

Total net assets	100.00	%								$	337,214,026

†	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.

±	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 Fund as defined in the Investment Company Act of 1940.

(u)

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


Abbreviations:
LIBOR		London Interbank Offered Rate
REIT		Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		8,780,656		47,872,111		(56,652,767	)		0	$	0
Wells Fargo Government Money Market Fund Select Class		5,876,344		99,544,778		(105,013,445	)		407,677		407,677

										$	407,677		0.12	%

*	No longer held at the end of the period

Wells Fargo High Yield Bond Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value.

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

Level 2 –		other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 –		significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Health care	$	10,489,750	$	0	$	0	$	10,489,750
Industrials		1,251,364		0		0		1,251,364
Information technology		8,546,440		0		0		8,546,440
Materials		4,298,350		0		0		4,298,350
Real estate		455,700		0		0		455,700
Utilities		3,540,100		0		0		3,540,100
Corporate bonds and notes		0		258,830,753		0		258,830,753
Yankee corporate bonds and notes		0		44,354,485		0		44,354,485
Short-term investments
Investment companies		407,677		0		0		407,677

Total assets	$	28,989,381	$	303,185,238	$	0	$	332,174,619

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the nine months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.


Wells Fargo High Yield Corporate Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


Security name			Value
Investment Companies : 99.53%
Affiliated Master Portfolio : 99.53%
Wells Fargo High Yield Corporate Bond Portfolio			$	917,956

Total Investment Companies (Cost $940,315)				917,956

Total investments in securities (Cost $940,315)	99.53	%		917,956
Other assets and liabilities, net	0.47			4,305

Total net assets	100.00	%	$	922,261

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo High Yield Corporate Bond Portfolio		1.82	%		0.54	%	$	917,956		99.53	%

Wells Fargo High Yield Corporate Bond Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the Fund’s investment in Wells Fargo High Yield Corporate Bond Portfolio, the affiliated Master Portfolio with a substantially identical investment objective seeking to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses, was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. At May 31, 2020, the affiliated Master Portfolio valued at $917,956 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo International Government Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 97.96%
Affiliated Master Portfolio : 97.96%
Wells Fargo International Government Bond Portfolio			$	998,134

Total Investment Companies (Cost $972,374)				998,134

Total investments in securities (Cost $972,374)	97.96	%		998,134
Other assets and liabilities, net	2.04			20,774

Total net assets	100.00	%	$	1,018,908

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolio
Wells Fargo International Government Bond Portfolio		9.04	%		9.02	%	$	998,134		97.96	%

Wells Fargo International Government Bond Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the Fund’s investment in Wells Fargo International Government Bond Portfolio, the affiliated Master Portfolio with a substantially identical investment objective seeking to replicate the total return of the Wells Fargo International Government Bond Index, before fees and expenses, was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. At May 31, 2020, the affiliated Master Portfolio valued at $998,134 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Short Duration Government Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities : 66.51%
FHLMC (12 Month LIBOR +1.65%) ±		2.35	%	3-1-2043	$	1,434,807	$	1,478,262
FHLMC		2.50		11-1-2028		6,067,886		6,412,648
FHLMC		2.50		11-1-2028		35,422,097		37,304,553
FHLMC (12 Month LIBOR +1.76%) ±		2.59		12-1-2042		2,179,957		2,253,224
FHLMC (12 Month LIBOR +1.64%) ±		2.89		7-1-2047		5,291,864		5,513,174
FHLMC (12 Month LIBOR +1.84%) ±		3.40		5-1-2042		1,564,627		1,642,538
FHLMC		3.50		3-1-2031		1,728,727		1,855,651
FHLMC		4.00		10-1-2033		613,919		677,379
FHLMC		4.00		1-1-2034		587,996		648,691
FHLMC		4.00		5-15-2039		825,136		837,770
FHLMC		4.00		7-1-2049		7,432,964		8,156,215
FHLMC		4.50		4-1-2031		1,212,302		1,327,316
FHLMC		4.50		11-1-2048		6,344,964		7,149,133
FHLMC		4.50		4-1-2049		18,401,390		20,242,639
FHLMC Multifamily Structured Pass-Through Certificates Series KI02 Class A (1 Month LIBOR +0.20%) ±		0.53		2-25-2023		143,248		143,073
FHLMC Series 3632 Class PK		5.00		2-15-2040		3,196,668		3,575,399
FHLMC Series 3653 Class AU		4.00		4-15-2040		1,023,909		1,144,933
FHLMC Series 3738 Class BP		4.00		12-15-2038		823,276		838,563
FHLMC Series 4239 Class AB		4.00		12-15-2039		712,071		725,496
FHLMC Series 4426 Class QC		1.75		7-15-2037		5,148,905		5,307,767
FHLMC Series 4788 Class GL		4.50		7-15-2042		6,646,861		6,709,259
FHLMC Series 4891 Class PA		3.50		7-15-2048		3,008,779		3,144,323
FHLMC Series 4940 Class AG		3.00		5-15-2040		17,359,124		18,450,404
FNMA %%		2.00		6-17-2035		4,200,000		4,333,219
FNMA (12 Month LIBOR +1.69%) ±		2.42		11-1-2042		2,598,088		2,687,578
FNMA (12 Month LIBOR +1.56%) ±		2.47		9-1-2045		2,236,238		2,309,030
FNMA %%		2.50		7-16-2035		5,300,000		5,537,665
FNMA (12 Month LIBOR +1.60%) ±		2.53		10-1-2046		3,954,211		4,093,077
FNMA (12 Month LIBOR +1.59%) ±		2.66		1-1-2046		2,711,586		2,802,827
FNMA (12 Month LIBOR +1.58%) ±		2.68		2-1-2046		3,984,770		4,121,220
FNMA (12 Month LIBOR +1.60%) ±		2.71		1-1-2045		1,011,368		1,049,417
FNMA (12 Month LIBOR +1.58%) ±		2.75		6-1-2045		1,626,545		1,685,396
FNMA (12 Month LIBOR +1.57%) ±		2.77		3-1-2045		1,488,585		1,544,358
FNMA (12 Month LIBOR +1.60%) ±		2.89		7-1-2046		7,919,447		8,193,615
FNMA		3.00		4-1-2035		6,103,150		6,559,573
FNMA		3.50		6-1-2031		3,473,370		3,706,937
FNMA (1 Year Treasury Constant Maturity +2.04%) ±		3.96		3-1-2049		3,358,876		3,507,474
FNMA		4.00		4-1-2032		481,679		524,956
FNMA		4.00		10-1-2033		843,286		919,947
FNMA		4.00		2-1-2034		4,866,044		5,258,008
FNMA		4.00		7-1-2034		1,102,078		1,196,429
FNMA		4.00		1-1-2050		6,540,376		7,111,921
FNMA		4.50		6-1-2048		2,209,274		2,423,338
FNMA		4.50		7-1-2048		4,754,474		5,277,602
FNMA		4.50		10-1-2048		12,699,523		14,285,799
FNMA		4.50		3-1-2049		3,859,382		4,233,995
FNMA		4.50		11-1-2049		2,340,611		2,647,912
FNMA		5.00		10-1-2040		1,140,298		1,307,394
FNMA		5.00		5-1-2046		448,582		513,662
FNMA		5.00		8-1-2048		2,826,665		3,157,889
FNMA		5.00		1-1-2049		10,582,491		11,795,302
FNMA		5.00		1-1-2049		4,771,588		5,395,744
FNMA		5.00		2-1-2049		262,999		293,886
FNMA		5.00		3-1-2049		530,204		592,339
FNMA		5.00		3-1-2049		1,853,682		2,058,348
FNMA		5.00		8-1-2049		6,749,186		7,650,463
FNMA		5.00		11-1-2049		5,377,023		6,068,992
FNMA		5.00		12-1-2049		2,364,034		2,719,799
FNMA		5.50		6-1-2049		6,549,038		7,611,048
FNMA Series 2009-20 Class DT		4.50		4-25-2039		1,794,718		2,029,483
FNMA Series 2011-14 Class GD		4.00		4-25-2040		2,123,445		2,201,398
FNMA Series 2013-103 Class H		4.50		3-25-2038		1,497,671		1,529,753


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short Duration Government Bond Fund


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA Series 2013-71 Class AC		2.00	%	3-25-2038	$	1,608,724	$	1,617,902
FNMA Series 2013-90 Class A		4.00		11-25-2038		1,745,928		1,770,876
FNMA Series 2015-57 Class AB		3.00		8-25-2045		2,720,834		2,913,111
FNMA Series 2019-33 Class MA		3.50		7-25-2055		17,438,203		18,041,536
GNMA		4.00		9-20-2044		1,950,715		2,135,292
GNMA		4.00		12-20-2044		2,333,872		2,552,828
GNMA		4.00		1-20-2045		1,562,119		1,708,770
GNMA		4.00		4-20-2048		6,947,859		7,440,446
GNMA		4.50		3-20-2048		2,015,722		2,205,081
GNMA		4.50		6-20-2048		7,437,202		8,068,362
GNMA		4.50		6-20-2048		2,704,374		2,944,841
GNMA		4.50		8-20-2048		2,745,669		3,003,539
GNMA		4.50		10-20-2048		638,453		691,853
GNMA		4.50		2-20-2049		4,166,078		4,555,782
GNMA		4.50		4-20-2049		1,026,545		1,122,210
GNMA		5.00		10-15-2039		895,606		1,029,585
GNMA		5.00		3-20-2048		1,846,058		2,021,995
GNMA		5.00		6-20-2048		326,414		369,554
GNMA		5.00		6-20-2048		186,999		207,803
GNMA		5.00		7-20-2048		222,098		249,123
GNMA		5.00		9-20-2048		1,748,370		1,959,376
GNMA		5.00		3-20-2049		455,908		509,829
GNMA		5.00		3-20-2049		1,961,446		2,179,495
GNMA		5.00		4-20-2049		3,467,191		3,877,900
GNMA		5.00		5-20-2049		3,064,969		3,424,901
GNMA		5.50		1-20-2049		239,280		260,601
GNMA		5.50		5-20-2049		16,539,020		17,966,435
GNMA Series 2011-137 Class WA ±±		5.57		7-20-2040		2,437,608		2,875,578
GNMA Series 2012-141 Class WD ±±		4.97		7-20-2040		2,177,624		2,507,229
GNMA Series 2017-99 Class DE		2.50		7-20-2045		2,964,056		3,034,886
GNMA Series 2018-154 Class WP		3.50		11-20-2048		618,427		657,804
GNMA Series 2018-36 Class KC		3.00		2-20-2046		2,428,457		2,533,456
GNMA Series 2019-132 Class NA		3.50		9-20-2049		898,324		953,205
GNMA Series 2020-11 Class ME		2.50		2-20-2049		6,977,071		7,285,654
Total Agency Securities (Cost $390,943,405)								401,152,041

Asset-Backed Securities : 10.91%
American Express Credit Corporation Series 2019-2 Class A		2.67		11-15-2024		648,000		674,155
Avis Budget Rental Car Funding LLC Series 2019-1A Class A 144A		3.45		3-20-2023		5,965,000		5,894,413
Bank of America Credit Card Trust Series 2019-A1 Class A1		1.74		1-15-2025		1,514,000		1,555,073
Discover Card Execution Note Trust Series 2019-A1 Class A1		3.04		7-15-2024		618,000		643,527
Ford Credit Auto Owner Trust Series 2017-1 Class A 144A		2.62		8-15-2028		11,118,000		11,278,628
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47		1-15-2030		4,868,000		5,054,889
GM Financial Consumer Automobile Receivables Trust Series 2020-2 Class A3		1.49		12-16-2024		1,673,000		1,706,771
Navient Student Loan Trust Series 2019-GA Class A 144A		2.40		10-15-2068		6,873,740		6,967,164
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		1.15		1-25-2037		3,459,787		3,314,314
Nelnet Student Loan Trust Series 2012-1A Class A (1 Month LIBOR +0.80%) 144A±		0.97		12-27-2039		2,120,784		2,056,495
Nelnet Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) 144A±		0.97		9-25-2065		4,923,692		4,808,105
New York Life Global Funding 144A		1.10		5-5-2023		1,224,000		1,238,400
SLC Student Loan Trust Series 2010-1 Class A (3 Month LIBOR +0.88%) ±		1.23		11-25-2042		1,041,263		1,021,106
SLM Student Loan Trust Series 2005-6 Class A6 (3 Month LIBOR +0.14%) ±		1.13		10-27-2031		2,392,332		2,311,492
SLM Student Loan Trust Series 2012-3 Class A (1 Month LIBOR +0.65%) ±		0.82		12-27-2038		5,096,971		4,889,778
SMB Private Education Loan Trust Series 2015-A Class A2A 144A		2.49		6-15-2027		1,633,730		1,638,514
SMB Private Education Loan Trust Series 2015-C Class A2A 144A		2.75		7-15-2027		1,722,573		1,746,782


Wells Fargo Short Duration Government Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Asset-Backed Securities (continued)
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A±		1.63	%	2-17-2032	$	1,646,160	$	1,636,582
SoFi Professional Loan Program LLC Series 2016-C Class A1 (1 Month LIBOR +1.10%) 144A±		1.27		10-27-2036		686,623		673,122
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) 144A±		1.12		1-25-2039		1,493,395		1,489,564
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A±		1.02		7-25-2039		518,059		514,212
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A±		0.87		3-26-2040		776,720		769,882
SoFi Professional Loan Program LLC Series 2017-C Class A1 (1 Month LIBOR +0.60%) 144A±		0.77		7-25-2040		781,061		772,399
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A		2.72		11-26-2040		1,183,000		1,197,490
SoFi Professional Loan Program LLC Series 2020-C Class AFX 144A		1.95		2-15-2046		1,955,000		1,955,000
Total Asset-Backed Securities (Cost $66,256,445)								65,807,857

Corporate Bonds and Notes : 0.72%
Energy : 0.58%
Oil, Gas & Consumable Fuels : 0.58%
Chevron Corporation		1.14		5-11-2023		843,000		858,715
Exxon Mobil Corporation		1.57		4-15-2023		2,558,000		2,626,674
								3,485,389

Financials : 0.14%
Capital Markets : 0.14%
State Street Corporation (U.S. SOFR +2.69%) 144A±		2.83		3-30-2023		846,000		874,810

Total Corporate Bonds and Notes (Cost $4,247,000)								4,360,199

Non-Agency Mortgage-Backed Securities : 4.93%
Angel Oak Mortgage Trust Series 2019-2 Class A1 144A±±		3.63		3-25-2049		1,358,707		1,374,757
Bunker Hill Loan Depositary Trust Series 2019-1 Class A1 144A		3.61		10-26-2048		1,561,822		1,585,355
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A		2.88		7-25-2049		1,806,911		1,801,163
Citigroup Commercial Mortgage Trust Series 2014-GC25 Class AAB		3.37		10-10-2047		492,355		507,795
Colt Funding LLC Series 2018-4 Class A1 144A±±		4.01		12-28-2048		770,598		779,352
Colt Funding LLC Series 2019-1 Class A1 144A±±		3.71		3-25-2049		507,976		510,578
Credit Suisse Mortgage Trust Series 2020-AFC1 Class A1 144A±±		2.24		2-25-2050		3,365,096		3,370,132
DBUBS Mortgage Trust Series 2011-LC2A Class A1 144A		3.53		7-10-2044		97,528		98,017
GCAT Series 2019-NQM1 Class A1 144A		2.99		2-25-2059		1,601,786		1,638,296
Goldman Sachs Mortgage Securities Trust Series 2010-C2 Class A1 144A		3.85		12-10-2043		109,348		109,544
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94		5-10-2045		427,407		428,576
New Residential Mortgage Loan Trust Series 2019-NQM2 Class A1 144A±±		3.60		4-25-2049		1,380,543		1,395,528
Verus Securitization Trust Series 2018-2 Class A1 144A±±		3.68		6-1-2058		2,597,979		2,625,399
Verus Securitization Trust Series 2019-1 Class A1 144A±±		3.84		2-25-2059		1,811,682		1,829,162
Verus Securitization Trust Series 2019-2 Class A1 144A±±		2.91		7-25-2059		2,605,326		2,626,097
Verus Securitization Trust Series 2019-2 Class A1 144A±±		3.21		5-25-2059		2,060,698		2,074,629
Verus Securitization Trust Series 2019-3 Class A1 144A±±		2.69		11-25-2059		2,002,293		1,968,598
Verus Securitization Trust Series 2019-4 Class A1 144A		2.64		11-25-2059		1,756,673		1,769,465


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short Duration Government Bond Fund


			Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Verus Securitization Trust Series 2020-2 Class A1 144A±±				2.23	%	5-25-2060	$	3,271,000	$	3,267,953
Total Non-Agency Mortgage-Backed Securities (Cost $29,640,098)										29,760,396

U.S. Treasury Securities : 14.35%
U.S. Treasury Note				0.13		4-30-2022		41,355,000		41,332,384
U.S. Treasury Note				0.13		5-15-2023		7,818,000		7,801,814
U.S. Treasury Note				0.25		4-15-2023		7,162,000		7,175,429
U.S. Treasury Note				0.38		3-31-2022		30,118,000		30,230,943
Total U.S. Treasury Securities (Cost $86,454,742)										86,540,570

Yankee Corporate Bonds and Notes : 1.01%
Financials : 1.01%
Banks : 1.01%
Bank of Nova Scotia 144A				1.50		3-31-2023		2,840,000		2,895,730
HSBC Bank Canada 144A				0.95		5-14-2023		3,198,000		3,207,564
Total Yankee Corporate Bonds and Notes (Cost $6,032,787)										6,103,294

			Yield				Shares
Short-Term Investments : 1.95%
Investment Companies : 1.95%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				0.12				11,750,129		11,750,129

Total Short-Term Investments (Cost $11,750,129)										11,750,129

Total investments in securities (Cost $595,324,606)	100.38	%								605,474,486
Other assets and liabilities, net	(0.38	)								(2,320,479	)

Total net assets	100.00	%							$	603,154,007

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

%%	The security is purchased on a when-issued basis.

