Portfolio of investments—July 31, 2020 (unaudited)

Shares Value

Common Stocks: 95.06%

Brazil: 4.37% B3 Brasil Bolsa Balcao SA (Financials, Capital Markets) 375,800 $ 4,570,214 Banco BTG Pactual SA (Financials, Capital Markets) 318,843 5,282,114 Petrobras Distribuidora SA (Consumer Discretionary, Specialty Retail) 626,200 2,724,931 Vale SA (Materials, Metals & Mining) 449,774 5,234,452

17,811,711

China: 31.74% Communications Services Corporation Limited H Shares (Industrials, Construction & Engineering) 2,898,000 1,877,083 H Shares (Financials, Banks) 12,819,000 9,394,723 China Life Insurance Company H Shares (Financials, Insurance) 1,370,000 3,157,065 Company Limited H Shares (Financials, Banks) 787,500 3,673,164 China Merchants Shekou Industrial Zone Holdings Company Limited Class A (Real Estate, Real Estate Management & Development) 1,413,002 3,453,802 Limited (Communication Services, Wireless Telecommunication Services) 1,165,500 7,985,246 China Overseas Land & Investment Limited (Real Estate, Real Estate Management & Development) 1,089,500 3,317,575 Limited (Real Estate, Real Estate Management & Development) 854,000 3,559,114 China Yongda Automobile Service Holding Company (Consumer Discretionary, Specialty Retail) 2,413,500 2,481,916 CITIC Securities Company Limited H Shares (Financials, Capital Markets) 1,569,500 3,653,250 ENN Energy Holdings Limited (Utilities, Gas Utilities) 270,300 3,274,863 Automobile Holdings Limited (Consumer Discretionary, Automobiles) 1,781,000 3,745,700 Smart Home Company Limited Class A (Consumer Discretionary, Household Durables) 1,150,621 2,967,430 Hengan International Group Company Limited (Consumer Staples, Personal Products) 241,000 2,022,767 Inner Mongolia Yili Industrial Group Company Limited Class A (Consumer Staples, Food Products) 665,678 3,493,629 Kunlun Energy Company Limited (Utilities, Gas Utilities) 3,860,000 3,227,333 Lenovo Group Limited (Information Technology, Technology Hardware, Storage & Peripherals) 4,738,000 2,854,917 Lomon Billions Group Company Limited (Materials, Chemicals) 989,775 3,343,921 Company Limited Class A (Consumer Discretionary, Household Durables) 857,655 8,816,784 Minth Group Limited (Consumer Discretionary, Auto Components) 672,000 2,002,916 Nari Technology Company Limited (Industrials, Electrical Equipment) 1,135,268 3,456,472 NetEase Incorporated ADR (Communication Services, Entertainment) 9,886 4,531,940 Group Company H Shares (Financials, Insurance) 832,500 8,818,788 Limited (Consumer Discretionary, Hotels, Restaurants & Leisure) 454,000 1,757,351 Shimao Property Holding Limited (Real Estate, Real Estate Management & Development) 994,000 4,213,114 Company Limited H Shares (Health Care, Health Care Providers & Services) 1,258,400 2,997,312 Suzhou Gold Mantis Construction Decoration Company Limited (Consumer Discretionary, Household Durables) 3,457,500 4,443,553 Tingyi Holding Corporation (Consumer Staples, Food Products) 2,062,000 3,841,823 Topsports International Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods) 3,442,000 4,139,122 Uni-President China Holdings Limited (Consumer Staples, Food Products) 1,795,000 1,945,473 Wanhua Chemical Group Company Limited Class A (Materials, Chemicals) 458,179 4,437,040 Weichai Power Company Limited H Shares (Industrials, Machinery) 1,862,000 4,016,959 WH Group Limited (Consumer Staples, Food Products) 144A 2,848,000 2,531,866

129,434,011

Greece: 0.84% Hellenic Telecommunications Organization SA (Communication Services, Diversified Telecommunication Services) 232,050 3,416,793

Hong Kong: 5.05% ASM Pacific Technology (Information Technology, Semiconductors & Semiconductor Equipment) 263,800 2,964,657 China Merchants Port Holdings Company Limited (Industrials, Transportation Infrastructure) 2,740,000 3,135,853 Chow Tai Fook Jewellery Company Limited (Consumer Discretionary, Specialty Retail) 2,901,200 3,125,688 CNOOC Limited (Energy, Oil, Gas & Consumable Fuels) 1,578,000 1,669,561 Hong Kong Exchanges & Clearing Limited (Financials, Capital Markets) 96,700 4,618,962

See accompanying notes to portfolio of investments.

