Description of Advisory Services
Wells Fargo Funds Management, LLC (“WFFM”) is a directly and wholly-owned subsidiary of Wells Fargo Asset Management Holdings, LLC, which is an indirect wholly- owned subsidiary of Wells Fargo & Company ("WFC"), a diversified financial services company. WFC is a publicly held company that lists its shares on the New York Stock Exchange. Wells Fargo Asset Management (“WFAM”) is a trade name used by the asset management businesses of WFC. WFAM includes but is not limited to WFFM; Wells Fargo Asset Management (International) Limited; Wells Fargo Asset Management (International), LLC; Galliard Capital Management, Inc.; Wells Capital Management Incorporated; Wells Fargo Asset Management Luxembourg S.A.; and Wells Fargo Funds Distributor, LLC. WFFM serves as investment adviser for the portfolios of the Wells Fargo Funds (a family of U.S. registered investment companies), Wells Fargo (Lux) Worldwide Fund and Worldwide Alternative Fund SICAV-SIF (offshore funds organized in Luxembourg), and the Securities Lending Cash Investments, LLC (a private fund) (collectively, the “Funds”). We also participate as an investment adviser in several managed account programs offered by other financial institutions to their respective clients, including high net worth individuals, trusts, retirement plans, corporations, partnerships and charitable organizations. We commenced operations in March 2001 to succeed the former mutual fund advisory responsibilities of Wells Fargo Bank, N.A.

The descriptions of advisory services and other items of information in this Brochure below are generally organized under headings naming the category of client.
The Wells Fargo Funds
We are responsible for implementing the investment objectives and strategies of the Wells Fargo Funds. To assist in fulfilling these responsibilities, and subject to Board approval, we have contracted with sub-advisers to provide day-to-day portfolio management services to the Wells Fargo Funds. We employ a team of investment professionals who identify and recommend the initial hiring of each Wells Fargo Fund’s sub-adviser and monitor the activities of the sub-advisers on an ongoing basis. Wells Fargo Fund sub-advisers are institutional investment management firms that are Brochure—W ells Fargo Funds Managem ent, LLC March 29, 2019 Page 2 registered under the Advisers Act. Some sub-advisers are affiliated with us and some are non-affiliated. We are responsible for the larger strategic investment decisions such as determining a Wells Fargo Fund’s investment style and asset allocation targets as well as structural issues such as whether to operate a Wells Fargo Fund as a stand-alone fund, in a master-gateway structure or in a fund-of-funds structure with Board approval. Day-to-day security selection is generally left to the sub-advisers. We also monitor sub- adviser performance and will from time to time recommend sub-adviser changes to the Board. We regularly report to the Board of Trustees of the Wells Fargo Funds regarding each Fund’s investment performance and compliance with various policies and procedures established to assist in managing the Wells Fargo Funds.
Wells Fargo (Lux) Worldwide Fund
We serve as investment adviser to Wells Fargo (Lux) Worldwide Fund (the “Worldwide Fund”), an offshore fund structured as a Société d’Investissement à Capital Variable (“SICAV”) and qualifying as an undertaking for collective investment of transferable securities (“UCITS”) under the laws of Luxembourg.
Worldwide Alternative Fund SICAV-SIF
We serve as investment adviser to Worldwide Alternative Fund SICAV-SIF (the “Worldwide Alternative Fund”), an offshore fund structured as a Société d’Investissement à Capital Variable – Fonds d'Investissement Spécialisé (“SICAV-SIF”) and qualifying as an alternative investment fund (“AIF”) under the laws of Luxembourg.

