N-CSRS

N-CSRS 1 d676226dncsrs.htm N-CSRS N-CSRS

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Registrant is making a filing for 27 of its series:

Wells Fargo Growth Balanced Fund, Wells Fargo Moderate Balanced Fund, Wells Fargo C&B Large Cap Value Fund, Wells Fargo Diversified Equity Fund, Wells Fargo Emerging Growth Fund, Wells Fargo Index Fund, Wells Fargo International Value Fund, Wells Fargo Small Company Growth Fund, Wells Fargo Small Company Value Fund, Wells Fargo Core Bond Fund, Wells Fargo Real Return Fund, Wells Fargo Dynamic Target Today Fund, Wells Fargo Dynamic Target 2015 Fund, Wells Fargo Dynamic Target 2020 Fund, Wells Fargo Dynamic Target 2025 Fund, Wells Fargo Dynamic Target 2030 Fund, Wells Fargo Dynamic Target 2035 Fund, Wells Fargo Dynamic Target 2040 Fund, Wells Fargo Dynamic Target 2045 Fund, Wells Fargo Dynamic Target 2050 Fund, Wells Fargo Dynamic Target 2055 Fund, Wells Fargo Dynamic Target 2060 Fund, Wells Fargo WealthBuilder Conservative Allocation Fund, Wells Fargo WealthBuilder Growth Allocation Fund, Wells Fargo WealthBuilder Growth Balanced Fund, Wells Fargo WealthBuilder Moderate Balanced Fund, and Wells Fargo WealthBuilder Equity Fund.

Date of reporting period: November 30, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

November 30, 2018

Wells Fargo Growth Balanced Fund

LOGO

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

LOGO

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Contents


Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			11
Statement of operations			12
Statement of changes in net assets			13
Financial highlights			14

Notes to financial statements			17

Other information			23

Appendix A			27

The views expressed and any forward-looking statements are as of November 30, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Growth Balanced Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Growth Balanced Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 3.02% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 8.37%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 9.89%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.30% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.67%. The Bloomberg Barclays Municipal Bond Index⁶ gained 0.42%. The ICE BofAML U.S. High Yield Index⁷ was up 0.19%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. government’s decision during the second quarter to impose tariffs on a wide range of products manufactured overseas drew retaliatory responses from foreign governments, which punished U.S. commodity producers and product manufacturers. Investors were left to wonder about next steps in what appeared to be an escalating divergence in global economic policies and growth prospects.

Inflation trended higher. The CPI-U⁸ added 0.1% in September after an increase of 0.2% in both July and August. On a year-over-year basis, the all-items index rose 2.3% for the 12 months that ended September 30, 2018, after a seasonal adjustment. The rate of increase was slower than that recorded during the first half of 2018. The index for all items less food and energy rose 2.2% for the same 12-month period.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

⁴

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁸

The Consumer Price Index for All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because close to 90% of the country’s population lives in highly populated areas. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Growth Balanced Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.20% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

In June, the Federal Reserve increased the target range for the federal funds rate to range from 1.75% to 2.00%. It raised the range again in September to range from 2.00% to 2.25%. Long-term interest rates in the U.S. remained at higher levels relative to the prior 10 years. Rates on 10-year and 30-year Treasury bonds—2.46% and 2.81%, respectively, on January 1, 2018—were 3.01% and 3.30%, respectively, on November 30, 2018. Investor concerns about an inverted yield curve reemerged, only to be replaced by concerns about the potentially negative influence of higher interest rates on economic activity.

November saw improvement in many equity markets.

As interest rates and bond yields gained during October, stock markets struggled. For the month, the S&P 500 Index fell 6.84%, the MSCI ACWI ex USA Index (Net) dropped 8.13%, and the MSCI EM Index (Net) lost 8.71%. The Bureau of Economic Analysis released its first estimate of third-quarter GDP, which, at an annualized 3.5% rate, indicated growth may be slowing compared with the second quarter. Readings on consumer sentiment and business spending were mixed. Markets rebounded somewhat in November as the S&P 500 Index gained 2.04%, the MSCI ACWI ex USA Index (Net) added 0.95%, and the MSCI EM Index (Net) was up 4.12% as the uncertainty leading up to midterm elections in the U.S. was resolved and progress seemed to be possible on several international trade issues.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In early August, the Bank of England’s Monetary Policy Committee increased its key interest rate to 0.75%. The European Central Bank and the Bank of Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and the trade tensions remained headwinds for investors overseas.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Growth Balanced Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

Class C shares will convert automatically into Class A shares ten years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, ten years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may also apply depending on your intermediary. Please see “Appendix A—Sales Charge Reductions and Waivers for Certain Intermediaries” in the Fund’s prospectus or at the end of this report.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6		Wells Fargo Growth Balanced Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of capital appreciation and current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®^‡, FRM

Petros N. Bocray, CFA^®^‡, FRM

Christian L. Chan, CFA^®^‡

Average annual total returns (%) as of November 30, 2018


		Including sales charge							Excluding sales charge							Expense ratios¹ (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net²
Class A (WFGBX)	10-14-1998		(6.24	)		4.40		9.64		(0.52	)		5.65		10.29		1.35		1.13
Class C (WFGWX)	10-1-1998		(2.26	)		4.86		9.47		(1.26	)		4.86		9.47		2.10		1.88
Administrator Class (NVGBX)	11-11-1994		–			–		–		(0.32	)		5.90		10.56		1.27		0.95
Growth Balanced Blended Index³	–		–			–		–		0.46			6.51		10.01		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁴	–		–			–		–		(1.34	)		2.03		3.67		–		–
MSCI ACWI ex USA Index (Net)⁵	–		–			–		–		(8.12	)		1.79		7.66		–		–
Russell 3000^® Index⁶	–		–			–		–		5.53			10.62		14.51		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Growth Balanced Fund			7


Ten largest holdings (%) as of November 30, 2018⁷
Wells Fargo Managed Fixed Income Portfolio			24.36
Wells Fargo Diversified Large Cap Growth Portfolio			13.18
Wells Fargo Disciplined U.S. Core Fund Class R6			12.72
Wells Fargo Large Company Value Portfolio			10.22
Wells Fargo International Growth Portfolio			9.53
Wells Fargo International Value Portfolio			9.47
Wells Fargo Core Bond Portfolio			6.96
Wells Fargo Real Return Portfolio			3.49
Wells Fargo Small Company Value Portfolio			3.19
Wells Fargo C&B Large Cap Value Portfolio			3.06


Allocations (%) as of November 30, 2018
	Effective allocation⁸		Neutral allocation
Bonds		35		35
Stocks		69		65
Effective Cash		(4)		0

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.51% in acquired fund fees and expenses from the affiliated Master Portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to June 15, 2018, the cap was 1.20% for Class A, 1.95% for Class C and 0.95% for Administrator Class. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

Source: Wells Fargo Funds Management, LLC. The Growth Balanced Blended Index is weighted 45% in the Russell 3000^® Index, 35% in the Bloomberg Barclays U.S. Aggregate Bond Index, and 20% in the MSCI ACWI ex USA Index (Net). Prior to November 30, 2017, the Growth Balanced Blended Index was weighted 35% in the Bloomberg Barclays U.S. Aggregate Bond Index, 16.25% in the Russell 1000^® Growth Index, 16.25% in the Russell 1000^® Value Index, 16.25% in the S&P 500 Index, 9.75% in the MSCI EAFE Index (Net), and 6.50% in the Russell 2000^® Index. You cannot invest directly in an index.

⁴

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁵

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁶	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁷	The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁸

Current target allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of dynamic risk management strategy. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo Growth Balanced Fund		Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	983.87	$	5.37		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Class C
Actual	$	1,000.00	$	979.93	$	9.08		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.28		1.83	%
Administrator Class
Actual	$	1,000.00	$	984.54	$	4.43		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.61	$	4.51		0.89	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Growth Balanced Fund			9


Security name						Shares		Value

Exchange-Traded Funds: 0.34%
Consumer Staples Select Sector SPDR Fund							13,818	$	777,401


Total Exchange-Traded Funds (Cost $756,286)									777,401


Investment Companies: 99.48%

Affiliated Master Portfolios: 86.76%
Wells Fargo C&B Large Cap Value Portfolio									7,062,662
Wells Fargo Core Bond Portfolio									16,056,252
Wells Fargo Diversified Large Cap Growth Portfolio									30,396,728
Wells Fargo Emerging Growth Portfolio									3,808,767
Wells Fargo International Growth Portfolio									21,985,364
Wells Fargo International Value Portfolio									21,840,940
Wells Fargo Large Company Value Portfolio									23,572,652
Wells Fargo Managed Fixed Income Portfolio									56,188,491
Wells Fargo Real Return Portfolio									8,044,599
Wells Fargo Small Company Growth Portfolio									3,775,125
Wells Fargo Small Company Value Portfolio									7,367,865

									200,099,445


Affiliated Stock Fund: 12.72%
Wells Fargo Disciplined U.S. Core Fund Class R6							1,656,874		29,326,673


Total Investment Companies (Cost $209,242,087)									229,426,118


	Yield			Maturity date		Principal
Short-Term Investments: 0.19%

U.S. Treasury Securities: 0.19%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	432,000		431,924


Total Short-Term Investments (Cost $431,924)									431,924


Total investments in securities (Cost $210,430,297)	100.01	%		230,635,443
Other assets and liabilities, net	(0.01	)		(13,691	)

Total net assets	100.00	%	$	230,621,752

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		63		12/21/2018	$	8,854,036	$	8,688,645		0	$	(165,391	)

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


10		Wells Fargo Growth Balanced Fund		Portfolio of investments—November 30, 2018 (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 or adviser. 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		Net realized gains (losses) on affiliated Underlying Fund		Net change in unrealized gains (losses) on affiliated Underlying Fund		Value, end of period		% of net assets
Investment Companies
Affiliated Stock Fund
Wells Fargo Disciplined U.S. Core Fund Class R6		1,767,866		635		111,627		1,656,874	$	84	$	335,497	$	29,326,673		12.72	%

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period		Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		3.08			3.53	$	186,348		$	(21,006	)	$	0	$	63,024	$	1,489	$	7,062,662
Wells Fargo Core Bond Portfolio		0.00	*		8.02		(261,795	)		(28,543	)		268,135		0		2,772		16,056,252
Wells Fargo Diversified Large Cap Growth Portfolio		13.78			15.19		220,075			(272,030	)		0		164,623		3,940		30,396,728
Wells Fargo Emerging Growth Portfolio		0.00	*		1.90		306,333			(280,717	)		0		3,647		2,353		3,808,767
Wells Fargo International Growth Portfolio		12.72			10.99		(480,252	)		(1,167,720	)		0		165,492		13,372		21,985,364
Wells Fargo International Value Portfolio		12.65			10.92		(91,773	)		(2,597,104	)		0		396,458		15,715		21,840,940
Wells Fargo Large Company Value Portfolio		10.46			11.78		511,613			(144,403	)		0		253,037		4,646		23,572,652
Wells Fargo Managed Fixed Income Portfolio		28.27			28.08		(167,949	)		(866,356	)		945,820		0		75,900		56,188,491
Wells Fargo Real Return Portfolio		4.04			4.02		(70,598	)		(168,181	)		104,984		16,293		1,205		8,044,599
Wells Fargo Small Company Growth Portfolio		1.74			1.89		222,509			(288,844	)		0		10,505		2,040		3,775,125
Wells Fargo Small Company Value Portfolio		3.45			3.68		(344,217	)		(169,857	)		0		53,119		3,428		7,367,865

						$	30,294		$	(6,004,761	)	$	1,318,939	$	1,126,198	$	126,860	$	200,099,445		86.76	%

The amount owned is less than 0.005%.

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


Statement of assets and liabilities—November 30, 2018 (unaudited)		Wells Fargo Growth Balanced Fund			11




Assets
Investments in affiliated Master Portfolios, at value (cost $179,447,707)	$	200,099,445
Investments in affiliated Underlying Fund, at value (cost $29,794,380)		29,326,673
Investments in unaffiliated securities, at value (cost $1,188,210)		1,209,325
Receivable for Fund shares sold		67,157
Receivable for daily variation margin on open futures contracts		44,438
Receivable from manager		3,753
Prepaid expenses and other assets		70,343

Total assets		230,821,134


Liabilities
Payable for Fund shares redeemed		62,140
Shareholder servicing fees payable		49,838
Shareholder report expenses payable		33,463
Administration fees payable		31,627
Custodian and accounting fees payable		11,256
Distribution fee payable		11,058

Total liabilities		199,382

Total net assets	$	230,621,752


NET ASSETS CONSIST OF
Paid-in capital	$	204,943,693
Total distributable earnings		25,678,059

Total net assets	$	230,621,752


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	63,163,322
Shares outstanding – Class A¹		1,362,471
Net asset value per share – Class A		$46.36
Maximum offering price per share – Class A²		$49.19
Net assets – Class C	$	18,226,247
Shares outstanding – Class C¹		455,164
Net asset value per share – Class C		$40.04
Net assets – Administrator Class	$	149,232,183
Shares outstanding – Administrator Class¹		3,605,189
Net asset value per share – Administrator Class		$41.39

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


12		Wells Fargo Growth Balanced Fund		Statement of operations—six months ended November 30, 2018 (unaudited)




Investment income
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $172)	$	1,318,939
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $48,644)		1,126,198
Affiliated income allocated from affiliated Master Portfolios		126,860
Interest		6,331
Expenses allocated from affiliated Master Portfolios		(620,082	)
Waivers allocated from affiliated Master Portfolios		28,710

Total investment income		1,986,956


Expenses
Management fee		359,962
Administration fees
Class A		68,356
Class C		17,936
Administrator Class		102,565
Shareholder servicing fees
Class A		81,376
Class C		21,353
Administrator Class		196,731
Distribution fee
Class C		64,059
Custody and accounting fees		5,337
Professional fees		13,714
Registration fees		33,964
Shareholder report expenses		34,752
Trustees’ fees and expenses		8,823
Other fees and expenses		5,102

Total expenses		1,014,030
Less: Fee waivers and/or expense reimbursements		(391,454	)

Net expenses		622,576

Net investment income		1,364,380


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Securities transactions allocated from affiliated Master Portfolios		30,294
Affiliated Underlying Fund		84
Unaffiliated securities		14,117
Futures contracts		340,005

Net realized gains on investments		384,500


Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(6,004,761	)
Affiliated Underlying Fund		335,497
Unaffiliated securities		21,110
Futures contracts		243,887

Net change in unrealized gains (losses) on investments		(5,404,267	)

Net realized and unrealized gains (losses) on investments		(5,019,767	)

Net decrease in net assets resulting from operations	$	(3,655,387	)

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


Statement of changes in net assets		Wells Fargo Growth Balanced Fund			13


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	1,364,380					$	3,364,678
Net realized gains on investments					384,500						20,771,494
Net change in unrealized gains (losses) on investments					(5,404,267	)					(4,196,293	)

Net increase (decrease) in net assets resulting from operations					(3,655,387	)					19,939,879


Distributions to shareholders from net investment income and net realized gains
Class A					0						(642,776	)
Class C					0						(65,094	)
Administrator Class					0						(2,153,514	)

Total distributions to shareholders					0						(2,861,384	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		122,979			5,854,600			115,548			5,374,981
Class C		81,563			3,279,451			58,262			2,349,912
Administrator Class		122,198			5,186,592			446,522			18,569,677

					14,320,643						26,294,570

Reinvestment of distributions
Class A		0			0			13,522			633,356
Class C		0			0			1,496			60,971
Administrator Class		0			0			51,482			2,148,876

					0						2,843,203

Payment for shares redeemed
Class A		(86,249	)		(4,075,632	)		(295,375	)		(13,781,479	)
Class C		(33,879	)		(1,384,133	)		(83,888	)		(3,339,189	)
Administrator Class		(273,048	)		(11,594,775	)		(890,059	)		(36,753,685	)

					(17,054,540	)					(53,874,353	)

Net decrease in net assets resulting from capital share transactions					(2,733,897	)					(24,736,580	)

Total decrease in net assets					(6,389,284	)					(7,658,085	)


Net assets
Beginning of period					237,011,036						244,669,121

End of period				$	230,621,752					$	237,011,036

Effective for all fillings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $3,562,101. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

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


14		Wells Fargo Growth Balanced Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$47.12			$43.91			$39.99			$40.80			$37.96			$33.35
Net investment income		0.27			0.53			0.41			0.46			0.36			0.35
Net realized and unrealized gains (losses) on investments		(1.03	)		3.13			3.93			(0.94	)		2.65			4.60

Total from investment operations		(0.76	)		3.66			4.34			(0.48	)		3.01			4.95
Distributions to shareholders from
Net investment income		0.00			(0.45	)		(0.42	)		(0.33	)		(0.17	)		(0.34	)
Net asset value, end of period		$46.36			$47.12			$43.91			$39.99			$40.80			$37.96
Total return¹		(1.61	)%		8.34	%		10.93	%		(1.14	)%		7.94	%		14.87	%
Ratios to average net assets (annualized)
Gross expenses²		1.34	%		1.35	%		1.34	%		1.35	%		1.40	%		1.39	%
Net expenses²		1.08	%		1.17	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income²		1.07	%		1.27	%		1.10	%		1.10	%		0.97	%		1.05	%
Supplemental data
Portfolio turnover rate³		87	%		114	%		114	%		79	%		75	%		77	%
Net assets, end of period (000s omitted)		$63,163			$62,473			$65,514			$65,866			$64,223			$61,117

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

²	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


Six months ended November 30, 2018 (unaudited)	0.49	%
Year ended May 31, 2018	0.51	%
Year ended May 31, 2017	0.50	%
Year ended May 31, 2016	0.51	%
Year ended May 31, 2015	0.51	%
Year ended May 31, 2014	0.51	%

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Fund and unaffiliated securities and included in the portfolio turnover calculation.