±±	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.

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 Fund as defined in the Investment Company Act of 1940.

(u)

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

##	All or a portion of this security is segregated for when-issued and/or unfunded loans.


Abbreviations:
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		1,025		9-30-2020	$	226,286,669		$	226,364,844		$	78,175	$	0
Short
10-Year Ultra Futures		(94)		9-21-2020		(14,715,218	)		(14,788,844	)		0		(73,626	)
5-Year U.S. Treasury Notes		(401)		9-30-2020		(50,271,675	)		(50,375,625	)		0		(103,950	)

											$	78,175	$	(177,576	)

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		7,563,717		490,951,171		(486,764,759	)		11,750,129	$	11,750,129		1.95	%

Wells Fargo Short Duration Government Bond Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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.

Investments in registered open-end investment companies are valued at net asset value.

When-issued transactions

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements


Level 1 –		quoted prices in active markets for identical securities

Level 2 –		other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 –		significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	401,152,041	$	0	$	401,152,041
Asset-backed securities		0		65,807,857		0		65,807,857
Corporate bonds and notes		0		4,360,199		0		4,360,199
Non-agency mortgage-backed securities		0		29,760,396		0		29,760,396
U.S. Treasury securities		86,540,570		0		0		86,540,570
Yankee corporate bonds and notes		0		6,103,294		0		6,103,294
Short-term investments
Investment companies		11,750,129		0		0		11,750,129

		98,290,699		507,183,787		0		605,474,486
Futures contracts		78,175		0		0		78,175

Total assets	$	98,368,874	$	507,183,787	$	0	$	605,552,661

Liabilities
Futures contracts	$	177,576	$	0	$	0	$	177,576

Total liabilities	$	177,576	$	0	$	0	$	177,576

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

As of May 31, 2020, the Fund had segregated $710,160 as cash collateral for these open futures contracts.

For the nine months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.


Wells Fargo Short-Term Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities : 3.14%
FDIC Series 2013-R1 Class A 144A		1.15	%	3-25-2033	$	52,608	$	52,331
FHLMC		3.50		10-15-2025		313,722		329,199
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.75		4-1-2032		32,809		33,055
FHLMC (3 Year Treasury Constant Maturity +2.21%) ±		3.79		5-1-2026		19,319		19,560
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.95		4-1-2038		158,725		167,869
FHLMC		4.00		5-1-2025		566,731		599,829
FHLMC (12 Month LIBOR +1.91%) ±		4.16		9-1-2031		2,237		2,245
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.90		7-1-2029		582		584
FHLMC		6.00		10-1-2021		35,127		35,916
FHLMC		9.50		12-1-2022		490		494
FHLMC Series 2597 Class AE		5.50		4-15-2033		33,003		35,757
FHLMC Series 2642 Class AR		4.50		7-15-2023		122,480		126,842
FHLMC Series 3609 Class LA		4.00		12-15-2024		803		808
FHLMC Series 3920 Class AB		3.00		9-15-2025		76,062		76,479
FHLMC Series KI01 Class A (1 Month LIBOR +0.16%) ±		0.49		9-25-2022		12,951		12,926
FHLMC Series QO04 Class AFL (12 Month Treasury Average +0.74%) ±		2.43		5-25-2044		709,989		709,316
FHLMC Series T-42 Class A6		9.50		2-25-2042		276,918		351,628
FHLMC Series T-57 Class 2A1 ±±		3.98		7-25-2043		65,411		72,836
FHLMC Series T-59 Class 2A1 ±±		3.76		10-25-2043		762,835		892,194
FHMLC Series 4358 Class DA		3.00		6-15-2040		1,545,534		1,584,183
FNMA (1 Year Treasury Constant Maturity +1.27%) ±		2.96		8-1-2034		181,992		182,995
FNMA		4.00		6-25-2026		334,414		361,213
FNMA		4.00		8-25-2037		234,735		245,488
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.03		11-1-2031		37,402		37,637
FNMA (12 Month LIBOR +1.82%) ±		4.05		9-1-2040		526,634		552,274
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.17		8-1-2036		827,939		867,617
FNMA (12 Month Treasury Average +2.29%) ±		4.20		10-1-2036		676,792		707,110
FNMA (12 Month Treasury Average +2.43%) ±		4.30		7-1-2036		622,118		652,847
FNMA		5.50		3-1-2023		198,753		207,292
FNMA		6.00		4-1-2021		6,479		6,553
FNMA		6.00		3-1-2033		286,276		320,714
FNMA		6.50		8-1-2031		154,672		185,477
FNMA		8.00		9-1-2023		454		458
FNMA		9.00		11-1-2024		24,226		26,353
FNMA Grantor Trust Series 2002-T12 Class A4		9.50		5-25-2042		449,016		536,001
FNMA Series 2002-T1 Class A4		9.50		11-25-2031		25,772		31,758
FNMA Series 2003-41 Class PE		5.50		5-25-2023		121,756		127,465
FNMA Series 2003-W11 Class A1 ±±		4.35		6-25-2033		4,416		4,505
FNMA Series 2003-W6 Class 6A ±±		4.03		8-25-2042		482,667		508,567
FNMA Series 2003-W6 Class PT4 ±±		8.30		10-25-2042		50,574		62,771
FNMA Series 2005-84 Class MB		5.75		10-25-2035		251,380		283,859
FNMA Series 2006-W1 Class 2AF2 (1 Month LIBOR +0.19%) ±		0.36		2-25-2046		989,443		973,330
FNMA Series 2008-53 Class CA		5.00		7-25-2023		21		21
FNMA Series 2010-37 Class A1		5.41		5-25-2035		1,111,265		1,173,183
GNMA		4.50		4-20-2035		63,870		68,902
GNMA		8.00		12-15-2023		7,782		8,376
GNMA		9.00		11-15-2024		793		797
GNMA Series 2017-H13 Class FJ (1 Month LIBOR +0.20%) ±		1.22		5-20-2067		6,104		6,101
GNMA Series 2017-H16 Class FD (1 Month LIBOR +0.20%) ±		1.22		8-20-2067		34,747		34,754
Total Agency Securities (Cost $12,645,121)								13,278,469

Asset-Backed Securities : 9.16%
BlueMountain CLO Limited Series 2012-2A Class AR2 (3 Month LIBOR +1.05%) 144A±		1.43		11-20-2028		1,400,000		1,384,477
California Republic Auto Receivables Trust Series 2017-1 Class A4		2.28		6-15-2022		1,296,234		1,300,635
Chesapeake Funding II LLC Series 2017-3A Class A1 144A		1.91		8-15-2029		764,559		766,509
Drive Auto Receivables Trust Series 2018-3 Class C		3.72		9-16-2024		744,848		751,001
DT Auto Owner Trust Series 2017-2A Class D 144A		3.89		1-15-2023		284,753		286,938
Education Loan Asset-Backed Trust Series 2013-1 Class A1 (1 Month LIBOR +0.80%) 144A±		0.97		6-25-2026		266,669		266,189
Educational Services of America Incorporated Series 2015-2 Class A (1 Month LIBOR +1.00%) 144A±		1.17		12-25-2056		824,515		808,435
Enterprise Fleet Financing Trust Series 2017-2 Class A2 144A		1.97		1-20-2023		115,092		115,142
Flagship Credit Auto Trust Series 2018-2 Class A 144A		2.97		10-17-2022		480,402		482,750


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short-Term Bond Fund


	Interest rate			Maturity date	Principal		Value
Asset-Backed Securities (continued)
GM Financial Securitized Term Trust Series 2018-4 Class C		3.62	%	6-17-2024	$	300,000	$	315,368
Hertz Vehicle Financing LLC Series 2017-2A Class A 144A		3.29		10-25-2023		1,000,000		952,777
Hertz Vehicle Financing LLC Series 2018-1A Class A 144A		3.29		2-25-2024		1,085,000		1,047,231
Hertz Vehicle Financing LLC Series 2019-1A Class A 144A		3.71		3-25-2023		2,085,845		1,992,043
Hertz Vehicle Financing LLC Series 2019-1A Class B 144A		4.10		3-25-2023		1,500,000		1,270,474
Home Equity Asset Trust Series 2003-6 Class M1 (1 Month LIBOR +1.05%) ±		1.22		2-25-2034		797,715		759,285
Jimmy John’s Funding LLC Series 2017-1A Class A2I 144A		3.61		7-30-2047		1,215,625		1,187,933
MMAF Equipment Finance LLC Series 2019-A Class A2 144A		2.84		1-10-2022		1,218,486		1,224,725
Santander Drive Auto Receivables Trust Series 2017-1 Class D		3.17		4-17-2023		2,470,000		2,494,103
SLC Student Loan Trust Series 2006-2 Class A5 (3 Month LIBOR +0.10%) ±		0.84		9-15-2026		576,572		576,094
SLM Student Loan Trust Series 2011-1 Class A1 (1 Month LIBOR +0.52%) ±		0.69		3-25-2026		25,097		25,092
SLM Student Loan Trust Series 2011-2 Class A1 (1 Month LIBOR +0.60%) ±		0.77		11-25-2027		154,661		154,276
SLM Student Loan Trust Series 2012-3 Class A (1 Month LIBOR +0.65%) ±		0.82		12-27-2038		1,687,439		1,618,844
SLM Student Loan Trust Series 2013-1 Class A3 (1 Month LIBOR +0.55%) ±		0.72		5-26-2055		856,393		836,845
SLM Student Loan Trust Series 2014-A Class B 144A		3.50		11-15-2044		2,500,000		2,542,706
SOFI Professional Loan Program LLC Series 2016- A Class A1 (1 Month LIBOR +1.75%) 144A±		1.92		8-25-2036		1,338,225		1,329,691
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		1.39		10-25-2027		1,020,438		1,022,052
Tesla Auto Lease Trust Series 2018-B Class A 144A		3.71		8-20-2021		605,998		615,612
Towd Point Asset Funding LLC Series 2019-HE1 Class A1 (1 Month LIBOR +0.90%) 144A±		1.07		4-25-2048		1,104,646		1,078,520
Towd Point Asset Trust Series 2018-SL1 Class A (1 Month LIBOR +0.60%) 144A±		0.77		1-25-2046		1,666,568		1,618,157
Toyota Motor Credit Corporation		3.00		4-1-2025		2,000,000		2,174,921
Volvo Financial Equipment LLC Series 2018-AA Class A (1 Month LIBOR +0.52%) 144A±		0.70		7-17-2023		2,240,000		2,218,756
Westlake Automobile Receivables Trust Series 2018-2A Class B 144A		3.20		1-16-2024		553,861		554,707
Westlake Automobile Receivables Trust Series 2019-2A Class A2A 144A		2.57		2-15-2023		2,772,944		2,789,949
Wheels SPV LLC Series 2018-1A Class A2 144A		3.06		4-20-2027		494,498		498,034
World Omni Automobile Lease Southeast Series 2019-A Class A4		3.01		7-15-2024		1,710,000		1,741,823
Total Asset-Backed Securities (Cost $39,160,695)								38,802,094

Corporate Bonds and Notes : 35.75%
Communication Services : 4.91%
Diversified Telecommunication Services : 1.86%
AT&T Incorporated		3.95		1-15-2025		1,900,000		2,081,146
CyrusOne LP		2.90		11-15-2024		2,630,000		2,650,277
Level 3 Financing Incorporated		5.13		5-1-2023		1,000,000		998,750
T-Mobile USA Incorporated 144A		3.50		4-15-2025		2,000,000		2,141,740
								7,871,913

Entertainment : 0.49%
The Walt Disney Company		1.75		1-13-2026		2,000,000		2,058,904

Media : 2.40%
Charter Communications Operating LLC		3.58		7-23-2020		3,000,000		3,000,153
Fox Corporation 144A		4.03		1-25-2024		1,070,000		1,176,291
Interpublic Group Companies		3.75		2-15-2023		2,025,000		2,124,352
NBCUniversal Enterprise Incorporated 144A		5.25		12-31-2049		1,655,000		1,671,550
ViacomCBS Incorporated		4.75		5-15-2025		2,000,000		2,200,387
								10,172,733


Wells Fargo Short-Term Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date		Principal		Value
Wireless Telecommunication Services : 0.16%
Sprint Spectrum Company LLC 144A		3.36	%		3-20-2023	$	660,000	$	662,884

Consumer Discretionary : 2.84%
Automobiles : 0.76%
Ford Motor Company		8.50			4-21-2023		845,000		876,434
General Motors Company		6.13			10-1-2025		2,150,000		2,349,184
									3,225,618

Household Durables : 0.87%
D.R. Horton Incorporated		4.75			2-15-2023		2,000,000		2,126,292
Lennar Corporation		4.75			11-15-2022		251,000		262,119
Lennar Corporation		6.25			12-15-2021		1,250,000		1,286,719
									3,675,130

Internet & Direct Marketing Retail : 0.36%
QVC Incorporated		5.13			7-2-2022		1,500,000		1,498,125

Multiline Retail : 0.55%
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		2,405,000		2,332,850

Specialty Retail : 0.30%
Group 1 Automotive Incorporated		5.00			6-1-2022		1,300,000		1,274,000

Consumer Staples : 1.94%
Food & Staples Retailing : 0.50%
Cargill Incorporated 144A		1.38			7-23-2023		2,100,000		2,135,704

Food Products : 0.49%
Land O’Lakes Incorporated 144A		6.00			11-15-2022		2,000,000		2,054,920

Tobacco : 0.95%
BAT Capital Corporation		2.79			9-6-2024		2,350,000		2,446,300
Philip Morris International Incorporated		1.50			5-1-2025		1,535,000		1,566,698
									4,012,998

Energy : 4.26%
Oil, Gas & Consumable Fuels : 4.26%
Baker Hughes LLC		2.77			12-15-2022		1,360,000		1,408,555
BP Capital Markets America Incorporated		3.19			4-6-2025		2,000,000		2,169,885
Chevron Corporation		1.55			5-11-2025		2,000,000		2,061,536
Energy Transfer Partners LP		5.20			2-1-2022		2,060,000		2,145,766
EQT Corporation		3.00			10-1-2022		1,155,000		1,116,019
Marathon Petroleum Corporation		4.70			5-1-2025		2,500,000		2,754,204
Oneok Incorporated Company		5.85			1-15-2026		1,885,000		2,082,895
Phillips 66 Company		3.85			4-9-2025		2,000,000		2,200,765
Valero Energy Corporation		2.85			4-15-2025		2,000,000		2,102,586
									18,042,211

Financials : 14.49%
Banks : 4.64%
Bank of America NA (3 Month LIBOR +0.65%) ±		3.34			1-25-2023		4,000,000		4,158,296
Citibank NA (3 Month LIBOR +0.60%) ±		2.84			5-20-2022		2,000,000		2,035,053
Citizens Bank NA		2.25			4-28-2025		2,100,000		2,142,694
Credit Suisse New York		2.10			11-12-2021		1,115,000		1,137,489
Credit Suisse New York		2.95			4-9-2025		2,250,000		2,418,201
JPMorgan Chase & Company (U.S. SOFR +1.46%) ±		1.51			6-1-2024		3,000,000		3,021,082
JPMorgan Chase & Company (3 Month LIBOR +0.70%) ±		3.21			4-1-2023		1,080,000		1,121,965
PNC Bank (3 Month LIBOR +0.50%) ±		1.49			7-27-2022		2,500,000		2,494,528


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short-Term Bond Fund


	Interest rate			Maturity date		Principal		Value
Banks (continued)
Synchrony Bank		3.65	%		5-24-2021	$	1,075,000	$	1,089,864
									19,619,172

Capital Markets : 1.77%
Ameriprise Financial Services Incorporated		3.00			4-2-2025		2,000,000		2,147,616
Goldman Sachs Group Incorporated (3 Month LIBOR +0.82%) ±		2.88			10-31-2022		2,900,000		2,962,998
Morgan Stanley (U.S. SOFR +1.99%) ±		2.19			4-28-2026		2,305,000		2,367,994
									7,478,608

Consumer Finance : 3.39%
American Express Company		3.40			2-27-2023		1,120,000		1,192,951
BMW US Capital LLC 144A		3.90			4-9-2025		1,000,000		1,080,755
Daimler Finance North America LLC 144A		3.00			2-22-2021		2,850,000		2,860,496
Ford Motor Credit Company LLC		3.20			1-15-2021		1,335,000		1,312,973
Hyundai Capital America Company 144A		2.38			2-10-2023		1,695,000		1,673,309
Nissan Motor Acceptance Corporation 144A		3.88			9-21-2023		2,030,000		1,910,339
Volkswagen Group of America Incorporated 144A		3.35			5-13-2025		1,325,000		1,380,426
Volkswagen Group of America Incorporated 144A		2.70			9-26-2022		1,600,000		1,627,424
Western Union Company		2.85			1-10-2025		1,285,000		1,326,055
									14,364,728

Diversified Financial Services : 1.42%
National Securities Clearing Corporation 144A		1.50			4-23-2025		3,750,000		3,801,482
WEA Finance LLC 144A		3.25			10-5-2020		2,205,000		2,208,171
									6,009,653