Securities Lending Cash Investments, LLC
We serve as investment adviser to the Securities Lending Cash Investments, LLC (“Securities Lending Fund”), a private pooled investment vehicle through which cash collateral received in connection with the securities lending activities of participating Wells Fargo Funds is reinvested. The Securities Lending Fund is a Delaware limited liability company that is exempt from registration under the Investment Company Act of 1940. We have delegated direct portfolio management of this fund to our affiliate, Wells Capital Management Incorporated, which serves as its sub-adviser. Brochure—W ells Fargo Funds Managem ent, LLC March 29, 2019 Page 3 We serve as an investment adviser/portfolio manager for separately managed accounts and model portfolios that are offered by other financial institutions, such as investment advisers and broker-dealers (“sponsors”) through various managed account programs, including traditional wrap account programs and model portfolio programs. The investment strategies that we manage for such programs invest in exchange-traded securities and fixed income securities. In connection with our management, we rely on affiliated and unaffiliated investment sub-advisers to provide security selection recommendations (each, a “Sub-adviser,” and collectively, the “Sub-advisers”). The Sub- advisers, which are also SEC-registered investment advisers, include an affiliated firm (Wells Capital Management Incorporated) and an unaffiliated firm (Cooke & Bieler, LP). We have entered into a written agreement with each such Sub-adviser, and each such Sub-adviser is subject to the same restrictions and limitations in investments as us.

With respect to traditional wrap account programs, the sponsor firm typically offers clients the ability to have their accounts managed by one or more participating investment advisers in the form of separately managed accounts. For a single unified or wrap fee, that typically includes investment management, brokerage, custody and other program services, these sponsors provide a variety of services to their clients in these programs including selecting and monitoring the services of the participating investment advisers, defining client investment objectives and risk tolerances, performing primary suitability analysis, evaluating performance, and maintaining records relating to the account. For separately managed accounts that we manage in such programs, we have discretion over and manage the account according to the individual client needs and guidelines provided to us. Model portfolio programs have similar characteristics (and are often structured with wrap fee arrangements), but we provide non-discretionary investment advisory services to the sponsor in connection with those programs in the form of a model portfolio. We provide the model portfolio to the sponsor, and the sponsor utilizes the model portfolio to provide discretionary advisory services to its clients as it sees fit. In most cases, the program sponsor has discretionary authority over the client accounts, and WFFM does not have discretionary authority. Brochure—W ells Fargo Funds Managem ent, LLC March 29, 2019 Page 4 For both traditional wrap and model portfolio managed account programs, the program sponsor typically pays us a portion of the wrap or model program fee to compensate us for our investment advisory services. We pay a portion of our fee to the Sub-advisers to compensate them for their services.

In addition, WFFM has a number of direct relationships with clients that come to us through another financial intermediary. With respect to these relationships (known as “dual contract” arrangements), WFFM has entered into an investment advisory agreement with the client. WFFM’s advisory services provided to such clients are similar to those provided to participants in traditional wrap programs. Some dual contract arrangements are structured as “wrap fee” arrangements, and the cost of trading is covered by fees charged by the financial intermediary. In other arrangements, trading costs are separately charged, and commissions are borne by the advisory account managed by WFFM. As described above, WFFM relies on the Sub-advisers to provide security selection recommendations in connection with its management of these accounts.

For a detailed description of services offered under a wrap program, you may request from the sponsor a copy of Part 2A, Appendix 1 of the sponsor’s Form ADV. Certain sponsors are affiliated with us. The names and sponsors of these wrap programs are listed on Section 5.I. (2) of Schedule D to Part 1 of WFFM’s Form ADV, a copy of which is available upon request.

In our role as primary adviser, we oversee and regularly evaluate the performance of the Sub-advisers that provide security selection recommendations and implement the investment decisions recommended by the Sub-adviser. (With respect to accounts invested in accordance with our CoreBuilder Municipal Income investment strategy, the Sub-adviser has discretionary investment authority and implements the strategy.) In general, with respect to those programs in which we participate as a discretionary investment adviser, our management of individual separately managed accounts is done through replication, where accounts are periodically rebalanced to replicate the model portfolio provided by the Sub-adviser, and/or optimization, where accounts are customized to ensure compliance with client-imposed investment guidelines. Separately managed accounts are reviewed for continued adherence to the strategy’s model portfolio. Strict adherence to a strategy’s model portfolio is not feasible when a sponsor Brochure—W ells Fargo Funds Managem ent, LLC March 29, 2019 Page 5 has requested an investment strategy with a target maximum number of positions or when clients have requested reasonable investment restrictions in their separately managed accounts.
Current Assets under Management
As of December 31, 2018, we had $203,517,639,506 billion in regulatory assets under management managed on a discretionary basis, and $43,623,769,574 billion in model assets managed on a non-discretionary basis. please register to get more info

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