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


Financial highlights		Wells Fargo Growth Balanced Fund			15

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$40.86			$38.14			$34.82			$35.63			$33.33			$29.38
Net investment income		0.18			0.14			0.13	¹		0.12	¹		0.08	¹		0.10	¹
Net realized and unrealized gains (losses) on investments		(1.00	)		2.74			3.38			(0.79	)		2.30			4.00

Total from investment operations		(0.82	)		2.88			3.51			(0.67	)		2.38			4.10
Distributions to shareholders from
Net investment income		0.00			(0.16	)		(0.19	)		(0.14	)		(0.08	)		(0.15	)
Net asset value, end of period		$40.04			$40.86			$38.14			$34.82			$35.63			$33.33
Total return²		(2.01	)%		7.55	%		10.10	%		(1.88	)%		7.13	%		13.99	%
Ratios to average net assets (annualized)
Gross expenses³		2.09	%		2.10	%		2.09	%		2.10	%		2.15	%		2.14	%
Net expenses³		1.83	%		1.92	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income³		0.32	%		0.52	%		0.35	%		0.36	%		0.22	%		0.31	%
Supplemental data
Portfolio turnover rate⁴		87	%		114	%		114	%		79	%		75	%		77	%
Net assets, end of period (000s omitted)		$18,226			$16,649			$16,463			$16,225			$14,349			$12,637

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


Six months ended November 30, 2018 (unaudited)	0.49	%
Year ended May 31, 2018	0.51	%
Year ended May 31, 2017	0.50	%
Year ended May 31, 2016	0.50	%
Year ended May 31, 2015	0.51	%
Year ended May 31, 2014	0.51	%

⁴

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


16		Wells Fargo Growth Balanced Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$42.04			$39.22			$35.78			$36.54			$33.98			$29.89
Net investment income		0.33			0.75			0.50	¹		0.49			0.45			0.41	¹
Net realized and unrealized gains (losses) on investments		(0.98	)		2.63			3.47			(0.82	)		2.32			4.10

Total from investment operations		(0.65	)		3.38			3.97			(0.33	)		2.77			4.51
Distributions to shareholders from
Net investment income		0.00			(0.56	)		(0.53	)		(0.43	)		(0.21	)		(0.42	)
Net asset value, end of period		$41.39			$42.04			$39.22			$35.78			$36.54			$33.98
Total return²		(1.55	)%		8.63	%		11.19	%		(0.86	)%		8.16	%		15.16	%
Ratios to average net assets (annualized)
Gross expenses³		1.26	%		1.27	%		1.26	%		1.27	%		1.24	%		1.23	%
Net expenses³		0.89	%		0.92	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income³		1.25	%		1.51	%		1.34	%		1.35	%		1.22	%		1.29	%
Supplemental data
Portfolio turnover rate⁴		87	%		114	%		114	%		79	%		75	%		77	%
Net assets, end of period (000s omitted)		$149,232			$157,889			$162,693			$175,715			$182,373			$175,094

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


Six months ended November 30, 2018 (unaudited)	0.49	%
Year ended May 31, 2018	0.51	%
Year ended May 31, 2017	0.50	%
Year ended May 31, 2016	0.50	%
Year ended May 31, 2015	0.51	%
Year ended May 31, 2014	0.51	%

⁴

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


Notes to financial statements (unaudited)		Wells Fargo Growth Balanced Fund			17

1. ORGANIZATION

The Fund is a fund-of-funds that invests in various affiliated mutual funds (“Underlying Funds”) employing a multi-asset, multi-style investment approach designed to reduce the price and return volatility of the Fund and to provide more consistent returns. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. The Fund may invest in other Wells Fargo Funds or directly in securities. Investments in affiliated Underlying Funds may also include investments in one or more separate diversified portfolios (collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. The Fund accounts for its investments in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Wells Fargo Master Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

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

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

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the

official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair

value price will be determined in accordance with the Fund’s Valuation Procedures.

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

Futures contracts


18		Wells Fargo Growth Balanced Fund		Notes to financial statements (unaudited)

financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolios are recorded on a trade basis.

The Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income, expenses, and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $209,952,170 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	23,486,733
Gross unrealized losses		(2,968,851	)
Net unrealized gains	$	20,517,882

Class allocations

The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.


Notes to financial statements (unaudited)		Wells Fargo Growth Balanced Fund			19

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of 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 November 30, 2018:


Moderate Balanced Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Exchange-traded funds	$	777,401	$	0	$	0	$	777,401

Investment companies		29,326,673		0		0		29,326,673

Short-term investments
U.S. Treasury securities		431,924		0		0		431,924
Investments measured at net asset value*								200,099,445
Total assets	$	30,535,998	$	0	$	0	$	230,635,443
Liabilities

Futures contracts	$	165,391	$	0	$	0	$	165,391
Total liabilities	$	165,391	$	0	$	0	$	165,391

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $200,099,445. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

At November 30, 2018, the Fund did not have any transfers into/out of Level 3.


20		Wells Fargo Growth Balanced Fund		Notes to financial statements (unaudited)

The investment objective of each affiliated Master Portfolio is as follows:


Affiliated Master Portfolio		Investment objective
Wells Fargo C&B Large Cap Value Portfolio		Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal
Wells Fargo Core Bond Portfolio		Seeks total return, consisting of income and capital appreciation
Wells Fargo Diversified Large Cap Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo Emerging Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo International Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo International Value Portfolio		Seeks long-term capital appreciation
Wells Fargo Large Company Value Portfolio		Seeks long-term capital appreciation
Wells Fargo Managed Fixed Income Portfolio		Seeks consistent fixed-income returns
Wells Fargo Real Return Portfolio		Seeks returns that exceed the rate of inflation over the long-term
Wells Fargo Small Company Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo Small Company Value Portfolio		Seeks long-term capital appreciation

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.30% and declining to 0.22% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of the Fund increase.

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:


	Class-level administration fee
Class A, Class C		0.21	%
Administrator Class		0.13


Notes to financial statements (unaudited)		Wells Fargo Growth Balanced Fund			21

Administrator Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 15, 2018, the Fund’s expenses were capped at 1.20% for Class A shares and 1.95% for Class C shares.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $4,907 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in various affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of unaffiliated securities and affiliated Underlying Fund in which the Fund invests are actual purchases and sale of those securities. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$152,354,506	$155,406,791	$140,939,010	$60,026,066

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the Fund entered into futures contracts to gain market exposure to certain asset classes consistent with an active allocation strategy. The Fund had an average notional amount of $11,547,416 in long futures contracts and $6,479,421 in short futures contracts during the six months ended November 30, 2018.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.


22		Wells Fargo Growth Balanced Fund		Notes to financial statements (unaudited)

8. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders. The amounts of distributions to shareholders for the year ended May 31, 2018 were as follows:


	Net investment income
Class A	$	642,776
Class C		65,094
Administrator Class		2,153,514

9. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

11. SUBSEQUENT DISTRIBUTIONS

On December 18, 2018, the Fund declared distributions from long-term capital gains to shareholders of record on December 17, 2018. The per share amounts payable on December 19, 2018 were as follows:


	Long-term capital gains
Class A	$	1.25711
Class C		0.88692
Administrator Class		1.42522

These distributions are not reflected in the accompanying financial statements.


Other information (unaudited)		Wells Fargo Growth Balanced Fund			23

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.


24		Wells Fargo Growth Balanced Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


Other information (unaudited)		Wells Fargo Growth Balanced Fund			25


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


26		Wells Fargo Growth Balanced Fund		Other information (unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹	Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


Appendix A (unaudited)		Wells Fargo Growth Balanced Fund			27

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

•

A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70¹⁄₂ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318971 01-19

SA278/SAR278 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Moderate Balanced Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			6

Fund expenses			9

Portfolio of investments			10

Financial statements
Statement of assets and liabilities			12
Statement of operations			13
Statement of changes in net assets			14
Financial highlights			15

Notes to financial statements			19

Other information			25

Appendix A			29

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Moderate Balanced Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Moderate Balanced Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo Moderate Balanced Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Moderate Balanced Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6		Wells Fargo Moderate Balanced Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®^‡, FRM

Petros N. Bocray, CFA^®^‡, FRM

Christian L. Chan, CFA^®^‡

Average annual total returns (%) as of November 30, 2018¹


		Including sales charge							Excluding sales charge							Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (WFMAX)	1-30-2004		(5.54	)		3.15		7.29		0.22			4.38		7.92		1.32		1.15
Class C (WFBCX)	1-30-2004		(1.53	)		3.60		7.11		(0.53	)		3.60		7.11		2.07		1.90
Administrator Class (NVMBX)	11-11-1994		–			–		–		0.43			4.63		8.18		1.24		0.90
Institutional Class (WFMYX)	7-31-2018									0.48			4.64		8.19		0.99		0.80
Moderate Balanced Blended Index⁴	–		–			–		–		1.09			4.80		7.25		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁵	–		–			–		–		(1.34	)		2.03		3.67		–		–
Bloomberg Barclays U.S. Short Treasury 9-12 Months Index⁶	–		–			–		–		1.66			0.69		0.64		–		–
MSCI EAFE Index (Net)⁷	–		–			–		–		(7.94	)		1.84		7.47		–		–
Russell 1000^® Growth Index⁸	–		–			–		–		8.59			13.04		16.54		–		–
Russell 1000^® Value Index⁹	–		–			–		–		2.96			8.65		12.46		–		–
Russell 2000^® Index¹⁰	–		–			–		–		0.57			7.50		14.04		–		–
S&P 500 Index¹¹	–		–			–		–		6.27			11.12		14.32		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 8.


Performance highlights (unaudited)		Wells Fargo Moderate Balanced Fund			7


Ten largest holdings as of November 30, 2018¹²
Wells Fargo Managed Fixed Income Portfolio			36.87
Wells Fargo Conservative Income Fund Class Institutional			17.55
Wells Fargo Diversified Large Cap Growth Portfolio			11.79
Wells Fargo Disciplined Growth Portfolio			11.49
Wells Fargo Core Bond Portfolio			10.54
Wells Fargo Large Company Value Portfolio			7.86
Wells Fargo Real Return Portfolio			5.27
Wells Fargo C&B Large Cap Value Portfolio			3.96
Wells Fargo International Growth Portfolio			3.51
Wells Fargo International Value Portfolio			3.47


Allocations (%) as of November 30, 2018
	Effective allocation¹³		Neutral allocation
Bonds		60		60
Stocks		44		40
Effective Cash		(4)		0

Please see footnotes on page 8.


8		Wells Fargo Moderate Balanced Fund		Performance highlights (unaudited)

^‡	CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class share expenses. If these expenses had been included, returns for Institutional Class shares would be higher. The Administrator Class shares annual returns are substantially similar to what the Institutional Class shares annual returns would be because the Administrator and Institutional Class shares are invested in the same portfolio and their returns differ only to the extent that they do not have the same expenses.

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.44% in acquired fund fees and expenses from the affiliated master portfolios. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from any money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴

Source: Wells Fargo Funds Management, LLC. The Moderate Balanced Blended Index is weighted 45% in the Bloomberg Barclays U.S. Aggregate Bond Index, 15% in the Bloomberg Barclays U.S. Short Treasury 9-12 Months Index, 10% in the Russell 1000^® Growth Index, 10% in the Russell 1000^® Value Index, 10% in the S&P 500 Index, 6% in the MSCI EAFE Index (Net), and 4% in the Russell 2000^® Index. You cannot invest directly in an index.

⁵

⁶	The Bloomberg Barclays U.S. Short Treasury 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index.

⁷

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁸	The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁹	The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

¹⁰	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

¹¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

¹²	The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹³


Fund expenses (unaudited)		Wells Fargo Moderate Balanced Fund			9

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	995.16	$	5.65		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.40	$	5.72		1.13	%
Class C
Actual	$	1,000.00	$	991.44	$	9.39		1.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.64	$	9.50		1.88	%
Administrator Class
Actual	$	1,000.00	$	996.51	$	4.40		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.66	$	4.46		0.88	%
Institutional Class
Actual	$	1,000.00	$	996.95	$	3.80		0.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.26	$	3.85		0.76	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


10		Wells Fargo Moderate Balanced Fund		Portfolio of investments—November 30, 2018 (unaudited)


Security name						Shares		Value

Exchange-Traded Funds: 0.24%
Consumer Staples Select Sector SPDR Fund							5,460	$	307,180


Total Exchange-Traded Funds (Cost $298,836)									307,180


Investment Companies: 117.00%

Affiliated Master Portfolios: 99.46%
Wells Fargo C&B Large Cap Value Portfolio									5,139,833
Wells Fargo Core Bond Portfolio									13,659,471
Wells Fargo Disciplined Growth Portfolio									14,896,133
Wells Fargo Diversified Large Cap Growth Portfolio									15,286,864
Wells Fargo Emerging Growth Portfolio									1,542,885
Wells Fargo International Growth Portfolio									4,553,772
Wells Fargo International Value Portfolio									4,502,616
Wells Fargo Large Company Value Portfolio									10,197,195
Wells Fargo Managed Fixed Income Portfolio									47,801,013
Wells Fargo Real Return Portfolio									6,829,941
Wells Fargo Small Company Growth Portfolio									1,539,328
Wells Fargo Small Company Value Portfolio									3,000,639

									128,949,690


Affiliated Stock Fund: 17.54%
Wells Fargo Conservative Income Fund Institutional Class							2,281,643		22,747,977


Total Investment Companies (Cost $144,316,572)									151,697,667


	Yield			Maturity date		Principal
Short-Term Investments: 0.22%

U.S. Treasury Securities: 0.22%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	282,000		281,950


Total Short-Term Investments (Cost $281,950)									281,950


Total investments in securities (Cost $144,897,358)	117.46	%		152,286,797
Other assets and liabilities, net	(17.46	)		(22,635,188	)

Total net assets	100.00	%	$	129,651,609

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		41		12-21-2018	$	5,763,731	$	5,654,515	$	0	$	(109,216	)

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Moderate Balanced Fund			11

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		Net realized gains (losses) on affiliated Underlying Fund			Net change in unrealized gains (losses) on affiliated Underlying Fund		Dividends from affiliated Underlying Fund		Value, end of period		% of net assets
Investment Companies
Affiliated Stock Fund
Wells Fargo Conservative Income Fund Institutional Class		0		2,389,406		107,763		2,281,643	$	(338	)	$	354,576	$	124,669	$	22,747,977		17.54	%

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		1.00	%		3.99	%	$	136,679		$	(13,060	)	$	0	$	46,240	$	1,092	$	5,139,833
Wells Fargo Core Bond Portfolio		0.00	*		10.59			(220,258	)		(17,054	)		225,455		0		2,329		13,659,471
Wells Fargo Disciplined Growth Portfolio		0.00	*		11.55			(86,464	)		(258,036	)		0		182,040		1,665		14,896,133
Wells Fargo Diversified Large Cap Growth Portfolio		17.00			11.85			110,802			(113,262	)		0		83,590		1,995		15,286,864
Wells Fargo Emerging Growth Portfolio		0.00	*		1.20			123,105			(104,956	)		0		1,584		951		1,542,885
Wells Fargo International Growth Portfolio		14.00			3.53			(103,063	)		(273,401	)		0		37,784		3,033		4,553,772
Wells Fargo International Value Portfolio		1.00			3.49			(21,308	)		(875,866	)		0		89,290		3,548		4,502,616
Wells Fargo Large Company Value Portfolio		15.00			7.91			227,068			(56,703	)		0		111,401		2,043		10,197,195
Wells Fargo Managed Fixed Income Portfolio		46.00			37.07			(141,083	)		(727,383	)		795,211		0		63,770		47,801,013
Wells Fargo Real Return Portfolio		5.00			5.30			(59,282	)		(140,618	)		88,206		13,712		1,008		6,829,941
Wells Fargo Small Company Growth Portfolio		0.00	*		1.19			90,240			(110,945	)		0		4,270		826		1,539,328
Wells Fargo Small Company Value Portfolio		2.00			2.33			(140,589	)		(64,573	)		0		21,598		1,390		3,000,639
Wells Fargo Stable Income Portfolio**		100.00			0.00			173,162			60,699			164,628		0		3,616		0

							$	89,009		$	(2,695,158	)	$	1,273,500	$	591,509	$	87,266	$	128,949,690		99.46	%

The amount owned is less than 0.005%.

