Form N-Q

N-Q 1 d552895dnq.htm FORM N-Q Form N-Q

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market Street, 12^th Floor, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market Street, 12^th Floor, San Francisco, CA 94105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-222-8222

Registrant is making a filing for 9 of its series:

Date of fiscal year end: October 31

Wells Fargo Asia Pacific Fund, Wells Fargo Diversified International Fund, Wells Fargo Emerging Markets Equity Fund, Wells Fargo Emerging Markets Equity Income Fund, Wells Fargo Global Small Cap Fund, Wells Fargo International Equity Fund, and Wells Fargo Intrinsic World Equity Fund.

Date of fiscal year end: April 30

Wells Fargo Absolute Return Fund and Wells Fargo Asset Allocation Fund.

Date of reporting period: January 31, 2018

ITEM 1. INVESTMENTS


Wells Fargo Asia Pacific Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks : 89.81%
Australia : 5.61%
Australia & New Zealand Banking Group Limited (Financials, Banks)		34,415	$	792,569
BHP Billiton Limited (Materials, Metals & Mining)		90,171		2,194,325
IOOF Holdings Limited (Financials, Capital Markets)		88,767		788,243
Medibank Private Limited (Financials, Insurance)		306,927		828,528
MYOB Group Limited (Information Technology, Internet Software & Services)		256,900		705,904
Northern Star Resources Limited (Materials, Metals & Mining)		297,009		1,385,720
Rio Tinto Limited (Materials, Metals & Mining)		15,259		944,925
Suncorp Group Limited (Financials, Insurance)		106,752		1,175,043
Woodside Petroleum Limited (Energy, Oil, Gas & Consumable Fuels)		43,439		1,159,304
				9,974,561

China : 23.23%
3SBio Incorporated (Health Care, Biotechnology)†		557,500		1,136,003
Agricultural Bank of China Limited H Shares (Financials, Banks)		2,682,000		1,614,826
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services)†		18,550		3,789,580
AviChina Industry & Technology Company Limited H Shares (Industrials, Aerospace & Defense)		2,137,000		1,144,629
Baidu Incorporated ADR (Information Technology, Internet Software & Services)†		5,355		1,322,257
Bank of Communications Limited H Shares (Financials, Banks)		2,036,000		1,764,630
Beijing Enterprises Water Group Limited (Utilities, Water Utilities)		1,086,000		781,600
BYD Company Limited H Shares (Consumer Discretionary, Automobiles)«		86,000		809,687
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		406,000		484,751
China Construction Bank H Shares (Financials, Banks)		2,910,000		3,355,410
China Everbright International Limited (Industrials, Commercial Services & Supplies)		579,000		885,229
China Merchants Bank Company Limited H Shares (Financials, Banks)		276,500		1,355,522
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		151,500		1,599,701
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		1,140,000		985,139
China Resources Phoenix Healthcare Holdings Company Limited (Health Care, Health Care Providers & Services)		565,000		816,156
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail) †«		13,300		622,174
Huaneng Renewables Corporation Limited H Shares (Utilities, Independent Power & Renewable Electricity Producers)		4,424,000		1,532,606
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		2,715,000		2,568,311
JD.com Incorporated ADR (Consumer Discretionary, Internet & Direct Marketing Retail)†		18,700		920,601
PetroChina Company Limited H Shares (Energy, Oil, Gas & Consumable Fuels)		1,222,000		968,521
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		570,000		1,183,333
Ping An Insurance Company of China Limited H Shares (Financials, Insurance)		273,500		3,239,283
Shanghai Fosun Pharmaceutical Company Limited H Shares (Health Care, Pharmaceuticals)		235,000		1,365,362
Tencent Holdings Limited (Information Technology, Internet Software & Services)		70,800		4,195,877
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		156,000		869,475
Yum China Holdings Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		19,400		899,966
Zijin Mining Group Company Limited H Shares (Materials, Metals & Mining)		2,174,000		1,094,969
				41,305,598

Hong Kong : 4.98%
China Overseas Land & Investment Limited (Real Estate, Real Estate Management & Development)		426,000		1,650,055
China Resources Cement Holdings Limited (Materials, Construction Materials)		1,280,000		963,765
Chinasoft International Limited (Information Technology, IT Services)		1,340,000		945,562
Chow Tai Fook Jewellery Company Limited (Consumer Discretionary, Specialty Retail)		509,065		570,064
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		816,000		1,270,526
SJM Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		959,000		958,675
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing)		910,000		1,235,413
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		826,000		1,256,531
				8,850,591

India : 8.17%
Bharat Electronics Limited (Industrials, Aerospace & Defense)		462,102		1,230,383
Bharat Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		98,018		758,670
Emami Limited (Consumer Staples, Personal Products)		42,001		742,733
HDFC Bank Limited (Financials, Banks)		58,600		1,847,910
Hindalco Industries Limited (Materials, Metals & Mining)		223,726		901,007
ICICI Bank Limited (Financials, Banks)		272,112		1,510,004


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Asia Pacific Fund


Security name	Shares		Value
India (continued)
Indian Hotels Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		193,179	$	419,745
Larsen & Toubro Limited (Industrials, Construction & Engineering)		72,054		1,604,693
MakeMyTrip Limited (Consumer Discretionary, Internet & Direct Marketing Retail)†«		27,600		844,560
Maruti Suzuki India Limited (Consumer Discretionary, Automobiles)		6,760		1,010,720
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)		120,135		1,815,707
Tata Motors Limited (Consumer Discretionary, Automobiles)		152,900		960,377
Vedanta Limited ADR (Materials, Metals & Mining)		41,600		891,072
				14,537,581

Indonesia : 0.95%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		4,047,000		1,118,415
PT Cikarang Listrindo Tbk (Utilities, Independent Power & Renewable Electricity Producers)		6,279,300		562,808
				1,681,223

Japan : 31.64%
Canon Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		21,800		868,446
Ezaki Glico Company Limited (Consumer Staples, Food Products)		14,900		758,853
FANUC Corporation (Industrials, Machinery)		7,300		1,970,940
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		316,000		2,507,854
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		23,000		806,064
J.Front Retailing Company Limited (Consumer Discretionary, Multiline Retail)		97,900		1,789,946
Japan Airlines Company Limited (Industrials, Airlines)		36,200		1,363,842
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		35,800		1,184,479
Kao Corporation (Consumer Staples, Personal Products)		13,500		935,243
KOSE Corporation (Consumer Staples, Personal Products)		7,700		1,326,005
Kubota Corporation (Industrials, Machinery)		96,500		1,959,700
Kura Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)		27,800		1,688,321
Kyushu Railway Company (Industrials, Road & Rail)		54,700		1,756,192
Macromill Incorporated (Consumer Discretionary, Media)«		79,900		2,033,911
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		57,600		2,361,088
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		496,700		3,734,463
Mitsui Fudosan Company Limited (Real Estate, Real Estate Management & Development)		73,800		1,931,698
Nintendo Company Limited (Information Technology, Software)		2,100		922,754
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		18,900		898,689
Obayashi Corporation (Industrials, Construction & Engineering)		131,500		1,580,361
ORIX Corporation (Financials, Diversified Financial Services)		109,800		2,046,744
Otsuka Corporation (Information Technology, IT Services)		18,700		1,567,326
Panasonic Corporation (Consumer Discretionary, Household Durables)		121,800		1,806,304
Recruit Holdings Company Limited (Industrials, Professional Services)		56,100		1,366,400
Ryohin Keikaku Company Limited (Consumer Discretionary, Multiline Retail)		5,500		1,836,356
Sekisui House Limited (Consumer Discretionary, Household Durables)		136,500		2,498,186
SoftBank Group Corporation (Telecommunication Services, Wireless Telecommunication Services)		20,100		1,653,366
Sony Corporation (Consumer Discretionary, Household Durables)		35,800		1,708,182
Sumitomo Mitsui Trust Holdings Incorporated (Financials, Banks)		43,400		1,799,687
Suzuki Motor Corporation (Consumer Discretionary, Automobiles)		14,900		850,025
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		13,300		2,492,608
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		47,800		3,275,112
Tsukui Corporation (Health Care, Health Care Providers & Services)		125,200		986,278
				56,265,423

Malaysia : 2.04%
Bursa Malaysia Bhd (Financials, Diversified Financial Services)		343,400		960,313
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		585,300		827,401
IHH Healthcare Bhd (Health Care, Health Care Providers & Services)		549,000		846,511
Sime Darby Bhd (Industrials, Industrial Conglomerates)		1,268,200		995,624
				3,629,849

Philippines : 1.21%
GT Capital Holdings Incorporated (Financials, Diversified Financial Services)		48,240		1,264,772
Semirara Mining & Power Corporation (Energy, Oil, Gas & Consumable Fuels)		1,199,240		885,988
				2,150,760


Wells Fargo Asia Pacific Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name			Shares		Value
Singapore : 2.18%
Bukit Sembawang Estates Limited (Real Estate, Real Estate Management & Development)				184,700	$	913,785
DBS Group Holdings Limited (Financials, Banks)				45,700		919,713
Genting Singapore plc (Consumer Discretionary, Hotels, Restaurants & Leisure)				1,250,000		1,286,400
Singapore Telecommunications Limited (Telecommunication Services, Diversified Telecommunication Services)				277,700		749,396
						3,869,294

South Korea : 3.26%
Korea Electric Power Corporation (Utilities, Electric Utilities)				26,713		894,311
LG Chem Limited (Materials, Chemicals)				3,049		1,233,477
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)				1,231		2,876,195
Samsung SDI Company Limited (Information Technology, Electronic Equipment, Instruments & Components)				4,254		784,790
						5,788,773

Taiwan : 4.38%
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)				441,085		1,395,345
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)				493,000		852,523
Taiwan Paiho Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)				228,000		786,193
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)				431,000		3,770,908
Uni-President Enterprises Corporation (Consumer Staples, Food Products)				413,000		991,920
						7,796,889

Thailand : 1.57%
Land & Houses PCL (Real Estate, Real Estate Management & Development)				5,322,700		1,971,370
Thai Beverage PCL (Consumer Staples, Beverages)				1,179,300		827,074
						2,798,444

Vietnam : 0.59%
Masan Group Corporation (Consumer Staples, Food Products)				260,480		1,056,407

Total Common Stocks (Cost $118,959,542)						159,705,393


	Expiration date
Participation Notes : 7.02%
China : 7.02%
HSBC Bank plc (Baoshan Iron & Steel Company Limited Class A) (Materials, Metals & Mining) †144A(a)		2-19-2019		870,995		1,382,509
HSBC Bank plc (China International Travel Service Corporation Class A) (Consumer Discretionary, Hotels, Restaurants & Leisure)†(a)		12-23-2024		191,000		1,557,770
HSBC Bank plc (Hangzhou Hikvision Digital Technology Company Limited Class A) (Information Technology, Electronic Equipment, Instruments & Components)†(a)		6-18-2018		2,261		14,348
HSBC Bank plc (Hangzhou Hikvision Digital Technology Company Limited Class A) (Information Technology, Electronic Equipment, Instruments & Components)†(a)		6-12-2023		348,000		2,208,382
HSBC Bank plc (Huayu Automotive Systems Company Limited Class A) (Consumer Discretionary, Auto Components)†(a)		12-2-2019		233,800		984,656
HSBC Bank plc (Midea Group Company Limited Class A) (Consumer Discretionary, Household Durables)†(a)		5-8-2018		140,700		1,338,636
HSBC Bank plc (Ningbo Joyson Electronic Corporation) (Consumer Discretionary, Auto Components)†(a)		12-2-2019		169,874		824,311
HSBC Bank plc (Songcheng Performance Development Company Limited Class A) (Consumer Discretionary, Hotels, Restaurants & Leisure)†(a)		10-12-2020		415,952		1,220,567
UBS AG (China Vanke Company Limited Class A) (Real Estate, Real Estate Management & Development)†(a)		10-31-2018		187,200		1,118,288


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Asia Pacific Fund


Security name						Expiration date		Shares		Value
China (continued)
UBS AG (GoerTek Incorporated Class A) (Information Technology, Electronic Equipment, Instruments & Components)†(a)							7-24-2018		331,400	$	737,909
UBS AG (Han’s Laser Technology Industry Group Company Limited Class A) (Industrials, Machinery)†(a)							3-19-2018		140,412		1,101,857
Total Participation Notes (Cost $8,029,086)											12,489,233


			Dividend yield
Preferred Stocks : 0.77%
South Korea : 0.77%
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)				0.94	%				697		1,376,574

Total Preferred Stocks (Cost $483,094)											1,376,574


			Yield
Short-Term Investments : 1.36%
Investment Companies : 1.36%
Securities Lending Cash Investment LLC (l)(r)(u)				1.60					1,720,563		1,720,736
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.24					688,246		688,246
Total Short-Term Investments (Cost $2,408,982)											2,408,982

Total investments in securities (Cost $129,880,704)	98.96	%									175,980,182
Other assets and liabilities, net	1.04										1,851,641

Total net assets	100.00	%								$	177,831,823

†	Non-income-earning security

«	All or a portion of this security is on loan.