Insurance : 3.27%
American International Group Incorporated		2.50			6-30-2025		2,045,000		2,115,317
Athene Global Funding 144A		2.50			1-14-2025		2,705,000		2,643,532
Axis Specialty Finance LLC		5.88			6-1-2020		1,794,000		1,794,000
Jackson National Life Global Company 144A		2.50			6-27-2022		5,000,000		5,100,074
OneBeacon US Holdings Incorporated		4.60			11-9-2022		2,075,000		2,197,347
									13,850,270

Health Care : 0.92%
Health Care Providers & Services : 0.92%
CVS Health Corporation		2.63			8-15-2024		1,520,000		1,605,150
Dignity Health		3.13			11-1-2022		2,255,000		2,294,881
									3,900,031

Industrials : 2.26%
Aerospace & Defense : 1.27%
Spirit AeroSystems Incorporated (3 Month LIBOR +0.80%) ±		1.54			6-15-2021		2,500,000		2,258,491
The Boeing Company		4.51			5-1-2023		2,000,000		2,066,058
The Boeing Company		4.88			5-1-2025		1,000,000		1,061,372
									5,385,921

Airlines : 0.23%
Delta Air Lines Incorporated		3.40			4-19-2021		1,000,000		962,512

Machinery : 0.51%
Deere & Company		2.75			4-15-2025		2,000,000		2,168,557

Professional Services : 0.25%
Equifax Incorporated		2.60			12-15-2025		1,000,000		1,038,767


Wells Fargo Short-Term Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Information Technology : 1.23%
IT Services : 0.61%
Leidos Incorporated 144A		2.95	%	5-15-2023	$	500,000	$	517,580
PayPal Holdings Incorporated		1.65		6-1-2025		2,000,000		2,048,443
								2,566,023

Semiconductors & Semiconductor Equipment : 0.36%
Microchip Technology Incorporated 144A		2.67		9-1-2023		1,525,000		1,532,293

Technology Hardware, Storage & Peripherals : 0.26%
The Dell International LLC / EMC Corporation 144A		5.85		7-15-2025		1,000,000		1,119,262

Materials : 1.03%
Chemicals : 0.52%
DuPont de Nemours Incorporated		4.21		11-15-2023		2,010,000		2,185,735

Metals & Mining : 0.03%
Freeport-McMoRan Incorporated		3.55		3-1-2022		152,000		153,520

Paper & Forest Products : 0.48%
Georgia Pacific LLC 144A		1.75		9-30-2025		2,000,000		2,042,759

Real Estate : 0.28%
Equity REITs : 0.28%
Omega Healthcare Investors Incorporated		4.95		4-1-2024		1,160,000		1,196,149

Utilities : 1.59%
Electric Utilities : 0.95%
DPL Incorporated		7.25		10-15-2021		855,000		878,513
Edison International		4.95		4-15-2025		1,000,000		1,089,682
NV Energy Incorporated		6.25		11-15-2020		2,000,000		2,047,422
								4,015,617

Independent Power & Renewable Electricity Producers : 0.31%
The AES Corporation		4.50		3-15-2023		1,300,000		1,324,440

Multi-Utilities : 0.33%
DTE Energy Company		2.53		10-1-2024		1,360,000		1,405,547

Total Corporate Bonds and Notes (Cost $147,312,489)								151,337,554

Municipal Obligations : 1.68%
Georgia : 0.25%
Health Revenue : 0.25%
Georgia Medical Center Hospital Authority Taxable Refunding Bond Columbus		4.88		8-1-2022		1,000,000		1,050,020

Illinois : 0.15%
Tax Revenue : 0.15%
Chicago IL Retiree Health Series B		6.30		12-1-2021		600,000		622,578

Indiana : 0.30%
Education Revenue : 0.30%
Indiana Secondary Market for Education Loans Incorporated (1 Month LIBOR +0.80%) ±		0.97		2-25-2044		1,315,799		1,291,470


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short-Term Bond Fund


	Interest rate			Maturity date	Principal		Value
New Jersey : 0.47%
Transportation Revenue : 0.47%
New Jersey Transportation Trust Fund Authority System Series B		2.55	%	6-15-2023	$	2,000,000	$	1,995,620

New York : 0.19%
Transportation Revenue : 0.19%
New York Metropolitan Transportation Authority BAN		4.00		2-1-2022		795,000		797,377

Pennsylvania : 0.22%
Miscellaneous Revenue : 0.22%
Philadelphia PA IDA Pension Funding Series B (Ambac Insured) ¤		0.00		4-15-2021		970,000		947,583

Rhode Island : 0.10%
Industrial Development Revenue : 0.10%
Rhode Island EDA (AGM Insured)		7.75		11-1-2020		400,000		408,084

Total Municipal Obligations (Cost $7,065,449)								7,112,732

Non-Agency Mortgage-Backed Securities : 24.86%
Angel Oak Mortgage Trust I LLC Series 2019-3 Class A1 144A±±		2.93		5-25-2059		686,519		690,039
Barclays Commercial Mortgage Trust Series 2015-STP Class A 144A		3.32		9-10-2028		1,426,788		1,426,194
Bayview Opportunity Master Fund IVA Trust Series 2017-RT5 Class A 144A±±		3.50		5-28-2069		3,096,391		3,146,177
Benefit Street Partners CLO Limited Series 2014-IVA Class A1RR (3 Month LIBOR +1.25%) 144A±		2.39		1-20-2029		2,300,000		2,286,147
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A		2.72		11-25-2059		1,635,157		1,646,069
Cascade Funding Mortgage Trust Series 2018- RM2 Class A 144A±±		4.00		10-25-2068		433,802		445,704
CCG Receivables Trust LLC Series 2018-1 Class A2 144A		2.50		6-16-2025		436,219		437,833
CD Commercial Mortgage Trust Series 2017-CD3 Class A1		1.97		2-10-2050		636,456		638,202
CGDBB Commercial Mortgage Trust Series 2017-BIOC Class A (1 Month LIBOR +0.79%) 144A±		0.97		7-15-2032		2,603,599		2,551,930
Citigroup Commercial Mortgage Trust Series 2016-P5 Class A2		2.40		10-10-2049		128,000		128,136
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		1.28		7-15-2030		805,175		760,764
Colt Funding LLC Series 2018-3 Class A1 144A±±		3.69		10-26-2048		633,286		641,448
Colt Funding LLC Series 2019-1 Class A1 144A±±		3.71		3-25-2049		1,210,619		1,216,821
Commercial Mortgage Trust Series 2012-CR1 Class ASB		3.05		5-15-2045		1,161,252		1,174,511
Commercial Mortgage Trust Series 2012-CR4 Class A		3.25		10-15-2045		2,000,000		2,019,494
Commercial Mortgage Trust Series 2014-CR14 Class B ±±		4.62		2-10-2047		680,000		703,136
Commercial Mortgage Trust Series 2014-LC17 Class A2		3.16		10-10-2047		211,612		212,579
Commercial Mortgage Trust Series 2015-DC1 Class A3		3.22		2-10-2048		1,500,000		1,530,290
ContiMortgage Home Equity Trust Series 1996-2 Class IO ±± (c)		0.00		7-15-2027		558,231		8,494
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±±		3.60		6-19-2031		92,538		87,791
Credit Suisse Mortgage Trust Series 2019-SKLZ Class A (1 Month LIBOR +1.25%) 144A±		1.43		1-15-2034		1,400,000		1,314,878
Credit Suisse Mortgage Trust Series 2020-AFC1 Class A3 144A±±		2.51		2-25-2050		2,619,705		2,608,836
Crown Point Limited Series 2018-6A Class A1 (3 Month LIBOR +1.17%) 144A±		2.31		10-20-2028		2,325,484		2,290,892
CSAIL Commercial Mortgage Trust Series 2016-C5 Class A4		3.49		11-15-2048		2,430,000		2,547,983
CSAIL Commercial Mortgage Trust Series 2019-C15 Class A1		2.99		3-15-2052		355,198		360,422
DBWF Mortgage Trust Series 2018-GLKS Class A (1 Month LIBOR +1.03%) 144A±		1.20		12-19-2030		550,000		513,496
Deephaven Residential Mortgage Series 2018-2A Class A1 144A±±		3.48		4-25-2058		2,312,101		2,334,319
Deephaven Residential Mortgage Series 2019-4A Class A1 144A±±		2.79		10-25-2059		1,160,216		1,161,101
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC2A Class A4 144A		4.54		7-10-2044		704,369		715,905


Wells Fargo Short-Term Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
DLL Securitization Trust Series 2019-MT3 Class A1 144A		2.06	%	10-20-2020	$	176,966	$	177,118
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 (1 Month LIBOR +1.13%) ±		1.31		9-25-2033		235,666		224,006
FWD Securitization Trust Class 2020-INV1 Class A3 144A±±		2.44		1-25-2050		2,689,832		2,618,476
GCAT Series 2019-NQM1 Class A1 144A		2.99		2-25-2059		2,132,753		2,181,365
GCAT Series 2019-NQM2 Class A1 144A		2.86		9-25-2059		1,877,788		1,919,653
Golden National Mortgage Asset-Backed Certificates Series 1998-GN1 Class M2		1.00		2-25-2027		34,322		34,023
Goldman Sachs Mortgage Securities Trust Series 2011-GC5 Class A3		3.82		8-10-2044		903,532		909,606
Goldman Sachs Mortgage Securities Trust Series 2012-ALOH Class A 144A		3.55		4-10-2034		2,414,000		2,436,694
Goldman Sachs Mortgage Securities Trust Series 2013-G1 Class A2 144A±±		3.56		4-10-2031		530,140		497,489
Goldman Sachs Mortgage Securities Trust Series 2014-GC22 Class A3		3.52		6-10-2047		3,031,556		3,071,395
Goldman Sachs Mortgage Securities Trust Series 2016-GS3 Class A1		1.43		10-10-2049		526,445		526,199
Goldman Sachs Mortgage Securities Trust Series 2019-PJ1 Class A6 144A±±		4.00		8-25-2049		302,443		305,256
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A±±		8.00		9-19-2027		139,374		133,868
Homeward Opportunities Fund I Trust Series 2019-1 Class A1 144A±±		3.45		1-25-2059		1,361,215		1,373,459
Hospitality Mortgage Trust Series 2019 Class A (1 Month LIBOR +1.00%) 144A±		1.18		11-15-2036		1,770,321		1,638,365
InTown Hotel Portfolio Trust Series 2018-STAY (1 Month LIBOR +0.70%) 144A±		0.88		1-15-2033		550,000		519,741
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C8 Class A3		2.83		10-15-2045		2,272,322		2,316,907
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class A4		2.69		4-15-2046		1,608,504		1,644,656
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-PHH Class A (1 Month LIBOR +0.91%) 144A±		1.09		6-15-2035		566,915		525,049
JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-MFP Class A (1 Month LIBOR +0.96%) 144A±		1.14		7-15-2036		2,500,000		2,365,298
KKR Financial Holdings LLC (3 Month LIBOR +1.34%) 144A±		2.56		4-15-2029		2,250,000		2,218,946
Lendmark Funding Trust Series 2018-1A Class A 144A		3.81		12-21-2026		1,855,000		1,779,456
Lendmark Funding Trust Series 2018-2A Class A 144A		4.23		4-20-2027		160,000		154,662
Lendmark Funding Trust Series 2019-2A Class A 144A		2.78		4-20-2028		3,000,000		2,728,172
LoanCore Limited Series 2018-CRE1 Class A (1 Month LIBOR +1.13%) 144A±		1.31		5-15-2028		2,000,000		1,931,250
Master Mortgages Trust Series 2002-3 Class 4A1 ±±		3.93		10-25-2032		1,019		964
Mello Warehouse Securitization Series 2018-W1 Class A (1 Month LIBOR +0.85%) 144A±		1.02		11-25-2051		1,333,333		1,328,218
Mello Warehouse Securitization Series 2019-1 Class A (1 Month LIBOR +0.80%) 144A±		0.97		6-25-2052		2,240,000		2,222,185
Morgan Stanley Capital I Trust Series 2016-C30 Class A1		1.39		9-15-2049		705,588		704,818
New Residential Mortgage Loan Trust Series 2018-NQM1 Class A1 144A±±		3.99		11-25-2048		1,076,357		1,103,175
Oaktree CLO Limited Series 15-1A Class A1R (3 Month LIBOR +0.87%) 144A±		2.01		10-20-2027		1,400,293		1,385,653
Ondeck Asset Securitization Trust LLC Series 2018-1A Class A 144A		3.50		4-18-2022		1,882,877		1,883,820
Palmer Square Loan Funding Limited Series 2018-4A Class A1 (3 Month LIBOR +0.90%) 144A±		1.29		11-15-2026		1,060,903		1,057,698
ReadyCap Commercial Mortgage Trust Series 2019-5 Class A 144A		3.78		2-25-2052		1,210,093		1,178,181
Regatta II Funding LP Series 2013-2A Class A1R2 (3 Month LIBOR +1.25%) 144A±		2.47		1-15-2029		2,925,000		2,887,209
Salem Fields CLO Limited Series 2016-2A Class A (3 Month LIBOR +1.15%) 144A±		2.94		10-25-2028		1,800,000		1,774,771
Shackleton CLO Limited Series 2019-15A Class A (3 Month LIBOR +1.25%) 144A±		3.15		1-15-2030		1,160,000		1,141,746
Starwood Mortgage Residential Trust Series 2019-1 Class A1 144A±±		2.94		6-25-2049		1,372,586		1,383,903
Starwood Mortgage Residential Trust Series 2020-1 Class A3 144A±±		2.56		2-25-2050		1,452,077		1,432,437


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short-Term Bond Fund


	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
TCW CLO 2017-1 Limited Series 2017-1A Class BR (3 Month LIBOR +1.55%) 144A±		2.39	%	7-29-2029	$	2,255,000	$	2,205,050
TCW CLO 2019-1 AMR Limited Series 2019-1A Class A (3 Month LIBOR +1.07%) 144A±		1.46		2-15-2029		1,715,000		1,698,202
Towd Point Mortgage Trust Series 2015-4 Class A2 144A±±		3.75		4-25-2055		1,245,000		1,286,130
Towd Point Mortgage Trust Series 2017-1 Class A1 144A±±		2.75		10-25-2056		3,095,828		3,140,446
Towd Point Mortgage Trust Series 2017-4 Class A1 144A±±		2.75		6-25-2057		1,040,510		1,061,798
Towd Point Mortgage Trust Series 2019- MH1 Class A1 144A±±		3.00		11-25-2058		813,420		832,470
Towd Point Mortgage Trust Series 2019-SJ3 Class A1 144A±±		3.00		11-25-2059		1,911,026		1,923,189
UBS Commercial Mortgage Trust Series 2018-NYCH Class A (1 Month LIBOR +0.85%) 144A±		1.03		2-15-2032		1,680,000		1,535,096
Vendee Mortgage Trust Series 2011-1 Class DA		3.75		2-15-2035		499,545		509,397
Verus Securitization Trust Series 2019-1 Class A1 144A±±		3.40		12-25-2059		1,554,867		1,577,366
Wilshire Funding Corporation Series 1996-3 Class M2 ±±		7.09		8-25-2032		79,585		81,270
Wilshire Funding Corporation Series 1996-3 Class M3 ±±		7.09		8-25-2032		74,454		70,807
Wilshire Funding Corporation Series 1998-2 Class M1 ±±		2.00		12-28-2037		7,784		7,703
Total Non-Agency Mortgage-Backed Securities (Cost $106,377,906)								105,244,402

U.S. Treasury Securities : 4.53%
U.S. Treasury Note		0.25		4-15-2023		17,000,000		17,031,875
U.S. Treasury Note		0.38		4-30-2025		2,125,000		2,132,222
Total U.S. Treasury Securities (Cost $19,131,528)								19,164,097

Yankee Corporate Bonds and Notes : 15.85%
Communication Services : 0.57%
Interactive Media & Services : 0.57%
Tencent Holdings Limited 144A		3.28		4-11-2024		2,310,000		2,438,279

Consumer Discretionary : 1.22%
Auto Components : 0.60%
Toyota Industries Corporation 144A		3.11		3-12-2022		2,460,000		2,530,353

Household Durables : 0.62%
Panasonic Corporation 144A		2.54		7-19-2022		2,600,000		2,645,840

Energy : 0.45%
Oil, Gas & Consumable Fuels : 0.45%
Equinor ASA		1.75		1-22-2026		1,880,000		1,920,161

Financials : 10.57%
Banks : 9.11%
ANZ New Zealand International Company 144A		1.90		2-13-2023		2,200,000		2,239,835
Banco Bradesco 144A		2.85		1-27-2023		745,000		728,238
Banco Internacional del Peru SAA Interbank 144A		3.38		1-18-2023		1,305,000		1,342,845
Bank of New Zealand 144A		2.00		2-21-2025		1,835,000		1,880,283
Bank of Nova Scotia		1.63		5-1-2023		3,000,000		3,054,162
Banque Federative du Credit Mutuel SA 144A		2.13		11-21-2022		3,135,000		3,184,941
Central American Bank 144A		2.00		5-6-2025		2,410,000		2,426,870
Cooperatieve Rabobank U.A.		2.75		1-10-2022		3,000,000		3,101,501
Corporación Andina de Fomento		2.13		9-27-2021		3,000,000		3,009,540
Danske Bank A/S 144A		5.00		1-12-2022		1,405,000		1,472,057
Global Bank Corporation 144A		4.50		10-20-2021		470,000		477,990
Lloyds Banking Group plc (3 Month LIBOR +1.25%) ±		2.86		3-17-2023		2,000,000		2,039,465
Mizuho Financial Group (3 Month LIBOR +0.98%) ±		2.84		7-16-2025		1,000,000		1,035,684
Nordea Bank AB 144A		3.75		8-30-2023		2,000,000		2,123,943
Royal Bank of Scotland Group plc (1 Year Treasury Constant Maturity +2.15%) ±		2.36		5-22-2024		1,000,000		1,009,902
Sumitomo Mitsui Financial Group (3 Month LIBOR +0.80%) ±		1.98		10-16-2023		2,000,000		1,956,000