No longer held at the end of the period

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


12		Wells Fargo Moderate Balanced Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolios, at value (cost $121,523,136)	$	128,949,690
Investments in affiliated Underlying Fund, at value (cost $22,793,436)		22,747,977
Investments in unaffiliated securities, at value (cost $580,786)		589,130
Receivable for investments sold		5,244
Receivable for Fund shares sold		53,860
Receivable for dividends		49,481
Receivable for daily variation margin on open futures contracts		28,919
Prepaid expenses and other assets		53,542

Total assets		152,477,843


Liabilities
Payable for Fund shares redeemed		22,669,299
Payable for investments purchased		49,649
Administration fees payable		20,333
Distribution fee payable		6,732
Due to custodian bank		5,244
Management fee payable		1,572
Accrued expenses and other liabilities		73,405

Total liabilities		22,826,234

Total net assets	$	129,651,609


NET ASSETS CONSIST OF
Paid-in capital	$	106,224,580
Total distributable earnings		23,427,029

Total net assets	$	129,651,609


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	33,632,692
Shares outstanding – Class A¹		1,486,950
Net asset value per share – Class A		$22.62
Maximum offering price per share – Class A²		$24.00
Net assets – Class C	$	10,416,965
Shares outstanding – Class C¹		473,231
Net asset value per share – Class C		$22.01
Net assets – Administrator Class	$	85,159,885
Shares outstanding – Administrator Class¹		3,724,310
Net asset value per share – Administrator Class		$22.87
Net assets – Institutional Class	$	442,067
Shares outstanding – Institutional Class¹		19,326
Net asset value per share – Institutional Class		$22.87

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Moderate Balanced Fund			13




Investment income
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $146)	$	1,273,500
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $12,226)		591,509
Dividends from affiliated Underlying Fund		124,669
Affiliated income allocated from affiliated Master Portfolios		87,266
Interest		4,027
Expenses allocated from affiliated Master Portfolios		(371,109	)
Waivers allocated from affiliated Master Portfolios		36,023

Total investment income		1,745,885


Expenses
Management fee		235,987
Administration fees
Class A		35,356
Class C		11,095
Administrator Class		73,378
Institutional Class		127	¹
Shareholder servicing fees
Class A		42,090
Class C		13,209
Administrator Class		141,112
Distribution fee
Class C		39,626
Custody and accounting fees		4,364
Professional fees		15,853
Registration fees		31,089
Shareholder report expenses		30,775
Trustees’ fees and expenses		11,316
Other fees and expenses		4,954

Total expenses		690,331
Less: Fee waivers and/or expense reimbursements		(238,897	)

Net expenses		451,434

Net investment income		1,294,451


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		89,009
Affiliated Underlying Fund		(338	)
Unaffiliated securities		61,342
Futures contracts		210,656

Net realized gains on investments		360,669


Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(2,695,158	)
Affiliated Underlying Fund		354,576
Unaffiliated securities		8,341
Futures contracts		155,805

Net change in unrealized gains (losses) on investments		(2,176,436	)

Net realized and unrealized gains (losses) on investments		(1,815,767	)

Net decrease in net assets resulting from operations	$	(521,316	)

¹	For the period from July 31 2018 (commencement of class operations) to November 30, 2018

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


14		Wells Fargo Moderate Balanced Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	1,294,451					$	2,427,369
Net realized gains on investments					360,669						9,722,121
Net change in unrealized gains (losses) on investments					(2,176,436	)					(3,671,454	)

Net increase (decrease) in net assets resulting from operations					(521,316	)					8,478,036


Distributions to shareholders from net investment income and net realized gains
Class A					0						(2,929,431	)
Class C					0						(881,207	)
Administrator Class					0						(9,288,417	)

Total distributions to shareholders					0						(13,099,055	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		211,384			4,857,085			241,519			5,649,474
Class C		59,874			1,339,729			45,422			1,038,170
Administrator Class		232,764			5,339,805			612,499			14,353,555
Institutional Class		25,468	²		592,651	²		N/A			N/A

					12,129,270						21,041,199

Reinvestment of distributions
Class A		0			0			120,671			2,760,491
Class C		0			0			36,950			823,717
Administrator Class		0			0			399,782			9,238,735

					0						12,822,943

Payment for shares redeemed
Class A		(131,684	)		(3,019,162	)		(517,571	)		(12,019,030	)
Class C		(48,794	)		(1,091,201	)		(150,464	)		(3,420,001	)
Administrator Class		(1,403,242	)		(32,247,549	)		(882,642	)		(20,956,867	)
Institutional Class		(6,142	)²		(140,071	)²		N/A			N/A

					(36,497,983	)					(36,395,898	)

Net decrease in net assets resulting from capital share transactions					(24,368,713	)					(2,531,756	)

Total decrease in net assets					(24,890,029	)					(7,152,775	)


Net assets
Beginning of period					154,541,638						161,694,413

End of period				$	129,651,609					$	154,541,638

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $1,221,521. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from July 31 2018 (commencement of class operations) to November 30, 2018

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


Financial highlights		Wells Fargo Moderate Balanced Fund			15

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$22.73			$23.47			$22.51			$23.57			$23.19			$21.21
Net investment income		0.17	¹		0.29			0.28			0.28	¹		0.32			0.29	¹
Net realized and unrealized gains (losses) on investments		(0.28	)		0.97			1.34			(0.23	)		1.01			1.82

Total from investment operations		(0.11	)		1.26			1.62			0.05			1.33			2.11
Distributions to shareholders from
Net investment income		0.00			(0.32	)		(0.29	)		(0.26	)		(0.44	)		(0.13	)
Net realized gains		0.00			(1.68	)		(0.37	)		(0.85	)		(0.51	)		0.00

Total distributions to shareholders		0.00			(2.00	)		(0.66	)		(1.11	)		(0.96	)		(0.13	)
Net asset value, end of period		$22.62			$22.73			$23.47			$22.51			$23.57			$23.19
Total return²		(0.48	)%		5.38	%		7.33	%		0.34	%		5.87	%		9.94	%
Ratios to average net assets (annualized)
Gross expenses³		1.31	%		1.33	%		1.32	%		1.32	%		1.36	%		1.36	%
Net expenses³		1.13	%		1.13	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income³		1.50	%		1.42	%		1.25	%		1.26	%		1.14	%		1.29	%
Supplemental data
Portfolio turnover rate⁴		119	%		113	%		114	%		87	%		84	%		89	%
Net assets, end of period (000s omitted)		$33,633			$31,980			$36,679			$35,993			$20,782			$18,169

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


Six months ended November 30, 2018 (unaudited)	0.43	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.46	%
Year ended May 31, 2016	0.47	%
Year ended May 31, 2015	0.47	%
Year ended May 31, 2014	0.46	%

⁴

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


16		Wells Fargo Moderate Balanced Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$22.20			$22.79			$22.05			$23.18			$22.79			$20.96
Net investment income		0.08			0.10			0.11	¹		0.11	¹		0.09	¹		0.12	¹
Net realized and unrealized gains (losses) on investments		(0.27	)		0.95			1.32			(0.23	)		1.04			1.80

Total from investment operations		(0.19	)		1.05			1.43			(0.12	)		1.13			1.92
Distributions to shareholders from
Net investment income		0.00			(0.14	)		(0.14	)		(0.16	)		(0.23	)		(0.09	)
Net realized gains		0.00			(1.68	)		(0.37	)		(0.85	)		(0.51	)		0.00

Total distributions to shareholders		0.00			(1.82	)		(0.51	)		(1.01	)		(0.74	)		(0.09	)
Net asset value, end of period		$22.01			$22.20			$22.97			$22.05			$23.18			$22.79
Total return²		(0.86	)%		4.56	%		6.56	%		(0.44	)%		5.06	%		9.15	%
Ratios to average net assets (annualized)
Gross expenses³		2.06	%		2.08	%		2.07	%		2.07	%		2.11	%		2.11	%
Net expenses³		1.88	%		1.88	%		1.90	%		1.90	%		1.90	%		1.90	%
Net investment income³		0.75	%		0.66	%		0.50	%		0.51	%		0.40	%		0.54	%
Supplemental data
Portfolio turnover rate⁴		119	%		113	%		114	%		87	%		84	%		89	%
Net assets, end of period (000s omitted)		$10,417			$10,260			$12,180			$12,501			$6,042			$4,469

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


Six months ended November 30, 2018 (unaudited)	0.43	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.46	%
Year ended May 31, 2016	0.47	%
Year ended May 31, 2015	0.47	%
Year ended May 31, 2014	0.46	%

⁴

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


Financial highlights		Wells Fargo Moderate Balanced Fund			17

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$22.94			$23.68			$22.70			$23.75			$23.38			$21.36
Net investment income		0.20			0.38			0.35	¹		0.32			0.33	¹		0.38
Net realized and unrealized gains (losses) on investments		(0.27	)		1.32			1.35			(0.21	)		1.07			1.79

Total from investment operations		(0.07	)		1.32			1.70			0.11			1.40			2.17
Distributions to shareholders from
Net investment income		0.00			(0.38	)		(0.35	)		(0.31	)		(0.52	)		(0.15	)
Net realized gains		0.00			(1.68	)		(0.37	)		(0.85	)		(0.51	)		0.00

Total distributions to shareholders		0.00			(2.06	)		(0.72	)		(1.16	)		(1.03	)		(0.15	)
Net asset value, end of period		$22.87			$22.94			$23.68			$22.70			$23.75			$23.38
Total return²		(0.35	)%		5.59	%		7.62	%		0.59	%		6.13	%		10.18	%
Ratios to average net assets (annualized)
Gross expenses³		1.23	%		1.25	%		1.24	%		1.23	%		1.20	%		1.20	%
Net expenses³		0.88	%		0.88	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income³		1.75	%		1.67	%		1.49	%		1.48	%		1.39	%		1.52	%
Supplemental data
Portfolio turnover rate⁴		119	%		113	%		114	%		87	%		84	%		89	%
Net assets, end of period (000s omitted)		$85,160			$112,302			$112,835			$156,915			$153,457			$144,248

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


Six months ended November 30, 2018 (unaudited)	0.43	%
Year ended May 31, 2018	0.44	%
Year ended May 31, 2017	0.46	%
Year ended May 31, 2016	0.47	%
Year ended May 31, 2015	0.47	%
Year ended May 31, 2014	0.46	%

⁴

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


18		Wells Fargo Moderate Balanced Fund		Financial highlights

(For a share outstanding throughout the period)


INSTITUTIONAL CLASS	Period ended November 30, 2018¹ (unaudited)
Net asset value, beginning of period		$23.24
Net investment income		0.20	²
Net realized and unrealized gains (losses) on investments		(0.57	)

Total from investment operations		(0.37	)
Net asset value, end of period		$22.87
Total return³		(1.59	)%
Ratios to average net assets (annualized)
Gross expenses⁴		0.95	%
Net expenses⁴		0.76	%
Net investment income⁴		0.38	%
Supplemental data
Portfolio turnover rate⁵		119	%
Net assets, end of period (000s omitted)		$442

¹	For the period from July 31 2018 (commencement of class operations) to November 30, 2018

²	Calculated based upon average shares outstanding

³	Returns for periods of less than one year are not annualized.

⁴	Ratios include net expenses allocated from the affiliated Master Portfolios in the amount of 0.39%.

⁵

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


Notes to financial statements (unaudited)		Wells Fargo Moderate Balanced Fund			19

1. ORGANIZATION

The Fund is a fund-of-funds that invests in various affiliated mutual funds (“Underlying Funds”) employing a multi-asset, multi-style investment approach designed to reduce the price and return volatility of the Fund and to provide more consistent returns. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated Underlying Funds may also include investments in one or more separate diversified portfolios (collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. The Fund accounts for its investments in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Wells Fargo Master Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Investments in Underlying Funds are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading.

Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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


20		Wells Fargo Moderate Balanced Fund		Notes to financial statements (unaudited)

Futures contracts

The Fund is subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolios are recorded on a trade basis. The Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions to shareholders

Federal and other taxes

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $143,378,985 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	8,811,112
Gross unrealized losses		(12,516	)
Net unrealized gains	$	8,798,596


Notes to financial statements (unaudited)		Wells Fargo Moderate Balanced Fund			21

Class allocations

3. 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 November 30, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Exchange-traded funds	$	307,180	$	0	$	0	$	307,180

Investment companies		22,747,977		0		0		22,747,977

Short-term investments
U.S. Treasury securities		281,950		0		0		281,950
Investments measured at net asset value*								128,949,690

Total assets	$	23,337,107	$	0	$	0	$	152,286,797
Liabilities
Futures contracts	$	109,216	$	0	$	0	$	109,216
Total liabilities	$	109,216	$	0	$	0	$	109,216

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in the affiliated Master Portfolios are valued at $128,949,690. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

At November 30, 2018, the Fund did not have any transfers into/out of Level 3.


22		Wells Fargo Moderate Balanced Fund		Notes to financial statements (unaudited)

The investment objective of each affiliated Master Portfolio is as follows:


Affiliated Master Portfolio		Investment objective
Wells Fargo C&B Large Cap Value Portfolio		Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal
Wells Fargo Core Bond Portfolio		Seeks total return, consisting of income and capital appreciation
Wells Fargo Disciplined Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo Diversified Large Cap Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo Emerging Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo International Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo International Value Portfolio		Seeks long-term capital appreciation
Wells Fargo Large Company Value Portfolio		Seeks long-term capital appreciation
Wells Fargo Managed Fixed Income Portfolio		Seeks consistent fixed-income returns
Wells Fargo Real Return Portfolio		Seeks returns that exceed the rate of inflation over the long-term
Wells Fargo Small Company Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo Small Company Value Portfolio		Seeks long-term capital appreciation

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C		0.21	%
Administrator Class		0.13


Notes to financial statements (unaudited)		Wells Fargo Moderate Balanced Fund			23

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolios are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.15% for Class A shares, 1.90% for Class C shares, 0.90% for Administrator Class shares, and 0.80% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

In addition, Funds distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $3,809 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in various affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of the affiliated Underlying Fund and unaffiliated securities in which the Fund invests are actual purchases and sale of those securities. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$129,607,725	$134,170,409	$119,899,043	$60,467,977

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the Fund entered into futures contracts for to gain market exposure to certain asset classes consistent with an active allocation strategy. The Fund had an average notional amount of $7,523,025 in long futures contracts and $3,090,422 in short futures contracts during the six months ended November 30, 2018.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS


24		Wells Fargo Moderate Balanced Fund		Notes to financial statements (unaudited)

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS


	Net investment income		Net realized gains
Class A	$	489,991	$	2,439,440
Class C		71,963		809,244
Administrator Class		1,794,197		7,494,220

9. INDEMNIFICATION

10. NEW ACCOUNTING PRONOUNCEMENT

11. SUBSEQUENT DISTRIBUTIONS

On December 18, 2018, the Fund declared distributions from long-term capital gains to shareholders of record on December 17, 2018. The per share amounts payable on December 19, 2018 were as follows:


	Long-term capital gains
Class A	$	0.41511
Class C		0.26857
Administrator Class		0.47695
Institutional Class		0.45956

These distributions are not reflected in the accompanying financial statements.


Other information (unaudited)		Wells Fargo Moderate Balanced Fund			25

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


26		Wells Fargo Moderate Balanced Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


Other information (unaudited)		Wells Fargo Moderate Balanced Fund			27


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


28		Wells Fargo Moderate Balanced Fund		Other information (unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹	Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


Appendix A (unaudited)		Wells Fargo Moderate Balanced Fund			29

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

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LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318973 01-19

SA279/SAR279 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo C&B Large Cap Value Fund

LOGO

Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Wells Fargo C&B Large Cap Value Fund
Portfolio of investments			9

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			18

Wells Fargo C&B Large Cap Value Portfolio
Portfolio of investments			22

Financial statements
Statement of assets and liabilities			26
Statement of operations			27
Statement of changes in net assets			28
Financial highlights			29

Notes to financial statements			30

Other information			34

Appendix A			38

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo C&B Large Cap Value Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo C&B Large Cap Value Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo C&B Large Cap Value Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo C&B Large Cap Value Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6		Wells Fargo C&B Large Cap Value Fund¹		Performance highlights (unaudited)

Investment objective

The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Cooke & Bieler, L.P.

Portfolio managers

Andrew Armstrong, CFA^®^‡

Steve Lyons, CFA^®^‡

Michael M. Meyer, CFA^®^‡

Edward W. O’Connor, CFA^®^‡

R. James O’Neil, CFA^®^‡

Mehul Trivedi, CFA^®^‡

William Weber, CFA^®^‡

Average annual total returns (%) as of November 30, 2018


		Including sales charge							Excluding sales charge							Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (CBEAX)	7-26-2004		(6.11	)		7.03		11.91		(0.38	)		8.30		12.57		1.21		1.08
Class C (CBECX)	7-26-2004		(2.10	)		7.50		11.74		(1.10	)		7.50		11.74		1.96		1.83
Class R6 (CBEJX)⁴	10-31-2016		–			–		–		0.10			8.69		12.95		0.78		0.65
Administrator Class (CBLLX)	7-26-2004		–			–		–		(0.23	)		8.46		12.76		1.13		1.00
Institutional Class (CBLSX)	7-26-2004		–			–		–		(0.04	)		8.71		13.03		0.88		0.75
Russell 1000^® Value Index⁵	–		–			–		–		2.96			8.65		12.46		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo C&B Large Cap Value Fund			7


Ten largest holdings (%) as of November 30, 2018⁶
Arrow Electronics Incorporated			3.20
State Street Corporation			3.20
Gildan Activewear Incorporated			2.99
AerCap Holdings NV			2.98
Chubb Limited			2.77
JPMorgan Chase & Company			2.77
Intercontinental Exchange Incorporated			2.75
Johnson & Johnson			2.69
Omnicom Group Incorporated			2.68
PNC Financial Services Group Incorporated			2.63

Sector distribution as of November 30, 2018⁷

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

The Fund is a gateway feeder fund that invests substantially all of its assets in a single affiliated master portfolio of the Wells Fargo Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests.

²	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

The manager has contractually committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any) from funds in which the underlying master portfolio invests, and extraordinary expenses are excluded from the expense cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Net expenses from the underlying affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴	Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares adjusted to reflect the higher expenses applicable to Class R6 shares. If these expenses had been included, returns for Class R6 shares would be higher.