144A

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

(a)

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

(l)

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

(r)

The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u)

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

Abbreviations:


ADR		American depositary receipt
LLC		Limited liability company
PCL		Public Company Limited
plc		Public limited company

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
Securities Lending Cash Investment LLC		993,151		6,462,145		5,734,733		1,720,563	$	1,720,736
Wells Fargo Government Money Market Fund Select Class		1,050,305		15,027,339		15,389,398		688,246		688,246

									$	2,408,982		1.36	%

Wells Fargo Asia Pacific Fund (the “Fund”)

Notes to Portfolio of investments – January 31, 2018 (unaudited)

Securities valuation

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

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On January 31, 2018, such fair value pricing was not used in pricing foreign securities.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Participation notes

The Fund may invest in participation notes to gain exposure to securities in certain foreign markets. Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying foreign security. Participation notes involve transaction costs, which may be higher than those applicable to the underlying foreign security. The holder of the participation note is entitled to receive from the bank or broker-dealer, an amount equal to the dividend paid by the issuer of the underlying foreign security; however, the holder is not entitled to the same rights (i.e. dividends, voting rights) as an owner of the underlying foreign security. Investments in participation notes involve risks beyond those normally associated with a direct investment in an underlying security. The Fund has no rights against the issuer of the underlying foreign security and participation notes expose the Fund to counterparty risk in the event the counterparty does not perform. There is also no assurance there will be a secondary trading market for the participation note or that the trading price of the participation note will equal the underlying value of the foreign security that it seeks to replicate.

Security loans

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as the subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service.

Loans

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

Fair valuation measurements

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

Level 1 –

quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Australia	$	9,974,561	$	0	$	0	$	9,974,561
China		41,305,598		0		0		41,305,598
Hong Kong		8,850,591		0		0		8,850,591


India		14,537,581		0		0		14,537,581
Indonesia		1,681,223		0		0		1,681,223
Japan		56,265,423		0		0		56,265,423
Malaysia		3,629,849		0		0		3,629,849
Philippines		2,150,760		0		0		2,150,760
Singapore		3,869,294		0		0		3,869,294
South Korea		5,788,773		0		0		5,788,773
Taiwan		7,796,889		0		0		7,796,889
Thailand		2,798,444		0		0		2,798,444
Vietnam		1,056,407		0		0		1,056,407
Participation notes
China		0		12,489,233		0		12,489,233
Preferred stocks
South Korea		1,376,574		0		0		1,376,574
Short-term investments
Investment companies		688,246		0		0		688,246
Investments measured at net asset value*								1,720,736

Total assets	$	161,770,213	$	12,489,233	$	0	$	175,980,182

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 Securities Lending Cash Investments, LLC valued at $1,720,736 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.


Wells Fargo Diversified International Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks : 95.44%
Australia : 1.44%
Arrium Limited (Materials, Metals & Mining)†(a)		397,400	$	0
Asaleo Care Limited (Consumer Staples, Personal Products)		114,700		150,191
Automotive Holdings Group Limited (Consumer Discretionary, Specialty Retail)		29,300		84,524
Bendigo Bank Limited (Financials, Banks)		26,100		246,277
CSR Limited (Materials, Construction Materials)		59,900		243,268
Downer EDI Limited (Industrials, Commercial Services & Supplies)		26,900		145,663
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail)		43,900		159,893
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		24,500		312,715
Metcash Limited (Consumer Staples, Food & Staples Retailing)		28,500		73,489
Mineral Resources Limited (Materials, Metals & Mining)		14,900		225,961
Qantas Airways Limited (Industrials, Airlines)		59,300		251,821
				1,893,802

Austria : 0.45%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		4,800		309,056
Voestalpine AG (Materials, Metals & Mining)		4,300		279,105
				588,161

Brazil : 1.87%
Ambev SA ADR (Consumer Staples, Beverages)		18,347		126,044
Banco de Brasil SA (Financials, Banks)		19,000		236,635
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		5,300		75,025
Cosan Limited Class A (Energy, Oil, Gas & Consumable Fuels)		112,385		1,287,932
JBS SA (Consumer Staples, Food Products)		67,500		212,924
Petroleo Brasileiro SA ADR (Energy, Oil, Gas & Consumable Fuels)†		38,511		514,507
				2,453,067

Canada : 2.05%
Canadian Pacific Railway Limited (Industrials, Road & Rail)		5,642		1,043,996
Home Capital Group Incorporated (Financials, Thrifts & Mortgage Finance)		24,000		333,659
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		300		16,251
Lundin Mining Corporation (Materials, Metals & Mining)		96,008		693,911
Magna International Incorporated (Consumer Discretionary, Auto Components)		7,300		416,990
WestJet Airlines Limited (Industrials, Airlines)		9,200		184,075
				2,688,882

China : 5.41%
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services)†		7,513		1,534,831
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		220,000		139,774
China Everbright Limited (Financials, Capital Markets)		190,000		468,767
China Literature Limited (Consumer Discretionary, Internet & Direct Marketing Retail)144A†		270		2,797
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		99,500		1,050,629
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		218,000		188,386
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		141,500		172,022
China Telecom Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		328,000		162,267
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		106,000		138,485
HollySys Automation Technologies Limited (Information Technology, Electronic Equipment, Instruments & Components)		20,909		530,461
NetEase Incorporated ADR (Information Technology, Internet Software & Services)		1,632		522,501
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		69,000		143,246
Ping An Insurance Group Company of China Limited H Shares (Financials, Insurance)		59,500		704,707
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)«		272,000		712,802
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		49,500		100,359
Tencent Holdings Limited (Information Technology, Internet Software & Services)		7,600		450,405
Yantai Changyu Pioneer Wine Company Limited Class B (Consumer Staples, Beverages)		23,400		62,369
				7,084,808


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Diversified International Fund


Security name	Shares		Value
Denmark : 0.49%
Danske Bank AS (Financials, Banks)		9,300	$	377,771
Genmab AS (Health Care, Biotechnology)†		584		106,970
Sydbank AS (Financials, Banks)		4,000		163,483
				648,224

France : 5.95%
Arkema SA (Materials, Chemicals)		910		116,257
AXA SA (Financials, Insurance)		9,200		302,633
BNP Paribas SA (Financials, Banks)		6,615		546,976
Compagnie de Saint-Gobain SA (Industrials, Building Products)		26,224		1,524,221
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		2,200		351,806
Credit Agricole SA (Financials, Banks)		13,900		261,883
Eiffage SA (Industrials, Construction & Engineering)		4,638		562,356
Engie SA (Utilities, Multi-Utilities)		13,300		230,846
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		75,279		1,359,414
Renault SA (Consumer Discretionary, Automobiles)		3,100		340,889
Sanofi SA (Health Care, Pharmaceuticals)		8,600		759,372
Schneider Electric SE (Industrials, Electrical Equipment)		5,142		481,868
SCOR SE (Financials, Insurance)		7,700		344,636
Societe Generale SA (Financials, Banks)		3,700		215,239
Total SA (Energy, Oil, Gas & Consumable Fuels)		7,000		405,298
				7,803,694

Germany : 15.77%
Allianz AG (Financials, Insurance)		9,158		2,313,817
Aurubis AG (Materials, Metals & Mining)		1,600		167,937
BASF SE (Materials, Chemicals)		2,900		339,599
Bayer AG (Health Care, Pharmaceuticals)		13,060		1,709,347
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		2,200		251,208
Beiersdorf AG (Consumer Staples, Personal Products)		6,590		781,363
Ceconomy AG (Consumer Discretionary, Specialty Retail)		43,170		620,929
Daimler AG (Consumer Discretionary, Automobiles)		5,300		485,159
Deutsche Boerse AG (Financials, Capital Markets)		17,222		2,209,826
Deutsche Post AG (Industrials, Air Freight & Logistics)		32,715		1,546,300
Deutsche Telekom AG (Telecommunication Services, Diversified Telecommunication Services)		25,319		444,017
Hannover Rueck SE (Financials, Insurance)		1,200		164,034
LANXESS AG (Materials, Chemicals)		182		15,867
Linde AG (Materials, Chemicals)		8,730		2,130,894
Metro AG (Consumer Staples, Food & Staples Retailing)		43,170		937,960
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		7,461		1,755,840
Rheinmetall AG (Industrials, Industrial Conglomerates)		3,811		538,923
SAP SE (Information Technology, Software)		10,130		1,142,360
Siemens AG (Industrials, Industrial Conglomerates)		5,968		905,153
Uniper SE (Utilities, Independent Power & Renewable Electricity Producers)«		7,700		229,725
Volkswagen AG (Consumer Discretionary, Automobiles)		1,600		354,587
Wirecard AG (Information Technology, IT Services)		13,024		1,621,845
				20,666,690

Hong Kong : 2.39%
AIA Group Limited (Financials, Insurance)		132,800		1,137,415
China Resources Cement Holdings Limited (Materials, Construction Materials)		168,000		126,494
i-Cable Communications Limited (Consumer Discretionary, Media)†		5,590		156
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		109,500		192,890
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		96,000		149,474
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		11,600		69,102
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		320,000		157,082
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		22,000		172,256
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		620,000		943,159
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		42,000		189,527
				3,137,555


Wells Fargo Diversified International Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Hungary : 0.07%
Richter Gedeon (Health Care, Pharmaceuticals)		3,500	$	89,952

Indonesia : 0.22%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		1,032,500		285,338

Ireland : 1.08%
C&C Group plc (Consumer Staples, Beverages)		18,600		69,625
Medtronic plc (Health Care, Health Care Equipment & Supplies)		12,020		1,032,398
Smurfit Kappa Group plc (Materials, Containers & Packaging)		8,800		308,759
				1,410,782

Israel : 0.27%
Bank Hapoalim Limited (Financials, Banks)		38,000		284,482
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		3,400		70,425
				354,907

Italy : 5.06%
A2A SpA (Utilities, Multi-Utilities)		104,600		200,773
Assicurazioni Generali SpA (Financials, Insurance)		39,297		779,163
Enel SpA (Utilities, Electric Utilities)		94,000		596,366
Eni SpA (Energy, Oil, Gas & Consumable Fuels)		81,462		1,465,101
Intesa Sanpaolo SpA (Financials, Banks)		222,701		873,860
Leonardo-Finmeccanica SpA (Industrials, Aerospace & Defense)		9,300		112,231
Mediobanca SpA (Financials, Banks)		23,400		284,480
Prysmian SpA (Industrials, Electrical Equipment)		4,302		151,368
UniCredit SpA (Financials, Banks)		98,284		2,165,447
				6,628,789

Japan : 14.99%
Adeka Corporation (Materials, Chemicals)		13,000		229,825
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		3,300		192,553
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		1,800		70,734
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		17,100		225,556
CALBEE Incorporated (Consumer Staples, Food Products)		12,900		453,751
Central Glass Company Limited (Industrials, Building Products)		6,800		151,983
Daikyo Incorporated (Real Estate, Real Estate Management & Development)		7,350		155,322
Daiwa Securities Group Incorporated (Financials, Capital Markets)		96,000		687,837
DCM Holdings Company Limited (Consumer Discretionary, Specialty Retail)		14,100		139,489
Denka Company Limited (Materials, Chemicals)		10,000		398,003
DIC Incorporated (Materials, Chemicals)		5,300		208,757
Eizo Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		7,300		343,034
FANUC Corporation (Industrials, Machinery)		1,700		458,986
Fuji Oil Company Limited (Consumer Staples, Food Products)		1,300		39,535
Fujikura Limited (Industrials, Electrical Equipment)		25,000		244,573
Fujitsu Limited (Information Technology, IT Services)		29,000		213,549
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		198,000		1,571,377
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		16,500		277,947
Itochu Corporation (Industrials, Trading Companies & Distributors)		14,600		286,062
Japan Airlines Company Limited (Industrials, Airlines)		6,300		237,354
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		28,220		933,687
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		3,000		157,186
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		18,500		466,525
Kyorin Company Limited (Health Care, Pharmaceuticals)		3,100		58,950
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		11,000		244,948
Marubeni Corporation (Industrials, Trading Companies & Distributors)		36,300		272,059
Matsumotokiyoshi Holdings Company Limited (Consumer Staples, Food & Staples Retailing)		3,400		139,370
Mazda Motor Corporation (Consumer Discretionary, Automobiles)		12,000		168,123
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		6,100		172,099
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		228,800		1,720,243
Mitsui Chemicals Incorporated (Materials, Chemicals)		9,500		298,044
Mizuho Financial Group Incorporated (Financials, Banks)		171,600		322,703
Nintendo Company Limited (Information Technology, Software)		2,200		966,694
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		13,500		641,921


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Diversified International Fund


Security name	Shares		Value
Japan (continued)
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		32,200	$	343,178
Nisshinbo Holdings Incorporated (Industrials, Industrial Conglomerates)		12,400		175,829
Nomura Holdings Incorporated (Financials, Capital Markets)		251,100		1,627,308
NTT DOCOMO Incorporated (Telecommunication Services, Wireless Telecommunication Services)		5,400		133,776
ORIX Corporation (Financials, Diversified Financial Services)		16,500		307,571
Resona Holdings Incorporated (Financials, Banks)		62,600		376,907
Rohm Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		4,100		449,547
S Foods Incorporated (Consumer Staples, Food Products)		4,700		204,498
Sankyu Incorporated (Industrials, Road & Rail)		3,500		162,545
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		2,100		95,988
SEINO Holdings Company Limited (Industrials, Road & Rail)		3,000		49,766
Sojitz Corporation (Industrials, Trading Companies & Distributors)		77,400		249,563
Sumitomo Heavy Industries Limited (Industrials, Machinery)		6,000		273,427
Sumitomo Metal Mining Company Limited (Materials, Metals & Mining)		11,120		520,298
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		8,000		357,461
Sumitomo Osaka Cement Company (Materials, Construction Materials)		37,600		177,030
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		10,500		266,612
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		6,200		144,082
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		36,800		223,490
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		5,900		125,274
UBE Industries Limited (Materials, Chemicals)		7,900		235,184
				19,648,113