Wells Fargo Short-Term Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date		Principal		Value
Banks (continued)
Sumitomo Mitsui Financial Group		2.70	%		7-16-2024	$	2,510,000	$	2,626,937
Svenska Handelsbanken AB		1.88			9-7-2021		2,500,000		2,542,842
UniCredit SpA 144A		6.57			1-14-2022		2,220,000		2,313,763
									38,566,798

Diversified Financial Services : 0.81%
NatWest Markets plc 144A		2.38			5-21-2023		1,375,000		1,386,793
UBS AG 144A		1.75			4-21-2022		2,000,000		2,032,720
									3,419,513

Insurance : 0.65%
Sompo International Holdings Limited		4.70			10-15-2022		2,628,000		2,744,227

Health Care : 0.81%
Pharmaceuticals : 0.81%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		1,000,000		1,017,300
Perrigo Company plc		4.00			11-15-2023		323,000		329,038
Perrigo Finance Unlimited Company		3.50			3-15-2021		1,065,000		1,066,284
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		980,000		999,620
									3,412,242

Industrials : 0.92%
Semiconductors & Semiconductor Equipment : 0.49%
NXP BV 144A		2.70			5-1-2025		2,000,000		2,062,610

Transportation Infrastructure : 0.43%
Asciano Finance Limited 144A		4.63			9-23-2020		1,821,000		1,834,593

Materials : 0.67%
Chemicals : 0.67%
Park Aerospace Holdings Company 144A		5.25			8-15-2022		885,000		781,044
Syngenta Finance NV 144A		4.44			4-24-2023		2,000,000		2,052,521
									2,833,565

Utilities : 0.64%
Electric Utilities : 0.64%
Enel Finance International NV 144A		4.25			9-14-2023		2,500,000		2,696,960

Total Yankee Corporate Bonds and Notes (Cost $65,566,225)									67,105,141

Yankee Government Bonds : 0.53%
United Mexican States		3.90			4-27-2025		2,120,000		2,233,420

Yankee Government Bonds (Cost $2,099,023)									2,233,420

						Shares
Exchange-Traded Funds : 2.59%
Invesco Bulletshares 2021 Corporate Bond							481,330		10,964,697
Total Exchange-Traded Funds (Cost $11,096,534)									10,964,697

	Yield
Short-Term Investments : 1.10%
Investment Companies : 1.10%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.12					4,648,375		4,648,375


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short-Term Bond Fund


			Value
Total Short-Term Investments (Cost $4,648,375)				4,648,375

Total investments in securities (Cost $415,103,345)	99.19	%		419,890,981
Other assets and liabilities, net	0.81			3,409,054

Total net assets	100.00	%	$	423,300,035

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.

±±	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.

(c)

(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:
AGM		Assured Guaranty Municipal
Ambac		Ambac Financial Group Incorporated
BAN		Bond anticipation notes
EDA		Economic Development Authority
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
IDA		Industrial Development Authority
LIBOR		London Interbank Offered Rate
REIT		Real estate investment trust
SOFR		Secured Overnight Financing Rate

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		670		9-30-2020	$	147,919,276		$	147,965,313		$	46,037	$	0
Short
5-Year U.S. Treasury Notes		(652)		9-30-2020		(81,743,890	)		(81,907,500	)		0		(163,610	)

											$	46,037	$	(163,610	)

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		1,285,334		13,342,108		(14,627,442	)		0	$	0
Wells Fargo Government Money Market Fund Select Class		9,958,213		255,459,417		(260,769,255	)		4,648,375		4,648,375

										$	4,648,375		1.10	%

*	No longer held at the end of the period

Wells Fargo Short-Term Bond Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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.

Investments in registered open-end investment companies are valued at net asset value.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 –

significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities	$	0	$	13,278,469	$	0	$	13,278,469
Asset-backed securities				38,802,094		0		38,802,094
Corporate bonds and notes				151,337,554		0		151,337,554
Exchange- traded funds		10,964,697		0		0		10,964,697
Municipal obligations				7,112,732		0		7,112,732
Non-agency mortgage-backed securities				105,244,402		0		105,244,402
U.S. Treasury securities		19,164,097		0		0		19,164,097
Yankee corporate bonds and notes				67,105,141		0		67,105,141
Yankee government bonds				2,233,420		0		2,233,420
Short-term investments
Investment companies		4,648,375				0		4,648,375

		34,777,169		385,113,812		0		419,890,981
Futures contracts		46,037		0		0		46,037

Total assets	$	34,823,206	$	385,113,812	$	0	$	419,937,018

Liabilities
Futures contracts	$	163,610	$	0	$	0	$	163,610

Total liabilities	$	163,610	$	0	$	0	$	163,610

Additional sector, industry or geographic detail is included in the Portfolio of Investments

As of May 31, 2020, the Fund had segregated $670,815 as cash collateral for these open futures contracts.

For the nine months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.


Wells Fargo Short-Term High Yield Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes : 67.39%
Communication Services : 8.73%
Diversified Telecommunication Services : 2.72%
CenturyLink Incorporated Series W		6.75	%		12-1-2023	$	7,000,000	$	7,599,410
CenturyLink Incorporated		6.45			6-15-2021		3,130,000		3,216,075
CommScope Holding Company Incorporated 144A		5.50			3-1-2024		2,020,000		2,077,469
Level 3 Financing Incorporated		5.38			1-15-2024		3,390,000		3,432,375
Level 3 Financing Incorporated		5.38			5-1-2025		3,515,000		3,610,995
									19,936,324

Media : 4.06%
CSC Holdings LLC		6.75			11-15-2021		900,000		948,177
DISH DBS Corporation		5.88			7-15-2022		4,835,000		4,969,026
DISH DBS Corporation		6.75			6-1-2021		4,030,000		4,110,600
Lamar Media Corporation		5.00			5-1-2023		5,115,000		5,134,181
Nielsen Finance LLC 144A		5.00			4-15-2022		600,000		599,070
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		13,950,000		13,984,875
									29,745,929

Wireless Telecommunication Services : 1.95%
Sprint Corporation		7.88			9-15-2023		4,080,000		4,630,800
T-Mobile USA Incorporated		4.00			4-15-2022		9,442,000		9,701,655
									14,332,455

Consumer Discretionary : 11.65%
Auto Components : 1.22%
Allison Transmission Incorporated 144A		5.00			10-1-2024		8,885,000		8,951,638

Automobiles : 0.28%
Ford Motor Company		8.50			4-21-2023		1,970,000		2,043,284

Hotels, Restaurants & Leisure : 0.77%
MGM Resorts International		7.75			3-15-2022		3,455,000		3,596,137
Royal Caribbean Cruises Limited 144A		11.50			6-1-2025		1,920,000		2,035,873
									5,632,010

Household Durables : 2.46%
KB Home		7.50			9-15-2022		8,055,000		8,820,225
Newell Brands Incorporated		4.35			4-1-2023		6,973,000		7,164,758
Pulte Group Incorporated		4.25			3-1-2021		2,030,000		2,060,653
									18,045,636

Internet & Direct Marketing Retail : 1.34%
QVC Incorporated		4.38			3-15-2023		6,070,000		5,918,250
QVC Incorporated		5.13			7-2-2022		3,905,000		3,900,119
									9,818,369

Multiline Retail : 1.08%
Macy’s Incorporated 144A%%		8.38			6-15-2025		5,525,000		5,600,969
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		2,365,000		2,294,050
									7,895,019


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short-Term High Yield Bond Fund


	Interest rate			Maturity date		Principal		Value
Specialty Retail : 4.00%
Group 1 Automotive Incorporated		5.00	%		6-1-2022	$	10,865,000	$	10,647,700
L Brands Incorporated		6.63			4-1-2021		7,805,000		7,765,975
Penske Auto Group Incorporated		5.75			10-1-2022		10,920,000		10,947,300
									29,360,975

Textiles, Apparel & Luxury Goods : 0.50%
Levi Strauss & Company 144A		5.00			5-1-2025		3,625,000		3,697,500

Consumer Staples : 2.89%
Food Products : 1.25%
Albertsons Cos/safeway Company		6.63			6-15-2024		8,895,000		9,197,430

Personal Products : 1.64%
Edgewell Personal Care Company		4.70			5-19-2021		10,774,000		11,193,109
Edgewell Personal Care Company		4.70			5-24-2022		785,000		808,550
									12,001,659

Energy : 10.80%
Oil, Gas & Consumable Fuels : 10.80%
Apache Corporation		3.25			4-15-2022		2,560,000		2,459,558
Buckeye Partners LP 144A		4.13			3-1-2025		1,360,000		1,334,500
Crestwood Midstream Partners LP		6.25			4-1-2023		5,620,000		5,353,050
DCP Midstream Operating LP 144A		4.75			9-30-2021		4,660,000		4,566,800
NuStar Logistics LP		4.80			9-1-2020		5,365,000		5,408,591
Occidental Petroleum Corporation		4.10			2-1-2021		6,830,000		6,693,400
Rockies Express Pipeline LLC 144A		3.60			5-15-2025		4,625,000		4,197,188
Sabine Pass Liquefaction LLC		5.63			2-1-2021		2,000,000		2,039,781
Southern Star Central Corporation 144A		5.13			7-15-2022		11,095,000		11,098,329
Suburban Propane Partners LP		5.50			6-1-2024		9,025,000		9,115,250
Sunoco LP		4.88			1-15-2023		2,755,000		2,795,471
Tallgrass Energy Partners LP 144A		4.75			10-1-2023		9,565,000		9,349,788
Targa Resources Partners LP		4.25			11-15-2023		9,345,000		9,136,513
Western Gas Partners LP		4.00			7-1-2022		3,305,000		3,249,212
Western Gas Partners LP		5.38			6-1-2021		2,452,000		2,421,350
									79,218,781

Financials : 11.21%
Banks : 1.23%
CIT Group Incorporated		5.00			8-15-2022		9,000,000		9,022,500

Capital Markets : 1.03%
Blue Cube Spinco Incorporated		10.00			10-15-2025		7,185,000		7,571,840

Consumer Finance : 5.73%
Ford Motor Credit Company LLC		3.34			3-18-2021		3,605,000		3,544,436
Ford Motor Credit Company LLC		5.60			1-7-2022		4,840,000		4,827,900
Ford Motor Credit Company LLC		5.88			8-2-2021		3,960,000		3,969,900
General Motors Financial Company Incorporated		4.20			3-1-2021		8,870,000		8,958,951
General Motors Financial Company Incorporated		4.20			11-6-2021		1,930,000		1,957,936
Navient Corporation		5.00			10-26-2020		4,950,000		4,875,750
Springleaf Finance Corporation		6.13			3-15-2024		2,500,000		2,425,750
Springleaf Finance Corporation		7.75			10-1-2021		11,145,000		11,423,625
									41,984,248

Diversified Financial Services : 0.96%
LPL Holdings Incorporated 144A		5.75			9-15-2025		6,745,000		7,012,372


Wells Fargo Short-Term High Yield Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date		Principal		Value
Insurance : 0.64%
Genworth Holdings Incorporated		7.63	%		9-24-2021	$	5,110,000	$	4,721,589

Mortgage REITs : 0.63%
Starwood Property Trust Incorporated		5.00			12-15-2021		4,740,000		4,645,200

Thrifts & Mortgage Finance : 0.99%
Ladder Capital Finance Holdings LP 144A		5.25			3-15-2022		7,785,000		7,278,975

Health Care : 6.09%
Health Care Providers & Services : 6.09%
Centene Corporation		4.75			1-15-2025		3,375,000		3,484,688
HCA Incorporated		5.88			5-1-2023		4,365,000		4,745,715
HealthSouth Corporation		5.13			3-15-2023		7,545,000		7,582,725
Magellan Health Incorporated		4.90			9-22-2024		4,710,000		4,804,200
MEDNAX Incorporated 144A		5.25			12-1-2023		8,890,000		8,712,200
Molina Healthcare Incorporated		5.38			11-15-2022		6,800,000		7,041,740
Tenet Healthcare Corporation		4.63			7-15-2024		5,485,000		5,553,563
Universal Health Services Incorporated 144A		4.75			8-1-2022		2,700,000		2,700,000
									44,624,831

Industrials : 5.97%
Airlines : 0.65%
American Airlines Group Company 144A		5.00			6-1-2022		5,330,000		3,091,400
United Continental Holdings Incorporated		4.25			10-1-2022		2,100,000		1,685,250
									4,776,650

Commercial Services & Supplies : 2.16%
ADT Corporation		6.25			10-15-2021		9,025,000		9,333,023
Aramark Services Incorporated 144A		6.38			5-1-2025		1,305,000		1,366,061
Mobile Mini Incorporated		5.88			7-1-2024		5,040,000		5,166,000
									15,865,084

Construction & Engineering : 1.64%
Great Lakes Dredge & Dock Corporation		8.00			5-15-2022		8,980,000		9,159,600
Taylor Morrison Communities Incorporated 144A		5.88			4-15-2023		2,870,000		2,862,825
									12,022,425

Electronic Equipment, Instruments & Components : 0.18%
Wesco Distribution Incorporated Company 144A%%		7.13			6-15-2025		1,285,000		1,285,000

Trading Companies & Distributors : 1.34%
Fortress Transportation & Infrastructure Investors LLC 144A		6.75			3-15-2022		10,600,000		9,811,148

Information Technology : 2.43%
IT Services : 1.17%
Cardtronics Incorporated 144A		5.50			5-1-2025		9,135,000		8,586,900

Software : 0.44%
NortonLifeLock Incorporated 144A		5.00			4-15-2025		3,135,000		3,197,700

Technology Hardware, Storage & Peripherals : 0.82%
Dell International LLC 144A		5.88			6-15-2021		1,436,000		1,436,431


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short-Term High Yield Bond Fund


	Interest rate			Maturity date		Principal		Value
Technology Hardware, Storage & Peripherals (continued)
Dell International LLC 144A		7.13	%		6-15-2024	$	4,400,000	$	4,567,728
									6,004,159

Materials : 2.02%
Chemicals : 0.32%
Chemours Company		6.63			5-15-2023		2,370,000		2,375,925

Containers & Packaging : 1.05%
Owens-Brockway Glass Container Incorporated 144A		5.00			1-15-2022		1,120,000		1,128,400
Sealed Air Corporation 144A		5.13			12-1-2024		1,330,000		1,439,339
Sealed Air Corporation 144A		5.25			4-1-2023		4,835,000		5,088,838
									7,656,577

Metals & Mining : 0.65%
Freeport-McMoRan Incorporated		3.88			3-15-2023		3,650,000		3,678,908
Freeport-McMoRan Incorporated		3.55			3-1-2022		1,105,000		1,116,050
									4,794,958

Real Estate : 2.15%
Equity REITs : 1.29%
CoreCivic Incorporated		4.63			5-1-2023		6,812,000		6,607,640
CoreCivic Incorporated		5.00			10-15-2022		970,000		950,600
SBA Communications Corporation		4.00			10-1-2022		1,885,000		1,911,315
									9,469,555

Real Estate Management & Development : 0.86%
Realogy Group LLC 144A		5.25			12-1-2021		6,615,000		6,317,325

Utilities : 3.45%
Electric Utilities : 0.85%
DPL Incorporated		7.25			10-15-2021		3,490,000		3,585,975
NextEra Energy Operating Partners LP 144A		4.25			7-15-2024		2,575,000		2,658,688
									6,244,663

Independent Power & Renewable Electricity Producers : 2.60%
TerraForm Power Operating LLC 144A		4.25			1-31-2023		13,968,000		14,212,440
The AES Corporation		4.50			3-15-2023		4,760,000		4,849,488
									19,061,928

Total Corporate Bonds and Notes (Cost $502,492,844)									494,208,561

Loans : 17.61%
Communication Services : 4.23%
Media : 3.52%
CSC Holdings LLC (1 Month LIBOR +2.25%) ±		2.43			1-15-2026		2,444,063		2,350,113
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		2.68			4-15-2027		10,897,059		10,495,285
Diamond Sports Group LLC (1 Month LIBOR +3.25%) ±		3.42			8-24-2026		9,950,000		8,519,688


Wells Fargo Short-Term High Yield Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date		Principal		Value
Media (continued)
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		2.68	%		1-31-2028	$	4,615,000	$	4,468,843
									25,833,929

Wireless Telecommunication Services : 0.71%
SBA Senior Finance II LLC (1 Month LIBOR +1.75%) ±		1.93			4-11-2025		5,320,182		5,167,812

Consumer Discretionary : 0.39%
Specialty Retail : 0.39%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.25%) ±‡		2.43			7-5-2024		3,043,299		2,860,701

Energy : 0.93%
Oil, Gas & Consumable Fuels : 0.93%
Apergy Corporation <		0.00			5-29-2027		945,000		897,750
Buckeye Partners LP (1 Month LIBOR +2.75%) ±		3.12			11-1-2026		6,120,000		5,936,400
									6,834,150

Financials : 2.14%
Consumer Finance : 1.24%
TransUnion LLC (1 Month LIBOR +1.75%) ±		1.92			11-16-2026		9,391,392		9,084,199