⁵	The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁶

The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities of the affiliated master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁷	Amounts represent the sector distribution of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo C&B Large Cap Value Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	1,023.01	$	5.48		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Class C
Actual	$	1,000.00	$	1,019.64	$	9.27		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Class R6
Actual	$	1,000.00	$	1,025.05	$	3.30		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81	$	3.29		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,023.71	$	5.07		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,024.36	$	3.81		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo C&B Large Cap Value Fund			9

Security name

Value

Investment Companies: 100.01%

Affiliated Master Portfolio: 100.01%

Wells Fargo C&B Large Cap Value Portfolio

332,646,637

Total Investment Companies (Cost $268,890,306)

332,646,637


Total investments in securities (Cost $268,890,306)	100.01	%		332,646,637
Other assets and liabilities, net	(0.01	)		(43,227	)

Total net assets	100.00	%	$	332,603,410

Transactions with the affiliated Master Portfolio were as follows:

% of
ownership,

beginning of
period

% of
ownership,

end of

period

Net

realized
gains

(losses) on
securities
transactions
allocated

from
affiliated
Master
Portfolio

Net

change in
unrealized

gains

(losses) on
securities
transactions
allocated

from
affiliated

Master
Portfolio

Dividends
allocated

from
affiliated
Master
Portfolio

Affiliated
income
allocated

from
affiliated
Master
Portfolio

Value,
end

of period

% of

net
assets

Wells Fargo C&B Large Cap Value Portfolio

10,026,125

(3,233,984

)

3,345,618

80,173

332,646,637

100.01

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


10		Wells Fargo C&B Large Cap Value Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolio, at value (cost $268,890,306)	$	332,646,637
Receivable for Fund shares sold		328,669
Receivable from manager		23,019
Prepaid expenses and other assets		146,181

Total assets		333,144,506


Liabilities
Payable for Fund shares redeemed		492,275
Administration fees payable		34,326
Distribution fee payable		6,526
Trustees’ fees and expenses payable		2,684
Accrued expenses and other liabilities		5,285

Total liabilities		541,096

Total net assets	$	332,603,410


NET ASSETS CONSIST OF
Paid-in capital	$	246,014,826
Total distributable earnings		86,588,584

Total net assets	$	332,603,410


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	80,521,129
Shares outstanding – Class A¹		5,658,072
Net asset value per share – Class A		$14.23
Maximum offering price per share – Class A²		$15.10
Net assets – Class C	$	10,151,507
Shares outstanding – Class C¹		724,185
Net asset value per share – Class C		$14.02
Net assets – Class R6	$	109,826,284
Shares outstanding – Class R6¹		7,669,024
Net asset value per share – Class R6		$14.32
Net assets – Administrator Class	$	10,146,993
Shares outstanding – Administrator Class¹		712,183
Net asset value per share – Administrator Class		$14.25
Net assets – Institutional Class	$	121,957,497
Shares outstanding – Institutional Class¹		8,526,553
Net asset value per share – Institutional Class		$14.30

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo C&B Large Cap Value Fund			11




Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $24,938)	$	3,345,618
Affiliated income allocated from affiliated Master Portfolio		80,173
Expenses allocated from affiliated Master Portfolio		(1,196,633	)
Waivers allocated from affiliated Master Portfolio		37,850

Total investment income		2,267,008


Expenses
Management fee		89,180
Administration fees
Class A		89,223
Class C		11,380
Class R6		17,202
Administrator Class		7,809
Institutional Class		87,237
Shareholder servicing fees
Class A		106,218
Class C		13,548
Administrator Class		15,017
Distribution fee
Class C		40,643
Custody and accounting fees		6,925
Professional fees		11,642
Registration fees		33,461
Shareholder report expenses		13,790
Trustees’ fees and expenses		11,196
Other fees and expenses		6,283

Total expenses		560,754
Less: Fee waivers and/or expense reimbursements		(225,540	)

Net expenses		335,214

Net investment income		1,931,794


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolio		10,026,125
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(3,233,984	)

Net realized and unrealized gains (losses) on investments		6,792,141

Net increase in net assets resulting from operations	$	8,723,935

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


12		Wells Fargo C&B Large Cap Value Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	1,931,794					$	3,023,151
Net realized gains on investments					10,026,125						30,034,249
Net change in unrealized gains (losses) on investments					(3,233,984	)					(11,845,354	)

Net increase in net assets resulting from operations					8,723,935						21,212,046


Distributions to shareholders from net investment income and net realized gains
Class A					0						(9,243,548	)
Class C					0						(1,063,860	)
Class R6					0						(453,208	)
Administrator Class					0						(1,533,377	)
Institutional Class					0						(27,982,031	)

Total distributions to shareholders					0						(40,276,024	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		151,159			2,180,129			919,384			13,795,201
Class C		64,539			908,136			281,614			4,187,818
Class R6		421,840			6,115,192			7,863,006			110,525,989
Administrator Class		45,861			664,800			297,700			4,486,264
Institutional Class		919,138			13,245,520			6,201,334			92,921,657

					23,113,777						225,916,929

Reinvestment of distributions
Class A		0			0			629,729			9,080,968
Class C		0			0			73,825			1,051,272
Class R6		0			0			31,033			449,875
Administrator Class		0			0			87,651			1,265,630
Institutional Class		0			0			1,065,954			15,442,909

					0						27,290,654

Payment for shares redeemed
Class A		(655,183	)		(9,373,276	)		(1,094,969	)		(16,239,579	)
Class C		(142,490	)		(2,039,097	)		(110,207	)		(1,620,229	)
Class R6		(676,849	)		(9,827,587	)		(212,138	)		(3,029,866	)
Administrator Class		(249,141	)		(3,576,108	)		(257,513	)		(3,725,510	)
Institutional Class		(2,071,822	)		(29,645,834	)		(12,692,000	)		(180,616,185	)

					(54,461,902	)					(205,231,369	)

Net increase (decrease) in net assets resulting from capital share transactions					(31,348,125	)					47,976,214

Total increase (decrease) in net assets					(22,624,190	)					28,912,236


Net assets
Beginning of period					355,227,600						326,315,364

End of period				$	332,603,410					$	355,227,600

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $1,304,663. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


Financial highlights		Wells Fargo C&B Large Cap Value Fund			13

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.91			$14.54			$12.55			$13.07			$11.99			$10.32
Net investment income		0.06			0.09	¹		0.08			0.11	¹		0.10			0.09
Net realized and unrealized gains (losses) on investments		0.26			0.87			2.23			(0.14	)		1.07			1.68

Total from investment operations		0.32			0.96			2.31			0.03			1.17			1.77
Distributions to shareholders from
Net investment income		0.00			(0.06	)		(0.08	)		(0.10	)		(0.09	)		(0.10	)
Net realized gains		0.00			(1.53	)		(0.24	)		(0.39	)		0.00			0.00

Total distributions to shareholders		0.00			(1.59	)		(0.32	)		(0.49	)		(0.09	)		(0.10	)
Net asset value, end of period		$14.23			$13.91			$14.54			$12.55			$13.07			$11.99
Total return²		2.30	%		6.29	%		18.62	%		(0.08	)%		9.78	%		17.25	%
Ratios to average net assets (annualized)
Gross expenses³		1.21	%		1.21	%		1.24	%		1.25	%		1.29	%		1.31	%
Net expenses³		1.08	%		1.10	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income³		0.84	%		0.58	%		0.62	%		0.89	%		0.73	%		0.86	%
Supplemental data
Portfolio turnover rate⁴		23	%		42	%		89	%		29	%		35	%		22	%
Net assets, end of period (000s omitted)		$80,521			$85,707			$83,016			$88,387			$27,085			$29,537

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%
Year ended May 31, 2014	0.68	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


14		Wells Fargo C&B Large Cap Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.75			$14.44			$12.48			$13.01			$11.95			$10.29
Net investment income (loss)		0.00	¹		(0.02	)²		(0.02	)		0.01			(0.00	)³		0.01
Net realized and unrealized gains (losses) on investments		0.27			0.86			2.22			(0.14	)		1.07			1.67

Total from investment operations		0.27			0.84			2.20			(0.13	)		1.07			1.68
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.01	)		(0.01	)		(0.02	)
Net realized gains		0.00			(1.53	)		(0.24	)		(0.39	)		0.00			0.00

Total distributions to shareholders		0.00			(1.53	)		(0.24	)		(0.40	)		(0.01	)		(0.02	)
Net asset value, end of period		$14.02			$13.75			$14.44			$12.48			$13.01			$11.95
Total return⁴		1.96	%		5.46	%		17.73	%		(0.82	)%		8.93	%		16.39	%
Ratios to average net assets (annualized)
Gross expenses⁵		1.96	%		1.96	%		1.99	%		2.00	%		2.04	%		2.06	%
Net expenses⁵		1.83	%		1.85	%		1.90	%		1.90	%		1.90	%		1.90	%
Net investment income (loss)⁵		0.09	%		(0.16	)%		(0.13	)%		0.11	%		(0.02	)%		0.11	%
Supplemental data
Portfolio turnover rate⁶		23	%		42	%		89	%		29	%		35	%		22	%
Net assets, end of period (000s omitted)		$10,152			$11,031			$8,043			$7,282			$7,654			$7,262

¹	Amount is less than $0.005.

²	Calculated based upon average shares outstanding

³	Amount is more than $(0.005).

⁴	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

⁵	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%
Year ended May 31, 2014	0.68	%

⁶	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo C&B Large Cap Value Fund			15

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6	Six months ended November 30, 2018 (unaudited)			2018			2017¹
Net asset value, beginning of period		$13.97			$14.59			$12.73
Net investment income		0.10			0.18	²		0.16
Net realized and unrealized gains (losses) on investments		0.25			0.85			2.06

Total from investment operations		0.35			1.03			2.22
Distributions to shareholders from
Net investment income		0.00			(0.12	)		(0.12	)
Net realized gains		0.00			(1.53	)		(0.24	)

Total distributions to shareholders		0.00			(1.65	)		(0.36	)
Net asset value, end of period		$14.32			$13.97			$14.59
Total return³		2.51	%		6.76	%		17.65	%
Ratios to average net assets (annualized)
Gross expenses⁴		0.78	%		0.77	%		0.81	%
Net expenses⁴		0.65	%		0.65	%		0.70	%
Net investment income⁴		1.27	%		1.28	%		1.04	%
Supplemental data
Portfolio turnover rate⁵		23	%		42	%		89	%
Net assets, end of period (000s omitted)		$109,826			$110,665			$3,532

¹	For the period from October 31, 2016 (commencement of class operations) to May 31, 2017

²	Calculated based upon average shares outstanding

³	Returns for periods of less than one year are not annualized.

⁴	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.65	%
Year ended May 31, 2017¹	0.68	%

⁵	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


16		Wells Fargo C&B Large Cap Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.92			$14.56			$12.54			$13.07			$12.00			$10.32
Net investment income		0.07	¹		0.10	¹		0.10	¹		0.13	¹		0.13			0.12	¹
Net realized and unrealized gains (losses) on investments		0.26			0.87			2.24			(0.15	)		1.06			1.68

Total from investment operations		0.33			0.97			2.34			(0.02	)		1.19			1.80
Distributions to shareholders from
Net investment income		0.00			(0.08	)		(0.08	)		(0.12	)		(0.12	)		(0.12	)
Net realized gains		0.00			(1.53	)		(0.24	)		(0.39	)		0.00			0.00

Total distributions to shareholders		0.00			(1.61	)		(0.32	)		(0.51	)		(0.12	)		(0.12	)
Net asset value, end of period		$14.25			$13.92			$14.56			$12.54			$13.07			$12.00
Total return²		2.37	%		6.36	%		18.82	%		0.11	%		9.93	%		17.49	%
Ratios to average net assets (annualized)
Gross expenses³		1.13	%		1.13	%		1.16	%		1.16	%		1.13	%		1.14	%
Net expenses³		1.00	%		1.00	%		1.00	%		0.98	%		0.95	%		0.95	%
Net investment income³		0.90	%		0.69	%		0.77	%		1.03	%		0.92	%		1.08	%
Supplemental data
Portfolio turnover rate⁴		23	%		42	%		89	%		29	%		35	%		22	%
Net assets, end of period (000s omitted)		$10,147			$12,742			$11,467			$23,210			$55,705			$53,884

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%
Year ended May 31, 2014	0.68	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo C&B Large Cap Value Fund			17

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.96			$14.58			$12.58			$13.11			$12.03			$10.35
Net investment income		0.09			0.13	¹		0.14			0.16			0.15			0.14
Net realized and unrealized gains (losses) on investments		0.25			0.89			2.22			(0.14	)		1.08			1.69

Total from investment operations		0.34			1.02			2.36			0.02			1.23			1.83
Distributions to shareholders from
Net investment income		0.00			(0.11	)		(0.12	)		(0.16	)		(0.15	)		(0.15	)
Net realized gains		0.00			(1.53	)		(0.24	)		(0.39	)		0.00			0.00

Total distributions to shareholders		0.00			(1.64	)		(0.36	)		(0.55	)		(0.15	)		(0.15	)
Net asset value, end of period		$14.30			$13.96			$14.58			$12.58			$13.11			$12.03
Total return²		2.44	%		6.68	%		19.05	%		0.33	%		10.15	%		17.86	%
Ratios to average net assets (annualized)
Gross expenses³		0.88	%		0.88	%		0.91	%		0.92	%		0.86	%		0.88	%
Net expenses³		0.75	%		0.77	%		0.80	%		0.77	%		0.70	%		0.70	%
Net investment income³		1.17	%		0.87	%		0.96	%		1.25	%		1.18	%		1.34	%
Supplemental data
Portfolio turnover rate⁴		23	%		42	%		89	%		29	%		35	%		22	%
Net assets, end of period (000s omitted)		$121,957			$135,082			$220,257			$133,632			$132,768			$104,758

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.65	%
Year ended May 31, 2018	0.66	%
Year ended May 31, 2017	0.68	%
Year ended May 31, 2016	0.68	%
Year ended May 31, 2015	0.68	%
Year ended May 31, 2014	0.68	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


18		Wells Fargo C&B Large Cap Value Fund		Notes to financial statements (unaudited)

1. ORGANIZATION

The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single master portfolio with a substantially identical investment objective and substantially similar investment strategies. The Fund seeks to achieve its investment objective by investing all investable assets in a separate diversified portfolio (the “affiliated Master Portfolio”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolio as a partnership investment and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolio for the six months ended November 30, 2018 are included in this report and should be read in conjunction with the Fund’s financial statements. As of November 30, 2018, the Fund owned 78% of Wells Fargo C&B Large Cap Value Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investments in the affiliated Master Portfolio are valued daily based on the Fund’s proportionate share of the affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolio are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolio, which are included elsewhere in this report.

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest and dividend income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Federal and other taxes


Notes to financial statements (unaudited)		Wells Fargo C&B Large Cap Value Fund			19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $271,105,087 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	61,541,550
Gross unrealized losses		0
Net unrealized gains	$	61,541,550

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

At November 30, 2018, the affiliated Master Portfolio was measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The investment objective and the value of the affiliate Master Portfolio was as follows:


Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo C&B Large Cap Value Portfolio	Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal		$332,646,637

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C		0.21	%
Class R6		0.03
Administrator Class, Institutional Class		0.13


20		Wells Fargo C&B Large Cap Value Fund		Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 0.65% for Class R6 shares, 1.00% for Class Administrator Class shares and 0.75% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $854 from the sale of Class A shares and $29 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2018.

Shareholder servicing fees

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2018 were $103,695,875 and $75,798,561, respectively.

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS


	Net investment income		Net realized gains
Class A	$	403,349	$	8,840,199
Class C		0		1,063,860
Class R6		36,739		416,469
Administrator Class		86,666		1,446,711
Institutional Class		2,028,817		25,953,214


Notes to financial statements (unaudited)		Wells Fargo C&B Large Cap Value Fund			21

8. CONCENTRATION RISK

Concentration risk result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

11. SUBSEQUENT DISTRIBUTIONS

On December 12, 2018, the Fund declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 11, 2018. The per share amounts payable on December 13, 2018, were as follows:


	Short-term capital gains		Long-term capital gains
Class A		$0.20176		$0.71046
Class C		0.20176		0.71046
Class R6		0.20176		0.71046
Administrator Class		0.20176		0.71046
Institutional Class		0.20176		0.71046

On December 18, 2018, the Fund declared distributions from net investment income to shareholders of record on December 17, 2018. The per share amounts payable on December 19, 2018 were as follows:


	Net investment income
Class A	$	0.11518
Class C		0.00789
Class R6		0.17502
Administrator Class		0.11958
Institutional Class		0.16218

These distributions are not reflected in the accompanying financial statements.


22		Wells Fargo C&B Large Cap Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Common Stocks: 97.50%

Communication Services: 5.15%

Diversified Telecommunication Services: 2.47%
Verizon Communications Incorporated		174,500	$	10,522,350


Media: 2.68%
Omnicom Group Incorporated		148,600		11,437,742


Consumer Discretionary: 8.60%

Hotels, Restaurants & Leisure: 2.11%
Carnival Corporation		149,500		9,013,355


Household Durables: 1.80%
Whirlpool Corporation		60,900		7,681,317


Textiles, Apparel & Luxury Goods: 4.69%
Gildan Activewear Incorporated		387,904		12,738,767
HanesBrands Incorporated		455,400		7,245,414

				19,984,181


Consumer Staples: 3.20%

Beverages: 1.16%
Diageo plc ADR		34,200		4,936,770


Tobacco: 2.04%
Philip Morris International Incorporated		100,600		8,704,918


Energy: 5.21%

Energy Equipment & Services: 1.61%
Schlumberger Limited		153,000		6,900,300


Oil, Gas & Consumable Fuels: 3.60%
Exxon Mobil Corporation		125,500		9,977,250
World Fuel Services Corporation		208,300		5,372,057

				15,349,307


Financials: 27.79%

Banks: 5.40%
JPMorgan Chase & Company		106,200		11,808,378
PNC Financial Services Group Incorporated		82,750		11,235,795

				23,044,173


Capital Markets: 8.53%
Brookfield Asset Management Incorporated Class A		251,500		11,035,820
Intercontinental Exchange Incorporated		143,700		11,743,164
State Street Corporation		186,700		13,632,834

				36,411,818

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo C&B Large Cap Value Portfolio			23


Security name	Shares		Value

Consumer Finance: 2.09%
Synchrony Financial		344,000	$	8,937,120


Diversified Financial Services: 1.54%
Berkshire Hathaway Incorporated Class B †		30,100		6,569,024


Insurance: 10.23%
Arch Capital Group Limited †		302,644		8,661,671
Chubb Limited		88,500		11,835,990
Fidelity National Financial Incorporated		329,300		11,064,480
RenaissanceRe Holdings Limited		54,000		7,160,940
The Progressive Corporation		74,000		4,905,460

				43,628,541


Health Care: 11.58%

Health Care Equipment & Supplies: 2.78%
Abbott Laboratories		59,600		4,413,380
Becton Dickinson & Company		29,400		7,430,850

				11,844,230


Health Care Providers & Services: 3.92%
Cardinal Health Incorporated		104,900		5,751,667
Laboratory Corporation of America Holdings †		39,700		5,781,908
UnitedHealth Group Incorporated		18,400		5,177,024

				16,710,599


Pharmaceuticals: 4.88%
Allergan plc		59,900		9,380,340
Johnson & Johnson		78,000		11,458,200

				20,838,540


Industrials: 16.26%

Air Freight & Logistics: 2.45%
United Parcel Service Incorporated Class B		90,800		10,468,332


Building Products: 2.39%
Johnson Controls International plc		292,600		10,176,628


Electrical Equipment: 3.73%
AMETEK Incorporated		77,500		5,690,825
Eaton Corporation plc		132,900		10,225,326

				15,916,151


Machinery: 4.71%
Colfax Corporation †		377,200		9,407,368
Snap-on Incorporated		64,300		10,689,232

				20,096,600


Trading Companies & Distributors: 2.98%
AerCap Holdings NV †		240,700		12,725,809

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


24		Wells Fargo C&B Large Cap Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name				Shares		Value

Information Technology: 11.90%

Electronic Equipment, Instruments & Components: 4.82%
Arrow Electronics Incorporated †					177,300	$	13,646,781
TE Connectivity Limited					90,100		6,931,393

							20,578,174


IT Services: 3.70%
Alliance Data Systems Corporation					30,500		6,110,980
Amdocs Limited					148,800		9,658,608

							15,769,588


Semiconductors & Semiconductor Equipment: 3.38%
Analog Devices Incorporated					47,301		4,347,908
Applied Materials Incorporated					269,800		10,058,144

							14,406,052


Materials: 6.31%

Chemicals: 1.73%
Axalta Coating Systems Limited †					295,700		7,401,371


Containers & Packaging: 3.57%
Ball Corporation					87,400		4,292,214
Crown Holdings Incorporated †					213,600		10,953,408

							15,245,622


Metals & Mining: 1.01%
Reliance Steel & Aluminum Company					53,300		4,287,985


Real Estate: 1.50%

Real Estate Management & Development: 1.50%
CBRE Group Incorporated Class A †					146,700		6,407,856


Total Common Stocks (Cost $342,985,403)							415,994,453


	Yield
Short-Term Investments: 1.94%

Investment Companies: 1.94%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13	%		8,272,722		8,272,722


Total Short-Term Investments (Cost $8,272,722)							8,272,722


Total investments in securities (Cost $351,258,125)	99.44	%		424,267,175
Other assets and liabilities, net	0.56			2,397,128

Total net assets	100.00	%	$	426,664,303

†	Non-income-earning security

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

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

Abbreviations:

ADR	American depositary receipt

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo C&B Large Cap Value Portfolio			25

Investments in Affiliates

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


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC*		10,765,440		41,129,061		51,894,501		0	$	2,788	$	(49	)	$	9,452	$	0
Wells Fargo Government Money Market Fund Select Class		11,494,258		70,046,036		73,267,572		8,272,722		0		0			89,422		8,272,722

									$	2,788	$	(49	)	$	98,874	$	8,272,722		1.94	%

No longer held at the end of the period.