Malaysia : 1.19%
CIMB Group Holdings Bhd (Financials, Banks)		835,262		1,553,627

Netherlands : 6.97%
Aegon NV (Financials, Insurance)		23,200		158,652
Airbus SE (Industrials, Aerospace & Defense)		7,049		809,531
Akzo Nobel NV (Materials, Chemicals)		5,083		475,960
ASML Holding NV (Information Technology, Semiconductors & Semiconductor Equipment)		3,442		697,421
ING Groep NV (Financials, Banks)		97,185		1,910,048
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		10,000		223,106
Koninklijke Philips NV (Industrials, Industrial Conglomerates)		31,236		1,274,345
NN Group NV (Financials, Insurance)		23,191		1,094,126
OCI NV (Materials, Chemicals)«†		46,349		1,174,485
Sensata Technologies Holding NV (Industrials, Electrical Equipment)«†		22,470		1,263,938
X5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing)†		1,300		49,842
				9,131,454

Norway : 1.62%
Den Norske Bank ASA (Financials, Banks)		92,501		1,876,683
Marine Harvest ASA (Consumer Staples, Food Products)		6,000		103,867
Yara International ASA (Materials, Chemicals)		2,900		139,378
				2,119,928

Poland : 0.06%
Asseco Poland SA (Information Technology, Software)		5,900		81,938

Portugal : 0.15%
Energias de Portugal SA (Utilities, Electric Utilities)		56,000		196,691

Russia : 1.37%
Gazprom Neft Sponsored ADR - London Exchange (Energy, Oil, Gas & Consumable Fuels)		10,500		259,875
LUKOIL OAO ADR (Energy, Oil, Gas & Consumable Fuels)		4,200		276,570
MMC Norilsk Nickel PJSC ADR (Materials, Metals & Mining)		25,137		516,817
Mobile TeleSystems PJSC ADR (Telecommunication Services, Wireless Telecommunication Services)		61,063		741,305
				1,794,567

Singapore : 0.30%
DBS Group Holdings Limited (Financials, Banks)		8,400		169,050


Wells Fargo Diversified International Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Singapore (continued)
United Overseas Bank Limited (Financials, Banks)		10,700	$	223,739
				392,789

South Africa : 1.46%
Barclays Africa Group Limited (Financials, Banks)		12,600		191,559
Imperial Holdings Limited (Consumer Discretionary, Distributors)		5,700		136,651
Naspers Limited (Consumer Discretionary, Media)		979		279,536
Omnia Holdings Limited (Materials, Chemicals)		7,600		93,558
Sasol Limited (Materials, Chemicals)		33,802		1,218,684
				1,919,988

South Korea : 3.23%
BNK Financial Group Incorporated (Financials, Banks)		1,018		10,105
Hana Financial Group Incorporated (Financials, Banks)		13,142		641,193
Industrial Bank of Korea (Financials, Banks)		16,600		258,828
KT&G Corporation (Consumer Staples, Tobacco)		2,300		229,386
Kwangju Bank (Financials, Banks)		1,044		12,465
LG Household & Health Care Limited (Consumer Staples, Personal Products)		177		195,092
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		346		808,419
Samsung Electronics Company Limited GDR (Information Technology, Technology Hardware, Storage & Peripherals)144A		246		291,264
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		6,287		1,563,140
Woori Bank (Financials, Banks)		13,760		217,124
				4,227,016

Spain : 1.10%
Banco Santander Central Hispano SA (Financials, Banks)		29,500		219,132
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing)		33,900		181,023
Gas Natural SDG SA (Utilities, Gas Utilities)		8,700		200,962
Grifols SA (Health Care, Biotechnology)		1,421		45,712
Grifols SA ADR (Health Care, Biotechnology)		13,036		323,945
International Consolidated Airlines Group SA (Industrials, Airlines)		17,900		162,709
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		16,200		304,814
				1,438,297

Sweden : 0.33%
Boliden AB (Materials, Metals & Mining)		6,700		243,006
Nordea Bank AB (Financials, Banks)		15,000		185,104
				428,110

Switzerland : 4.78%
Baloise Holding AG (Financials, Insurance)		2,000		327,263
Credit Suisse Group AG (Financials, Capital Markets)		29,809		575,202
Georg Fischer AG (Industrials, Machinery)		100		144,829
Idorsia Limited (Health Care, Biotechnology)†		2,140		66,447
Nestle SA (Consumer Staples, Food Products)		15,478		1,337,352
Novartis AG (Health Care, Pharmaceuticals)		16,745		1,514,831
Roche Holding AG (Health Care, Pharmaceuticals)		1,560		384,574
Swiss Life Holding AG (Financials, Insurance)		1,500		563,255
Swiss Reinsurance AG (Financials, Insurance)		3,900		384,658
UBS Group AG (Financials, Capital Markets)		10,600		215,246
Valiant Holding AG (Financials, Banks)		1,900		229,449
Zurich Insurance Group AG (Financials, Insurance)		1,602		526,513
				6,269,619

Taiwan : 0.43%
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		54,000		170,826
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		83,000		224,975


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Diversified International Fund


Security name	Shares		Value
Taiwan (continued)
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		14,000	$	45,537
Zhen Ding Technology Holding (Information Technology, Electronic Equipment, Instruments & Components)		55,000		126,057
				567,395

Thailand : 0.33%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		135,400		180,490
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		75,100		245,777
				426,267

United Kingdom : 13.35%
3i Group plc (Financials, Capital Markets)		27,100		358,383
Anglo American plc (Materials, Metals & Mining)		10,500		254,725
Aon plc (Financials, Insurance)		5,230		743,549
Aviva plc (Financials, Insurance)		22,000		160,307
BAE Systems plc (Industrials, Aerospace & Defense)		116,417		981,850
Barratt Developments plc (Consumer Discretionary, Household Durables)		23,400		194,430
Bellway plc (Consumer Discretionary, Household Durables)		4,200		198,043
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		8,600		133,768
BP plc (Energy, Oil, Gas & Consumable Fuels)		297,545		2,116,993
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)		33,500		121,505
Centrica plc (Utilities, Multi-Utilities)		68,900		130,551
Coca-Cola European Partners plc (Consumer Staples, Beverages)		22,298		895,488
ConvaTec Limited (Health Care, Health Care Equipment & Supplies)144A		138,810		398,515
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		20,500		147,135
Debenhams plc (Consumer Discretionary, Multiline Retail)«		93,500		39,827
easyJet plc (Industrials, Airlines)		5,900		139,060
Experian Group Limited plc (Industrials, Professional Services)		19,449		448,186
Ferguson plc (Industrials, Trading Companies & Distributors)		9,806		756,857
Firstgroup plc (Industrials, Road & Rail)†		54,400		80,175
Galliford Try plc (Industrials, Construction & Engineering)		6,500		100,781
GKN plc (Consumer Discretionary, Auto Components)		42,600		255,733
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		20,700		388,077
Glencore International plc (Materials, Metals & Mining)		146,713		840,949
Inchcape plc (Consumer Discretionary, Distributors)		19,900		204,708
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		90,900		325,887
Kingfisher plc (Consumer Discretionary, Specialty Retail)		55,500		273,442
Liberty Global plc Class A (Consumer Discretionary, Media)†		8,619		322,178
Liberty Global plc Class C (Consumer Discretionary, Media)†		15,456		552,707
Lloyds Banking Group plc (Financials, Banks)		134,900		133,138
London Stock Exchange Group plc (Financials, Capital Markets)		5,890		328,412
Man Group plc (Financials, Capital Markets)		228,674		705,211
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		44,100		188,660
Mondi plc (Materials, Paper & Forest Products)		2,300		61,296
Old Mutual plc (Financials, Insurance)		59,600		197,849
Prudential plc (Financials, Insurance)		27,540		745,297
Qinetiq Group plc (Industrials, Aerospace & Defense)		47,700		139,450
Redrow plc (Consumer Discretionary, Household Durables)		24,200		205,819
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)		6,800		240,988
Royal Mail plc (Industrials, Air Freight & Logistics)		20,900		139,323
Smiths Group plc (Industrials, Industrial Conglomerates)		20,284		460,372
Tate & Lyle plc (Consumer Staples, Food Products)		1,200		10,935
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)		4,400		247,769
United Business Media plc (Consumer Discretionary, Media)		72,412		933,552
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		375,419		1,197,204
				17,499,084

United States : 1.26%
Amazon.com Incorporated (Consumer Discretionary, Internet & Direct Marketing Retail)†		590		856,025
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		2,191		366,839


Wells Fargo Diversified International Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name								Shares		Value
United States (continued)
WABCO Holdings Incorporated (Industrials, Machinery)†									2,810	$	433,836
											1,656,700

Total Common Stocks (Cost $96,468,118)											125,086,234


						Expiration date
Participation Notes : 0.92%
United Kingdom : 0.92%
HSBC Bank plc (Ryanair Holdings plc) (Industrials, Airlines)(a)							10-29-2018		58,387		1,199,257

Total Participation Notes (Cost $737,958)											1,199,257


			Dividend yield
Preferred Stocks : 0.47%
Brazil : 0.02%
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)				3.23	%				13,600		32,015

Germany : 0.45%
Henkel AG & Company KGaA (Consumer Staples, Household Products)				1.23					4,196		586,588

Total Preferred Stocks (Cost $477,444)											618,603

Rights : 0.00%
Italy : 0.00%
UniCredit SpA (Financials, Banks)†(a)							5-9-2018		98,284		0

Total Rights (Cost $0)											0


			Yield
Short-Term Investments : 5.21%
Investment Companies : 5.21%
Securities Lending Cash Investment LLC (l)(r)(u)				1.60					3,051,981		3,052,287
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.24					3,779,826		3,779,826
Total Short-Term Investments (Cost $6,832,111)											6,832,113

Total investments in securities (Cost $104,515,631)	102.04	%									133,736,207
Other assets and liabilities, net	(2.04	)									(2,674,158	)

Total net assets	100.00	%								$	131,062,049

†	Non-income-earning security

(a)

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

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.

«	All or a portion of this security is on loan.

(l)

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

(r)

The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u)

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

Abbreviations:


ADR		American depositary receipt
GDR		Global depositary receipt
LLC		Limited liability company
PCL		Public Company Limited
PJSC		Public Joint Stock Company
plc		Public limited company

Forward Foreign Currency Contracts

Currency to be

received

Currency to be

delivered

Counterparty

Settlement date

Unrealized

gains

Unrealized

losses

1,839,432 USD

1,370,000 GBP

Morgan Stanley ¤¤

3-12-2018

(108,584

)

¤¤	Transaction can only be closed with the originating counterparty.

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 Investment LLC		798,430		7,052,883		4,799,332		3,051,981	$	3,052,287
Wells Fargo Government Money Market Fund Select Class		2,773,394		8,343,890		7,337,458		3,779,826		3,779,826

									$	6,832,113		5.21	%

Wells Fargo Diversified International Fund (the “Fund”)

Notes to Portfolio of investments – January 31, 2018 (unaudited)

Securities valuation

Foreign currency translation

Participation notes

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate 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 contract transactions. 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.

Security loans

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 January 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Australia	$	1,893,802	$	0	$	0	$	1,893,802
Austria		588,161		0		0		588,161
Brazil		2,453,067		0		0		2,453,067
Canada		2,688,882		0		0		2,688,882
China		7,084,808		0		0		7,084,808


Denmark		648,224		0		0		648,224
France		7,803,694		0		0		7,803,694
Germany		20,666,690		0		0		20,666,690
Hong Kong		3,137,555		0		0		3,137,555
Hungary		89,952		0		0		89,952
Indonesia		285,338		0		0		285,338
Ireland		1,410,782		0		0		1,410,782
Israel		354,907		0		0		354,907
Italy		6,628,789		0		0		6,628,789
Japan		19,648,113		0		0		19,648,113
Malaysia		1,553,627		0		0		1,553,627
Netherlands		9,131,454		0		0		9,131,454
Norway		2,119,928		0		0		2,119,928
Poland		81,938		0		0		81,938
Portugal		196,691		0		0		196,691
Russia		1,794,567		0		0		1,794,567
Singapore		392,789		0		0		392,789
South Africa		1,919,988		0		0		1,919,988
South Korea		4,227,016		0		0		4,227,016
Spain		1,438,297		0		0		1,438,297
Sweden		428,110		0		0		428,110
Switzerland		6,269,619		0		0		6,269,619
Taiwan		567,395		0		0		567,395
Thailand		426,267		0		0		426,267
United Kingdom		17,499,084		0		0		17,499,084
United States		1,656,700		0		0		1,656,700
Participation notes
United Kingdom		0		1,199,257		0		1,199,257
Preferred stocks
Brazil		32,015		0		0		32,015
Germany		586,588		0		0		586,588
Rights
Italy		0		0		0		0
Short-term investments
Investment companies		3,779,826		0		0		3,779,826
Investments measured at net asset value*								3,052,287

Total assets	$	129,484,663	$	1,199,257	$	0	$	133,736,207

Liabilities
Forward foreign currency contracts	$	0	$	108,584	$	0	$	108,584

Total liabilities	$	0	$	108,584	$	0	$	108,584

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 Securities Lending Cash Investments, LLC valued at $3,052,287 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2018, the Fund had no material transfers between Level 1 and Level 2. The Fund did not have any transfers into/out of Level 3.