Diversified Financial Services : 0.90%
Delos Finance SARL (3 Month LIBOR +1.75%) ±		3.20			10-6-2023		6,905,500		6,590,471
									6,590,471

Health Care : 1.12%
Health Care Providers & Services : 1.12%
HCA Incorporated (1 Month LIBOR +1.75%) ±		1.92			3-18-2026		3,171,445		3,106,303
Select Medical Corporation (1 Month LIBOR +2.50%) ±		2.67			3-6-2025		5,319,589		5,120,104
									8,226,407

Industrials : 6.76%
Aerospace & Defense : 0.78%
Rexnord LLC (1 Month LIBOR +1.75%) ±		1.92			8-21-2024		5,781,250		5,696,323

Airlines : 0.39%
United Airlines Incorporated (1 Month LIBOR +1.75%) ±		1.92			4-1-2024		3,293,500		2,898,280

Building Products : 0.90%
Flex Acquisition Company (3 Month LIBOR +3.00%) ±‡		4.00			12-29-2023		7,000,000		6,597,500

Commercial Services & Supplies : 3.51%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		3.00			11-10-2023		11,781,996		11,673,012
Aramark Services Incorporated (1 Month LIBOR +1.75%) ±		1.92			3-28-2024		3,736,782		3,563,956
Aramark Services Incorporated (1 Month LIBOR +1.75%) ±		1.92			3-11-2025		7,611,734		7,236,856


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Short-Term High Yield Bond Fund


	Interest rate			Maturity date		Principal		Value
Commercial Services & Supplies (continued)
KAR Auction Services Incorporated (1 Month LIBOR +2.25%) ±‡		2.44	%		9-19-2026	$	3,445,011	$	3,289,986
									25,763,810

Machinery : 0.56%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		3.95			1-31-2024		4,326,774		4,132,069

Road & Rail : 0.62%
Genesee & Wyoming Incorporated (3 Month LIBOR +2.00%) ±		3.45			12-30-2026		4,620,000		4,515,218

Information Technology : 1.12%
Semiconductors & Semiconductor Equipment : 1.12%
ON Semiconductor Corporation (1 Month LIBOR +2.00%) ±		2.17			9-19-2026		8,415,959		8,175,767

Materials : 0.92%
Chemicals : 0.92%
Ineos US Finance LLC (1 Month LIBOR +2.00%) ±		2.17			4-1-2024		7,064,145		6,769,782

Total Loans (Cost $135,329,078)									129,146,418

Non-Agency Mortgage-Backed Securities : 0.00%
Salomon Brothers Mortgage Securities VII Series 1994-5 Class B2 ±±		4.26			4-25-2024		19,211		17,578
Total Non-Agency Mortgage-Backed Securities (Cost $19,025)									17,578

Yankee Corporate Bonds and Notes : 9.49%
Communication Services : 0.93%
Media : 0.93%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		6,800,000		6,808,500

Consumer Discretionary : 0.92%
Hotels, Restaurants & Leisure : 0.92%
International Game Technology plc 144A		6.25			2-15-2022		6,580,000		6,715,219

Energy : 1.48%
Energy Equipment & Services : 1.48%
Alcoa Nederland Holding Company BV 144A		6.75			9-30-2024		10,705,000		10,865,575

Health Care : 3.81%
Pharmaceuticals : 3.81%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		14,000,000		14,242,200
Teva Pharmaceutical Finance BV		2.20			7-21-2021		3,800,000		3,725,710
Teva Pharmaceutical Finance BV		2.80			7-21-2023		7,385,000		6,978,825
Teva Pharmaceutical Finance BV		3.65			11-10-2021		3,000,000		2,955,000
									27,901,735

Materials : 2.35%
Chemicals : 1.12%
Park Aerospace Holdings Company 144A		5.25			8-15-2022		9,305,000		8,211,997

Metals & Mining : 1.23%
FMG Resources Proprietary Limited 144A		4.75			5-15-2022		8,909,000		9,047,535


Wells Fargo Short-Term High Yield Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Yield			Shares		Value
Total Yankee Corporate Bonds and Notes (Cost $70,166,029)								$	69,550,561

Short-Term Investments : 2.58%
Investment Companies : 2.58%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				0.12	%		18,930,110		18,930,110

Total Short-Term Investments (Cost $18,930,110)									18,930,110

Total investments in securities (Cost $726,937,086)	97.07	%							711,853,228
Other assets and liabilities, net	2.93								21,505,546

Total net assets	100.00	%						$	733,358,774

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.

%%	The security is purchased on a when-issued basis.

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

<	All or a portion of the position represents an unfunded loan commitment.

‡	Security is valued using significant unobservable inputs.

±±	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.

(l)

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

(u)

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

##	All or a portion of this security is segregated for when-issued securities and/or unfunded loans.

Abbreviations:

LIBOR

London Interbank Offered Rate

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

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		5,730,371		24,563,680		(30,294,051	)		0	$	0
Wells Fargo Government Money Market Fund Select Class		47,797,221		492,202,752		(521,069,863	)		18,930,110		18,930,110

										$	18,930,110		2.58	%

*	No longer held at the end of the period

Wells Fargo Short-Term High Yield Fund (the “Fund”)

Notes to Portfolio of investments – May, 31 2020 (unaudited)

Securities valuation

Investments in registered open-end investment companies are valued at net asset value.

When-issued transactions

Loans

As of May 31, 2020, the Fund had unfunded loan commitments of $893,025.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the 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). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Corporate bonds and notes	$	0	$	494,208,561	$	0	$	494,208,561
Loans		0		112,266,162		16,880,256		129,146,418
Non-agency mortgage-backed securities		0		17,578		0		17,578
Yankee corporate bonds and notes		0		69,550,561		0		69,550,561
Short-term investments
Investment companies		18,930,110		0		0		18,930,110

Total assets	$	18,930,110	$	676,042,862	$	16,880,256	$	711,853,228

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:


	Loans
Balance as of August 31, 2019	$	6,794,351
Accrued discounts (premiums)		(925	)
Realized losses		(1,767	)
Change in unrealized gains (losses)		(880,146	)
Purchases		11,687,754
Sales		(719,011	)
Transfers into Level 3		2,978,629
Transfers out of Level 3		(2,978,629	)

Balance as of May 31, 2020	$	16,880,256

Change in unrealized gains (losses) relating to securities still held at May 31, 2020	$	(864,730	)

The investment types categorized above were valued using indicative broker quotes. These indicative broker quotes are considered Level 3 inputs. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Fund and therefore the disclosure that would address these inputs is not included above.


Wells Fargo Target Today Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 100.06%
Affiliated Master Portfolios : 100.06%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	21,321,344
Wells Fargo Emerging Markets Bond Portfolio				1,802,806
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio				1,376,202
Wells Fargo Factor Enhanced International Equity Portfolio				4,601,184
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio				8,817,637
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio				2,123,055
Wells Fargo High Yield Corporate Bond Portfolio				1,798,942
Wells Fargo Investment Grade Corporate Bond Portfolio				11,088,892
Wells Fargo Strategic Retirement Bond Portfolio				7,207,196
Wells Fargo U.S. REIT Portfolio				1,514,617
Total Investment Companies (Cost $54,450,592)				61,651,875

Total investments in securities (Cost $54,450,592)	100.06	%		61,651,875
Other assets and liabilities, net	(0.06	)		(36,104	)

Total net assets	100.00	%	$	61,615,771

Transactions with the affiliated Master Portfolios were as follows:


Affiliated Master Portfolios	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		3.44	%		3.81	%	$	21,321,344
Wells Fargo Emerging Markets Bond Portfolio		4.45			4.99			1,802,806
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.61			0.68			1,376,202
Wells Fargo Factor Enhanced International Portfolio		0.76			0.85			4,601,184
Wells Fargo Factor Enhanced Large Cap Portfolio		0.87			0.97			8,817,637
Wells Fargo Factor Enhanced Small Cap Portfolio		0.90			1.02			2,123,055
Wells Fargo High Yield Corporate Bond Portfolio		3.46			1.05			1,798,942
Wells Fargo Investment Grade Corporate Bond Portfolio		4.53			5.08			11,088,892
Wells Fargo Strategic Retirement Bond Portfolio		10.17			11.20			7,207,196
Wells Fargo U.S. REIT Portfolio		5.66			6.44			1,514,617

							$	61,651,875		100.06	%

Wells Fargo Target Today Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio invests in a combination of securities to gain exposure to equity and fixed income asset classes (including money market securities). Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $61,651,875, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.

As of May 31, 2020, the Fund’s investment in an affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The 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 U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Target 2010 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 100.02%
Affiliated Master Portfolios : 100.02%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	18,796,071
Wells Fargo Emerging Markets Bond Portfolio				1,590,961
Wells Fargo Factor Enhanced Emerging Markets Portfolio				1,265,394
Wells Fargo Factor Enhanced International Portfolio				4,217,552
Wells Fargo Factor Enhanced Large Cap Portfolio				8,107,839
Wells Fargo Factor Enhanced Small Cap Portfolio				1,941,579
Wells Fargo High Yield Corporate Bond Portfolio				1,587,548
Wells Fargo Investment Grade Corporate Bond Portfolio				9,786,007
Wells Fargo Strategic Retirement Bond Portfolio				6,360,145
Wells Fargo U.S. REIT Portfolio				1,375,555
Total Investment Companies (Cost $35,073,474)				55,028,651

Total investments in securities (Cost $35,073,474)	100.02	%		55,028,651
Other assets and liabilities, net	(0.02	)		(10,477	)

Total net assets	100.00	%	$	55,018,174

Transactions with the affiliated Master Portfolios were as follows:


Affiliated Master Portfolios	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		3.06	%		3.35	%		18,796,071
Wells Fargo Emerging Markets Bond Portfolio		3.95			4.40			1,590,961
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.59			0.63			1,265,394
Wells Fargo Factor Enhanced International Portfolio		0.72			0.78			4,217,552
Wells Fargo Factor Enhanced Large Cap Portfolio		0.82			0.89			8,107,839
Wells Fargo Factor Enhanced Small Cap Portfolio		0.85			0.93			1,941,579
Wells Fargo High Yield Corporate Bond Portfolio		3.05			0.93			1,587,548
Wells Fargo Investment Grade Corporate Bond Portfolio		4.01			4.48			9,786,007
Wells Fargo Strategic Retirement Bond Portfolio		9.04			9.89			6,360,145
Wells Fargo U.S. REIT Portfolio		5.34			5.85			1,375,555

								55,028,651		100.02	%

Wells Fargo Target 2010 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $55,028,651, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Target 2015 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 100.14%
Affiliated Master Portfolios : 100.14%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	18,075,631
Wells Fargo Emerging Markets Bond Portfolio				1,534,832
Wells Fargo Factor Enhanced Emerging Markets Portfolio				1,537,809
Wells Fargo Factor Enhanced International Portfolio				5,141,176
Wells Fargo Factor Enhanced Large Cap Portfolio				9,853,350
Wells Fargo Factor Enhanced Small Cap Portfolio				2,358,872
Wells Fargo High Yield Corporate Bond Portfolio				1,531,543
Wells Fargo Investment Grade Corporate Bond Portfolio				9,440,490
Wells Fargo Strategic Retirement Bond Portfolio				6,116,980
Wells Fargo U.S. REIT Portfolio				1,690,048
Total Investment Companies (Cost $44,646,505)				57,280,731

Total investments in securities (Cost $44,646,505)	100.14	%		57,280,731
Other assets and liabilities, net	(0.14	)		(77,638	)

Total net assets	100.00	%	$	57,203,093

Transactions with the affiliated Master Portfolios were as follows:


Affiliated Master Portfolios	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		3.13	%		3.23	%		18,075,631
Wells Fargo Emerging Markets Bond Portfolio		4.04			4.25			1,534,832
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.74			0.76			1,537,809
Wells Fargo Factor Enhanced International Portfolio		0.90			0.94			5,141,176
Wells Fargo Factor Enhanced Large Cap Portfolio		1.03			1.08			9,853,350
Wells Fargo Factor Enhanced Small Cap Portfolio		1.07			1.13			2,358,872
Wells Fargo High Yield Corporate Bond Portfolio		3.12			0.90			1,531,543
Wells Fargo Investment Grade Corporate Bond Portfolio		4.10			4.33			9,440,490
Wells Fargo Strategic Retirement Bond Portfolio		9.24			9.51			6,116,980
Wells Fargo U.S. REIT Portfolio		6.84			7.19			1,690,048

								57,280,731		100.14	%

Wells Fargo Target 2015 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $57,280,731, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Target 2020 Fund		Portfolio of investments — May 31, 2020 (unaudited)


			Value
Investment Companies : 100.07%
Affiliated Master Portfolios : 100.07%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			$	94,372,683
Wells Fargo Emerging Markets Bond Portfolio				8,001,565
Wells Fargo Factor Enhanced Emerging Markets Portfolio				10,351,067
Wells Fargo Factor Enhanced International Portfolio				34,224,027
Wells Fargo Factor Enhanced Large Cap Portfolio				65,541,904
Wells Fargo Factor Enhanced Small Cap Portfolio				15,470,370
Wells Fargo High Yield Corporate Bond Portfolio				7,984,296
Wells Fargo Investment Grade Corporate Bond Portfolio				49,294,307
Wells Fargo Strategic Retirement Bond Portfolio				29,324,838
Wells Fargo U.S. REIT Portfolio				9,925,013
Total Investment Companies (Cost $281,325,153)				324,490,070

Total investments in securities (Cost $281,325,153)	100.07	%		324,490,070
Other assets and liabilities, net	(0.07	)		(213,890	)

Total net assets	100.00	%	$	324,276,180

Transactions with the affiliated Master Portfolios were as follows:


Affiliated Master Portfolios	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		16.98	%		16.84	%		94,372,683
Wells Fargo Emerging Markets Bond Portfolio		21.86			22.15			8,001,565
Wells Fargo Factor Enhanced Emerging Markets Portfolio		5.16			5.11			10,351,067
Wells Fargo Factor Enhanced International Portfolio		6.30			6.29			34,224,027
Wells Fargo Factor Enhanced Large Cap Portfolio		7.17			7.19			65,541,904
Wells Fargo Factor Enhanced Small Cap Portfolio		7.54			7.41			15,470,370
Wells Fargo High Yield Corporate Bond Portfolio		16.95			4.68			7,984,296
Wells Fargo Investment Grade Corporate Bond Portfolio		22.25			22.58			49,294,307
Wells Fargo Strategic Retirement Bond Portfolio		46.07			45.58			29,324,838
Wells Fargo U.S. REIT Portfolio		42.17			42.23			9,925,013

								324,490,070		100.07	%

Wells Fargo Target 2020 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $324,490,070, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Target 2025 Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Value
Investment Companies : 100.19%
Affiliated Master Portfolios : 100.19%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	50,457,311
Wells Fargo Emerging Markets Bond Portfolio		4,240,791
Wells Fargo Factor Enhanced Emerging Markets Portfolio		8,181,988
Wells Fargo Factor Enhanced International Portfolio		27,239,502
Wells Fargo Factor Enhanced Large Cap Portfolio		49,542,494
Wells Fargo Factor Enhanced Small Cap Portfolio		11,898,275
Wells Fargo High Yield Corporate Bond Portfolio		4,231,545
Wells Fargo Investment Grade Corporate Bond Portfolio		26,353,776
Wells Fargo Strategic Retirement Bond Portfolio		8,320,352
Wells Fargo U.S. REIT Portfolio		4,200,327
Total Investment Companies (Cost $170,362,257)		194,666,361


Total investments in securities (Cost $170,362,257)	100.19	%		194,666,361
Other assets and liabilities, net	(0.19	)		(364,446	)

Total net assets	100.00	%	$	194,301,915

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		10.24	%		9.01	%		50,457,311
Wells Fargo Emerging Markets Bond Portfolio		13.18			11.74			4,240,791
Wells Fargo Factor Enhanced Emerging Markets Portfolio		4.66			4.04			8,181,988
Wells Fargo Factor Enhanced International Portfolio		5.67			5.01			27,239,502
Wells Fargo Factor Enhanced Large Cap Portfolio		6.15			5.44			49,542,494
Wells Fargo Factor Enhanced Small Cap Portfolio		6.44			5.70			11,898,275
Wells Fargo High Yield Corporate Bond Portfolio		10.21			2.48			4,231,545
Wells Fargo Investment Grade Corporate Bond Portfolio		13.49			12.07			26,353,776
Wells Fargo Strategic Retirement Bond Portfolio		14.75			12.93			8,320,352
Wells Fargo U.S. REIT Portfolio		20.24			17.87			4,200,327

								194,666,361		100.19	%

Wells Fargo Target 2025 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $194,666,361, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Target 2030 Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Value
Investment Companies : 100.14%
Affiliated Master Portfolios : 100.14%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	103,650,041
Wells Fargo Emerging Markets Bond Portfolio		8,673,229
Wells Fargo Factor Enhanced Emerging Markets Portfolio		25,073,318
Wells Fargo Factor Enhanced International Portfolio		83,899,171
Wells Fargo Factor Enhanced Large Cap Portfolio		145,946,806
Wells Fargo Factor Enhanced Small Cap Portfolio		34,267,600
Wells Fargo High Yield Corporate Bond Portfolio		8,654,172
Wells Fargo Investment Grade Corporate Bond Portfolio		54,169,680
Wells Fargo Strategic Retirement Bond Portfolio		5,061,779
Wells Fargo U.S. REIT Portfolio		3,720,625
Total Investment Companies (Cost $429,346,045)		473,116,421