Wells Fargo Emerging Markets Equity Income Fund | 1

Portfolio of investments—July 31, 2020 (unaudited)

Shares Value Hong Kong (continued) Man Wah Holdings Limited (Consumer Discretionary, Household Durables) 1,843,200 $ 2,092,843 Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products) 2,842,000 2,973,900

20,581,464

India: 8.35% Bharat Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels) 880,173 4,868,379 Embassy Office Parks REIT (Real Estate, Equity REITs) 812,800 3,891,336 Hero Motorcorp Limited (Consumer Discretionary, Automobiles) 66,227 2,369,344 Hindustan Petroleum Corporation Limited (Energy, Oil, Gas & Consumable Fuels) 1,233,413 3,544,646 Infosys Limited (Information Technology, IT Services) 522,637 6,748,436 Mahanagar Gas Limited (Utilities, Gas Utilities) 257,867 3,358,777 Manappuram Finance Limited (Financials, Consumer 2,214,940 Finance) 4,692,638 Tech Mahindra Limited (Information Technology, IT Services)503,124 4,584,187

34,057,743

Indonesia: 1.97% PT Astra International Tbk (Consumer Discretionary, Automobiles) 8,427,300 2,968,630 PT Bank Rakyat Indonesia Tbk (Financials, Banks) 9,244,000 2,007,937 PT Telekomunikasi Indonesia Persero Tbk (Communication Services, Diversified Telecommunication Services) 14,630,400 3,051,607

8,028,174

Malaysia: 1.14% Bursa Malaysia Bhd (Financials, Capital Markets) 1,023,900 2,244,566 Top Glove Corporation Bhd (Health Care, Health Care Equipment & Supplies) 392,200 2,402,355

4,646,921

Mexico: 1.54% America Movil SAB de CV ADR (Communication Services, Wireless Telecommunication Services) 136,525 1,725,676 Kimberly-Clark de Mexico SAB de CV Class A (Consumer Staples, Household Products) 1,217,325 2,001,434 Walmart de Mexico SAB de CV (Consumer Staples, Food & Staples Retailing) 1,090,791 2,567,317

6,294,427

Netherlands: 0.52% X5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing) 56,923 2,138,028

Peru: 0.46% Credicorp Limited (Financials, Banks) 14,632 1,860,751

Philippines: 0.48% Bank of the Philippine Islands (Financials, Banks) 1,402,160 1,947,167

Poland: 0.45% PKO Bank Polski SA (Financials, Banks) 319,290 1,854,181

Russia: 3.10% Lukoil PJSC ADR (Energy, Oil, Gas & Consumable Fuels) 30,540 2,079,774 MMC Norilsk Nickel PJSC (Materials, Metals & Mining) 11,348 2,989,132 Mobile TeleSystems PJSC ADR (Communication Services, Wireless Telecommunication Services) 374,453 3,317,654 NovaTek OAO Sponsored GDR (Energy, Oil, Gas & Consumable Fuels) 13,507 1,980,126 Sberbank PJSC ADR (Financials, Banks) † 190,879 2,274,323

12,641,009

See accompanying notes to portfolio of investments.

2 | Wells Fargo Emerging Markets Equity Income Fund

Portfolio of investments—July 31, 2020 (unaudited)

Shares Value

Saudi Arabia: 0.79% National Commercial Bank (Financials, Banks) 333,708 $ 3,228,066

South Africa: 4.18% Gold Fields Limited ADR (Materials, Metals & Mining) 272,919 3,572,510 MTN Group Limited (Communication Services, Wireless Telecommunication Services) 578,478 2,001,386 Naspers Limited (Consumer Discretionary, Internet & Direct Marketing Retail) 40,607 7,476,772 Standard Bank Group Limited (Financials, Banks) 336,452 2,137,743 The Bidvest Group Limited (Industrials, Industrial Conglomerates) 240,285 1,854,385

17,042,796

South Korea: 10.40% KB Financial Group Incorporated (Financials, Banks) 111,758 3,306,588 Kia Motors Corporation (Consumer Discretionary, Automobiles) 133,654 4,532,165 POSCO (Materials, Metals & Mining) 19,248 3,126,144 Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) 434,800 21,130,536 Samsung Fire & Marine Insurance (Financials, Insurance) 11,948 1,719,894 SK Hynix Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) 78,851 5,479,992 SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services) 16,741 3,098,364

42,393,683

Taiwan: 15.85% ASE Technology Holding Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) 1,551,350 4,003,552 CTBC Financial Holding Company Limited (Financials, Banks) 4,169,000 2,760,880 Delta Electronics Incorporated (Information Technology, Electronic Equipment, Instruments & Components) 460,000 3,140,521 Hon Hai Precision Industry Company Limited (Information Technology, Electronic Equipment, Instruments & Components) 1,578,704 4,225,039 Largan Precision Company Limited (Information Technology, Electronic Equipment, Instruments & Components) 16,000 2,089,129 Mediatek Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) 241,000 5,766,987 Quanta Computer Incorporated (Information Technology, Technology Hardware, Storage & Peripherals) 1,810,000 5,054,123 Realtek Semiconductor Corporation (Information Technology, Semiconductors & Semiconductor Equipment) 200,000 2,556,794 Taiwan Semiconductor Manufacturing Company Limited (Information Technology, Semiconductors & Semiconductor Equipment) 2,148,000 31,199,508 Uni-President Enterprises Corporation (Consumer Staples, Food Products) 842,000 2,055,096 Wiwynn Corporation (Information Technology, Technology Hardware, Storage & Peripherals) 66,500 1,779,720

64,631,349

Thailand: 1.84% Advanced Info Service PCL (Communication Services, Wireless Telecommunication Services) 319,200 1,893,755 Bangkok Commercial Asset Management Public Company Limited (Financials, Capital Markets) 2,691,700 2,123,493 Thai Beverage plc (Consumer Staples, Beverages) 3,876,200 1,817,994 Tisco Financial Group PCL (Financials, Banks) 803,400 1,674,689

7,509,931

United Arab Emirates: 0.46% Aldar Properties PJSC (Real Estate, Real Estate Management & Development) 3,960,809 1,881,888

United Kingdom: 1.01% Polymetal International plc (Materials, Metals & Mining) 165,340 4,101,349

See accompanying notes to portfolio of investments.