Wells Fargo Emerging Markets Equity Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks : 93.54%
Argentina : 0.66%
MercadoLibre Incorporated (Information Technology, Internet Software & Services)		76,700	$	29,690,570

Brazil : 7.70%
Ambev SA ADR (Consumer Staples, Beverages)		5,327,000		36,596,490
Atacadao Distribuicao Comercio e Industria Limitada (Consumer Staples, Food & Staples Retailing)†		5,960,000		30,118,016
B2W Companhia Digital (Consumer Discretionary, Internet & Direct Marketing Retail)†		4,524,833		30,179,756
Banco Bradesco SA ADR (Financials, Banks)		3,432,950		43,598,465
BK Brasil Operacao e Assesso SA (Consumer Discretionary, Hotels, Restaurants & Leisure)†		3,215,794		17,138,789
BM&F Bovespa SA (Financials, Capital Markets)		7,413,005		60,681,472
BRF Brazil Foods SA ADR (Consumer Staples, Food Products)†«		2,008,092		22,350,064
IRB-Brasil Resseguros SA (Financials, Insurance)		1,220,669		14,386,730
Lojas Renner SA (Consumer Discretionary, Multiline Retail)		3,144,250		37,363,875
Multiplan Empreendimentos Imobiliarios SA (Real Estate, Real Estate Management & Development)		787,302		17,925,577
Petrobras Distribuidora SA (Consumer Discretionary, Specialty Retail)		2,539,000		16,735,405
Raia Drogasil SA (Consumer Staples, Food & Staples Retailing)		751,600		19,917,636
				346,992,275

Chile : 1.90%
AES Gener SA (Utilities, Independent Power & Renewable Electricity Producers)		16,613,250		5,332,897
Banco Santander Chile SA ADR (Financials, Banks)		1,199,392		40,839,298
SACI Falabella (Consumer Discretionary, Multiline Retail)		3,737,228		39,242,661
				85,414,856

China : 27.63%
51job Incorporated ADR (Industrials, Professional Services)†«		698,941		48,988,775
Alibaba Group Holding Limited ADR (Information Technology, Internet Software & Services)†		321,037		65,584,649
Baidu Incorporated ADR (Information Technology, Internet Software & Services)†		116,540		28,776,057
Best Incorporated ADR (Industrials, Air Freight & Logistics)†«		2,819,842		25,378,578
China Distance Education ADR (Consumer Discretionary, Diversified Consumer Services)		973,710		9,406,039
China Life Insurance Company Limited H Shares (Financials, Insurance)		28,218,290		95,411,884
China Literature Limited (Consumer Discretionary, Internet & Direct Marketing Retail)†144A		262,768		2,722,523
China MeiDong Auto Holdings Limited (Consumer Discretionary, Specialty Retail)		11,910,000		4,263,006
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		12,560,165		132,623,808
China Rapid Finance Limited ADR (Financials, Consumer Finance)†«		1,206,299		6,924,156
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		26,974,000		41,998,980
Ctrip.com International Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail)†		1,191,632		55,744,545
Gridsum Holding Incorporated ADR (Information Technology, Software)†«		441,040		5,857,011
Hengan International Group Company Limited (Consumer Staples, Personal Products)		4,957,000		47,525,455
Jianpu Technology Incorporated ADR (Financials, Consumer Finance)†«		2,181,869		16,822,210
Li Ning Company Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)†		28,084,207		22,617,720
New Oriental Education & Technology Group Incorporated ADR (Consumer Discretionary, Diversified Consumer Services)		901,913		83,057,168
PPDAI Group Incorporated ADR (Financials, Consumer Finance)†«		2,135,619		16,337,485
Shandong Weigao Group Medical Polymer Company Limited H Shares (Health Care, Health Care Equipment & Supplies)		18,024,000		13,340,615
SINA Corporation (Information Technology, Internet Software & Services)		932,907		109,383,346
Sogou Incorporated ADR (Information Technology, Internet Software & Services)†«		574,348		5,904,297
Tencent Holdings Limited (Information Technology, Internet Software & Services)		1,948,800		115,493,302
Tsingtao Brewery Company Limited H Shares (Consumer Staples, Beverages)		7,690,000		42,860,667
Vipshop Holdings Limited ADR (Consumer Discretionary, Internet & Direct Marketing Retail)†		6,094,738		100,746,019
Want Want China Holdings Limited (Consumer Staples, Food Products)		50,204,000		44,346,819
Weibo Corporation ADR (Information Technology, Internet Software & Services)†«		608,126		78,794,886
ZhongAn Online P & C Insurance Company Limited (Financials, Insurance) †144A		391,875		3,511,654
Zhou Hei Ya International Holding Company Limited (Consumer Staples, Food Products)		20,953,626		20,946,521
				1,245,368,175


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Emerging Markets Equity Fund


Security name	Shares		Value
Colombia : 0.48%
Bancolombia SA ADR (Financials, Banks)		472,400	$	21,706,780

Hong Kong : 4.97%
AIA Group Limited (Financials, Insurance)		9,321,400		79,836,603
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		4,214,250		17,212,235
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing)		25,490,500		34,605,806
WH Group Limited (Consumer Staples, Food Products)144A		74,605,500		92,414,629
				224,069,273

India : 8.84%
AU Small Finance Bank Limited (Financials, Consumer Finance)†144A		451,041		4,655,873
Bajaj Finance Limited (Financials, Consumer Finance)		470,281		12,405,888
Bharti Airtel Limited (Telecommunication Services, Wireless Telecommunication Services)		2,618,728		18,109,742
Bharti Infratel Limited (Telecommunication Services, Diversified Telecommunication Services)		2,873,851		15,884,320
Dalmia Bharat Limited (Materials, Construction Materials)		312,329		14,413,674
Fortis Healthcare Limited (Health Care, Health Care Providers & Services)†		3,950,000		8,635,458
HDFC Bank Limited ADR (Financials, Banks)		123,826		13,446,265
Housing Development Finance Corporation Limited (Financials, Thrifts & Mortgage Finance)		1,115,700		34,316,277
ICICI Bank Limited ADR (Financials, Banks)		2,816,952		30,930,133
Indusind Bank Limited (Financials, Banks)		817,217		22,524,822
Infosys Limited ADR (Information Technology, IT Services)«		1,267,460		22,826,955
ITC Limited (Consumer Staples, Tobacco)		10,078,960		43,007,366
Kotak Mahindra Bank Limited (Financials, Banks)		1,057,262		18,433,672
Laurus Labs Limited (Health Care, Pharmaceuticals)144A		455,595		3,700,417
Max Financial Services Limited (Financials, Insurance)†		925,389		7,772,955
PNB Housing Finance Limited (Financials, Thrifts & Mortgage Finance)144A		191,606		3,907,658
Reliance Industries Limited (Energy, Oil, Gas & Consumable Fuels)		858,400		12,973,762
Reliance Industries Limited GDR (Energy, Oil, Gas & Consumable Fuels)144A		2,493,174		75,293,855
SBI Life Insurance Company Limited (Financials, Insurance)†144A		914,273		9,496,523
SH Kelkar & Company Limited (Materials, Chemicals)144A		1,314,144		6,204,625
Ultra Tech Cement Limited (Materials, Construction Materials)		286,000		19,704,058
				398,644,298

Indonesia : 1.98%
PT Astra International Tbk (Consumer Discretionary, Automobiles)		19,151,000		12,158,457
PT Bank Central Asia Tbk (Financials, Banks)		11,349,500		19,264,099
PT Blue Bird Tbk (Industrials, Road & Rail)		13,605,309		3,475,382
PT Link Net Tbk (Telecommunication Services, Diversified Telecommunication Services)		38,278,161		15,510,253
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail)		10,474,600		8,703,733
PT Telekomunikasi Indonesia Persero Tbk ADR (Telecommunication Services, Diversified Telecommunication Services)		997,754		29,982,508
				89,094,432

Luxembourg : 0.15%
Biotoscana Investments SA (Health Care, Biotechnology)†		1,156,551		6,824,595

Malaysia : 0.94%
Genting Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		8,780,900		21,694,585
Genting Malaysia Bhd (Consumer Discretionary, Hotels, Restaurants & Leisure)		14,496,300		20,492,493
				42,187,078

Mexico : 5.95%
America Movil SAB de CV ADR (Telecommunication Services, Wireless Telecommunication Services)		1,657,320		30,991,884
Banco Santander Mexico ADR (Financials, Banks)«		2,045,333		15,994,504
Becle SAB de CV ADR (Consumer Staples, Beverages)†		12,063,925		21,863,403
Cemex SAB de CV ADR (Materials, Construction Materials)†		2,111,848		17,507,220
Fibra Uno Administracion SAB de CV (Real Estate, Equity REITs)		30,886,872		48,641,005
Fomento Economico Mexicano SAB de CV ADR (Consumer Staples, Beverages)		803,120		78,336,325


Wells Fargo Emerging Markets Equity Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Mexico (continued)
Grupo Financiero Banorte SAB de CV (Financials, Banks)		5,393,188	$	34,540,976
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		8,127,100		20,331,123
				268,206,440

Peru : 0.39%
Compania de Minas Buenaventura SA ADR (Materials, Metals & Mining)		1,152,495		17,782,998

Philippines : 0.69%
Ayala Corporation (Financials, Diversified Financial Services)		727,624		14,892,889
SM Investments Corporation (Industrials, Industrial Conglomerates)		812,873		16,241,615
				31,134,504

Poland : 0.36%
PLAY Communications SA (Telecommunication Services, Wireless Telecommunication Services)†		1,600,779		16,269,052

Russia : 2.84%
LUKOIL PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		503,249		33,224,499
Magnit (Consumer Staples, Food & Staples Retailing)(a)		150,816		14,308,211
Sberbank of Russia ADR (Financials, Banks)		1,541,195		31,055,079
Yandex NV Class A (Information Technology, Internet Software & Services)†		1,280,106		49,578,505
				128,166,294

Singapore : 0.13%
Sea Limited ADR (Information Technology, Software)†«		469,342		5,754,133

South Africa : 3.98%
AngloGold Ashanti Limited ADR (Materials, Metals & Mining)		958,071		10,807,041
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)		2,732,643		30,310,798
Shoprite Holdings Limited (Consumer Staples, Food & Staples Retailing)		2,678,100		55,783,153
Standard Bank Group Limited (Financials, Banks)		1,660,190		28,121,450
Steinhoff Africa Retail Limited (Consumer Discretionary, Household Products)†		662,188		1,168,279
Tiger Brands Limited (Consumer Staples, Food Products)		1,370,333		53,326,877
				179,517,598

South Korea : 11.40%
KT Corporation ADR (Telecommunication Services, Diversified Telecommunication Services)«		3,654,813		54,639,454
KT&G Corporation (Consumer Staples, Tobacco)		234,091		23,346,623
Naver Corporation (Information Technology, Internet Software & Services)		87,000		74,139,626
Netmarble Games Corporation (Information Technology, Software)†144A		23,102		3,764,338
Samsung Biologics Company Limited (Health Care, Life Sciences Tools & Services)†		21,099		8,664,055
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		97,836		228,590,926
Samsung Life Insurance Company Limited (Financials, Insurance)		507,337		61,288,077
SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		866,000		59,606,686
				514,039,785

Taiwan : 8.71%
104 Corporation (Industrials, Professional Services)		1,655,000		10,107,564
MediaTek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		3,739,881		38,366,966
President Chain Store Corporation (Consumer Staples, Food & Staples Retailing)		4,545,000		44,989,192
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		8,285,224		72,489,136
Taiwan Semiconductor Manufacturing Company Limited ADR (Information Technology, Semiconductors & Semiconductor Equipment)		3,097,852		140,363,674


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Emerging Markets Equity Fund


Security name								Shares		Value
Taiwan (continued)
Uni-President Enterprises Corporation (Consumer Staples, Food Products)									35,862,368	$	86,132,191
											392,448,723

Thailand : 2.90%
PTT Exploration & Production PCL (Energy, Oil, Gas & Consumable Fuels)									4,128,139		15,684,819
PTT PCL (Energy, Oil, Gas & Consumable Fuels)									2,235,900		35,123,333
Siam Commercial Bank PCL (Financials, Banks)									7,805,100		39,249,784
Thai Beverage PCL (Consumer Staples, Beverages)									57,727,000		40,485,470
											130,543,406

Turkey : 0.13%
Avivasa Emeklilik Ve Hayat AS (Financials, Insurance)«									1,246,853		5,907,998

United Arab Emirates : 0.05%
Emaar Malls Group (Real Estate, Real Estate Management & Development)									3,773,147		2,373,016

United Kingdom : 0.76%
Standard Chartered plc (Financials, Banks)†									2,925,244		34,041,317

Total Common Stocks (Cost $2,819,587,746)											4,216,177,596


			Interest rate			Maturity date		Principal
Convertible Debentures : 0.00%
Brazil : 0.00%
Lupatech SA (Energy, Energy Equipment & Services)(a)†				6.50	%		4-15-2018	$	303,000		0

Total Convertible Debentures (Cost $160,691)											0


			Dividend yield					Shares
Preferred Stocks : 1.28%
Brazil : 1.28%
Lojas Americanas SA (Consumer Discretionary, Multiline Retail) †				0.00					10,890,093		57,766,030

Total Preferred Stocks (Cost $45,552,486)											57,766,030

			Yield
Short-Term Investments : 9.95%
Investment Companies : 9.95%
Securities Lending Cash Investment LLC (l)(r)(u)				1.60					215,661,244		215,682,810
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.24					232,804,409		232,804,409
Total Short-Term Investments (Cost $448,487,219)											448,487,219

Total investments in securities (Cost $3,313,788,142)	104.77	%									4,722,430,845
Other assets and liabilities, net	(4.77	)									(215,002,725	)

Total net assets	100.00	%								$	4,507,428,120

†	Non-income-earning security

«	All or a portion of this security is on loan.