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


26		Wells Fargo C&B Large Cap Value Portfolio		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in unaffiliated securities, at value (cost $342,985,403)	$	415,994,453
Investments in affiliated securities, at value (cost $8,272,722)		8,272,722
Receivable for investments sold		1,425,998
Receivable for dividends		1,219,591
Receivable for securities lending income		2,954
Prepaid expenses and other assets		20,755

Total assets		426,936,473


Liabilities
Advisory fee payable		233,233
Custodian and accounting fees payable		25,368
Professional fees payable		13,569

Total liabilities		272,170

Total net assets	$	426,664,303

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo C&B Large Cap Value Portfolio			27




Investment income
Dividends (net of foreign withholding taxes of $31,807)	$	4,150,571
Income from affiliated securities		98,874

Total investment income		4,249,445


Expenses
Advisory fee		1,438,482
Custody and accounting fees		10,981
Professional fees		19,372
Shareholder report expenses		537
Trustees’ fees and expenses		11,370
Other fees and expenses		4,601

Total expenses		1,485,343
Less: Fee waivers and/or expense reimbursements		(46,861	)

Net expenses		1,438,482

Net investment income		2,810,963


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		12,254,730
Affiliated securities		2,788

Net realized gains on investments		12,257,518


Net change in unrealized gains (losses) on:
Unaffiliated securities		(3,051,819	)
Affiliated securities		(49	)

Net change in unrealized gains (losses) on investments		(3,051,868	)

Net realized and unrealized gains (losses) on investments		9,205,650

Net increase in net assets resulting from operations	$	12,016,613

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


28		Wells Fargo C&B Large Cap Value Portfolio		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018

Operations
Net investment income	$	2,810,963		$	4,162,366
Net realized gains on investments		12,257,518			34,247,156
Net change in unrealized gains (losses) on investments		(3,051,868	)		(13,968,164	)

Net increase in net assets resulting from operations		12,016,613			24,441,358


Capital transactions
Transactions in investors’ beneficial interests
Contributions		88,281,269			67,670,834
Withdrawals		(55,836,696	)		(73,762,455	)

Net increase (decrease) in net assets resulting from capital transactions		32,444,573			(6,091,621	)

Total increase in net assets		44,461,186			18,349,737


Net assets
Beginning of period		382,203,117			363,853,380

End of period	$	426,664,303		$	382,203,117

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


Financial highlights		Wells Fargo C&B Large Cap Value Portfolio			29


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Total return¹		2.55	%		6.65	%		19.17	%		0.35	%		10.29	%		17.80	%
Ratios to average net assets (annualized)
Gross expenses		0.67	%		0.67	%		0.68	%		0.68	%		0.68	%		0.68	%
Net expenses		0.65	%		0.66	%		0.68	%		0.68	%		0.68	%		0.68	%
Net investment income		1.27	%		1.02	%		1.09	%		1.33	%		1.20	%		1.35	%
Supplemental data
Portfolio turnover rate		23	%		42	%		89	%		29	%		35	%		22	%

¹	Returns for periods of less than one year are not annualized.

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


30		Wells Fargo C&B Large Cap Value Portfolio		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time 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 Portfolio’s Valuation Procedures.

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 of the Portfolio. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Securities lending

The Portfolio 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 Portfolio continues to receive interest or dividends on the securities loaned. The Portfolio 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 Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio 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 Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.


Notes to financial statements (unaudited)		Wells Fargo C&B Large Cap Value Portfolio			31

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. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio is treated as a separate entity for federal income tax purposes. The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All interest, dividends, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $354,702,026 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	87,654,641
Gross unrealized losses		(18,089,492	)
Net unrealized gains	$	69,565,149

3. FAIR VALUATION MEASUREMENTS

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

∎

Level 1 – quoted prices in active markets for identical securities

∎

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

∎

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

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


32		Wells Fargo C&B Large Cap Value Portfolio		Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Communication services	$	21,960,092	$	0	$	0	$	21,960,092
Consumer discretionary		36,678,853		0		0		36,678,853
Consumer staples		13,641,688		0		0		13,641,688
Energy		22,249,607		0		0		22,249,607
Financials		118,590,676		0		0		118,590,676
Health care		49,393,369		0		0		49,393,369
Industrials		69,383,520		0		0		69,383,520
Information technology		50,753,814		0		0		50,753,814
Materials		26,934,978		0		0		26,934,978
Real estate		6,407,856		0		0		6,407,856

Short-term investments
Investment companies		8,272,722		0		0		8,272,722
Total assets	$	424,267,175	$	0	$	0	$	424,267,175

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolios. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.475% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.65% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Cooke & Bieler, L.P., which is not an affiliate of Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.38% and declining to 0.30% as the average daily net assets of the Portfolio increase.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain the net operating expense ratio of the Portfolio.

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2018 were $133,003,984 and $97,221,906, respectively.

6. BANK BORROWINGS


Notes to financial statements (unaudited)		Wells Fargo C&B Large Cap Value Portfolio			33

bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A portfolio that invests a substantial portion of its assets in a sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.


34		Wells Fargo C&B Large Cap Value Fund		Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. The Fund and the Portfolio each file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.


Other information (unaudited)		Wells Fargo C&B Large Cap Value Fund			35

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


36		Wells Fargo C&B Large Cap Value Fund		Other information (unaudited)


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


Other information (unaudited)		Wells Fargo C&B Large Cap Value Fund			37

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹	Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


38		Wells Fargo C&B Large Cap Value Fund		Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

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LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318974 01-19

SA280/SAR280 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Diversified Equity Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			16

Other information			20

Appendix A			24

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Diversified Equity Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Diversified Equity Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo Diversified Equity Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Diversified Equity Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6		Wells Fargo Diversified Equity Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Portfolio managers

Thomas C. Biwer, CFA^®^‡

Aldo Ceccarelli, CFA^®^‡

Average annual total returns (%) as of November 30, 2018


		Including sales charge							Excluding sales charge							Expense ratios¹ (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net²
Class A (NVDAX)	5-2-1996		(3.43	)		6.26		11.53		2.46			7.52		12.20		1.38		1.25
Class C (WFDEX)	10-1-1998		0.70			6.72		11.36		1.70			6.72		11.36		2.13		2.00
Administrator Class (NVDEX)	11-11-1994		–			–		–		2.73			7.80		12.48		1.30		1.00
Diversified Equity Blended Index³	–		–			–		–		3.29			9.27		13.43		–		–
MSCI EAFE Index (Net)⁴	–		–			–		–		(7.94	)		1.84		7.47		–		–
Russell 1000^® Growth Index⁵	–		–			–		–		8.59			13.04		16.54		–		–
Russell 1000^® Value Index⁶	–		–			–		–		2.96			8.65		12.46		–		–
Russell 2000^® Index⁷	–		–			–		–		0.57			7.50		14.04		–		–
S&P 500 Index⁸	–		–			–		–		6.27			11.12		14.32		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Diversified Equity Fund			7


Fund holdings (%) as of November 30, 2018⁹
Wells Fargo Index Portfolio			25.30
Wells Fargo Diversified Large Cap Growth Portfolio			25.11
Wells Fargo Large Company Value Portfolio			16.92
Wells Fargo C&B Large Cap Value Portfolio			8.45
Wells Fargo International Growth Portfolio			7.31
Wells Fargo International Value Portfolio			7.10
Wells Fargo Small Company Value Portfolio			4.87
Wells Fargo Small Company Growth Portfolio			2.48
Wells Fargo Emerging Growth Portfolio			2.46

Neutral target allocation

Current target allocation as of November 30, 2018¹⁰

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.53% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from funds in which the affiliated master portfolios invest (if any), and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolios are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

Source: Wells Fargo Funds Management, LLC. The Diversified Equity Blended Index is weighted 25% in the S&P 500 Index, 25% in the Russell 1000^® Growth Index, 25% in the Russell 1000^® Value Index, 15% in the MSCI EAFE Index (Net), and 10% in the Russell 2000^® Index. You cannot invest directly in an index.

⁴

⁵	The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁶	The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁷	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁸	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁹	Fund holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹⁰	Current target allocation is subject to change and may have changed since the date specified.


8		Wells Fargo Diversified Equity Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	991.69	$	6.24		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class C
Actual	$	1,000.00	$	987.70	$	9.97		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Administrator Class
Actual	$	1,000.00	$	992.86	$	5.00		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Diversified Equity Fund			9


Security name	Value

Investment Companies: 100.02%

Affiliated Master Portfolios: 100.02%
Wells Fargo C&B Large Cap Value Portfolio	$	13,721,447
Wells Fargo Diversified Large Cap Growth Portfolio		40,794,977
Wells Fargo Emerging Growth Portfolio		4,007,293
Wells Fargo Index Portfolio		41,096,062
Wells Fargo International Growth Portfolio		11,883,762
Wells Fargo International Value Portfolio		11,533,181
Wells Fargo Large Company Value Portfolio		27,487,773
Wells Fargo Small Company Growth Portfolio		4,026,773
Wells Fargo Small Company Value Portfolio		7,912,419

Total Investment Companies (Cost $139,840,007)		162,463,687


Total investments in securities (Cost $139,840,007)	100.02	%		162,463,687
Other assets and liabilities, net	(0.02	)		(35,427	)

Total net assets	100.00	%	$	162,428,260

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Wells Fargo C&B Large Cap Value Portfolio		4	%		3	%	$	398,589		$	(146,086	)	$	135,580	$	3,252	$	13,721,447
Wells Fargo Diversified Large Cap Growth Portfolio		50			11			324,686			(722,154	)		242,973		5,823		40,794,977
Wells Fargo Emerging Growth Portfolio		1			1			376,166			(378,793	)		4,354		2,804		4,007,293
Wells Fargo Index Portfolio		3			3			3,174,587			(2,299,625	)		434,116		9,081		41,096,062
Wells Fargo International Growth Portfolio		28			5			(259,091	)		(499,600	)		79,004		6,434		11,883,762
Wells Fargo International Value Portfolio		1			1			(47,310	)		(1,201,448	)		189,942		7,519		11,533,181
Wells Fargo Large Company Value Portfolio		46			10			677,616			(377,397	)		329,679		5,990		27,487,773
Wells Fargo Small Company Growth Portfolio		0	*		0	*		270,484			(376,774	)		12,372		2,433		4,026,773
Wells Fargo Small Company Value Portfolio		5			5			(398,993	)		(258,510	)		63,399		4,121		7,912,419

							$	4,516,734		$	(6,260,387	)	$	1,491,419	$	47,457	$	162,463,687		100.02	%

The amount owned is less than 0.5%.

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


10		Wells Fargo Diversified Equity Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolios, at value (cost $139,840,007)	$	162,463,687
Receivable for Fund shares sold		131,264
Prepaid expenses and other assets		51,624

Total assets		162,646,575


Liabilities
Payable for Fund shares redeemed		122,893
Shareholder servicing fees payable		35,344
Administration fees payable		23,055
Management fee payable		13,199
Trustees’ fees and expenses payable		2,473
Distribution fee payable		1,333
Accrued expenses and other liabilities		20,018

Total liabilities		218,315

Total net assets	$	162,428,260


NET ASSETS CONSIST OF
Paid-in capital	$	118,841,810
Total distributable earnings		43,586,450

Total net assets	$	162,428,260


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	64,973,942
Shares outstanding – Class A¹		2,474,113
Net asset value per share – Class A		$26.26
Maximum offering price per share – Class A²		$27.86
Net assets – Class C	$	2,029,973
Shares outstanding – Class C¹		87,156
Net asset value per share – Class C		$23.29
Net assets – Administrator Class	$	95,424,345
Shares outstanding – Administrator Class¹		3,613,109
Net asset value per share – Administrator Class		$26.41

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Diversified Equity Fund			11




Investment income
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $24,067)	$	1,491,419
Affiliated income allocated from affiliated Master Portfolios		47,457
Expenses allocated from affiliated Master Portfolios		(460,970	)
Waivers allocated from affiliated Master Portfolios		26,598

Total investment income		1,104,504


Expenses
Management fee		259,323
Administration fees
Class A		73,475
Class C		2,305
Administrator Class		65,461
Shareholder servicing fees
Class A		87,471
Class C		2,744
Administrator Class		125,887
Distribution fee
Class C		8,233
Custody and accounting fees		2,473
Professional fees		13,962
Registration fees		31,322
Shareholder report expenses		15,677
Trustees’ fees and expenses		11,580
Other fees and expenses		3,740

Total expenses		703,653
Less: Fee waivers and/or expense reimbursements		(175,122	)

Net expenses		528,531

Net investment income		575,973


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolios		4,516,734
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios		(6,260,387	)

Net realized and unrealized gains (losses) on investments		(1,743,653	)

Net decrease in net assets resulting from operations	$	(1,167,680	)

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


12		Wells Fargo Diversified Equity Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	575,973					$	1,206,178
Net realized gains on investments					4,516,734						35,307,459
Net change in unrealized gains (losses) on investments					(6,260,387	)					(11,548,765	)

Net increase (decrease) in net assets resulting from operations					(1,167,680	)					24,964,872


Distributions to shareholders from net investment income and net realized gains
Class A					0						(15,394,697	)
Class C					0						(556,741	)
Administrator Class					0						(22,994,201	)

Total distributions to shareholders					0						(38,945,639	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		37,892			1,026,536			55,115			1,529,167
Class C		2,252			53,655			5,348			134,858
Administrator Class		102,451			2,786,041			235,053			6,684,802

					3,866,232						8,348,827

Reinvestment of distributions
Class A		0			0			592,560			15,300,796
Class C		0			0			23,873			547,166
Administrator Class		0			0			878,963			22,817,521

					0						38,665,483

Payment for shares redeemed
Class A		(198,278	)		(5,310,935	)		(351,795	)		(9,977,926	)
Class C		(10,334	)		(249,560	)		(21,669	)		(542,415	)
Administrator Class		(198,916	)		(5,389,512	)		(1,474,444	)		(42,759,421	)

					(10,950,007	)					(53,279,762	)

Net decrease in net assets resulting from capital share transactions					(7,083,775	)					(6,265,452	)

Total decrease in net assets					(8,251,455	)					(20,246,219	)


Net assets
Beginning of period					170,679,715						190,925,934

End of period				$	162,428,260					$	170,679,715

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at May 31, 2018 was $230,980. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


Financial highlights		Wells Fargo Diversified Equity Fund			13

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$26.48			$29.37			$27.30			$32.37			$32.78			$30.65
Net investment income		0.07	¹		0.16	¹		0.13			0.16			0.14			0.16
Net realized and unrealized gains (losses) on investments		(0.29	)		3.93			3.94			(1.55	)		2.79			5.48

Total from investment operations		(0.22	)		4.09			4.07			(1.39	)		2.93			5.64
Distributions to shareholders from
Net investment income		0.00			(0.17	)		(0.22	)		(0.08	)		(0.15	)		(0.17	)
Net realized gains		0.00			(6.81	)		(1.78	)		(3.60	)		(3.19	)		(3.34	)

Total distributions to shareholders		0.00			(6.98	)		2.00			(3.68	)		(3.34	)		(3.51	)
Net asset value, end of period		$26.26			$26.48			$29.37			$27.30			$32.37			$32.78
Total return²		(0.83	)%		14.68	%		15.59	%		(4.24	)%		9.39	%		19.10	%
Ratios to average net assets (annualized)
Gross expenses³		1.35	%		1.38	%		1.40	%		1.41	%		1.44	%		1.43	%
Net expenses³		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income³		0.53	%		0.55	%		0.63	%		0.60	%		0.44	%		0.48	%
Supplemental data
Portfolio turnover rate⁴		43	%		70	%		90	%		39	%		38	%		37	%
Net assets, end of period (000s omitted)		$64,974			$69,766			$68,678			$67,597			$81,502			$82,186

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


Six months ended November 30, 2018 (unaudited)	0.50	%
Year ended May 31, 2018	0.53	%
Year ended May 31, 2017	0.57	%
Year ended May 31, 2016	0.59	%
Year ended May 31, 2015	0.59	%
Year ended May 31, 2014	0.58	%

⁴	Portfolio turnover rate is calculated by multiplying each affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the respective affiliated Master Portfolio’s portfolio turnover rate.