Wells Fargo Emerging Markets Equity Income Fund | 3

Portfolio of investments—July 31, 2020 (unaudited)

Shares Value

United States: 0.52% Southern Copper Corporation (Materials, Metals & Mining) 48,106 $ 2,102,713

Total Common Stocks (Cost $326,175,966) 387,604,155

Dividend yield Preferred Stocks: 3.71%

Brazil: 2.09% Banco Bradesco SA (Financials, Banks) 3.11% 665,018 2,860,704 Banco BTG Pactual SA (Financials, Banks) 0.90 71,004 255,892 Itaúsa Investimentos Itaú SA (Financials, Banks) 5.28 1,437,319 2,939,911 Petroleo Brasil SP ADR (Energy, Oil, Gas & Consumable Fuels) 3.30 288,119 2,457,655

8,514,162

South Korea: 1.62% Samsung Electronics Company Limited (Information Technology, Technology Hardware, Storage & Peripherals) 2.14 159,236 6,615,899

Total Preferred Stocks (Cost $13,052,667) 15,130,061

Yield Short-Term Investments: 1.11%

Investment Companies: 1.11% Wells Fargo Government Money Market Select Class (l)(u) 0.10 4,509,221 4,509,221

Total Short-Term Investments (Cost $4,509,221) 4,509,221

Total investments in securities (Cost $343,737,854) 99.88% 407,243,437 Other assets and liabilities, net 0.12 494,332 Total net assets 100.00% $407,737,769

† Non-income-earning security 144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. (l) The issuer of the security is an affiliated person of the 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 GDR Global depositary receipt REIT Real estate investment trust

See accompanying notes to portfolio of investments.

4 | Wells Fargo Emerging Markets Equity Income Fund

Portfolio of investments—July 31, 2020 (unaudited)

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:

Net Value, Net change in Income beginning realized unrealized from Value, % of of Sales gains gains affiliated end net period Purchases proceeds (losses) (losses) securities of period assets

Short-Term Investments Investment Companies Wells Fargo Government Money Market Fund Select Class $11,617,435 $324,870,664 $(331,978,878) $0 $0 $118,103 $4,509,221 1.11%

See accompanying notes to portfolio of investments.

Wells Fargo Emerging Markets Equity Income Fund | 5 Notes to portfolio of investments—July 31, 2020 (unaudited)

Securities valuation All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation under unusual or unexpected circumstances. 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 at Wells Fargo Funds Management, LLC. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On July 31, 2020, such fair value pricing was used in pricing certain foreign securities. 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. 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. 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.

6 | Wells Fargo Emerging Markets Equity Income Fund Notes to portfolio of investments—July 31, 2020 (unaudited)

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

Other significant Significant Quoted prices observable inputs unobservable inputs (Level 1) (Level 2) (Level 3) Total

Assets Investments in: Common stocks Brazil $ 17,811,711 $ 0 $0 $ 17,811,711 China 129,434,011 0 0 129,434,011 Greece 3,416,793 0 0 3,416,793 Hong Kong 20,581,464 0 0 20,581,464 India 34,057,743 0 0 34,057,743 Indonesia 0 8,028,174 0 8,028,174 Malaysia 0 4,646,921 0 4,646,921 Mexico 6,294,427 0 0 6,294,427 Netherlands 2,138,028 0 0 2,138,028 Peru 1,860,751 0 0 1,860,751 Philippines 0 1,947,167 0 1,947,167 Poland 1,854,181 0 0 1,854,181 Russia 12,641,009 0 0 12,641,009 Saudi Arabia 0 3,228,066 0 3,228,066 South Africa 17,042,796 0 0 17,042,796 South Korea 42,393,683 0 0 42,393,683 Taiwan 64,631,349 0 0 64,631,349 Thailand 5,691,937 1,817,994 0 7,509,931 United Arab Emirates 0 1,881,888 0 1,881,888 United Kingdom 4,101,349 0 0 4,101,349 United States 2,102,713 0 0 2,102,713 Preferred stocks Brazil 8,514,162 0 0 8,514,162 South Korea 6,615,899 0 0 6,615,899 Short-term investments Investment companies 4,509,221 0 0 4,509,221 Total assets $385,693,227 $21,550,210 $0 $407,243,437

Additional sector, industry or geographic detail is included in the Portfolio of Investments. For the nine months ended July 31, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Emerging Markets Equity Income Fund | 7

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