144A

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

(a)

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

(l)

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

(r)

The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u)

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


Wells Fargo Emerging Markets Equity Fund		Portfolio of investments — January 31, 2018 (unaudited)

Abbreviations:


ADR		American depositary receipt
GDR		Global depositary receipt
LLC		Limited liability company
PCL		Public Company Limited
PJSC		Public Joint Stock Company
plc		Public limited company
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 Investment LLC		123,189,507		432,300,601		339,828,864		215,661,244	$	215,682,810
Wells Fargo Government Money Market Fund Select Class		263,185,940		104,338,100		134,719,631		232,804,409		232,804,409

									$	448,487,219		9.95	%

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

Notes to Portfolio of investments – January 31, 2018 (unaudited)

Securities valuation

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Foreign currency translation

Security loans

on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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 January 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Argentina	$	29,690,570	$	0	$	0	$	29,690,570
Brazil		346,992,275		0		0		346,992,275
Chile		85,414,856		0		0		85,414,856
China		1,245,368,175		0		0		1,245,368,175
Colombia		21,706,780		0		0		21,706,780
Hong Kong		224,069,273		0		0		224,069,273
India		398,644,298		0		0		398,644,298
Indonesia		89,094,432		0		0		89,094,432
Luxembourg		6,824,595		0		0		6,824,595
Malaysia		42,187,078		0		0		42,187,078
Mexico		268,206,440		0		0		268,206,440


Peru		17,782,998		0		0		17,782,998
Philippines		31,134,504		0		0		31,134,504
Poland		16,269,052		0		0		16,269,052
Russia		113,858,083		14,308,211		0		128,166,294
Singapore		5,754,133		0		0		5,754,133
South Africa		179,517,598		0		0		179,517,598
South Korea		514,039,785		0		0		514,039,785
Taiwan		392,448,723		0		0		392,448,723
Thailand		130,543,406		0		0		130,543,406
Turkey		5,907,998		0		0		5,907,998
United Arab Emirates		2,373,016		0		0		2,373,016
United Kingdom		34,041,317		0		0		34,041,317
Convertible Debentures
Brazil		0		0		0		0
Preferred stocks
Brazil		57,766,030		0		0		57,766,030
Short-term investments
Investment companies		232,804,409		0		0		232,804,409
Investments measured at net asset value*								215,682,810

Total assets	$	4,492,439,824	$	14,308,211	$	0	$	4,722,430,845

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 Securities Lending Cash Investments, LLC valued at $215,682,810 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Emerging Markets Equity Income Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks : 83.74%
Argentina : 1.79%
Banco Macro SA (Financials, Banks)		49,411	$	5,363,070
Ternium SA (Materials, Metals & Mining)		205,276		7,001,964
				12,365,034

Brazil : 6.76%
Ambev SA (Consumer Staples, Beverages)		633,200		4,362,442
Banco de Brasil SA (Financials, Banks)		479,800		5,975,664
BB Seguridade Participacoes SA (Financials, Insurance)		742,396		7,249,196
BM&F Bovespa SA (Financials, Capital Markets)		851,700		6,971,857
Compania de Saneamento do Parana (Utilities, Water Utilities)		280,884		5,123,091
Itausa Investimentos Itau SA (Financials, Banks)		1,789		7,384
Petrobras Distribuidora SA (Consumer Discretionary, Specialty Retail)		929,700		6,127,966
Petroleo Brasileiro SA ADR Class A (Energy, Oil, Gas & Consumable Fuels)†		463,467		5,742,356
Vale SA (Materials, Metals & Mining)		333,674		4,341,113
WEG SA (Industrials, Machinery)		108,700		808,597
				46,709,666

Chile : 1.06%
Enersis SA ADR (Utilities, Electric Utilities)		623,570		7,345,655

China : 21.13%
Agricultural Bank of China Limited H Shares (Financials, Banks)		6,053,000		3,714,138
Agricultural Bank of China Limited H Shares (Financials, Banks)		15,005,000		9,034,477
Beijing Capital International Airport Company Limited H Shares (Industrials, Transportation Infrastructure)		4,536,000		6,877,076
China Communications Construction Company Limited H Shares (Industrials, Construction & Engineering)		4,547,000		5,428,976
China Communications Services Corporation Limited H Shares (Telecommunication Services, Diversified Telecommunication Services)		10,944,000		6,953,102
China Construction Bank H Shares (Financials, Banks)		25,196,000		29,052,549
China Lesso Group Holdings Limited Class L (Industrials, Building Products)		5,980,000		4,655,481
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		674,500		7,122,101
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		10,809,600		9,341,195
China Resources Land Limited (Real Estate, Real Estate Management & Development)		1,600,000		6,381,469
China State Construction International Holdings Limited (Industrials, Construction & Engineering)		2,924,000		4,231,262
Huaneng Power International Incorporated H Shares (Utilities, Independent Power & Renewable Electricity Producers)		4,336,000		2,799,154
Industrial & Commercial Bank of China Limited H Shares (Financials, Banks)		24,566,000		23,238,723
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		4,744,000		9,848,652
Sinotrans Limited H Shares (Industrials, Air Freight & Logistics)		12,056,000		7,320,537
Wynn Macau Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		968,000		3,415,313
Zhejiang Expressway Company Limited (Industrials, Transportation Infrastructure)		5,596,000		6,624,221
				146,038,426

Hong Kong : 4.75%
China Resources Cement Holdings Limited (Materials, Construction Materials)		4,994,000		3,760,191
Chow Tai Fook Jewellery Company Limited (Consumer Discretionary, Specialty Retail)		2,413,210		2,702,373
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		6,494,000		10,111,269
Guangdong Investment Limited (Utilities, Water Utilities)		2,360,000		3,511,649
SJM Holdings Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		3,576,000		3,574,789
Sun Art Retail Group Limited (Consumer Staples, Food & Staples Retailing)		3,132,000		4,251,991
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		3,220,000		4,898,340
				32,810,602

India : 6.17%
Bharat Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels)		1,020,149		7,896,065
Bharti Infratel Limited (Telecommunication Services, Diversified Telecommunication Services)		968,257		5,351,740
Credit Analysis & Research Limited (Financials, Capital Markets)		131,322		2,810,352
HCL Technologies Limited (Information Technology, IT Services)		193,578		3,002,565
Hero Honda Motors Limited (Consumer Discretionary, Automobiles)		74,904		4,347,297
Infosys Technologies Limited (Information Technology, IT Services)		234,134		4,234,226


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Emerging Markets Equity Income Fund


Security name	Shares		Value
India (continued)
NTPC Limited (Utilities, Independent Power & Renewable Electricity Producers)		2,311,943	$	6,188,445
Vedanta Limited (Materials, Metals & Mining)		1,646,240		8,809,194
				42,639,884

Indonesia : 2.28%
PT Bank Rakyat Indonesia Tbk (Financials, Banks)		22,135,800		6,117,374
PT Cikarang Listrindo Tbk (Utilities, Independent Power & Renewable Electricity Producers)		19,732,900		1,768,643
PT Matahari Department Store Tbk (Consumer Discretionary, Multiline Retail)		5,462,200		4,538,744
PT Telekomunikasi Indonesia Persero Tbk (Telecommunication Services, Diversified Telecommunication Services)		11,196,700		3,336,806
				15,761,567

Malaysia : 2.42%
Bursa Malaysia Bhd (Financials, Diversified Financial Services)		1,304,400		3,647,735
Sime Darby Bhd (Industrials, Industrial Conglomerates)		5,448,700		4,277,602
Telecom Malaysia Bhd (Telecommunication Services, Diversified Telecommunication Services)		2,334,081		3,682,791
Tenaga Nasional Bhd (Utilities, Electric Utilities)		1,261,100		5,105,550
				16,713,678

Mexico : 1.45%
Grupo Financiero Banorte SAB de CV (Financials, Banks)		570,600		3,654,440
Wal-Mart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing)		2,549,328		6,377,515
				10,031,955

Philippines : 0.73%
Semirara Mining & Power Corporation (Energy, Oil, Gas & Consumable Fuels)		6,817,780		5,036,917

Poland : 0.76%
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance)		386,851		5,289,222

Russia : 2.63%
LUKOIL PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		88,190		5,822,304
Magnitogorsk Iron & Steel Works (Materials, Metals & Mining)(a)		8,538,437		6,931,853
Sberbank of Russia ADR (Financials, Banks)		269,187		5,424,118
				18,178,275

Singapore : 2.45%
BOC Aviation Limited (Industrials, Trading Companies & Distributors)		601,300		3,535,861
CapitaRetail China Trust (Real Estate, Equity REITs)		2,460,357		3,169,693
Jardine Cycle & Carriage Limited (Consumer Discretionary, Distributors)		127,500		3,880,984
Singapore Telecommunications Limited (Telecommunication Services, Diversified Telecommunication Services)		2,348,800		6,338,430
				16,924,968

South Africa : 4.80%
Barclays Africa Group Limited (Financials, Banks)		383,307		5,827,464
Life Healthcare Group Holdings Limited (Health Care, Health Care Providers & Services)		1,670,395		3,846,650
Mr. Price Group Limited (Consumer Discretionary, Specialty Retail)		219,934		5,309,792
MTN Group Limited (Telecommunication Services, Wireless Telecommunication Services)		317,604		3,522,901
Sanlam Limited (Financials, Insurance)		773,917		5,762,117
Sasol Limited (Materials, Chemicals)		107,283		3,867,939
Truworths International Limited (Consumer Discretionary, Specialty Retail)		614,707		5,085,262
				33,222,125

South Korea : 8.55%
Coway Company Limited (Consumer Discretionary, Household Durables)		52,162		4,650,300
Hyundai Motor Company (Consumer Discretionary, Automobiles)		24,169		3,666,599
KB Financial Group Incorporated (Financials, Banks)		61,964		3,905,209
Korea Electric Power Corporation (Utilities, Electric Utilities)		139,008		4,653,777


Wells Fargo Emerging Markets Equity Income Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name			Shares		Value
South Korea (continued)
Korea Reinsurance Company (Financials, Insurance)				456,536	$	5,215,844
S-Oil Corporation (Energy, Oil, Gas & Consumable Fuels)				29,188		3,362,012
Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)				12,098		28,266,620
SK Innovation Company Limited (Energy, Oil, Gas & Consumable Fuels)				28,053		5,372,326
						59,092,687

Taiwan : 10.53%
Advantech Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)				668,000		5,225,644
Cathay Financial Holding Company Limited (Financials, Insurance)				2,247,000		4,209,439
Chicony Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)				1,059,770		2,792,552
CTBC Financial Holding Company Limited (Financials, Banks)				4,658,130		3,404,236
Formosa Plastics Corporation (Materials, Chemicals)				985,000		3,497,881
Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components)				2,763,630		8,742,574
Novatek Microelectronics Corporation Limited (Information Technology, Semiconductors & Semiconductor Equipment)				743,000		3,122,866
Siliconware Precision Industries Company (Information Technology, Semiconductors & Semiconductor Equipment)				1,527,000		2,640,572
Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)				2,831,000		24,769,004
Teco Electric & Machinery Company Limited (Industrials, Electrical Equipment)				3,947,000		3,805,414
Uni-President Enterprises Corporation (Consumer Staples, Food Products)				2,130,000		5,115,713
United Microelectronics Corporation ADR (Information Technology, Semiconductors & Semiconductor Equipment)				2,240,743		5,467,413
						72,793,308

Thailand : 2.33%
Intouch Holdings PCL (Telecommunication Services, Wireless Telecommunication Services)				1,806,800		3,317,082
Land & Houses PCL (Real Estate, Real Estate Management & Development)				18,781,600		6,956,148
Major Cineplex Group PCL (Consumer Discretionary, Media)				2,758,700		2,620,413
Thai Beverage PCL (Consumer Staples, Beverages)				4,613,500		3,235,569
						16,129,212