Total investments in securities (Cost $429,346,045)	100.14	%		473,116,421
Other assets and liabilities, net	(0.14	)		(651,208	)

Total net assets	100.00	%	$	472,465,213

Transactions with the affiliated Master Portfolios were as follows:


Affiliated Master Portfolios	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		18.76	%		18.50	%		103,650,041
Wells Fargo Emerging Markets Bond Portfolio		23.91			24.01			8,673,229
Wells Fargo Factor Enhanced Emerging Markets Portfolio		12.59			12.39			25,073,318
Wells Fargo Factor Enhanced International Portfolio		15.39			15.42			83,899,171
Wells Fargo Factor Enhanced Large Cap Portfolio		16.00			16.02			145,946,806
Wells Fargo Factor Enhanced Small Cap Portfolio		16.72			16.41			34,267,600
Wells Fargo High Yield Corporate Bond Portfolio		18.60			5.07			8,654,172
Wells Fargo Investment Grade Corporate Bond Portfolio		24.69			24.82			54,169,680
Wells Fargo Strategic Retirement Bond Portfolio		8.00			7.87			5,061,779
Wells Fargo U.S. REIT Portfolio		15.61			15.83			3,720,625

								473,116,421		100.14	%

Wells Fargo Target 2030 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $473,116,421, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses


Wells Fargo Target 2035 Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Value
Investment Companies : 99.97%
Affiliated Master Portfolios : 99.97%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	30,493,720
Wells Fargo Emerging Markets Bond Portfolio		2,565,578
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		11,694,080
Wells Fargo Factor Enhanced International Equity Portfolio		39,341,402
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		65,531,769
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		15,753,207
Wells Fargo High Yield Corporate Bond Portfolio		2,559,900
Wells Fargo Investment Grade Corporate Bond Portfolio		15,920,859
Total Investment Companies (Cost $169,253,442)		183,860,515


Total investments in securities (Cost $169,253,442)	99.97	%		183,860,515
Other assets and liabilities, net	0.03			53,533

Total net assets	100.00	%	$	183,914,048

Transactions with the affiliated Master Portfolios were as follows:


Affiliated Master Portfolios	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		5.92	%		5.44	%	$	30,493,720
Wells Fargo Emerging Markets Bond Portfolio		7.62			7.10			2,565,578
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		6.31			5.78			11,694,080
Wells Fargo Factor Enhanced International Equity Portfolio		7.78			7.23			39,341,402
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		7.75			7.19			65,531,769
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		8.11			7.54			15,753,207
Wells Fargo High Yield Corporate Bond Portfolio		5.90			1.50			2,559,900
Wells Fargo Investment Grade Corporate Bond Portfolio		7.79			7.29			15,920,859

							$	183,860,515		99.97	%

Wells Fargo Target 2035 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $183,860,515, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Equity, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Equity, 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 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


Wells Fargo Target 2040 Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Value
Investment Companies : 100.04%
Affiliated Master Portfolios : 100.04%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	48,467,365
Wells Fargo Emerging Markets Bond Portfolio		4,073,036
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		31,672,039
Wells Fargo Factor Enhanced International Equity Portfolio		105,750,939
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		170,016,609
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		40,872,216
Wells Fargo High Yield Corporate Bond Portfolio		4,063,968
Wells Fargo Investment Grade Corporate Bond Portfolio		25,275,122
Total Investment Companies (Cost $403,922,908)		430,191,294


Total investments in securities (Cost $403,922,908)	100.04	%		430,191,294
Other assets and liabilities, net	(0.04	)		(185,555	)

Total net assets	100.00	%	$	430,005,739

Transactions with the affiliated Master Portfolios were as follows:


Affiliated Master Portfolios	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		8.68	%		8.65	%	$	48,467,365
Wells Fargo Emerging Markets Bond Portfolio		11.16			11.28			4,073,036
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		15.84			15.65			31,672,039
Wells Fargo Factor Enhanced International Equity Portfolio		19.34			19.44			105,750,939
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		18.63			18.66			170,016,609
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		19.43			19.57			40,872,216
Wells Fargo High Yield Corporate Bond Portfolio		8.66			2.38			4,063,968
Wells Fargo Investment Grade Corporate Bond Portfolio		11.42			11.58			25,275,122

							$	430,191,294		100.04	%

Wells Fargo Target 2040 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $430,191,294, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity 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 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


Wells Fargo Target 2045 Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Value
Investment Companies : 99.90%
Affiliated Master Portfolios : 99.90%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	7,419,606
Wells Fargo Emerging Markets Bond Portfolio		620,504
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		7,029,551
Wells Fargo Factor Enhanced International Equity Portfolio		23,520,638
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		37,014,297
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		8,934,029
Wells Fargo High Yield Corporate Bond Portfolio		619,118
Wells Fargo Investment Grade Corporate Bond Portfolio		3,850,540
Total Investment Companies (Cost $83,658,263)		89,008,283


Total investments in securities (Cost $83,658,263)	99.90	%		89,008,283
Other assets and liabilities, net	0.10			85,016

Total net assets	100.00	%	$	89,093,299

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		1.53	%		1.32	%	$	7,419,606
Wells Fargo Emerging Markets Bond Portfolio		1.96			1.72			620,504
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		4.02			3.47			7,029,551
Wells Fargo Factor Enhanced International Equity Portfolio		4.92			4.32			23,520,638
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		4.65			4.06			37,014,297
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		4.90			4.28			8,934,029
Wells Fargo High Yield Corporate Bond Portfolio		1.52			0.36			619,118
Wells Fargo Investment Grade Corporate Bond Portfolio		2.01			1.76			3,850,540

							$	89,008,283		99.90	%

Wells Fargo Target 2045 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $89,008,283, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity 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 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


Wells Fargo Target 2050 Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Value
Investment Companies : 100.02%
Affiliated Master Portfolios : 100.02%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	11,619,300
Wells Fargo Emerging Markets Bond Portfolio		971,414
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		16,217,431
Wells Fargo Factor Enhanced International Equity Portfolio		54,352,299
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		84,105,203
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		20,303,328
Wells Fargo High Yield Corporate Bond Portfolio		969,253
Wells Fargo Investment Grade Corporate Bond Portfolio		6,028,160
Total Investment Companies (Cost $180,466,513)		194,566,388


Total investments in securities (Cost $180,466,513)	100.02	%		194,566,388
Other assets and liabilities, net	(0.02	)		(39,686	)

Total net assets	100.00	%	$	194,526,702

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		2.08	%		2.07	%	$	11,619,300
Wells Fargo Emerging Markets Bond Portfolio		2.67			2.69			971,414
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		8.24			8.01			16,217,431
Wells Fargo Factor Enhanced International Equity Portfolio		10.11			9.99			54,352,299
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		9.36			9.23			84,105,203
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		9.79			9.72			20,303,328
Wells Fargo High Yield Corporate Bond Portfolio		2.08			0.57			969,253
Wells Fargo Investment Grade Corporate Bond Portfolio		2.74			2.76			6,028,160

							$	194,566,388		100.02	%

Wells Fargo Target 2050 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $194,566,388, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity 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 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


Wells Fargo Target 2055 Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Value
Investment Companies : 100.41%
Affiliated Master Portfolios : 100.41%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	1,593,070
Wells Fargo Emerging Markets Bond Portfolio		133,552
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		2,224,746
Wells Fargo Factor Enhanced International Equity Portfolio		7,456,504
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		11,529,591
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		2,766,293
Wells Fargo High Yield Corporate Bond Portfolio		133,254
Wells Fargo Investment Grade Corporate Bond Portfolio		828,758
Total Investment Companies (Cost $27,754,724)		26,665,768


Total investments in securities (Cost $27,754,724)	100.41	%		26,665,768
Other assets and liabilities, net	(0.41	)		(109,922	)

Total net assets	100.00	%	$	26,555,846

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.34	%		0.28	%	$	1,593,070
Wells Fargo Emerging Markets Bond Portfolio		0.44			0.37			133,552
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		1.36			1.10			2,224,746
Wells Fargo Factor Enhanced International Equity Portfolio		1.67			1.37			7,456,504
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		1.53			1.27			11,529,591
Wells Fargo Factor Enhanced U.S. Small Cap Equity Portfolio		1.60			1.32			2,766,293
Wells Fargo High Yield Corporate Bond Portfolio		0.34			0.08			133,254
Wells Fargo Investment Grade Corporate Bond Portfolio		0.45			0.38			828,758

							$	26,665,768		100.41	%

Wells Fargo Target 2055 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $26,665,768, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced U.S. Large Cap Equity Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced U.S. Small Cap Equity 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 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


Wells Fargo Target 2060 Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Value
Investment Companies : 100.54%
Affiliated Master Portfolios : 100.54%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	1,405,687
Wells Fargo Emerging Markets Bond Portfolio		117,893
Wells Fargo Factor Enhanced Emerging Markets Portfolio		1,946,995
Wells Fargo Factor Enhanced International Portfolio		6,525,568
Wells Fargo Factor Enhanced Large Cap Portfolio		10,097,778
Wells Fargo Factor Enhanced Small Cap Portfolio		2,410,122
Wells Fargo High Yield Corporate Bond Portfolio		117,630
Wells Fargo Investment Grade Corporate Bond Portfolio		731,572
Total Investment Companies (Cost $23,183,325)		23,353,245


Total investments in securities (Cost $23,183,325)	100.54	%		23,353,245
Other assets and liabilities, net	(0.54	)		(124,920	)

Total net assets	100.00	%	$	23,228,325

Transactions with the affiliated Master Portfolios were as follows:


	% of			% of
	ownership,			ownership,			Value,		% of
	beginning			end			end		net
	of period			of period			of period		assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.22	%		0.25	%	$	1,405,687
Wells Fargo Emerging Markets Bond Portfolio		0.28			0.33			117,893
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.88			0.96			1,946,995
Wells Fargo Factor Enhanced International Portfolio		1.09			1.20			6,525,568
Wells Fargo Factor Enhanced Large Cap Portfolio		1.00			1.11			10,097,778
Wells Fargo Factor Enhanced Small Cap Portfolio		1.05			1.15			2,410,122
Wells Fargo High Yield Corporate Bond Portfolio		0.22			0.07			117,630
Wells Fargo Investment Grade Corporate Bond Portfolio		0.28			0.34			731,572

							$	23,353,245		100.54	%

Wells Fargo Target 2060 Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $23,353,245, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate 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 Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index (Net), before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index (Net), before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo 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


Wells Fargo U.S. Core Bond Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Value
Investment Companies : 99.79%
Affiliated Master Portfolios : 99.79%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio	$	831,176
Wells Fargo Investment Grade Corporate Bond Portfolio		264,743

Total Investment Companies (Cost $1,022,489)		1,095,919


Total investments in securities (Cost $1,022,489)	99.79	%		1,095,919
Other assets and liabilities, net	0.21			2,297

Total net assets	100.00	%	$	1,098,216

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.12	%		0.15	%	$	831,176
Wells Fargo Investment Grade Corporate Bond Portfolio		0.10			0.12			264,743

							$	1,095,919		99.79	%

Wells Fargo U.S. Core Bond Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

The Fund is a fund-of-funds that invests in various affiliated master portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company, to gain exposure to various asset assets consistent with its strategic target asset allocation. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.

Securities valuation

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

Fair valuation measurements

At May 31, 2020, the affiliated Master Portfolios in aggregate were valued at $1,095,919, do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate ex-Corporate 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


Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Agency Securities : 4.95%
FDIC Series 2013-R1 Class A 144A		1.15	%	3-25-2033	$	115,739	$	115,129
FHLMC (1 Month LIBOR +0.50%) ±		0.68		9-15-2041		1,259,247		1,260,213
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.99		4-1-2038		478,408		505,969
FHLMC (1 Year Treasury Constant Maturity +2.21%) ±		4.02		5-1-2035		162,212		169,935
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.25		9-1-2038		1,124,434		1,185,066
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.30		10-1-2038		519,224		524,515
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.39		3-1-2035		515,871		539,274
FHLMC		4.50		8-1-2020		1,335		1,407
FHLMC		4.50		1-1-2022		5,388		5,680
FHLMC		4.50		6-1-2024		622,562		662,666
FHLMC		4.50		9-1-2026		973,565		1,038,905
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.59		11-1-2035		1,337,995		1,396,874
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.67		6-1-2032		1,476		1,480
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.70		4-1-2032		77,921		78,507
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		4.83		1-1-2029		29,965		30,138
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.90		7-1-2029		582		584
FHLMC		5.50		12-1-2022		223,449		233,515
FHLMC		5.50		12-1-2023		257,033		271,068
FHLMC		6.00		10-1-2021		179,488		183,248
FHLMC		6.00		10-1-2021		196,327		200,741
FHLMC		6.00		1-1-2024		202,174		210,469
FHLMC		7.00		6-1-2031		208,315		239,424
FHLMC		9.50		9-1-2020		1,064		1,068
FHLMC		9.50		12-1-2022		838		845
FHLMC		10.00		11-17-2021		1,075		1,085
FHLMC Series 2611 Class HD		5.00		5-15-2023		306,787		319,751
FHLMC Series 2649 Class WL		4.00		7-15-2023		484,065		492,825
FHLMC Series 2704 Class BH		4.50		11-15-2023		229,465		237,736
FHLMC Series 2881 Class AE		5.00		8-15-2034		125,855		130,867
FHLMC Series 2953 Class LD		5.00		12-15-2034		106,360		111,141
FHLMC Series 3266 Class D		5.00		1-15-2022		1		1
FHLMC Series 3609 Class LA		4.00		12-15-2024		1,249		1,255
FHLMC Series 3821 Class LA		3.50		4-15-2025		1,517		1,516
FHLMC Series 3834 Class EA		3.50		6-15-2029		103,001		104,278
FHLMC Series 3888 Class NA		2.25		1-15-2040		971,059		986,419
FHLMC Series 3898 Class NE		4.00		7-15-2040		18,125		18,137
FHLMC Series 4172 Class PB		1.50		7-15-2040		177,388		177,703
FHLMC Series 4318 Class LC		2.00		6-15-2038		5,619		5,616
FHLMC Series 4348 Class MH		3.00		6-15-2039		1,455,834		1,492,730
FHLMC Series 4764 Class BA		4.00		6-15-2042		646,679		657,409
FHLMC Series 4889 Class CD		3.00		4-15-2049		3,656,181		3,804,103
FHLMC Series KF15 Class A (1 Month LIBOR +0.67%) ±		1.00		2-25-2023		517,665		515,522
FHLMC Series KI01 Class A (1 Month LIBOR +0.16%) ±		0.49		9-25-2022		351,882		351,192
FHLMC Series QO04 Class AFL (12 Month Treasury Average +0.74%) ±		2.43		5-25-2044		2,225,372		2,223,262
FHLMC Series T-42 Class A6		9.50		2-25-2042		532,535		676,207
FNMA (6 Month LIBOR +1.40%) ±		3.28		10-1-2031		65,796		66,555
FNMA (6 Month LIBOR +1.51%) ±		3.32		9-1-2037		281,670		289,444
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		3.79		5-1-2032		4,470		4,496
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		3.80		2-1-2033		337,672		339,566
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		3.90		2-1-2036		735,456		751,297
FNMA (1 Year Treasury Constant Maturity +2.02%) ±		3.94		12-1-2034		241,084		250,219
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.01		11-1-2035		113,024		114,947
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.03		11-1-2031		53,758		54,095
FNMA (12 Month LIBOR +1.82%) ±		4.05		9-1-2040		1,579,902		1,656,822
FNMA (12 Month Treasury Average +2.20%) ±		4.07		8-1-2045		266,203		276,376
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.11		2-1-2035		669,751		699,803
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.11		12-1-2040		120,514		121,511
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.14		4-1-2038		1,434,003		1,498,477
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		4.15		11-1-2032		431,570		434,559
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.17		8-1-2036		1,407,497		1,474,949
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.20		7-1-2038		886,592		928,156
FNMA (12 Month Treasury Average +2.46%) ±		4.27		5-1-2036		512,816		538,384
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.30		11-1-2033		1,127,361		1,176,623
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		4.33		11-1-2034		642,223		674,805
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		4.35		5-1-2036		392,092		411,730
FNMA		4.50		1-1-2027		1,213,814		1,295,835
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.69		6-1-2034		775,846		788,950


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Ultra Short-Term Income Fund