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


14		Wells Fargo Diversified Equity Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$23.58			$26.86			$25.12			$30.22			$30.88			$29.13
Net investment loss		(0.03	)¹		(0.05	)¹		(0.03	)¹		(0.05	)¹		(0.12	)		(0.08	)¹
Net realized and unrealized gains (losses) on investments		(0.26	)		3.58			3.57			(1.45	)		2.65			5.18

Total from investment operations		(0.29	)		3.53			3.54			(1.50	)		2.53			5.10
Distributions to shareholders from
Net investment income		0.00			(0.00	)²		(0.02	)		0.00			0.00			(0.01	)
Net realized gains		0.00			(6.81	)		(1.78	)		(3.60	)		(3.19	)		(3.34	)

Total distributions to shareholders		0.00			(6.81	)		(1.80	)		(3.60	)		(3.19	)		(3.35	)
Net asset value, end of period		$23.29			$23.58			$26.86			$25.12			$30.22			$30.88
Total return³		(1.23	)%		13.89	%		14.71	%		(4.96	)%		8.58	%		18.23	%
Ratios to average net assets (annualized)
Gross expenses⁴		2.10	%		2.13	%		2.15	%		2.16	%		2.19	%		2.19	%
Net expenses⁴		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%
Net investment loss⁴		(0.22	)%		(0.21	)%		(0.13	)%		(0.17	)%		(0.31	)%		(0.25	)%
Supplemental data
Portfolio turnover rate⁵		43	%		70	%		90	%		39	%		38	%		37	%
Net assets, end of period (000s omitted)		$2,030			$2,245			$2,355			$2,846			$4,165			$4,292

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

³	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

⁴	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


Six months ended November 30, 2018 (unaudited)	0.50	%
Year ended May 31, 2018	0.53	%
Year ended May 31, 2017	0.57	%
Year ended May 31, 2016	0.59	%
Year ended May 31, 2015	0.59	%
Year ended May 31, 2014	0.58	%

⁵	Portfolio turnover rate is calculated by multiplying each affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the respective affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Diversified Equity Fund			15

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$26.60			$29.46			$27.38			$32.45			$32.84			$30.70
Net investment income		0.11	¹		0.23	¹		0.24	¹		0.24			0.22	¹		0.23	¹
Net realized and unrealized gains (losses) on investments		(0.30	)		3.95			3.91			(1.55	)		2.81			5.49

Total from investment operations		(0.19	)		4.18			4.15			(1.31	)		3.03			5.72
Distributions to shareholders from
Net investment income		0.00			(0.23	)		(0.29	)		(0.16	)		(0.23	)		(0.24	)
Net realized gains		0.00			(6.81	)		(1.78	)		(3.60	)		(3.19	)		(3.34	)

Total distributions to shareholders		0.00			(7.04	)		(2.07	)		(3.76	)		(3.42	)		(3.58	)
Net asset value, end of period		$26.41			$26.60			$29.46			$27.38			$32.45			$32.84
Total return²		(0.71	)%		14.99	%		15.86	%		(3.98	)%		9.65	%		19.40	%
Ratios to average net assets (annualized)
Gross expenses³		1.27	%		1.30	%		1.32	%		1.33	%		1.28	%		1.27	%
Net expenses³		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income³		0.78	%		0.79	%		0.87	%		0.85	%		0.67	%		0.71	%
Supplemental data
Portfolio turnover rate⁴		43	%		70	%		90	%		39	%		38	%		37	%
Net assets, end of period (000s omitted)		$95,424			$98,668			$119,893			$140,963			$167,371			$225,584

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:


Six months ended November 30, 2018 (unaudited)	0.50	%
Year ended May 31, 2018	0.53	%
Year ended May 31, 2017	0.57	%
Year ended May 31, 2016	0.59	%
Year ended May 31, 2015	0.59	%
Year ended May 31, 2014	0.58	%

⁴	Portfolio turnover rate is calculated by multiplying each affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the respective affiliated Master Portfolio’s portfolio turnover rate.

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


16		Wells Fargo Diversified Equity Fund		Notes to financial statements (unaudited)

1. ORGANIZATION

The Fund is a fund-of-funds which seeks to achieve its investment objective by investing in multiple diversified portfolios (collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and the Fund acquires an indirect interest in those securities. The Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Wells Fargo Master Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Investment transactions, income and expenses

Investments in the affiliated Master Portfolios are recorded on a trade basis.

The Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Federal and other taxes

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $146,089,719 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	16,373,968
Gross unrealized losses		0
Net unrealized gains	$	16,373,968


Notes to financial statements (unaudited)		Wells Fargo Diversified Equity Fund			17

Class allocations

3. FAIR VALUATION MEASUREMENTS

At November 30, 2018, the affiliated Master Portfolios were measured at fair value using the net asset value per share (or its equivalent) as a practical expedient. The aggregate value of the affiliated Master Portfolios was $162,463,687. The investment objective of each affiliated Master Portfolio is as follows:


Affiliated Master Portfolio		Investment objective
Wells Fargo C&B Large Cap Value Portfolio		Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal
Wells Fargo Diversified Large Cap Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo Emerging Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo Index Portfolio		Seeks to replicate the total return of the S&P 500 Index, before fees and expenses
Wells Fargo International Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo International Value Portfolio		Seeks long-term capital appreciation
Wells Fargo Large Company Value Portfolio		Seeks long-term capital appreciation
Wells Fargo Small Company Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo Small Company Value Portfolio		Seeks long-term capital appreciation

The affiliated Master Portfolios do not have a redemption period notice, can be redeemed daily and do not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund. Under the investment management agreement, Funds Management receives a management fee for providing advisory and fund-level administrative services, including the determination of the asset allocations of its investments in the various affiliated Master Portfolios, at an annual rate starting at 0.30% and declining to 0.22% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C		0.21	%
Administrator Class		0.13


18		Wells Fargo Diversified Equity Fund		Notes to financial statements (unaudited)

expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolios are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.25% for Class A shares, 2.00% for Class C shares, and 1.00% for Administrator Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $1,280 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing in various affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2018 were $131,905,217 and $68,018,847, respectively.

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS


	Net investment income		Net realized gains
Class A	$	460,860	$	14,933,837
Class C		406		556,335
Administrator Class		931,700		22,062,501

8. INDEMNIFICATION


Notes to financial statements (unaudited)		Wells Fargo Diversified Equity Fund			19

of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENT

10. SUBSEQUENT DISTRIBUTIONS


	Short-term capital gains		Long-term capital gains
Class A		$0.71619		$3.90175
Class C		0.71619		3.90175
Administrator Class		0.71619		3.90175

On December 18, 2018, the Fund declared distributions from net investment income to shareholders of record on December 17, 2018. The per share amounts payable on December 19, 2018 were as follows:


	Net investment income
Class A		$0.12577
Class C		0.00000
Administrator Class		0.18338

These distributions are not reflected in the accompanying financial statements.


20		Wells Fargo Diversified Equity Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Diversified Equity Fund			21

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


22		Wells Fargo Diversified Equity Fund		Other information (unaudited)


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


Other information (unaudited)		Wells Fargo Diversified Equity Fund			23

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹	Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


24		Wells Fargo Diversified Equity Fund		Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318975 01-19

SA281/SAR281 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Emerging Growth Fund

LOGO

Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Wells Fargo Emerging Growth Fund
Portfolio of investments			9

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			18

Wells Fargo Emerging Growth Portfolio
Portfolio of investments			22

Financial statements
Statement of assets and liabilities			28
Statement of operations			29
Statement of changes in net assets			30
Financial highlights			31

Notes to financial statements			32

Other information			36

Appendix A			40

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Emerging Growth Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Emerging Growth Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo Emerging Growth Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Emerging Growth Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.


6		Wells Fargo Emerging Growth Fund¹		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®^‡, CPA

Thomas C. Ognar, CFA^®^‡

Average annual total returns (%) as of November 30, 2018²


		Including sales charge						Excluding sales charge						Expense ratios³ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (WEMAX)	3-31-2008		8.40		7.05		15.73		15.01		8.32		16.41		1.36		1.28
Class C (WEMCX)	3-31-2008		13.10		7.50		15.54		14.10		7.50		15.54		2.11		2.03
Class R6 (WEGRX)	7-31-2018		–		–		–		15.53		8.80		16.97		0.93		0.85
Administrator Class (WFGDX)	1-31-2007		–		–		–		15.19		8.48		16.63		1.28		1.20
Institutional Class (WEMIX)	3-31-2008		–		–		–		15.53		8.80		16.97		1.03		0.90
Russell 2000^® Growth Index⁵	–		–		–		–		2.81		8.22		15.55		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Emerging Growth Fund			7


Ten largest holdings (%) as of November 30, 2018⁶
InterXion Holding NV			3.00
ASGN Incorporated			2.91
Ligand Pharmaceuticals Incorporated			2.71
Q2 Holdings Incorporated			2.66
Proofpoint Incorporated			2.23
HealthEquity Incorporated			2.10
Axogen Incorporated			2.07
Inogen Incorporated			2.00
Integra LifeSciences Holdings Corporation			1.98
RealPage Incorporated			1.92

Sector distribution as of November 30, 2018⁷

LOGO

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

²	Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

³	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁵	The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁶

⁷	Amounts represent the sector distribution of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo Emerging Growth Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	987.68	$	6.48		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.58		1.30	%
Class C
Actual	$	1,000.00	$	984.20	$	10.20		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.79	$	10.35		2.05	%
Class R6
Actual	$	1,000.00	$	991.15	$	4.24		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	4.31		0.85	%
Administrator Class
Actual	$	1,000.00	$	988.60	$	5.98		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	990.16	$	4.49		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Emerging Growth Fund			9

Security name

Value

Investment Companies: 99.87%

Affiliated Master Portfolio: 99.87%

Wells Fargo Emerging Growth Portfolio

788,361,884

Total Investment Companies (Cost $551,734,102)

788,361,884


Total investments in securities (Cost $551,734,102)	99.87	%		788,361,884
Other assets and liabilities, net	0.13			998,967

Total net assets	100.00	%	$	789,360,851

Transactions with the affiliated Master Portfolio were as follows:

% of
ownership,
beginning of
period

% of
ownership,
end of
period

Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio

Net

change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio

Dividends
allocated
from
affiliated
Master
Portfolio

Securities
lending
income
allocated
from
affiliated
Master
Portfolio

Affiliated
income
allocated
from
affiliated
Master
Portfolio

Value,
end
of period

% of
net
assets

Wells Fargo Emerging Growth Portfolio

73,407,063

(78,617,604

)

866,015

361,869

191,622

788,361,884

99.87

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


10		Wells Fargo Emerging Growth Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolio, at value (cost $551,734,102)	$	788,361,884
Receivable for Fund shares sold		1,699,091
Receivable from manager		40,333
Prepaid expenses and other assets		49,436

Total assets		790,150,744


Liabilities
Payable for Fund shares redeemed		528,895
Administration fees payable		101,012
Shareholder report expenses payable		50,742
Shareholder servicing fees payable		43,728
Custodian and accounting fees payable		42,106
Distribution fee payable		2,735
Trustees’ fees and expenses payable		2,294
Accrued expenses and other liabilities		18,381

Total liabilities		789,893

Total net assets	$	789,360,851


NET ASSETS CONSIST OF
Paid-in capital	$	420,797,901
Total distributable earnings		368,562,950

Total net assets	$	789,360,851


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	149,435,129
Shares outstanding – Class A¹		8,878,355
Net asset value per share – Class A		$16.83
Maximum offering price per share – Class A²		$17.86
Net assets – Class C	$	4,260,549
Shares outstanding – Class C¹		284,913
Net asset value per share – Class C		$14.95
Net assets – Class R6	$	252,046
Shares outstanding – Class R6¹		13,910
Net asset value per share – R6		$18.12
Net assets – Administrator Class	$	48,341,046
Shares outstanding – Administrator Class¹		2,788,150
Net asset value per share – Administrator Class		$17.34
Net assets – Institutional Class	$	587,072,081
Shares outstanding – Institutional Class¹		32,406,964
Net asset value per share – Institutional Class		$18.12

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Emerging Growth Fund			11




Investment income
Dividends allocated from affiliated Master Portfolio	$	866,015
Securities lending income allocated from affiliated Master Portfolio		361,869
Affiliated income allocated from affiliated Master Portfolio		191,622
Expenses allocated from affiliated Master Portfolio		(3,458,913	)

Total investment income		(2,039,407	)


Expenses
Management fee		215,253
Administration fees
Class A		168,535
Class C		4,757
Class R6		18	¹
Administrator Class		35,174
Institutional Class		417,130
Shareholder servicing fees
Class A		200,636
Class C		5,664
Administrator Class		67,639
Distribution fee
Class C		16,990
Custody and accounting fees		9,206
Professional fees		16,646
Registration fees		35,972
Shareholder report expenses		56,975
Trustees’ fees and expenses		11,038
Other fees and expenses		11,740

Total expenses		1,273,373
Less: Fee waivers and/or expense reimbursements		(427,980	)

Net expenses		845,393

Net investment loss		(2,884,800	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolio		73,407,063
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(78,617,604	)

Net realized and unrealized gains (losses) on investments		(5,210,541	)

Net decrease in net assets resulting from operations	$	(8,095,341	)

¹	For the period from July 31, 2018 (commencement of operations) to November 30, 2018

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


12		Wells Fargo Emerging Growth Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment loss				$	(2,884,800	)				$	(5,006,023	)
Net realized gains on investments					73,407,063						111,281,986
Net change in unrealized gains (losses) on investments					(78,617,604	)					111,090,852

Net increase (decrease) in net assets resulting from operations					(8,095,341	)					217,366,815


Distributions to shareholders from net investment income and net realized gains
Class A					0						(16,172,743	)
Class C					0						(446,164	)
Administrator Class					0						(5,883,416	)
Institutional Class					0						(62,422,402	)

Total distributions to shareholders					0						(84,924,725	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		386,521			6,888,941			304,935			4,820,337
Class C		34,593			552,953			26,206			364,560
Class R6		14,133	²		288,882	²		N/A			N/A
Administrator Class		252,731			4,631,682			418,055			6,747,014
Institutional Class		4,492,488			85,035,911			5,505,435			91,822,139

					97,398,369						103,754,050

Reinvestment of distributions
Class A		0			0			1,097,179			15,689,654
Class C		0			0			34,857			446,164
Administrator Class		0			0			398,600			5,863,399
Institutional Class		0			0			3,940,125			60,402,110

					0						82,401,327

Payment for shares redeemed
Class A		(519,476	)		(9,242,158	)		(1,293,442	)		(20,049,449	)
Class C		(25,428	)		(395,695	)		(35,973	)		(509,745	)
Class R6		(223	)²		(4,051	)²		N/A			N/A
Administrator Class		(448,183	)		(8,009,266	)		(1,240,005	)		(19,665,862	)
Institutional Class		(5,240,880	)		(99,070,126	)		(10,895,635	)		(180,356,163	)

					(116,721,296	)					(220,581,219	)

Net decrease in net assets resulting from capital share transactions					(19,322,927	)					(34,425,842	)

Total increase (decrease) in net assets					(27,418,268	)					98,016,248


Net assets
Beginning of period					816,779,119						718,762,871

End of period				$	789,360,851					$	816,779,119

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Accumulated net investment loss at May 31, 2018 was $1,472,576. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from July 31, 2018 (commencement of operations) to November 30, 2018

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


Financial highlights		Wells Fargo Emerging Growth Fund			13

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$17.04			$14.57			$12.55			$16.70			$14.61			$14.10
Net investment loss		(0.09	)		(0.15	)		(0.10	)¹		(0.13	)¹		(0.22	)		(0.19	)
Net realized and unrealized gains (losses) on investments		(0.12	)		4.57			2.96			(2.28	)		3.51			1.88

Total from investment operations		(0.21	)		4.42			2.86			(2.41	)		3.29			1.69
Distributions to shareholders from
Net realized gains		0.00			(1.95	)		(0.84	)		(1.74	)		(1.20	)		(1.18	)
Net asset value, end of period		$16.83			$17.04			$14.57			$12.55			$16.70			$14.61
Total return²		(1.23	)%		32.91	%		23.39	%		(14.94	)%		23.32	%		11.30	%
Ratios to average net assets (annualized)
Gross expenses³		1.35	%		1.36	%		1.36	%		1.35	%		1.39	%		1.39	%
Net expenses³		1.30	%		1.35	%		1.35	%		1.35	%		1.37	%		1.37	%
Net investment loss³		(0.97	)%		(1.01	)%		(0.72	)%		(0.92	)%		(1.20	)%		(1.20	)%
Supplemental data
Portfolio turnover rate⁴		39	%		47	%		115	%		68	%		56	%		63	%
Net assets, end of period (000s omitted)		$149,435			$153,526			$129,724			$127,154			$131,638			$130,403

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%
Year ended May 31, 2014	0.80	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


14		Wells Fargo Emerging Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.19			$13.28			$11.58			$15.67			$13.88			$13.55
Net investment loss		(0.14	)¹		(0.25	)¹		(0.19	)¹		(0.21	)		(0.33	)		(0.32	)
Net realized and unrealized gains (losses) on investments		(0.10	)		4.11			2.73			(2.14	)		3.32			1.83

Total from investment operations		(0.24	)		3.86			2.54			(2.35	)		2.99			1.51
Distributions to shareholders from
Net realized gains		0.00			(1.95	)		(0.84	)		(1.74	)		(1.20	)		(1.18	)
Net asset value, end of period		$14.95			$15.19			$13.28			$11.58			$15.67			$13.88
Total return²		(1.58	)%		31.82	%		22.56	%		(15.59	)%		22.35	%		10.40	%
Ratios to average net assets (annualized)
Gross expenses³		2.10	%		2.11	%		2.11	%		2.10	%		2.14	%		2.14	%
Net expenses³		2.05	%		2.10	%		2.10	%		2.10	%		2.12	%		2.12	%
Net investment loss³		(1.72	)%		(1.76	)%		(1.46	)%		(1.70	)%		(1.95	)%		(1.95	)%
Supplemental data
Portfolio turnover rate⁴		39	%		47	%		115	%		68	%		56	%		63	%
Net assets, end of period (000s omitted)		$4,261			$4,190			$3,328			$3,815			$5,101			$4,816

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%
Year ended May 31, 2014	0.80	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Emerging Growth Fund			15

(For a share outstanding throughout the period)


CLASS R6	Period ended November 30, 2018¹ (unaudited)
Net asset value, beginning of period		$18.70
Net investment loss		(0.02	)
Net realized and unrealized gains (losses) on investments		(0.56	)

Total from investment operations		(0.58	)
Net asset value, end of period		$18.12
Total return²		(3.10	)%
Ratios to average net assets (annualized)
Gross expenses³		0.92	%
Net expenses³		0.85	%
Net investment loss³		(0.39	)%
Supplemental data
Portfolio turnover rate⁴		39	%
Net assets, end of period (000s omitted)		$252

¹	For the period from July, 31, 2018 (commencement of class operations) to November 30, 2018

²	Returns for periods of less than one year are not annualized.