Turkey : 0.94%
Tupras Turkiye Petrol Rafinerileri AS (Energy, Oil, Gas & Consumable Fuels)				95,229		2,925,365
Turkcell Iletisim Hizmetleri AS (Telecommunication Services, Wireless Telecommunication Services)				856,476		3,558,960
						6,484,325

United Arab Emirates : 0.64%
Abu Dhabi Commercial Bank PJSC (Financials, Banks)				2,261,207		4,463,374

United Kingdom : 1.57%
Anglo American plc (Materials, Metals & Mining)				151,957		3,686,408
Mondi plc (Materials, Paper & Forest Products)				140,085		3,733,346
United Company Rusal plc (Materials, Metals & Mining)				4,731,000		3,435,163
						10,854,917

Total Common Stocks (Cost $468,609,866)						578,885,797


	Expiration date
Participation Notes : 8.94%
China : 8.94%
HSBC Bank plc (China State Construction Engineering Corporation Limited) (Industrials, Construction & Engineering)†(a)		11-23-2020		2,238,000		3,602,157
HSBC Bank plc (Huayu Automotive Systems Company Limited) (Consumer Discretionary, Auto Components)†(a)		8-9-2019		1,568,600		6,606,208
HSBC Bank plc (Inner Mongolia Yili Industrial Group Company Limited Class A) (Consumer Staples, Food Products)†(a)		3-30-2018		666,000		3,612,024


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Emerging Markets Equity Income Fund


Security name						Expiration date		Shares		Value
China (continued)
HSBC Bank plc (Inner Mongolia Yili Industrial Group Company Limited) (Consumer Staples, Food Products)†(a)							3-30-2018		330,377	$	1,791,786
HSBC Bank plc (Midea Group Company Limited Class A) (Consumer Discretionary, Household Durables)†(a)							3-30-2018		276,500		2,630,653
HSBC Bank plc (Ningbo Green Electric Appliance Company Limited) (Consumer Discretionary, Household Durables)†(a)							3-30-2018		647,272		5,758,791
HSBC Bank plc (SAIC Motor Corporation Limited) (Consumer Discretionary, Automobiles)†(a)							11-21-2024		653,982		3,577,009
UBS AG (Agricultural Bank of China Limited) (Financials, Banks)†(a)							3-28-2018		8,082,900		5,733,557
UBS AG (Baoshan Iron & Steel Company Limited) (Materials, Metals & Mining)†(a)							11-16-2018		1,018,900		1,617,276
UBS AG (Baoshan Iron & Steel Company Limited) (Materials, Metals & Mining)†(a)							4-27-2018		3,130,061		4,968,271
UBS AG (Jiangsu Yanghe Brewery Joint-Stock Company Limited) (Consumer Staples, Beverages)†(a)							4-27-2018		124,671		2,576,699
UBS AG (Midea Group Company Limited Class A) (Consumer Discretionary, Household Durables)†(a)							5-28-2018		54,400		517,568
UBS AG (Midea Group Company Limited Class A) (Consumer Discretionary, Household Durables)†(a)							11-26-2018		910,133		8,659,111
UBS AG (Poly Real Estate Group Company Limited) (Real Estate, Real Estate Management & Development)†(a)							3-13-2018		3,698,540		10,135,324
Total Participation Notes (Cost $39,866,809)											61,786,434


			Dividend yield
Preferred Stocks : 3.23%
Brazil : 3.23%
Banco Bradesco SA (Financials, Banks)				2.50	%				688,530		8,806,528
Itausa Investimentos Itau SA (Financials, Banks)				7.16					3,256,788		13,544,392
Total Preferred Stocks (Cost $12,379,959)											22,350,920


			Yield
Short-Term Investments : 4.20%
Investment Companies : 4.20%
Wells Fargo Government Money Market Fund Select Class (l)(u)##				1.24					28,999,124		28,999,124

Total Short-Term Investments (Cost $28,999,124)											28,999,124

Total investments in securities (Cost $549,855,758)	100.11	%									692,022,275
Other assets and liabilities, net	(0.11	)									(752,406	)

Total net assets	100.00	%								$	691,269,869

†	Non-income-earning security

(a)

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

(l)

The issuer of the security is an affiliated person of the Fund/Portfolio 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:


ADR		American depositary receipt
MTN		Medium-term note
PCL		Public Company Limited
PJSC		Public Joint Stock Company
plc		Public limited company
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
Wells Fargo Government Money Market Fund Select Class		38,470,174		58,686,678		68,157,728		28,999,124	$	28,999,124		4.20	%

Wells Fargo Emerging Markets Equity Income Fund (the “Fund”)

Notes to Portfolio of investments – January 31, 2018 (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. 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 of Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Participation notes

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 January 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Argentina	$	12,365,034	$	0	$	0	$	12,365,034
Brazil		46,709,666		0		0		46,709,666
Chile		7,345,655		0		0		7,345,655
China		146,038,426		0		0		146,038,426
Hong Kong		32,810,602		0		0		32,810,602
India		42,639,884		0		0		42,639,884
Indonesia		15,761,567		0		0		15,761,567
Malaysia		16,713,678		0		0		16,713,678
Mexico		10,031,955		0		0		10,031,955
Philippines		5,036,917		0		0		5,036,917
Poland		5,289,222		0		0		5,289,222
Russia		11,246,422		6,931,853		0		18,178,275
Singapore		16,924,968		0		0		16,924,968
South Africa		33,222,125		0		0		33,222,125
South Korea		59,092,687		0		0		59,092,687
Taiwan		72,793,308		0		0		72,793,308
Thailand		16,129,212		0		0		16,129,212
Turkey		6,484,325		0		0		6,484,325
United Arab Emirates		4,463,374		0		0		4,463,374
United Kingdom		10,854,917		0		0		10,854,917
Participation notes		0		61,786,434		0		61,786,434
China
Preferred stocks
Brazil		22,350,920		0		0		22,350,920
Short-term investments
Investment companies		28,999,124		0		0		28,999,124

Total assets	$	623,303,988	$	68,718,287	$	0	$	692,022,275


Wells Fargo Global Small Cap Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks : 96.73%
Australia : 2.27%
Ansell Limited (Health Care, Health Care Equipment & Supplies)		180,609	$	3,660,198
Domino’s Pizza Enterprises Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)«		34,188		1,322,061
Inghams Group Limited (Consumer Staples, Food Products)«		247,416		669,876
Nufarm Limited (Materials, Chemicals)		102,850		660,526
				6,312,661

Austria : 0.56%
Mayr-Melnhof Karton AG (Materials, Containers & Packaging)		9,927		1,557,863

Bermuda : 1.04%
Aspen Insurance Holdings Limited (Financials, Insurance)		77,400		2,890,890

Canada : 8.70%
Colliers International Group (Real Estate, Real Estate Management & Development)		26,353		1,596,178
Cott Corporation (Consumer Staples, Beverages)		145,935		2,434,623
Great Canadian Gaming Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)†		78,022		2,321,630
Intertape Polymer Group Incorporated (Materials, Containers & Packaging)		76,000		1,324,748
Maple Leaf Foods Incorporated (Consumer Staples, Food Products)		65,725		1,862,208
MTY Food Group Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		56,794		2,447,683
Mullen Group Limited (Energy, Energy Equipment & Services)		118,591		1,450,088
Novanta Incorporated (Information Technology, Electronic Equipment, Instruments & Components)†		88,905		5,147,600
Parex Resources Incorporated (Energy, Oil, Gas & Consumable Fuels)†		96,736		1,444,748
Source Energy Services Limited (Energy, Energy Equipment & Services)†		125,000		825,203
Stantec Incorporated (Industrials, Professional Services)		68,300		1,986,808
Western Forest Products Incorporated (Materials, Paper & Forest Products)		579,417		1,347,262
				24,188,779

Finland : 0.69%
Metsa Board OYJ (Materials, Paper & Forest Products)		212,536		1,932,877

France : 2.71%
ALTEN SA (Information Technology, IT Services)		35,525		3,599,054
M6 Metropole Television SA (Consumer Discretionary, Media)		90,560		2,464,570
Vicat SA (Materials, Construction Materials)		18,014		1,483,936
				7,547,560

Germany : 6.03%
Cancom SE (Information Technology, IT Services)		21,140		1,996,036
Gerresheimer AG (Health Care, Life Sciences Tools & Services)		49,388		4,310,631
Krones AG (Industrials, Machinery)«		12,478		1,741,307
Nemetschek SE (Information Technology, Software)		18,484		1,818,693
SMA Solar Technology AG (Information Technology, Semiconductors & Semiconductor Equipment)«		27,974		1,521,223
TAG Immobilien AG (Real Estate, Real Estate Management & Development)		137,371		2,710,086
TLG Immobilien AG (Real Estate, Real Estate Management & Development)		95,108		2,675,722
				16,773,698

Hong Kong : 0.99%
Sunlight REIT (Real Estate, Equity REITs)		3,949,000		2,761,344

Ireland : 0.22%
Irish Residential Properties REIT plc (Real Estate, Equity REITs)		331,844		618,001

Israel : 0.72%
Orbotech Limited (Information Technology, Electronic Equipment, Instruments & Components)†		37,526		1,998,635

Japan : 11.50%
Aeon Delight Company Limited (Industrials, Commercial Services & Supplies)		114,200		4,168,609
DTS Corporation (Information Technology, IT Services)		87,600		3,197,637
Ezaki Glico Company Limited (Consumer Staples, Food Products)		34,400		1,751,983
Fuji Seal International Incorporated (Materials, Containers & Packaging)		50,400		1,747,403


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Global Small Cap Fund


Security name	Shares		Value
Japan (continued)
Horiba Limited (Information Technology, Electronic Equipment, Instruments & Components)		16,200	$	1,040,231
Meitec Corporation (Industrials, Professional Services)		59,400		3,259,192
Musashi Seimitsu Industry Company Limited (Consumer Discretionary, Auto Components)		33,600		1,071,063
Nihon Parkerizing Company Limited (Materials, Chemicals)		175,800		3,041,918
ORIX JREIT Incorporated (Real Estate, Equity REITs)		2,669		4,109,727
OSG Corporation (Industrials, Machinery)		79,800		2,021,132
San-A Company Limited (Consumer Staples, Food & Staples Retailing)		41,000		2,020,518
Ship Healthcare Holdings Incorporated (Health Care, Health Care Providers & Services)		52,100		1,701,351
Sumitomo Warehouse Company Limited (Industrials, Transportation Infrastructure)		167,000		1,240,606
Taikisha Limited (Industrials, Construction & Engineering)		45,800		1,594,211
				31,965,581

Netherlands : 0.46%
Frank’s International NV (Energy, Energy Equipment & Services)«		183,400		1,269,128

Norway : 0.49%
SpareBank 1 SMN (Financials, Banks)«		119,062		1,349,871

Spain : 2.83%
Almirall SA (Health Care, Pharmaceuticals)		110,939		1,203,815
Merlin Properties Socimi SA (Real Estate, Equity REITs)		159,945		2,301,538
Prosegur Compania de Seguridad SA (Industrials, Commercial Services & Supplies)		184,827		1,537,462
Viscofan SA (Consumer Staples, Food Products)		40,261		2,814,214
				7,857,029

Sweden : 0.91%
Hexpol AB (Materials, Chemicals)		147,791		1,585,773
Rezidor Hotel Group AB (Consumer Discretionary, Hotels, Restaurants & Leisure)		297,593		947,929
				2,533,702

Switzerland : 0.55%
Bucher Industries AG (Industrials, Machinery)		3,359		1,539,564

United Kingdom : 10.88%
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		94,712		1,473,193
Britvic plc (Consumer Staples, Beverages)		261,789		2,730,144
Consort Medical plc (Health Care, Health Care Equipment & Supplies)		45,055		765,097
Domino’s Pizza Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		393,404		1,886,306
Elementis plc (Materials, Chemicals)		497,634		2,041,974
Hikma Pharmaceuticals plc (Health Care, Pharmaceuticals)		66,347		910,941
Hunting plc (Energy, Energy Equipment & Services)†		199,757		1,738,620
Jupiter Fund Management plc (Financials, Capital Markets)		215,564		1,810,701
Lancashire Holdings Limited (Financials, Insurance)		248,808		2,324,516
Mears Group plc (Industrials, Commercial Services & Supplies)		259,794		1,475,474
Morgan Advanced Materials plc (Industrials, Machinery)		102,643		505,127
NCC Group plc (Information Technology, IT Services)«		967,449		2,761,000
Nomad Foods Limited (Consumer Staples, Food Products)†		336,524		5,734,369
OM Asset Management plc (Financials, Capital Markets)		122,500		2,191,525
Savills plc (Real Estate, Real Estate Management & Development)		131,171		1,907,129
				30,256,116

United States : 45.18%
ACI Worldwide Incorporated (Information Technology, Software)†		154,200		3,614,448
ALLETE Incorporated (Utilities, Electric Utilities)		35,800		2,593,352
AMN Healthcare Services Incorporated (Health Care, Health Care Providers & Services)†		67,100		3,599,915
AptarGroup Incorporated (Materials, Containers & Packaging)		51,700		4,519,614
Atkore International Incorporated (Industrials, Electrical Equipment)†		63,700		1,489,306
Belden Incorporated (Information Technology, Electronic Equipment, Instruments & Components)		52,000		4,408,040
Berkshire Hills Bancorp Incorporated (Financials, Banks)		107,338		4,073,477
Cambrex Corporation (Health Care, Life Sciences Tools & Services)†		40,700		2,293,445
Casey’s General Stores Incorporated (Consumer Staples, Food & Staples Retailing)«		19,699		2,385,746
Charles River Laboratories International Incorporated (Health Care, Life Sciences Tools & Services)†		14,100		1,486,704
Compass Minerals International Incorporated (Materials, Metals & Mining)«		51,400		3,747,060