	Interest rate			Maturity date	Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.72	%	6-1-2032	$	68,979	$	69,192
FNMA		5.00		5-1-2022		86,277		90,823
FNMA		5.00		6-1-2024		1,168,354		1,230,987
FNMA (6 Month LIBOR +2.86%) ±		5.23		4-1-2033		736		742
FNMA		6.00		4-1-2021		12,032		12,170
FNMA		6.00		1-1-2023		599,426		627,948
FNMA		6.50		8-1-2031		248,848		298,410
FNMA		9.00		10-15-2021		996		1,007
FNMA		9.00		6-1-2024		3,065		3,092
FNMA		9.50		12-1-2020		222		223
FNMA		10.50		4-1-2022		7		7
FNMA Series 1990-111 Class Z		8.75		9-25-2020		61		61
FNMA Series 1990-119 Class J		9.00		10-25-2020		1,768		1,785
FNMA Series 1990-124 Class Z		9.00		10-25-2020		205		206
FNMA Series 1991-132 Class Z		8.00		10-25-2021		9,353		9,698
FNMA Series 1992-71 Class X		8.25		5-25-2022		8,867		9,370
FNMA Series 2000-T6 Class A2		9.50		11-25-2040		272,808		315,294
FNMA Series 2001-T10 Class A3		9.50		12-25-2041		421,761		510,071
FNMA Series 2001-T12 Class A3		9.50		8-25-2041		402,826		495,583
FNMA Series 2002-T1 Class A4		9.50		11-25-2031		480,791		592,461
FNMA Series 2002-W04 Class A6 ±±		4.16		5-25-2042		500,447		531,892
FNMA Series 2003-W11 Class A1 ±±		4.35		6-25-2033		11,386		11,615
FNMA Series 2003-W3 Class 1A4 ±±		3.98		8-25-2042		27,455		29,218
FNMA Series 2007-W2 Class 1A1 (1 Month LIBOR +0.32%) ±		0.49		3-25-2037		269,688		268,429
FNMA Series 2009-31 Class B		4.00		5-25-2024		1,060		1,061
FNMA Series 2010-115 Class NC		2.75		1-25-2039		488,026		493,809
FNMA Series 2010-25 Class ND		3.50		3-25-2025		1,196		1,178
FNMA Series 2010-37 Class A1		5.41		5-25-2035		3,347,654		3,534,181
FNMA Series 2010-57 Class DQ		3.00		6-25-2025		127,269		129,945
FNMA Series 2012-72 Class QE		3.00		1-25-2038		161,093		162,856
FNMA Series 2013-26 Class AK		2.50		11-25-2038		2,686,413		2,728,064
FNMA Series 2014-19 Class HA		2.00		6-25-2040		612,096		622,597
GNMA		7.00		6-15-2033		360,679		444,936
GNMA Series 2017-H13 Class FJ (1 Month LIBOR +0.20%) ±		1.22		5-20-2067		18,312		18,304
GNMA Series 2017-H16 Class FD (1 Month LIBOR +0.20%) ±		1.22		8-20-2067		108,020		108,041
Total Agency Securities (Cost $46,801,360)								48,368,330

Asset-Backed Securities : 15.12%
Ally Master Owner Trust Series 2018-4 Class A		3.30		7-17-2023		11,174,000		11,210,317
American Credit Acceptance Receivables Trust Series 2018-1 Class C 144A		3.55		4-10-2024		1,016,016		1,018,492
American Credit Acceptance Receivables Trust Series 2019-2 Class A 144A		2.85		7-12-2022		1,981,138		1,984,833
California Republic Auto Receivables Trust Series 2017-1 Class A4		2.28		6-15-2022		1,562,864		1,568,170
CCG Receivables Trust Series 2017-1 Class A2 144A		1.84		11-14-2023		225,919		225,925
Chesapeake Funding II LLC Series 2017-3A Class A1 144A		1.91		8-15-2029		2,260,164		2,265,930
Chesapeake Funding II LLC Series 2018-3A Class A1 144A		3.39		1-15-2031		4,600,189		4,711,254
Daimler Trucks Retail Trust Series 2018-1 Class A4 144A		3.03		11-15-2024		10,000,000		10,061,090
Drive Auto Receivables Trust Series 2017-3 Class D 144A		3.53		12-15-2023		3,184,235		3,218,666
Drive Auto Receivables Trust Series 2017-BA Class D 144A		3.72		10-17-2022		1,277,105		1,285,875
DT Auto Owner Trust Series 2017-3A Class D 144A		3.58		5-15-2023		2,409,044		2,432,922
DT Auto Owner Trust Series 2018-3A Class A 144A		3.02		2-15-2022		228,842		229,070
Education Loan Asset-Backed Trust Series 2013-1 Class A1 (1 Month LIBOR +0.80%) 144A±		0.97		6-25-2026		805,973		804,521
Educational Services of America Incorporated Series 2015-2 Class A (1 Month LIBOR +1.00%) 144A±		1.17		12-25-2056		869,084		852,134
Enterprise Fleet Financing Trust Series 2017-2 Class A2 144A		1.97		1-20-2023		64,821		64,849
Exeter Automobile Receivables Trust Series 2019-2A Class A 144A		2.93		7-15-2022		529,239		530,508
Fifth Third Auto Trust Series 2019-1 Class A2A		2.66		5-16-2022		2,163,577		2,175,552
Flagship Credit Auto Trust Series 2018-4 Class A 144A		3.41		5-15-2023		1,280,363		1,294,057
Flagship Credit Auto Trust Series 2019-4 Class A 144A		2.17		6-17-2024		4,077,627		4,100,608
Ford Credit Auto Lease Trust Series 2018-B Class A4		3.30		2-15-2022		3,835,000		3,901,170
Hertz Vehicle Financing LLC Series 2017-2A Class A 144A		3.29		10-25-2023		2,240,000		2,134,221
Hertz Vehicle Financing LLC Series 2018-1A Class A 144A		3.29		2-25-2024		2,430,000		2,345,411
Honda Auto Receivables Owner Series 2019-1 Class A2		2.75		9-20-2021		1,537,034		1,546,443


Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Hyundai Auto Lease Securitization Trust Series 2018-B Class A4		3.29	%		1-15-2025	$	6,000,000	$	6,300,641
Hyundai Auto Lease Securitization Trust Series 2019-A Class A3 144A		2.98			7-15-2022		5,200,000		5,262,761
Mercedes-Benz Auto Lease Trust Series 2019-A Class A2		3.01			2-16-2021		748,894		749,498
MMAF Equipment Finance LLC Series 2019-A Class A2 144A		2.84			1-10-2022		2,014,564		2,024,878
New York Life Global Funding 144A		1.10			5-5-2023		4,500,000		4,552,943
Nissan Auto Lease Trust Series 2019-A Class A3		2.76			3-15-2022		11,738,000		11,899,220
Nissan Auto Lease Trust Series 2019-B Class A3		2.27			7-15-2022		5,375,000		5,447,749
Oscar US Funding Trust Series 2016-2A Class A4 144A		2.99			12-15-2023		2,778,593		2,806,336
Prestige Auto Receivables Trust Series 2017-1A Class B 144A		2.39			5-16-2022		470,347		471,015
Santander Drive Auto Receivables Trust Series 2017-1 Class D		3.17			4-17-2023		6,092,000		6,151,448
Santander Retail Auto Lease Trust Series 2019-A Class A2 144A		2.72			1-20-2022		3,412,192		3,437,025
SLC Student Loan Trust Series 2006-2 Class A5 (3 Month LIBOR +0.10%) ±		0.84			9-15-2026		635,871		635,344
SLM Student Loan Trust Series 2006-10 Class A5A (3 Month LIBOR +0.10%) ±		1.09			4-25-2027		154,531		154,329
SLM Student Loan Trust Series 2011-2 Class A1 (1 Month LIBOR +0.60%) ±		0.77			11-25-2027		898,582		896,345
SLM Student Loan Trust Series 2012-3 Class A (1 Month LIBOR +0.65%) ±		0.82			12-27-2038		4,284,628		4,110,456
SLM Student Loan Trust Series 2013-1 Class A3 (1 Month LIBOR +0.55%) ±		0.72			5-26-2055		4,617,386		4,511,988
SLM Student Loan Trust Series 2014-A Class B 144A		3.50			11-15-2044		6,200,000		6,305,910
South Texas Higher Education 2012-1 Class A2 (3 Month LIBOR +0.85%) ±		2.28			10-1-2024		1,618,682		1,613,874
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		0.69			2-25-2028		5,320		5,301
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		1.39			10-25-2027		3,107,668		3,112,584
Tesla Auto Lease Trust Series 2018-B Class A 144A		3.71			8-20-2021		1,570,029		1,594,937
Towd Point Asset Funding LLC Series 2019-HE1 Class A1 (1 Month LIBOR +0.90%) 144A±		1.07			4-25-2048		2,794,850		2,728,749
Towd Point Asset Trust Series 2018-SL1 Class A (1 Month LIBOR +0.60%) 144A±		0.77			1-25-2046		3,333,136		3,236,315
Transportation Finance Equipment Trust Series 2019-1 Class A1 144A		2.00			10-23-2020		575,746		576,133
Westlake Automobile Receivables Trust Series 2019-2A Class A2A 144A		2.57			2-15-2023		7,625,597		7,672,359
Wheels SPV LLC Series 2018-1A Class A2 144A		3.06			4-20-2027		1,217,365		1,226,069
World Omni Auto Receivables Trust Series 2016-B Class A3		1.30			2-15-2022		450,976		451,396
Total Asset-Backed Securities (Cost $147,764,695)									147,897,621

Corporate Bonds and Notes : 25.55%
Communication Services : 1.41%
Diversified Telecommunication Services : 0.21%
Level 3 Financing Incorporated		5.13			5-1-2023		2,000,000		1,997,500

Media : 1.03%
Fox Corporation		3.67			1-25-2022		3,880,000		4,045,692
NBCUniversal Enterprise Incorporated 144A		5.25			12-31-2049		6,000,000		6,060,000
									10,105,692

Wireless Telecommunication Services : 0.17%
Sprint Spectrum Company LLC 144A		3.36			3-20-2023		1,687,500		1,694,874

Consumer Discretionary : 1.26%
Automobiles : 0.74%
Ford Motor Company		8.50			4-21-2023		1,900,000		1,970,680


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Ultra Short-Term Income Fund


	Interest rate			Maturity date		Principal		Value
Automobiles (continued)
General Motors Company		5.40	%		10-2-2023	$	5,000,000	$	5,281,447
									7,252,127

Household Durables : 0.24%
Lennar Corporation		6.25			12-15-2021		2,250,000		2,316,094

Multiline Retail : 0.28%
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		2,800,000		2,716,000

Consumer Staples : 2.87%
Food & Staples Retailing : 0.49%
Cargill Incorporated 144A		1.38			7-23-2023		4,700,000		4,779,908

Food Products : 0.91%
Conagra Brands Incorporated		3.80			10-22-2021		3,560,000		3,699,537
Land O’Lakes Incorporated 144A		6.00			11-15-2022		3,000,000		3,082,380
Mondelez International Incorporated		2.13			4-13-2023		2,000,000		2,065,862
									8,847,779

Tobacco : 1.47%
Altria Group Incorporated		4.75			5-5-2021		5,000,000		5,189,746
BAT Capital Corporation		2.76			8-15-2022		5,000,000		5,152,656
Philip Morris International		1.13			5-1-2023		4,000,000		4,047,200
									14,389,602

Energy : 3.17%
Oil, Gas & Consumable Fuels : 3.17%
BP Capital Markets America Incorporated		2.94			4-6-2023		1,000,000		1,056,231
DCP Midstream Operating LP 144A		4.75			9-30-2021		3,500,000		3,430,000
EQT Corporation		3.00			10-1-2022		2,750,000		2,657,188
Exxon Mobil Corporation		1.57			4-15-2023		7,000,000		7,187,927
Marathon Petroleum Corporation		4.50			5-1-2023		3,000,000		3,188,931
Occidental Petroleum Corporation		2.60			8-13-2021		2,320,000		2,234,160
Occidental Petroleum Corporation		2.70			8-15-2022		3,090,000		2,826,423
The Phillips 66 Company		3.70			4-6-2023		5,000,000		5,342,550
Valero Energy Corporation		2.70			4-15-2023		3,000,000		3,103,944
									31,027,354

Financials : 11.17%
Banks : 3.48%
Bank of America Corporation (3 Month LIBOR +0.63%) ±		2.33			10-1-2021		10,000,000		10,029,636
Citibank NA (3 Month LIBOR +0.60%) ±		2.84			5-20-2022		6,000,000		6,105,160
Credit Suisse New York		2.80			4-8-2022		2,000,000		2,072,304
Fifth Third Bancorp		1.63			5-5-2023		3,000,000		3,054,676
JPMorgan Chase & Company (U.S. SOFR +1.46%) ±		1.51			6-1-2024		7,250,000		7,300,948
JPMorgan Chase & Company (3 Month LIBOR +0.70%) ±		3.21			4-1-2023		2,635,000		2,737,388
Synchrony Bank		3.65			5-24-2021		2,650,000		2,686,642
									33,986,754

Capital Markets : 1.97%
Goldman Sachs Group Incorporated		5.75			1-24-2022		5,000,000		5,383,269
Morgan Stanley		2.75			5-19-2022		9,435,000		9,796,215
State Street Corporation (U.S. SOFR +2.69%) 144A±		2.83			3-30-2023		4,000,000		4,136,216
									19,315,700

Consumer Finance : 4.94%
USAA Capital Corp 144A		1.50			5-1-2023		4,000,000		4,072,091
BMW US Capital LLC 144A		3.80			4-6-2023		5,000,000		5,246,469


Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Daimler Finance North America LLC 144A		1.75	%		3-10-2023	$	1,715,000	$	1,689,180
Ford Motor Credit Company LLC		3.20			1-15-2021		3,665,000		3,604,528
General Motors Financial Company Incorporated		4.20			11-6-2021		2,500,000		2,536,186
Hyundai Capital America Company 144A		2.38			2-10-2023		1,720,000		1,697,989
Hyundai Capital America Company 144A		2.75			9-18-2020		4,000,000		4,001,031
Nissan Motor Acceptance Corporation 144A		3.65			9-21-2021		4,000,000		3,890,729
PACCAR Financial Corporation		2.65			4-6-2023		5,000,000		5,226,191
The American Express Company (3 Month LIBOR +0.62%) ±		1.00			5-20-2022		3,000,000		2,991,000
Toyota Motor Credit Corporation		2.90			3-30-2023		5,000,000		5,260,594
Volkswagen Group of America Finance LLC 144A		2.70			9-26-2022		3,875,000		3,941,417
Volkswagen Group of America Finance LLC 144A		3.13			5-12-2023		4,000,000		4,107,573
									48,264,978

Diversified Financial Services : 0.10%
WEA Finance LLC 144A		3.25			10-5-2020		1,000,000		1,001,438

Insurance : 0.68%
Athene Global Funding 144A		2.80			5-26-2023		5,000,000		5,016,296
Axis Specialty Finance LLC		5.88			6-1-2020		1,685,000		1,685,000
									6,701,296

Health Care : 0.53%
Biotechnology : 0.53%
AbbVie Incorporated		3.38			11-14-2021		4,935,000		5,135,220

Industrials : 2.24%
Aerospace & Defense : 0.11%
The Boeing Company		4.51			5-1-2023		1,000,000		1,033,029

Air Freight & Logistics : 0.53%
FedEx Corporation		3.40			1-14-2022		5,000,000		5,211,965

Airlines : 0.57%
Delta Air Lines Incorporated		3.40			4-19-2021		3,000,000		2,887,537
Delta Air Lines Incorporated		3.63			3-15-2022		3,000,000		2,730,746
									5,618,283

Commercial Services & Supplies : 0.51%
National Securities Clearing Corporation 144A		1.20			4-23-2023		5,000,000		5,029,027

Industrial Conglomerates : 0.17%
General Electric Company (3 Month LIBOR +1.00%) ±		1.74			3-15-2023		1,729,000		1,658,681

Machinery : 0.35%
CNH Industrial Capital LLC		4.38			11-6-2020		3,375,000		3,385,500

Information Technology : 1.89%
IT Services : 0.73%
Leidos Incorporated 144A		2.95			5-15-2023		2,000,000		2,070,320
Paypal Holdings Incorporated		1.35			6-1-2023		5,000,000		5,079,254
									7,149,574

Semiconductors & Semiconductor Equipment : 0.89%
Microchip Technology Incorporated 144A		2.67			9-1-2023		3,475,000		3,491,618
Qualcomm Incorporated		3.00			5-20-2022		5,000,000		5,247,359
									8,738,977


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Ultra Short-Term Income Fund


	Interest rate			Maturity date		Principal		Value
Technology Hardware, Storage & Peripherals : 0.27%
Dell International LLC 144A		7.13	%		6-15-2024	$	2,505,000	$	2,600,491

Materials : 0.04%
Metals & Mining : 0.04%
Freeport-McMoRan Incorporated		3.55			3-1-2022		362,000		365,620

Utilities : 0.97%
Electric Utilities : 0.16%
DPL Incorporated		7.25			10-15-2021		1,580,000		1,623,450

Multi-Utilities : 0.81%
Dominion Energy Incorporated		2.72			8-15-2021		2,700,000		2,745,236
DTE Energy Company		2.25			11-1-2022		5,000,000		5,159,019
									7,904,255

Total Corporate Bonds and Notes (Cost $246,072,274)									249,851,168


						Shares
Exchange-Traded Funds : 7.30%
Invesco Bulletshares 2021 Corporate Bond							605,241		13,787,390
iShares Short-Term Corporate Bond ETF							572,000		31,099,640
SPDR Portfolio Short Term Corporate Bond ETF							847,800		26,451,360
Total Exchange-Traded Funds (Cost $70,145,520)									71,338,390


						Principal
Municipal Obligations : 0.80%
Indiana : 0.29%
Education Revenue : 0.29%
Indiana Secondary Market for Education Loans Incorporated (1 Month LIBOR +0.80%) ±		0.97			2-25-2044	$	2,928,713		2,874,561

New Jersey : 0.17%
Transportation Revenue : 0.17%
New Jersey Transportation Trust Authority Taxable Transportation System Series B		2.38			6-15-2022		1,700,000		1,694,985

New York : 0.08%
Transportation Revenue : 0.08%
New York Metropolitan Transportation Authority BAN		4.00			2-1-2022		790,000		792,362

Wisconsin : 0.26%
Housing Revenue : 0.26%
Wisconsin PFA Affinity Living Group Project (Citizens Bank LOC)		3.75			2-1-2022		2,500,000		2,500,100