³	Ratio includes net expenses allocated from the affiliated Master Portfolio in the amount of 0.81%.

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


16		Wells Fargo Emerging Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$17.54			$14.93			$12.82			$17.00			$14.83			$14.28
Net investment loss		(0.08	)¹		(0.14	)¹		(0.07	)¹		(0.12	)¹		(0.16	)¹		(0.17	)¹
Net realized and unrealized gains (losses) on investments		(0.12	)		4.70			3.02			(2.32	)		3.53			1.90

Total from investment operations		(0.20	)		4.56			2.95			(2.44	)		3.37			1.73
Distributions to shareholders from
Net realized gains		0.00			(1.95	)		(0.84	)		(1.74	)		(1.20	)		(1.18	)
Net asset value, end of period		$17.34			$17.54			$14.93			$12.82			$17.00			$14.83
Total return²		(1.14	)%		33.06	%		23.60	%		(14.80	)%		23.45	%		11.45	%
Ratios to average net assets (annualized)
Gross expenses³		1.27	%		1.28	%		1.26	%		1.23	%		1.21	%		1.22	%
Net expenses³		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss³		(0.87	)%		(0.86	)%		(0.48	)%		(0.80	)%		(1.03	)%		(1.03	)%
Supplemental data
Portfolio turnover rate⁴		39	%		47	%		47	%		68	%		56	%		63	%
Net assets, end of period (000s omitted)		$48,341			$52,335			$52,335			$99,792			$159,813			$190,126

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%
Year ended May 31, 2014	0.80	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Emerging Growth Fund			17

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$18.30			$15.46			$13.20			$17.40			$15.11			$14.49
Net investment loss		(0.05	)		(0.09	)		(0.04	)¹		(0.07	)		(0.12	)		(0.11	)
Net realized and unrealized gains (losses) on investments		(0.13	)		4.88			3.14			(2.39	)		3.61			1.91

Total from investment operations		(0.18	)		4.79			3.10			2.46			3.49			1.80
Distributions to shareholders from
Net realized gains		0.00			(1.95	)		(0.84	)		(1.74	)		(1.20	)		(1.18	)
Net asset value, end of period		$18.12			$18.30			$15.46			$13.20			$17.40			$15.11
Total return²		(0.98	)%		33.44	%		24.08	%		(14.62	)%		23.89	%		11.77	%
Ratios to average net assets (annualized)
Gross expenses³		1.02	%		1.03	%		1.03	%		1.01	%		0.96	%		0.96	%
Net expenses³		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment loss³		(0.57	)%		(0.56	)%		(0.24	)%		(0.50	)%		(0.73	)%		(0.73	)%
Supplemental data
Portfolio turnover rate⁴		39	%		47	%		115	%		68	%		56	%		63	%
Net assets, end of period (000s omitted)		$587,072			$606,729			$534,846			$583,843			$723,946			$650,650

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.80	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.81	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.80	%
Year ended May 31, 2014	0.80	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


18		Wells Fargo Emerging Growth Fund		Notes to financial statements (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

Distributions to shareholders

Federal and other taxes


Notes to financial statements (unaudited)		Wells Fargo Emerging Growth Fund			19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $549,635,880 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	238,726,004
Gross unrealized losses		0
Net unrealized gains	$	238,726,004

Class allocations

3. FAIR VALUATION MEASUREMENTS


Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Emerging Growth Portfolio	Seeks long-term capital appreciation		$788,361,884

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C		0.21	%
Class R6		0.03
Administrator Class, Institutional Class		0.13


20		Wells Fargo Emerging Growth Fund		Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.28% for Class A shares, 2.03% for Class C shares, 0.85% for Class R6 shares, 1.20% for Class Administrator Class shares, and 0.90% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to August 1, 2018, the Fund’s expenses were capped at 1.35% for Class A shares and 2.10% for Class C shares.

Distribution fee

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $1,852 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS


	Net realized gains
Class A		$16,172,743
Class C		446,164
Administrator Class		5,883,416
Institutional Class		62,422,402


Notes to financial statements (unaudited)		Wells Fargo Emerging Growth Fund			21

8. CONCENTRATION RISK

9. INDEMNIFICATION

10. NEW ACCOUNTING PRONOUNCEMENT

11. SUBSEQUENT DISTRIBUTION


	Short-term capital gains		Long-term capital gains
Class A		$0.33298		$2.84278
Class C		0. 33298		2.84278
Class R6		0. 33298		2.84278
Administrator Class		0. 33298		2.84278
Institutional Class		0. 33298		2.84278

These distributions are not reflected in the accompanying financial statements.


22		Wells Fargo Emerging Growth Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Common Stocks: 98.68%

Communication Services: 1.36%

Interactive Media & Services: 0.23%
Eventbrite Incorporated Class A †		67,105	$	1,993,690


Media: 1.13%
Nexstar Media Group Incorporated Class A		120,500		9,958,120


Consumer Discretionary: 12.50%

Auto Components: 0.44%
Cooper-Standard Holdings Incorporated †		52,360		3,828,563


Diversified Consumer Services: 2.74%
Chegg Incorporated †		486,614		13,600,861
Grand Canyon Education Incorporated †		86,360		10,567,010

				24,167,871


Hotels, Restaurants & Leisure: 3.37%
Golden Entertainment Incorporated †		23,460		424,391
Planet Fitness Incorporated Class A †		283,960		15,680,271
Playa Hotels & Resorts NV †		536,680		4,068,034
Wingstop Incorporated		144,718		9,496,395

				29,669,091


Internet & Direct Marketing Retail: 0.28%
Farfetch Limited Class A †		110,022		2,503,001


Leisure Products: 1.01%
Mastercraft Boat Holdings Incorporated †		190,716		4,941,452
Yeti Holdings Incorporated †		234,648		3,951,472

				8,892,924


Multiline Retail: 1.64%
Ollie’s Bargain Outlet Holdings Incorporated †		163,260		14,481,162


Specialty Retail: 3.02%
At Home Group Incorporated †		239,000		6,811,500
Five Below Incorporated †		56,097		5,878,405
Lithia Motors Incorporated Class A		117,980		9,775,823
National Vision Holdings Incorporated †		112,066		4,120,667

				26,586,395


Consumer Staples: 1.18%

Food & Staples Retailing: 0.76%
The Chef’s Warehouse Incorporated †		176,100		6,711,171


Food Products: 0.42%
Freshpet Incorporated †		112,300		3,705,900

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Emerging Growth Portfolio			23


Security name	Shares		Value

Energy: 1.39%

Energy Equipment & Services: 0.68%
Cactus Incorporated Class A †		121,729	$	3,515,534
FTS International Incorporated †		252,133		2,491,074

				6,006,608


Oil, Gas & Consumable Fuels: 0.71%
Matador Resources Company †		171,736		3,915,581
PDC Energy Incorporated †		67,790		2,300,793

				6,216,374


Financials: 5.38%

Capital Markets: 1.39%
Stifel Financial Corporation		254,200		12,270,234


Insurance: 3.07%
Kinsale Capital Group Incorporated		325,084		20,223,476
Trupanion Incorporated «†		227,400		6,806,082

				27,029,558


Thrifts & Mortgage Finance: 0.92%
LendingTree Incorporated †		31,332		8,156,973


Health Care: 28.40%

Biotechnology: 7.84%
Audentes Therapeutics Incorporated †		77,042		1,883,677
CareDx Incorporated †		221,984		6,497,472
Heron Therapeutics Incorporated †		198,450		5,701,469
Ligand Pharmaceuticals Incorporated †		143,501		22,640,153
Repligen Corporation †		360,240		23,296,721
Translate Bio Incorporated †		27,538		199,100
Vanda Pharmaceuticals Incorporated †		355,000		8,889,200

				69,107,792


Health Care Equipment & Supplies: 9.74%
Axogen Incorporated †		437,777		14,656,774
Glaukos Corporation †		89,339		5,885,653
Inogen Incorporated †		58,550		8,627,928
iRhythm Technologies Incorporated †		178,762		13,242,689
Merit Medical Systems Incorporated †		250,800		15,812,940
Neogen Corporation †		56,100		3,638,646
Neuronetics Incorporated †		188,118		3,356,025
Nevro Corporation †		33,645		1,396,604
NxStage Medical Incorporated †		200,540		5,663,250
SI-BONE Incorporated †		242,597		4,357,042
Tactile Systems Technology Class I †		92,273		5,189,434
Vapotherm Incorporated †		217,308		3,996,294

				85,823,279

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


24		Wells Fargo Emerging Growth Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Health Care Providers & Services: 3.28%
Amedisys Incorporated †		77,200	$	10,518,500
HealthEquity Incorporated †		207,012		18,359,894

				28,878,394


Health Care Technology: 4.16%
Tabula Rasa Healthcare Incorporated †		117,500		8,868,900
Teladoc Incorporated «†		242,679		15,155,304
Vocera Communications Incorporated †		317,000		12,597,580

				36,621,784


Life Sciences Tools & Services: 2.11%
Codexis Incorporated †		850,438		18,641,601


Pharmaceuticals: 1.27%
Dova Pharmaceuticals Incorporated «†		115,559		1,721,829
Optinose Incorporated «†		123,187		969,482
Supernus Pharmaceuticals Incorporated †		178,500		8,464,470

				11,155,781


Industrials: 16.84%

Aerospace & Defense: 1.84%
AAR Corporation		49,000		2,140,810
Mercury Computer Systems Incorporated †		272,345		14,110,194

				16,251,004


Airlines: 1.61%
SkyWest Incorporated		245,730		14,173,706


Commercial Services & Supplies: 1.05%
Advanced Disposal Services Incorporated †		342,902		9,241,209


Construction & Engineering: 2.81%
Dycom Industries Incorporated †		62,230		4,123,360
Granite Construction Incorporated		118,950		6,022,439
MasTec Incorporated †		323,900		14,604,651

				24,750,450


Electrical Equipment: 0.27%
Bloom Energy Corporation Class A «†		144,401		2,375,396


Machinery: 4.56%
John Bean Technologies Corporation		59,990		4,951,575
Milacron Holdings Corporation †		565,758		8,062,052
Mueller Water Products Incorporated Class A		304,980		3,211,439
RBC Bearings Incorporated †		45,900		7,023,618
Rexnord Corporation †		598,110		16,932,494

				40,181,178

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Emerging Growth Portfolio			25


Security name	Shares		Value

Professional Services: 3.75%
ASGN Incorporated †		404,343	$	28,000,753
Korn/Ferry International		103,000		5,043,910

				33,044,663


Trading Companies & Distributors: 0.95%
BMC Stock Holdings Incorporated †		101,390		1,724,644
SiteOne Landscape Supply Incorporated †		108,200		6,669,448

				8,394,092


Information Technology: 30.90%

Electronic Equipment, Instruments & Components: 2.67%
Littelfuse Incorporated		25,540		4,887,079
nLight Incorporated «†		185,561		3,544,215
Novanta Incorporated †		232,720		15,110,505

				23,541,799


IT Services: 4.73%
Carbonite Incorporated †		66,400		1,881,112
Endava plc Sponsored ADR †		114,914		2,838,376
EVO Payments Incorporated Class A †		256,677		6,722,371
InterXion Holding NV †		431,720		26,883,204
Wix.com Limited †		35,810		3,372,586

				41,697,649


Semiconductors & Semiconductor Equipment: 2.86%
Diodes Incorporated †		291,331		10,147,059
Monolithic Power Systems Incorporated		44,980		5,940,509
Semtech Corporation †		170,700		9,105,138

				25,192,706


Software: 20.64%
2U Incorporated †		70,950		4,142,771
Alarm.com Holdings Incorporated †		28,000		1,423,800
Altair Engineering Incorporated Class A †		274,253		8,861,114
Anaplan Incorporated †		184,656		5,170,368
BlackLine Incorporated †		209,423		8,977,964
Bottomline Technologies (DE) Incorporated †		226,650		12,481,616
Cision Limited †		605,250		7,577,730
Envestnet Incorporated †		326,692		17,850,451
Five9 Incorporated †		463,560		19,877,453
Globant SA †		59,000		3,460,350
Instructure Incorporated †		167,270		6,317,788
Proofpoint Incorporated †		76,230		7,395,072
Q2 Holdings Incorporated †		411,543		22,342,669
Rapid7 Incorporated †		414,836		13,191,785
RealPage Incorporated †		149,600		7,716,368
SailPoint Technologies Holdings Incorporated †		313,447		8,159,025
SendGrid Incorporated †		187,779		8,564,600

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


26		Wells Fargo Emerging Growth Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name				Shares		Value

Software (continued)
SPS Commerce Incorporated †					102,448	$	8,731,643
Talend SA ADR †					211,018		7,330,765
Tenable Holdings Incorporated †					81,498		2,321,063

							181,894,395


Materials: 0.73%

Chemicals: 0.73%
PQ Group Holdings Incorporated †					416,720		6,396,652


Total Common Stocks (Cost $602,947,827)							869,541,165


Exchange-Traded Funds: 0.30%
iShares Russell 2000 Growth Index ETF «					13,800		2,632,488


Total Exchange-Traded Funds (Cost $2,725,086)							2,632,488


	Yield
Short-Term Investments: 3.76%

Investment Companies: 3.76%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38	%		30,605,024		30,608,085
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13			2,494,626		2,494,626

Total Short-Term Investments (Cost $33,100,419)							33,102,711


Total investments in securities (Cost $638,773,332)	102.74	%		905,276,364
Other assets and liabilities, net	(2.74	)		(24,107,001	)

Total net assets	100.00	%	$	881,169,363

†	Non-income-earning security

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

(l)	The issuer of the security is an affiliated person of the Portfolio 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

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Emerging Growth Portfolio			27

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		46,370,791		214,715,099		230,480,866		30,605,024	$	11,640	$	0	$	401,413	$	30,608,085
Wells Fargo Government Money Market Fund Select Class		2,952,741		252,573,192		253,031,307		2,494,626		0		0		212,973		2,494,626

									$	11,640	$	0	$	614,386	$	33,102,711		3.76	%

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


28		Wells Fargo Emerging Growth Portfolio		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in unaffiliated securities (including $29,881,154 of securities loaned), at value (cost $605,672,913)	$	872,173,653
Investments in affiliated securities, at value (cost $33,100,419)		33,102,711
Receivable for investments sold		7,983,837
Receivable for dividends		546,613
Receivable for securities lending income		54,860
Prepaid expenses and other assets		1,443

Total assets		913,863,117


Liabilities
Payable upon receipt of securities loaned		30,585,946
Payable for investments purchased		1,376,170
Advisory fee payable		611,579
Accrued expenses and other liabilities		120,059

Total liabilities		32,693,754

Total net assets	$	881,169,363

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Emerging Growth Portfolio			29




Investment income
Dividends	$	963,437
Securities lending income from affiliates, net		401,413
Income from affiliated securities		212,973

Total investment income		1,577,823


Expenses
Advisory fee		3,761,484
Custody and accounting fees		21,218
Professional fees		23,751
Shareholder report expenses		2,287
Trustees’ fees and expenses		11,192
Other fees and expenses		17,203

Net expenses		3,837,135

Net investment loss		(2,259,312	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		81,569,363
Affiliated securities		11,640

Net realized gains on investments		81,581,003
Net change in unrealized gains (losses) on investments		(87,983,668	)

Net realized and unrealized gains (losses) on investments		(6,402,665	)

Net decrease in net assets resulting from operations	$	(8,661,977	)

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


30		Wells Fargo Emerging Growth Portfolio		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018

Operations
Net investment loss	$	(2,259,312	)	$	(3,833,027	)
Net realized gains on investments		81,581,003			122,582,157
Net change in unrealized gains (losses) on investments		(87,983,668	)		120,331,062

Net increase (decrease) in net assets resulting from operations		(8,661,977	)		239,080,192


Capital transactions
Transactions in investors’ beneficial interests
Contributions		81,155,703			20,933,192
Withdrawals		(70,827,606	)		(175,150,153	)

Net increase (decrease) in net assets resulting from capital transactions		10,328,097			(154,216,961	)

Total increase in net assets		1,666,120			84,863,231


Net assets
Beginning of period		879,503,243			794,640,012

End of period	$	881,169,363		$	879,503,243

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


Financial highlights		Wells Fargo Emerging Growth Portfolio			31


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Total return¹		(0.92	)%		33.60	%		23.97	%		(14.47	)%		24.02	%		11.92	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.81	%		0.81	%		0.80	%		0.80	%		0.80	%
Net expenses		0.80	%		0.81	%		0.81	%		0.80	%		0.80	%		0.80	%
Net investment loss		(0.47	)%		(0.47	)%		(0.15	)%		(0.40	)%		(0.63	)%		(0.62	)%
Supplemental data
Portfolio turnover rate		39	%		47	%		115	%		66	%		56	%		63	%

¹	Returns for periods of less than one year are not annualized

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


32		Wells Fargo Emerging Growth Portfolio		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Emerging Growth Portfolio (“Emerging Growth Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities lending


Notes to financial statements (unaudited)		Wells Fargo Emerging Growth Portfolio			33

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. Income earned from investment in the Securities Lending Fund is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Federal and other taxes

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $639,205,435 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	295,531,370
Gross unrealized losses		(29,460,441	)
Net unrealized gains	$	266,070,929

3. FAIR VALUATION MEASUREMENTS

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

∎

Level 1 – quoted prices in active markets for identical securities

∎

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

∎

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

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


34		Wells Fargo Emerging Growth Portfolio		Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Communication services	$	11,951,810	$	0	$	0	$	11,951,810
Consumer discretionary		110,129,007		0		0		110,129,007
Consumer staples		10,417,071		0		0		10,417,071
Energy		12,222,982		0		0		12,222,982
Financials		47,456,765		0		0		47,456,765
Health care		250,228,631		0		0		250,228,631
Industrials		148,411,698		0		0		148,411,698
Information technology		272,326,549		0		0		272,326,549
Materials		6,396,652		0		0		6,396,652

Exchange-traded funds		2,632,488		0		0		2,632,488

Short-term investments
Investment companies		2,494,626		30,608,085		0		33,102,711
Total assets	$	874,668,279	$	30,608,085	$	0	$	905,276,364

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.80% and declining to 0.68% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.79% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2018 were $364,240,421 and $360,185,055, respectively.