Wells Fargo Global Small Cap Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name						Shares		Value
United States (continued)
CSW Industrials Incorporated (Industrials, Building Products)†							92,500	$	4,430,750
Denny’s Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)†							356,800		5,348,432
Douglas Dynamics Incorporated (Industrials, Machinery)							110,742		4,562,570
Forward Air Corporation (Industrials, Air Freight & Logistics)							63,000		3,824,730
GCP Applied Technologies Incorporated (Materials, Chemicals)†							66,375		2,216,925
Gibraltar Industries Incorporated (Industrials, Building Products)†							70,200		2,604,420
Haemonetics Corporation (Health Care, Health Care Equipment & Supplies)†							46,476		3,004,673
Helen of Troy Limited (Consumer Discretionary, Household Durables)†							38,200		3,558,330
Horace Mann Educators Corporation (Financials, Insurance)							48,900		2,019,570
Hostess Brands Incorporated (Consumer Staples, Food Products)†							198,400		2,737,920
Innoviva Incorporated (Health Care, Pharmaceuticals)†«							249,008		3,633,027
Invacare Corporation (Health Care, Health Care Equipment & Supplies)«							57,500		1,058,000
Jack in the Box Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)							10,300		937,197
Keane Group Incorporated (Energy, Energy Equipment & Services)†							120,874		1,998,047
KMG Chemicals Incorporated (Materials, Chemicals)							74,123		4,502,972
Lydall Incorporated (Industrials, Machinery)†							23,005		1,112,753
Manhattan Associates Incorporated (Information Technology, Software)†							35,100		1,853,982
MGE Energy Incorporated (Utilities, Electric Utilities)							59,300		3,546,140
Natus Medical Incorporated (Health Care, Health Care Equipment & Supplies)†							68,000		2,111,400
NCR Corporation (Information Technology, Technology Hardware, Storage & Peripherals)†							76,600		2,873,266
Pacific Premier Bancorp Incorporated (Financials, Banks)†							56,700		2,310,525
Prestige Brands Holdings Incorporated (Health Care, Pharmaceuticals)†							88,300		3,693,589
Quanex Building Products Corporation (Industrials, Building Products)							157,408		3,258,346
Schweitzer-Mauduit International Incorporated (Materials, Paper & Forest Products)							56,218		2,545,551
South Jersey Industries Incorporated (Utilities, Gas Utilities)							51,100		1,504,384
Spectrum Brands Holdings Incorporated (Consumer Staples, Household Products)«							37,100		4,394,866
Thermon Group Holdings Incorporated (Industrials, Electrical Equipment)†							73,490		1,703,498
TreeHouse Foods Incorporated (Consumer Staples, Food Products)†							29,200		1,377,072
WD-40 Company (Consumer Staples, Household Products)							39,200		4,851,000
Weingarten Realty Investors (Real Estate, Equity REITs)							65,100		1,923,705
Westwood Holdings Group Incorporated (Financials, Capital Markets)							67,350		4,409,405
WPX Energy Incorporated (Energy, Oil, Gas & Consumable Fuels)†							101,500		1,495,095
									125,613,247

Total Common Stocks (Cost $207,391,224)									268,966,546


			Yield
Short-Term Investments : 10.85%
Investment Companies : 10.85%
Securities Lending Cash Investment LLC (l)(r)(u)				1.60	%		17,639,899		17,641,663
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.24			12,515,105		12,515,105
Total Short-Term Investments (Cost $30,156,768)									30,156,768

Total investments in securities (Cost $237,547,992)	107.58	%							299,123,314
Other assets and liabilities, net	(7.58	)							(21,067,184	)

Total net assets	100.00	%						$	278,056,130

«	All or a portion of this security is on loan.

†	Non-income-earning security

(l)

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

(r)

The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u)

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

Abbreviations:


LLC		Limited liability company
plc		Public limited company
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 Investment LLC		17,584,369		41,109,977		41,054,447		17,639,899	$	17,641,663
Wells Fargo Government Money Market Fund Select Class		16,552,450		22,480,189		26,517,534		12,515,105		12,515,105

									$	30,156,768		10.85	%

Wells Fargo Global Small Cap Fund (the “Fund”)

Notes to Portfolio of investments – January 31, 2018 (unaudited)

Securities valuation

Foreign currency translation

Security loans

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 January 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Australia	$	6,312,661	$	0	$	0	$	6,312,661
Austria		1,557,863		0		0		1,557,863
Bermuda		2,890,890		0		0		2,890,890
Canada		24,188,779		0		0		24,188,779
Finland		1,932,877		0		0		1,932,877
France		7,547,560		0		0		7,547,560
Germany		16,773,698		0		0		16,773,698
Hong Kong		2,761,344		0		0		2,761,344
Ireland		618,001		0		0		618,001
Israel		1,998,635		0		0		1,998,635
Japan		31,965,581		0		0		31,965,581
Netherlands		1,269,128		0		0		1,269,128
Norway		1,349,871		0		0		1,349,871
Spain		7,857,029		0		0		7,857,029
Sweden		2,533,702		0		0		2,533,702
Switzerland		1,539,564		0		0		1,539,564
United Kingdom		30,256,116		0		0		30,256,116
United States		125,613,247		0		0		125,613,247
Short-term investments
Investment companies		12,515,105		0		0		12,515,105
Investments measured at net asset value*								17,641,663

Total assets	$	281,481,651	$	0	$	0	$	299,123,314

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 Securities Lending Cash Investments, LLC valued at $17,641,663 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo International Equity Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks : 93.53%
Brazil : 2.85%
Cosan Limited Class A (Energy, Oil, Gas & Consumable Fuels)		1,321,774	$	15,147,530

Canada : 2.25%
Home Capital Group Incorporated (Financials, Thrifts & Mortgage Finance)		282,300		3,924,659
Lundin Mining Corporation (Materials, Metals & Mining)		1,107,645		8,005,662
				11,930,321

China : 8.70%
China Everbright Limited (Financials, Capital Markets)		2,202,000		5,432,763
China Mobile Limited (Telecommunication Services, Wireless Telecommunication Services)		1,432,000		15,120,605
HollySys Automation Technologies Limited (Information Technology, Electronic Equipment, Instruments & Components)		537,867		13,645,686
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)«		4,569,500		11,974,810
				46,173,864

France : 5.85%
Compagnie de Saint-Gobain SA (Industrials, Building Products)		314,501		18,279,789
Orange SA (Telecommunication Services, Diversified Telecommunication Services)		708,473		12,793,847
				31,073,636

Germany : 12.69%
Bayer AG (Health Care, Pharmaceuticals)		121,536		15,907,138
Ceconomy AG (Consumer Discretionary, Specialty Retail)		358,829		5,161,164
Metro AG (Consumer Staples, Food & Staples Retailing)†		384,184		8,347,212
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		66,304		15,603,701
Rheinmetall AG (Industrials, Industrial Conglomerates)		43,260		6,117,505
SAP SE (Information Technology, Software)		74,269		8,375,312
Siemens AG (Industrials, Industrial Conglomerates)		51,722		7,844,557
				67,356,589

Hong Kong : 2.05%
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		7,148,000		10,873,706

Italy : 6.94%
Eni SpA (Energy, Oil, Gas & Consumable Fuels)		937,947		16,869,060
Prysmian SpA (Industrials, Electrical Equipment)		43,799		1,541,091
UniCredit SpA (Financials, Banks)†		836,123		18,421,914
				36,832,065

Japan : 10.75%
Daiwa Securities Group Incorporated (Financials, Capital Markets)		1,264,000		9,056,525
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		2,290,000		18,174,004
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		1,400,000		10,525,969
Nomura Holdings Incorporated (Financials, Capital Markets)		2,980,900		19,318,373
				57,074,871

Malaysia : 3.86%
CIMB Group Holdings Bhd (Financials, Banks)		11,002,163		20,464,545

Netherlands : 10.29%
Koninklijke Philips NV (Industrials, Industrial Conglomerates)		333,022		13,586,406
NN Group NV (Financials, Insurance)		267,135		12,603,132


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo International Equity Fund


Security name						Shares		Value
Netherlands (continued)
OCI NV (Materials, Chemicals)«†							546,178	$	13,840,167
Sensata Technologies Holding NV (Industrials, Electrical Equipment)«†							258,842		14,559,863
									54,589,568

Norway : 3.52%
Den Norske Bank ASA (Financials, Banks)							919,815		18,661,426

Russia : 1.92%
Mobile TeleSystems PJSC ADR (Telecommunication Services, Wireless Telecommunication Services)							840,030		10,197,964

South Africa : 2.53%
Sasol Limited (Materials, Chemicals)							372,724		13,438,043

South Korea : 4.47%
Hana Financial Group Incorporated (Financials, Banks)							154,007		7,513,944
Samsung Electronics Company Limited GDR (Information Technology, Technology Hardware, Storage & Peripherals)144A							2,644		3,130,496
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)							52,630		13,085,419
									23,729,859

Switzerland : 3.78%
Novartis AG (Health Care, Pharmaceuticals)							194,417		17,587,872
Zurich Insurance Group AG (Financials, Insurance)							7,506		2,466,920
									20,054,792

United Kingdom : 10.29%
BP plc (Energy, Oil, Gas & Consumable Fuels)							2,377,306		16,914,213
Man Group plc (Financials, Capital Markets)							2,624,510		8,093,761
Smiths Group plc (Industrials, Industrial Conglomerates)							221,180		5,019,966
United Business Media plc (Consumer Discretionary, Media)							837,028		10,791,160
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)							4,320,309		13,777,387
									54,596,487

United States : 0.79%
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)							24,899		4,168,840

Total Common Stocks (Cost $386,144,582)									496,364,106


				Expiration date
Rights : 0.00%
Italy : 0.00%
UniCredit SpA (Financials, Banks)†(a)					2-21-2018		836,123		1

Total Rights (Cost $0)									1


	Yield
Short-Term Investments : 9.67%
Investment Companies : 9.67%
Securities Lending Cash Investment LLC (l)(r)(u)		1.60	%				19,514,318		19,516,269
Wells Fargo Government Money Market Fund Select Class (l)(u)#		1.24					31,774,080		31,774,080

Total Short-Term Investments (Cost $51,290,334)									51,290,349


Wells Fargo International Equity Fund		Portfolio of investments — January 31, 2018 (unaudited)


			Value
Total investments in securities (Cost $437,434,916)	103.20	%	$	547,654,456
Other assets and liabilities, net	(3.20	)		(16,959,922	)

Total net assets	100.00	%	$	530,694,534

«	All or a portion of this security is on loan.

†	Non-income-earning security

144A

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

(a)

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

(l)

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

(r)

The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u)

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

#	All or a portion of this security is segregated as collateral for investments in derivative instruments.

Abbreviations:


ADR		American depositary receipt
GDR		Global depositary receipt
LLC		Limited liability company
PJSC		Public Joint Stock Company
plc		Public limited company

Forward Foreign Currency Contracts


Currency to be received		Currency to be delivered		Counterparty	Settlement date	Unrealized gains		Unrealized losses
	20,774,835 USD		15,473,000 GBP	Morgan Stanley¤¤	3-12-2018	$	0	$	(1,226,361	)

¤¤	Transaction can only be closed with the originating counterparty.