Total Municipal Obligations (Cost $7,872,151)									7,862,008

Non-Agency Mortgage-Backed Securities : 24.49%
Angel Oak Mortgage Trust I LLC Series 2019-3 Class A1 144A±±		2.93			5-25-2059		1,696,301		1,704,999
Angel Oak Mortgage Trust I LLC Series 2019-4 Class A1 144A±±		2.99			7-26-2049		3,939,228		3,984,355
Banc of America Funding Corporation Series 2016-R1 Class A1 144A±±		2.50			3-25-2040		978,174		978,043
Bluemountain CLO Limited Series 2015-1A Class A1R (3 Month LIBOR +1.33%) 144A±		2.64			4-13-2027		420,391		420,480
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A		2.88			7-25-2049		4,251,358		4,237,833


Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Cascade Funding Mortgage Trust Series 2018- RM2 Class A 144A±±		4.00	%	10-25-2068	$	1,066,596	$	1,095,860
CCG Receivables Trust Series 2019-1 Class A2 144A		2.80		9-14-2026		2,220,231		2,242,437
CD Commercial Mortgage Trust Series 2017-CD3 Class A1		1.97		2-10-2050		1,976,561		1,981,981
CGDBB Commercial Mortgage Trust Series 2017-BIOC Class A (1 Month LIBOR +0.79%) 144A±		0.97		7-15-2032		5,115,843		5,014,319
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A3		3.06		2-10-2048		5,805,000		5,882,492
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		1.28		7-15-2030		2,365,399		2,234,932
CNH Equipment Trust Series 2016-B Class A4		1.97		11-15-2021		839,861		840,195
Collateralized Mortgage Obligation Trust Series 66 Class Z		8.00		9-20-2021		799		805
Colt Funding LLC Series 2018-3 Class A1 144A±±		3.69		10-26-2048		1,447,250		1,465,904
Colt Funding LLC Series 2019-1 Class A1 144A±±		3.71		3-25-2049		1,520,537		1,528,328
Commercial Mortgage Trust Series 2010-C1 Class A3 144A		4.21		7-10-2046		164,247		164,623
Commercial Mortgage Trust Series 2014-CR15 Class A2		2.93		2-10-2047		2,372,757		2,378,778
Commercial Mortgage Trust Series 2014-CR16 Class ASB		3.65		4-10-2047		3,227,886		3,329,002
Commercial Mortgage Trust Series 2014-LC17 Class A2		3.16		10-10-2047		729,142		732,475
Commercial Mortgage Trust Series 2014-UBS2 Class A3		3.47		3-10-2047		4,170,000		4,222,257
Commercial Mortgage Trust Series 2014-UBS5 Class A2		3.03		9-10-2047		669,895		672,029
Commercial Mortgage Trust Series 2015-LC23 Class A1		1.81		10-10-2048		323,792		323,696
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1 ±±		3.95		6-19-2031		126,411		121,374
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±±		3.60		6-19-2031		79,005		74,953
Credit Suisse Mortgage Trust Series 2019-SKLZ Class A (1 Month LIBOR +1.25%) 144A±		1.43		1-15-2034		3,600,000		3,381,115
Credit Suisse Mortgage Trust Series 2020-AFC1 Class A3 144A±±		2.51		2-25-2050		6,424,920		6,398,263
Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		2.13		12-31-2027		4,043,914		4,025,631
DBWF Mortgage Trust Series 2018-GLKS (1 Month LIBOR +1.03%) 144A±		1.20		12-19-2030		635,000		592,854
Deephaven Residential Mortgage Series 2019-4A Class A1 144A±±		2.79		10-25-2059		2,865,938		2,868,122
Deephaven Residential Mortgage Series 2020-1 Class A2 144A±±		2.49		1-25-2060		2,910,170		2,877,847
DLJ Mortgage Acceptance Corporation Series 1990-2 Class A ±±		3.57		1-25-2022		1,277		1,277
DLL Securitization Trust Series 2018-ST2 Class A3 144A		3.46		1-20-2022		5,764,254		5,825,707
DLL Securitization Trust Series 2019-MT3 Class A1 144A		2.06		10-20-2020		1,179,770		1,180,786
Dryden Senior Loan Fund Series 2013-30A (3 Month LIBOR +0.82%) 144A±		1.21		11-15-2028		5,580,000		5,473,868
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 (1 Month LIBOR +1.13%) ±		1.31		9-25-2033		312,043		296,604
GCAT Series 2019-NQM1 Class A1 144A		2.99		2-25-2059		4,798,694		4,908,071
GCAT Series 2019-NQM2 Class A1 144A		2.86		9-25-2059		4,550,025		4,651,467
Goldman Sachs Mortgage Securities Trust Series 2010-C2 Class A2 144A±±		5.16		12-10-2043		3,190,000		3,223,163
Goldman Sachs Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75		3-10-2044		5,746,559		5,811,394
Goldman Sachs Mortgage Securities Trust Series 2013-GC16 Class AAB		3.81		11-10-2046		1,696,828		1,763,954
Goldman Sachs Mortgage Securities Trust Series 2014-GC22 Class A3		3.52		6-10-2047		3,031,556		3,071,395
Goldman Sachs Mortgage Securities Trust Series 2015-GS1 Class A1		1.94		11-10-2048		131,835		131,909
Goldman Sachs Mortgage Securities Trust Series 2016-GS3 Class A1		1.43		10-10-2049		430,728		430,527
GPMT Limited Series 2018-FL1 Class A (1 Month LIBOR +0.90%) 144A±		1.07		11-21-2035		1,784,297		1,713,695
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A±±		8.00		9-19-2027		32,056		30,790
Halcyon Loan Advisors Funding Series 2014-3A Class AR (3 Month LIBOR +1.10%) 144A±		2.20		10-22-2025		1,595,879		1,588,097
Homeward Opportunities Fund I Trust Series 2019-1 Class A1 144A±±		3.45		1-25-2059		3,284,008		3,313,547
Hospitality Mortgage Trust Series 2019 Class A (1 Month LIBOR +1.00%) 144A±		1.18		11-15-2036		3,991,417		3,693,905


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Ultra Short-Term Income Fund


	Interest rate			Maturity date	Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
InTown Hotel Portfolio Trust Series 2018-STAY (1 Month LIBOR +0.70%) 144A±		0.88	%	1-15-2033	$	4,000,000	$	3,779,936
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 Class A3		4.17		8-15-2046		1,843,346		1,886,342
JPMorgan Chase Commercial Mortgage Securities Trust Series 2017-JP5 Class A1		2.09		3-15-2050		140,445		140,389
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-PHH Class A (1 Month LIBOR +0.91%) 144A±		1.09		6-15-2035		3,571,081		3,307,362
JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-MFP Class A (1 Month LIBOR +0.96%) 144A±		1.14		7-15-2036		5,000,000		4,730,596
LCM XII LP Series 2013-A Class ARR (3 Month LIBOR +1.14%) 144A±		2.28		7-19-2027		6,000,000		5,883,444
Lendmark Funding Trust Series 2018-2A Class A 144A		4.23		4-20-2027		3,000,000		2,899,914
Marlette Funding Trust Series 2019-4A Class A 144A		2.39		12-17-2029		3,570,366		3,550,818
Master Mortgages Trust Series 2002-3 Class 4A1 ±±		3.93		10-25-2032		2,038		1,928
Mello Warehouse Securitization Series 2018-W1 Class A (1 Month LIBOR +0.85%) 144A±		1.02		11-25-2051		3,666,667		3,652,600
Mello Warehouse Securitization Series 2019-1 Class A (1 Month LIBOR +0.80%) 144A±		0.97		6-25-2052		5,065,000		5,024,717
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66		6-15-2044		2,987,763		3,061,374
Morgan Stanley Capital I Trust Series 2016-C30 Class A1		1.39		9-15-2049		2,645,957		2,643,068
New Residential Mortgage Loan Trust Series 2018-NQM1 Class A1 144A±±		3.99		11-25-2048		2,645,794		2,711,714
Ondeck Asset Securitization Trust LLC Series 2018-1A Class A 144A		3.50		4-18-2022		4,803,770		4,806,178
OZML Funding Limited Series 2013-3A Class AIRR (3 Month LIBOR +1.18%) 144A±		2.28		1-22-2029		4,969,666		4,897,581
Palmer Square Loan Funding Limited Series 2018-4A Class A1 (3 Month LIBOR +0.90%) 144A±		1.29		11-15-2026		2,683,462		2,675,355
ReadyCap Commercial Mortgage Trust Series 2019-5 Class A 144A		3.78		2-25-2052		3,060,825		2,980,105
Residential Mortgage Loan Trust Series 2019-2 Class A1 144A±±		2.91		5-25-2059		3,757,642		3,790,281
Salomon Brothers Mortgage Securities VII Series 1990-2 Class A ±±		2.46		11-25-2020		115,570		115,579
Shackleton CLO Limited Series 2019-15A Class A (3 Month LIBOR +1.25%) 144A±		3.15		1-15-2030		2,840,000		2,795,310
Starwood Mortgage Residential Trust Series 2019-1 Class A1 144A±±		2.94		6-25-2049		3,629,571		3,659,495
Starwood Mortgage Residential Trust Series 2019-INV1 Class A1 144A±±		2.61		9-27-2049		3,660,649		3,617,300
Starwood Mortgage Residential Trust Series 2020-1 Class A3 144A±±		2.56		2-25-2050		3,560,826		3,512,664
Starwood Mortgage Residential Trust Series 2020-2 Class A1 144A±±%%		2.78		4-25-2060		7,000,000		6,999,864
Structured Asset Mortgage Investments Incorporated Series 2001-4 Class A2 ±±		8.15		10-25-2024		35		35
TCW CLO 2017-1 Limited Series 2017-1A Class BR (3 Month LIBOR +1.55%) 144A±		2.39		7-29-2029		5,540,000		5,417,283
TCW CLO 2019-1 AMR Limited Series 2019-1A Class A (3 Month LIBOR +1.07%) 144A±		1.46		2-15-2029		4,075,000		4,035,085
Towd Point Mortgage Trust Series 2015-4 Class A2 144A±±		3.75		4-25-2055		3,080,000		3,181,750
Towd Point Mortgage Trust Series 2017-1 Class A1 144A±±		2.75		10-25-2056		4,308,614		4,370,712
Towd Point Mortgage Trust Series 2017-4 Class A1 144A±±		2.75		6-25-2057		2,567,568		2,620,099
Towd Point Mortgage Trust Series 2018-2 Class A1 144A±±		3.25		3-25-2058		1,915,669		1,977,352
Towd Point Mortgage Trust Series 2019-SJ3 Class A1 144A±±		3.00		11-25-2059		4,659,931		4,689,590
UBS Commercial Mortgage Trust Series 2012-C1 Class A3		3.40		5-10-2045		1,347,805		1,375,383
UBS Commercial Mortgage Trust Series 2018-NYCH Class A (1 Month LIBOR +0.85%) 144A±		1.03		2-15-2032		4,115,000		3,760,071
Vendee Mortgage Trust Series 2011-1 Class DA		3.75		2-15-2035		1,271,570		1,296,647
Venture CDO Limited Series 2015-20A Class AR (3 Month LIBOR +0.82%) 144A±		2.04		4-15-2027		4,773,558		4,719,436
Verus Securitization Trust Series 2019-1 Class A1 144A±±		3.40		12-25-2059		3,616,056		3,668,382
Verus Securitization Trust Series 2020-2 Class A1 144A±±		2.23		5-25-2060		2,000,000		1,998,137
Wilshire Funding Corporation Series 1996-3 Class M2 ±±		7.09		8-25-2032		131,543		134,329
Wilshire Funding Corporation Series 1996-3 Class M3 ±±		7.09		8-25-2032		108,491		103,176
Wilshire Funding Corporation Series 1998-2 Class M1 ±±		2.00		12-28-2037		148,681		147,134
Total Non-Agency Mortgage-Backed Securities (Cost $241,383,651)								239,504,653


Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments — May 31, 2020 (unaudited)


	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes : 13.98%
Consumer Discretionary : 1.21%
Auto Components : 0.65%
Toyota Industries Corporation 144A		3.11	%		3-12-2022	$	6,145,000	$	6,320,738

Household Durables : 0.56%
Panasonic Corporation 144A		2.54			7-19-2022		5,400,000		5,495,206

Consumer Staples : 0.47%
Food & Staples Retailing : 0.47%
Seven & I Holdings Company Limited 144A		3.35			9-17-2021		4,500,000		4,627,575

Energy : 1.18%
Oil, Gas & Consumable Fuels : 1.18%
Aker BP ASA 144A		6.00			7-1-2022		5,000,000		5,025,532
TransCanada PipeLines Limited		9.88			1-1-2021		6,200,000		6,513,531
									11,539,063

Financials : 10.19%
Banks : 9.87%
ABN AMRO Bank NV 144A		3.40			8-27-2021		7,000,000		7,231,700
ANZ New Zealand International Company 144A		1.90			2-13-2023		2,800,000		2,850,699
Banco Santander Chile 144A		2.50			12-15-2020		8,255,000		8,201,343
Banco Santander SA		3.50			4-11-2022		10,020,000		10,352,950
Bank of Nova Scotia		1.63			5-1-2023		5,000,000		5,090,270
Banque Federative du Credit Mutuel SA 144A		2.13			11-21-2022		7,700,000		7,822,663
Barclays Bank plc		1.70			5-12-2022		5,000,000		5,068,285
Corporación Andina de Fomento		4.38			6-15-2022		5,400,000		5,649,264
Danske Bank A/S 144A		5.00			1-12-2022		8,565,000		8,973,783
DNB Bank ASA 144A		2.13			10-2-2020		7,000,000		7,042,374
Global Bank Corporation 144A		4.50			10-20-2021		1,180,000		1,200,060
Sumitomo Mitsui Banking Corporation (3 Month LIBOR +0.37%) ±		1.55			10-16-2020		5,000,000		5,007,100
Sumitomo Mitsui Financial Group		2.06			7-14-2021		5,000,000		5,076,561
Suncorp-Metway Limited 144A		2.38			11-9-2020		2,000,000		2,007,110
Svenska Handelsbanken AB		1.88			9-7-2021		7,000,000		7,119,958
Swedbank AB 144A%%		1.30			6-2-2023		2,000,000		1,997,660
UniCredit SpA 144A		6.57			1-14-2022		5,615,000		5,852,152
									96,543,932

Diversified Financial Services : 0.32%
NatWest Markets plc 144A		2.38			5-21-2023		3,060,000		3,086,241

Health Care : 0.74%
Pharmaceuticals : 0.74%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		2,000,000		2,034,600
Perrigo Finance Unlimited Company		3.50			3-15-2021		2,665,000		2,668,213
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		2,520,000		2,570,452
									7,273,265

Materials : 0.19%
Chemicals : 0.19%
Park Aerospace Holdings Company 144A		5.25			8-15-2022		2,115,000		1,866,564

Total Yankee Corporate Bonds and Notes (Cost $134,894,884)									136,752,584


Portfolio of investments — May 31, 2020 (unaudited)		Wells Fargo Ultra Short-Term Income Fund


	Yield			Shares		Value
Short-Term Investments : 6.82%
Investment Companies : 6.82%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		0.12	%		66,720,994	$	66,720,994

Total Short-Term Investments (Cost $66,720,994)							66,720,994


Total investments in securities (Cost $961,655,529)	99.01	%		968,295,748
Other assets and liabilities, net	0.99			9,647,168

Total net assets	100.00	%	$	977,942,916

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.

±±	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 purchased on a when-issued basis.

(l)

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

(u)

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

##	All or a portion of this security is segregated for when-issued securities.

Abbreviations:


BAN		Bond anticipation notes
FHLMC		Federal Home Loan Mortgage Corporation
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
LIBOR		London Interbank Offered Rate
LOC		Letter of credit
PFA		Public Finance Authority
SOFR		Secured Overnight Financing Rate

Futures Contracts


Description	Number of contracts			Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
2-Year U.S. Treasury Notes		(1,444	)		9-30-2020	$	(318,789,650	)	$	(318,898,375	)	$	0	$	(108,725	)
5-Year U.S. Treasury Notes		(436	)		9-30-2020		(54,663,092	)		(54,772,500	)		0		(109,408	)

												$	0	$	(218,133	)

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		0		258,021,245		(258,021,245	)		0	$	0
Wells Fargo Government Money Market Fund Select Class		62,084,487		564,198,218		(559,561,711	)		66,720,994		66,720,994

										$	66,720,994		6.82	%

*	No longer held at the end of the period

Wells Fargo Ultra Short-Term Income Fund (the “Fund”)

Notes to Portfolio of investments – May 31, 2020 (unaudited)

Securities valuation

Investments in registered open-end investment companies are valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). 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.

When-issued transactions

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund 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 Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Fair valuation measurements

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 –

significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2020:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Agency securities	$	0	$	48,368,330	$	0	$	48,368,330
Asset-backed securities		0		147,897,621		0		147,897,621
Corporate bonds and notes		0		249,851,168		0		249,851,168
Exchange-traded funds		71,338,390		0		0		71,338,390
Municipal obligations		0		7,862,008		0		7,862,008
Non-agency mortgage-backed securities		0		239,504,653		0		239,504,653
Yankee corporate bonds and notes		0		136,752,584		0		136,752,584
Short-term investments
Investment companies		66,720,994		0		0		66,720,994

Total assets	$	138,059,384	$	830,236,364	$	0	$	968,295,748

Liabilities
Futures contracts	$	218,133	$	0	$	0	$	218,133

Total liabilities	$	218,133	$	0	$	0	$	218,133

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

As of May 31, 2020, the Fund had segregated $1,944,253 as cash collateral for these open futures contracts.

For the nine months ended May 31, 2020, the Fund did not have any transfers into/out of Level 3.