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 Investment LLC		2,149,231		78,433,054		61,067,967		19,514,318	$	19,516,269
Wells Fargo Government Money Market Fund Select Class		32,495,353		1,868,042,430		1,868,763,703		31,774,080		31,774,080

									$	51,290,349		9.67	%

Wells Fargo International Equity Fund (the “Fund”)

Notes to Portfolio of investments – January 31, 2018 (unaudited)

Securities valuation

Foreign currency translation

Forward foreign currency contracts

Security loans

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 January 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Brazil	$	15,147,530	$	0	$	0	$	15,147,530
Canada		11,930,321		0		0		11,930,321
China		46,173,864		0		0		46,173,864
France		31,073,636		0		0		31,073,636
Germany		67,356,589		0		0		67,356,589
Hong Kong		10,873,706		0		0		10,873,706
Italy		36,832,065		0		0		36,832,065
Japan		57,074,871		0		0		57,074,871
Malaysia		20,464,545		0		0		20,464,545
Netherlands		54,589,568		0		0		54,589,568
Norway		18,661,426		0		0		18,661,426
Russia		10,197,964		0		0		10,197,964
South Africa		13,438,043		0		0		13,438,043


South Korea		23,729,859		0		0		23,729,859
Switzerland		20,054,792		0		0		20,054,792
United Kingdom		54,596,487		0		0		54,596,487
United States		4,168,840		0		0		4,168,840
Rights
China		0		1		0		1
Short-term investments
Investment companies		31,774,080		0		0		31,774,080
Investments measured at net asset value*								19,516,269

Total assets	$	528,138,186	$	1	$	0	$	547,654,456
Liabilities
Forward foreign currency contracts	$	0	$	1,226,361	$	0	$	1,226,361

Total liabilities	$	0	$	1,226,361	$	0	$	1,226,361

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 Securities Lending Cash Investments, LLC valued at $19,516,269 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Wells Fargo Intrinsic World Equity Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name	Shares		Value
Common Stocks : 98.57%
Belgium : 1.07%
Anheuser-Busch InBev NV ADR (Consumer Staples, Beverages)		16,300	$	1,849,724

France : 7.83%
Air Liquide SA (Materials, Chemicals)		31,300		4,218,308
Capgemini SA (Information Technology, IT Services)		35,800		4,753,658
Societe Generale SA (Financials, Banks)		77,436		4,504,670
				13,476,636

Germany : 3.21%
Bayer AG (Health Care, Pharmaceuticals)		16,200		2,120,324
Deutsche Telekom AG (Telecommunication Services, Diversified Telecommunication Services)		194,000		3,402,157
				5,522,481

Hong Kong : 1.97%
AIA Group Limited (Financials, Insurance)		395,200		3,384,838

Japan : 8.27%
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		48,100		1,685,725
Kao Corporation (Consumer Staples, Personal Products)		33,700		2,334,644
Nidec Corporation (Industrials, Electrical Equipment)		23,500		3,756,298
ORIX Corporation (Financials, Diversified Financial Services)		157,500		2,935,903
Sony Corporation (Consumer Discretionary, Household Durables)		74,140		3,537,558
				14,250,128

Netherlands : 8.19%
AerCap Holdings NV (Industrials, Trading Companies & Distributors)†		68,300		3,695,030
Airbus SE (Industrials, Aerospace & Defense)		19,000		2,182,024
Heineken NV (Consumer Staples, Beverages)		21,900		2,462,321
Sensata Technologies Holding NV (Industrials, Electrical Equipment)†		40,200		2,261,250
Unilever NV (Consumer Staples, Personal Products)		61,100		3,512,639
				14,113,264

Spain : 2.49%
CaixaBank SA (Financials, Banks)		793,900		4,284,691

Switzerland : 7.32%
Nestle SA (Consumer Staples, Food Products)		29,300		2,531,621
Novartis AG ADR (Health Care, Pharmaceuticals)		37,500		3,377,250
Roche Holding AG (Health Care, Pharmaceuticals)		10,400		2,563,825
UBS Group AG (Financials, Capital Markets)		203,500		4,132,313
				12,605,009

United Kingdom : 6.01%
Diageo plc (Consumer Staples, Beverages)		68,000		2,445,123
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)		110,400		3,870,089
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)		1,265,000		4,034,062
				10,349,274

United States : 52.21%
Abbott Laboratories (Health Care, Health Care Equipment & Supplies)		41,500		2,579,640
Advance Auto Parts Incorporated (Consumer Discretionary, Specialty Retail)		34,590		4,046,684
Affiliated Managers Group Incorporated (Financials, Capital Markets)		15,900		3,174,117
Alphabet Incorporated Class C (Information Technology, Internet Software & Services)†		3,920		4,586,165


Portfolio of investments — January 31, 2018 (unaudited)		Wells Fargo Intrinsic World Equity Fund


Security name						Shares		Value
United States (continued)
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)							12,000	$	2,009,160
BB&T Corporation (Financials, Banks)							63,700		3,515,603
Chevron Corporation (Energy, Oil, Gas & Consumable Fuels)							27,400		3,434,590
Cigna Corporation (Health Care, Health Care Providers & Services)							18,100		3,771,135
CIT Group Incorporated (Financials, Banks)							74,600		3,781,474
Eli Lilly & Company (Health Care, Pharmaceuticals)							20,200		1,645,290
EOG Resources Incorporated (Energy, Oil, Gas & Consumable Fuels)							35,500		4,082,500
General Dynamics Corporation (Industrials, Aerospace & Defense)							12,218		2,718,261
Gilead Sciences Incorporated (Health Care, Biotechnology)							35,100		2,941,380
Honeywell International Incorporated (Industrials, Industrial Conglomerates)							21,600		3,448,872
Merck & Company Incorporated (Health Care, Pharmaceuticals)							56,100		3,323,925
Microsoft Corporation (Information Technology, Software)							50,000		4,750,500
Mondelez International Incorporated Class A (Consumer Staples, Food Products)							83,300		3,698,520
Motorola Solutions Incorporated (Information Technology, Communications Equipment)							36,500		3,630,290
Oracle Corporation (Information Technology, Software)							58,800		3,033,492
Samsonite International SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods)							805,590		3,491,081
Schlumberger Limited (Energy, Energy Equipment & Services)							48,500		3,568,630
The Goldman Sachs Group Incorporated (Financials, Capital Markets)							6,880		1,843,083
The Walt Disney Company (Consumer Discretionary, Media)							24,700		2,684,149
United Parcel Service Incorporated Class B (Industrials, Air Freight & Logistics)							26,800		3,412,176
Verizon Communications Incorporated (Telecommunication Services, Diversified Telecommunication Services)							66,000		3,568,620
Visa Incorporated Class A (Information Technology, IT Services)							36,400		4,521,972
Vulcan Materials Company (Materials, Construction Materials)							19,700		2,667,376
									89,928,685

Total Common Stocks (Cost $118,480,767)									169,764,730


			Yield
Short-Term Investments : 0.93%
Investment Companies : 0.93%
Wells Fargo Government Money Market Fund Select Class (l)(u)				1.24	%		1,601,784		1,601,784

Total Short-Term Investments (Cost $1,601,784)									1,601,784

Total investments in securities (Cost $120,082,551)	99.50	%							171,366,514
Other assets and liabilities, net	0.50								864,039

Total net assets	100.00	%						$	172,230,553

†	Non-income-earning security

(l)

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

(u)

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

Abbreviations:


ADR		American depositary receipt
plc		Public limited company

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

Investments in Affiliates


	Shares,						Shares,		Value,		%
	beginning of		Shares		Shares		end of		end		of
	period		purchased		sold		period		of period		net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		1,478,852		12,072,193		13,551,045		0	$	0
Wells Fargo Government Money Market Fund Select Class		763,828		6,136,515		5,298,559		1,601,784		1,601,784

									$	1,601,784		0.93	%

Wells Fargo Intrinsic World Equity Fund (the “Fund”)

Notes to Portfolio of investments – January 31, 2018 (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. 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 of 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.

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 of Management Valuation Team. 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.

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 January 31, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Belgium	$	1,849,724	$	0	$	0	$	1,849,724
France		13,476,636		0		0		13,476,636
Germany		5,522,481		0		0		5,522,481
Hong Kong		3,384,838		0		0		3,384,838
Japan		14,250,128		0		0		14,250,128
Netherlands		14,113,264		0		0		14,113,264
Spain		4,284,691		0		0		4,284,691
Switzerland		12,605,009		0		0		12,605,009
United Kingdom		10,349,274		0		0		10,349,274
United States		89,928,685		0		0		89,928,685
Short-term investments
Investment companies		1,601,784		0		0		1,601,784

Total assets	$	171,366,514	$	0	$	0	$	171,366,514


Wells Fargo Absolute Return Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name			Shares		Value
Investment Companies : 99.48%
GMO Benchmark-Free Allocation Fund Class MF (l)				204,196,035	$	5,799,167,389

Total Investment Companies (Cost $5,101,737,687)						5,799,167,389

Total Investments (Cost $5,101,737,687)	99.48	%				5,799,167,389
Other assets and liabilities, net	0.52					30,333,980

Total net assets	100.00	%			$	5,829,501,369

(l)

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

Investments in Affiliates

Shares,

beginning

Shares,

Value,

Shares

end of

end

period

purchased

sold

period

of period

net assets

Investment Companies

GMO Benchmark-Free Allocation Fund Class MF

215,754,180

8,218,238

19,776,383

204,196,035

5,799,167,389

99.48

Wells Fargo Absolute Return Fund (the “Fund”)

Notes to Portfolio of investments – January 31, 2018 (unaudited)

The Fund invests all of its investable assets in the GMO Benchmark-Free Allocation Fund (the “Benchmark-Free Allocation Fund”), an investment company managed by Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”). Benchmark-Free Allocation Fund is a fund-of-funds that gains its investment exposures primarily by investing in GMO Implementation Fund. In addition, Benchmark-Free Allocation Fund may invest in other GMO Funds (together with GMO Implementation Fund, the “underlying funds”), whether currently existing or created in the future. These additional underlying Funds may include, among others, GMO Alpha Only Fund, GMO Debt Opportunities Fund, GMO Emerging Country Debt Fund, GMO Special Opportunities Fund, and GMO Systematic Global Macro Opportunity Fund. GMO Implementation Fund is permitted to invest in any asset class. Benchmark-Free Allocation Fund also may invest in securities or derivatives directly. As of January 31, 2018, the Fund owned 41% of Benchmark-Free Allocation Fund.

Securities valuation

The Fund values its investment in Benchmark-Free Allocation Fund at net asset value. A complete list of holdings as of January 31, 2018 (unaudited) for Benchmark-Free Allocation Fund has been included as an Appendix for your reference.

Fair valuation measurements

As of January 31, 2018, the Fund’s investment in Benchmark-Free Allocation Fund was measured at fair value using the net asset value per share as a practical expedient. Benchmark-Free Allocation Fund seeks positive total return, not “relative” return, by investing in asset classes GMO believes offer the most attractive return and risk opportunities. The Fund’s investment in Benchmark-Free Allocation Fund valued at $5,799,167,389 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

APPENDIX

GMO Benchmark-Free Allocation Fund

(A Series of GMO Trust)

Schedule of Investments

(showing percentage of total net assets)

January 31, 2018 (Unaudited)


Shares	Description	Value ($)
	MUTUAL FUNDS— 100.0%
	Affiliated Issuers— 100.0%
11,916,511	GMO Emerging Country Debt Fund, Class IV		347,247,123
781,714,623	GMO Implementation Fund		11,280,142,013
21,112,847	GMO Opportunistic Income Fund, Class VI		554,634,501
32,065,180	GMO SGM Major Markets Fund, Class VI		1,035,063,998
26,860,143	GMO Special Opportunities Fund, Class VI		692,185,885

	TOTAL MUTUAL FUNDS (COST $12,678,534,598)		13,909,273,520

	SHORT-TERM INVESTMENTS — 0.1%
	Money Market Funds— 0.1%
8,125,290	State Street Institutional Treasury Plus Money Market Fund-Premier Class, 1.22%^(a)		8,125,290

	TOTAL SHORT-TERM INVESTMENTS (COST $8,125,290)		8,125,290

	TOTAL INVESTMENTS — 100.1% (Cost $12,686,659,888)		13,917,398,810
	Other Assets and Liabilities (net) — (0.1%)		(7,180,470	)

	TOTAL NET ASSETS — 100.0%	$	13,910,218,340

Notes to Schedule of Investments:

(a)	The rate disclosed is the 7 day net yield as of January 31, 2018.


Wells Fargo Asset Allocation Fund		Portfolio of investments — January 31, 2018 (unaudited)


Security name			Shares		Value
Investment Companies : 100.26%
Asset Allocation Trust (l)				180,230,118	$	3,347,874,809

Total Investment Companies (Cost $1,930,339,573)						3,347,874,809

Total investments in securities (Cost $1,930,339,573)	100.26	%				3,347,874,809
Other assets and liabilities, net	(0.26	)				(8,671,231	)

Total net assets	100.00	%			$	3,339,203,578

(l)

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

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		% of net assets
Investment Companies
Asset Allocation Trust		208,884,063		227,359		28,881,304		180,230,118	$	3,347,874,809		100.26	%

Wells Fargo Asset Allocation Fund (the “Fund”)

Notes to Portfolio of investments – January 31, 2018 (unaudited)

The Fund invests all of its investable assets in Asset Allocation Trust, an investment company managed by Grantham, Mayo, Van Otterloo & Co. LLC (“GMO”). Asset Allocation Trust in turn invests its assets in GMO-managed mutual funds (“underlying funds”) and may be exposed to any asset class, including U.S. and foreign equities (including emerging country equities), U.S. and foreign fixed income securities (including emerging country debt securities), and, from time to time, other alternative asset classes. At January 31, 2018, the Fund owned 100% of Asset Allocation Trust.

Valuation

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.

Fair valuation measurements

As of January 31, 2018, the Fund’s investment in Asset Allocation Trust was measured at fair value using the net asset value per share as a practical expedient. Asset Allocation Trust seeks to provide total return by investing in GMO managed mutual funds and may be exposed to any asset class. GMO intends to expose the assets of Asset Allocation Trust to at least 15% in fixed income investments and at least 25% in equity investments. The Fund’s investment in Asset Allocation Trust valued at $3,347,874,809 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

ITEM 2. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Wells Fargo Funds Trust

By:		/s/ Andrew Owen
		Andrew Owen
		President

Date: March 27, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Wells Fargo Funds Trust

By:		/s/ Andrew Owen
		Andrew Owen
		President

Date: March 27, 2018

By:		/s/ Jeremey DePalma
		Jeremy DePalma
		Treasurer

Date: March 27, 2018