6. BANK BORROWINGS

Effective August 28, 2018, the Trust, along with Wells Fargo Variable Trust and Wells Fargo Funds Trust (excluding the money market funds), are parties to a $280,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.


Notes to financial statements (unaudited)		Wells Fargo Emerging Growth Portfolio			35

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A portfolios that invest a substantial portion of its assets in a sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.


36		Wells Fargo Emerging Growth Fund		Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Emerging Growth Fund			37

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


38		Wells Fargo Emerging Growth Fund		Other information (unaudited)


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


Other information (unaudited)		Wells Fargo Emerging Growth Fund			39

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹	Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


40		Wells Fargo Emerging Growth Fund		Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318976 01-19

SA282/SAR282 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Index Fund

LOGO

Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Wells Fargo Index Fund
Portfolio of investments			9

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			16

Wells Fargo Index Portfolio
Portfolio of investments			20

Financial statements
Statement of assets and liabilities			36
Statement of operations			37
Statement of changes in net assets			38
Financial highlights			39

Notes to financial statements			40

Other information			44

Appendix A			48

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Index Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Index Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo Index Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Index Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.


6		Wells Fargo Index Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks to replicate the total return of S&P 500 Index, before fees and expenses.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®^‡

David Neal, CFA^®^‡

Robert M. Wicentowski, CFA^®^‡

Average annual total returns (%) as of November 30, 2018²


		Including sales charge							Excluding sales charge						Expense ratios³ (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net⁴
Class A (WFILX)	11-4-1998		(0.31	)		9.28		13.08		5.77		10.58		13.75		0.63		0.45
Class C (WFINX)	4-30-1999		3.97			9.76		12.90		4.97		9.76		12.90		1.38		1.20
Administrator Class (WFIOX)	2-14-1985		–			–		–		5.98		10.85		14.06		0.40		0.25
S&P 500 Index⁵	–		–			–		–		6.27		11.12		14.32		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Index Fund			7


Ten largest holdings (%) as of November 30, 2018⁶
Microsoft Corporation			3.56
Apple Incorporated			3.43
Amazon.com Incorporated			2.90
Berkshire Hathaway Incorporated Class B			1.78
Johnson & Johnson			1.65
JPMorgan Chase & Company			1.57
Facebook Incorporated Class A			1.42
Alphabet Incorporated Class C			1.41
Exxon Mobil Corporation			1.41
Alphabet Incorporated Class A			1.39

Sector distribution as of November 30, 2018⁷

LOGO

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

²	Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Equity Index Fund.

³	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁵	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁶

⁷	Amounts represent the sector distribution of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo Index Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio²
Class A
Actual	$	1,000.00	$	1,027.78	$	2.29		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.28		0.45	%
Class C
Actual	$	1,000.00	$	1,023.87	$	6.09		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Administrator Class
Actual	$	1,000.00	$	1,028.89	$	1.27		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.82	$	1.27		0.25	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Index Fund			9

Security name

Value

Investment Companies: 100.04%

Affiliated Master Portfolio: 100.04%

Wells Fargo Index Portfolio

1,491,002,810

Total Investment Companies (Cost $342,861,618)

1,491,002,810


Total investments in securities (Cost $342,861,618)	100.04	%		1,491,002,810
Other assets and liabilities, net	(0.04	)		(589,832	)

Total net assets	100.00	%	$	1,490,412,978

Transactions with the affiliated Master Portfolio were as follows:

% of
ownership,

beginning of
period

% of
ownership,

end of
period

Net
realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio

Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio

Dividends
allocated
from
affiliated
Master
Portfolio

Affiliated
income
allocated
from
affiliated
Master
Portfolio

Interest
allocated
from
affiliated
Master
Portfolio

Value,

end

of period

% of
net
assets

Wells Fargo Index Portfolio

116,637,394

(83,307,615

)

15,833,099

309,037

23,778

1,491,002,810

100.04

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


10		Wells Fargo Index Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolio, at value (cost $342,861,618)	$	1,491,002,810
Receivable for Fund shares sold		678,746
Receivable from manager		160,456
Prepaid expenses and other assets		264,613

Total assets		1,492,106,625


Liabilities
Payable for Fund shares redeemed		1,058,706
Shareholder servicing fees payable		226,231
Administration fees payable		220,663
Distribution fee payable		41,637
Trustees’ fees and expense payable		2,505
Accrued expenses and other liabilities		143,905

Total liabilities		1,693,647

Total net assets	$	1,490,412,978


NET ASSETS CONSIST OF
Paid-in capital	$	(21,849,880	)
Total distributable earnings		1,512,262,858

Total net assets	$	1,490,412,978


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	692,599,355
Shares outstanding – Class A¹		10,637,768
Net asset value per share – Class A		$65.11
Maximum offering price per share – Class A²		$69.08
Net assets – Class C	$	63,162,487
Shares outstanding – Class C¹		968,900
Net asset value per share – Class C		$65.19
Net assets – Administrator Class	$	734,651,136
Shares outstanding – Administrator Class¹		11,150,053
Net asset value per share – Administrator Class		$65.89

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Index Fund			11




Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $149)	$	15,833,099
Affiliated income allocated from affiliated Master Portfolio		309,037
Interest allocated from affiliated Master Portfolio		23,778
Expenses allocated from affiliated Master Portfolio		(842,614	)

Total investment income		15,323,300


Expenses
Management fee		400,386
Administration fees
Class A		761,301
Class C		70,995
Administrator Class		525,772
Shareholder servicing fees
Class A		906,311
Class C		84,518
Administrator Class		394,930
Distribution fee
Class C		253,553
Custody and accounting fees		37,821
Professional fees		16,138
Registration fees		39,268
Shareholder report expenses		56,839
Trustees’ fees and expenses		11,297
Other fees and expenses		7,682

Total expenses		3,566,811
Less: Fee waivers and/or expense reimbursements		(1,361,281	)

Net expenses		2,205,530

Net investment income		13,117,770


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolio		116,637,394
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(83,307,615	)

Net realized and unrealized gains (losses) on investments		33,329,779

Net increase in net assets resulting from operations	$	46,447,549

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


12		Wells Fargo Index Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018

Operations
Net investment income				$	13,117,770					$	28,480,595
Net realized gains on investments					116,637,394						342,171,321
Net change in unrealized gains (losses) on investments					(83,307,615	)					(126,133,995	)

Net increase in net assets resulting from operations					46,447,549						244,517,921


Distributions to shareholders from net investment income and net realized gains
Class A					0						(123,045,671	)
Class C					0						(11,221,352	)
Administrator Class					0						(188,746,345	)

Total distributions to shareholders					0						(323,013,368	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		234,921			15,355,148			473,086			31,179,127
Class C		32,854			2,174,652			87,293			5,748,674
Administrator Class		532,963			35,531,393			1,710,651			115,109,719

					53,061,193						152,037,520

Reinvestment of distributions
Class A		0			0			1,867,730			117,353,642
Class C		0			0			157,810			9,921,751
Administrator Class		0			0			1,928,218			122,530,422

					0						249,805,815

Payment for shares redeemed
Class A		(692,146	)		(45,837,880	)		(1,478,098	)		(97,820,940	)
Class C		(102,351	)		(6,706,603	)		(215,384	)		(14,322,037	)
Administrator Class		(2,327,074	)		(154,538,231	)		(7,771,521	)		(516,434,208	)

					(207,082,714	)					(628,577,185	)

Net decrease in net assets resulting from capital share transactions					(154,021,521	)					(226,733,850	)

Total decrease in net assets					(107,573,972	)					(305,229,297	)


Net assets
Beginning of period					1,597,986,950						1,903,216,247

End of period¹				$	1,490,412,978					$	1,597,986,950

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $10,188,054. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


Financial highlights		Wells Fargo Index Fund			13

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$63.35			$66.85			$62.85			$62.32			$62.14			$54.00
Net investment income		0.53			0.99	¹		1.05			0.81			1.00			0.90
Net realized and unrealized gains (losses) on investments		1.23			7.99			9.09			(0.17	)		5.91			9.59

Total from investment operations		1.76			8.98			10.14			0.64			6.91			10.49
Distributions to shareholders from
Net investment income		0.00			(1.02	)		(1.16	)		(1.08	)		(0.96	)		(0.85	)
Net realized gains		0.00			(11.46	)		(4.98	)		(4.03	)		(0.77	)		(1.50	)

Total distributions to shareholders		0.00			(12.48	)		(6.14	)		(5.11	)		(1.73	)		(2.35	)
Net asset value, end of period		$65.11			$63.35			$66.85			$62.85			$67.32			$62.14
Total return²		2.78	%		13.87	%		16.94	%		1.24	%		11.21	%		19.77	%
Ratios to average net assets (annualized)
Gross expenses³		0.64	%		0.63	%		0.62	%		0.63	%		0.68	%		0.67	%
Net expenses³		0.45	%		0.45	%		0.45	%		0.48	%		0.56	%		0.56	%
Net investment income³		1.57	%		1.49	%		1.68	%		1.78	%		1.50	%		1.53	%
Supplemental data
Portfolio turnover rate⁴		2	%		3	%		9	%		4	%		4	%		5	%
Net assets, end of period (000s omitted)		$692,599			$702,866			$684,004			$639,496			$445,088			$432,448

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%
Year ended May 31, 2015	0.11	%
Year ended May 31, 2014	0.10	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


14		Wells Fargo Index Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$63.67			$67.11			$62.12			$67.55			$62.37			$54.22
Net investment income		0.32			0.50	¹		0.66			0.62	¹		0.50			0.47
Net realized and unrealized gains (losses) on investments		1.20			8.00			9.02			(0.45	)		5.94			9.62

Total from investment operations		1.52			8.50			9.68			0.17			6.44			10.09
Distributions to shareholders from
Net investment income		0.00			(0.48	)		(0.71	)		(0.57	)		(0.49	)		(0.44	)
Net realized gains		0.00			(11.46	)		(4.98	)		(4.03	)		(0.77	)		(1.50	)

Total distributions to shareholders		0.00			(11.94	)		(5.69	)		(4.60	)		(1.26	)		(1.94	)
Net asset value, end of period		$65.19			$63.67			$67.11			$63.12			$67.55			$62.37
Total return²		2.39	%		13.02	%		16.07	%		0.48	%		10.38	%		18.89	%
Ratios to average net assets (annualized)
Gross expenses³		1.39	%		1.38	%		1.37	%		1.38	%		1.43	%		1.42	%
Net expenses³		1.20	%		1.20	%		1.20	%		1.24	%		1.31	%		1.31	%
Net investment income³		0.82	%		0.72	%		0.93	%		0.99	%		0.75	%		0.78	%
Supplemental data
Portfolio turnover rate⁴		2	%		3	%		9	%		4	%		4	%		5	%
Net assets, end of period (000s omitted)		$63,162			$66,117			$67,691			$79,858			$83,718			$78,118

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%
Year ended May 31, 2015	0.11	%
Year ended May 31, 2014	0.10	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Index Fund			15

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$64.04			$67.43			$63.33			$67.80			$62.56			$54.34
Net investment income		0.59	¹		1.26			1.41			1.31			1.27			1.08
Net realized and unrealized gains (losses) on investments		1.26			7.94			8.94			(0.51	)		5.90			9.66

Total from investment operations		1.85			9.20			10.35			0.80			7.17			10.74
Distributions to shareholders from
Net investment income		0.00			(1.13	)		(1.27	)		(1.24	)		(1.16	)		(1.02	)
Net realized gains		0.00			(11.46	)		(4.98	)		(4.03	)		(0.77	)		(1.50	)

Total distributions to shareholders		0.00			(12.59	)		(6.25	)		(5.27	)		(1.93	)		(2.52	)
Net asset value, end of period		$65.89			$64.04			$67.43			$63.33			$67.80			$62.56
Total return²		2.89	%		14.10	%		17.18	%		1.49	%		11.56	%		20.13	%
Ratios to average net assets (annualized)
Gross expenses³		0.40	%		0.40	%		0.39	%		0.40	%		0.37	%		0.36	%
Net expenses³		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income³		1.76	%		1.70	%		1.88	%		1.97	%		1.81	%		1.84	%
Supplemental data
Portfolio turnover rate⁴		2	%		3	%		9	%		4	%		4	%		5	%
Net assets, end of period (000s omitted)		$734,651			$829,004			$1,151,522			$1,502,276			$1,832,814			$1,984,845

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.11	%
Year ended May 31, 2018	0.10	%
Year ended May 31, 2017	0.10	%
Year ended May 31, 2016	0.10	%
Year ended May 31, 2015	0.11	%
Year ended May 31, 2014	0.10	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


16		Wells Fargo Index Fund		Notes to financial statements (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

Distributions to shareholders

Federal and other taxes


Notes to financial statements (unaudited)		Wells Fargo Index Fund			17

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $356,664,227 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	1,134,338,583
Gross unrealized losses		0
Net unrealized gains	$	1,134,338,583

Class allocations

3. FAIR VALUATION MEASUREMENTS


Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Index Portfolio	Seeks to replicate the total return of the S&P 500 Index, before fees and expenses		$1,491,002,810

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any

unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C		0.21	%
Administrator Class		0.13


18		Wells Fargo Index Fund		Notes to financial statements (unaudited)

expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 0.45% for Class A shares, 1.20% for Class C shares, and 0.25% for Administrator Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $6,085 from the sale of Class A shares and $12 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Administrator Class is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were $35,698,731 and $176,960,427, respectively.

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS


	Net investment income		Net realized gains
Class A		$11,646,335		$111,399,336
Class C		516,619		10,704,733
Administrator Class		18,709,88		170,036,456


Notes to financial statements (unaudited)		Wells Fargo Index Fund			19

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENT

10. SUBSEQUENT DISTRIBUTIONS

On December 12, 2018 the Fund declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 11, 2018. The per share amounts payable on December 13, 2018 were as follows:


	Short-term capital gains		Long-term capital gains
Class A		$0.06533		$14.26560
Class C		0.06533		14.26560
Administrator Class		0.06533		14.26560

On December 14, 2018 the Fund declared distributions from net investment income to shareholders of record on December 13, 2018. The per share amounts payable on December 17, 2018 were as follows:


	Net investment income
Class A		$0.03751
Class C		0.00000
Administrator Class		0.05500
Institutional Class		0.06929

These distributions are not reflected in the accompanying financial statements.


20		Wells Fargo Index Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Common Stocks: 97.59%

Communication Services: 9.64%

Diversified Telecommunication Services: 2.07%
AT&T Incorporated		466,098	$	14,560,902
CenturyLink Incorporated		61,007		1,146,932
Verizon Communications Incorporated		265,201		15,991,620

				31,699,454


Entertainment: 1.93%
Activision Blizzard Incorporated		48,934		2,440,828
Electronic Arts Incorporated †		19,564		1,644,745
Netflix Incorporated †		27,949		7,997,047
Take-Two Interactive Software Incorporated †		7,306		801,249
The Walt Disney Company		95,456		11,024,213
Twenty-First Century Fox Incorporated Class A		67,653		3,346,794
Twenty-First Century Fox Incorporated Class B		31,264		1,532,874
Viacom Incorporated Class B		22,684		700,028

				29,487,778


Interactive Media & Services: 4.34%
Alphabet Incorporated Class A †		19,185		21,288,635
Alphabet Incorporated Class C †		19,762		21,628,126
Facebook Incorporated Class A †		154,789		21,764,881
TripAdvisor Incorporated †		6,565		420,554
Twitter Incorporated †		46,209		1,453,273

				66,555,469


Media: 1.30%
CBS Corporation Class B		21,728		1,177,223
Charter Communications Incorporated Class A †		11,459		3,772,303
Comcast Corporation Class A		293,477		11,448,538
Discovery Communications Incorporated Class A †«		10,028		308,060
Discovery Communications Incorporated Class C †		23,085		644,764
DISH Network Corporation Class A †		14,703		481,670
Interpublic Group of Companies Incorporated		24,633		578,876
News Corporation Class A		24,607		319,399
News Corporation Class B		7,944		106,450
Omnicom Group Incorporated		14,401		1,108,445

				19,945,728


Consumer Discretionary: 9.62%

Auto Components: 0.14%
Aptiv plc		16,992		1,221,725
BorgWarner Incorporated		13,406		530,609
The Goodyear Tire & Rubber Company		15,212		352,310

				2,104,644


Automobiles: 0.39%
Ford Motor Company		251,269		2,364,441

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Index Portfolio			21


Security name	Shares		Value

Automobiles (continued)
General Motors Company		84,216	$	3,195,997
Harley-Davidson Incorporated		10,690		452,080

				6,012,518


Distributors: 0.10%
Genuine Parts Company		9,419		976,844
LKQ Corporation †		20,416		568,381

				1,545,225


Diversified Consumer Services: 0.02%
H&R Block Incorporated		13,191		356,289


Hotels, Restaurants & Leisure: 1.75%
Carnival Corporation		25,883		1,560,486
Chipotle Mexican Grill Incorporated †		1,570		742,940
Darden Restaurants Incorporated		7,963		880,230
Hilton Worldwide Holdings Incorporated		19,139		1,445,760
Marriott International Incorporated Class A		18,485		2,126,330
McDonald’s Corporation		49,793		9,386,478
MGM Resorts International		32,798		884,234
Norwegian Cruise Line Holdings Limited †		14,108		724,023
Royal Caribbean Cruises Limited		10,998		1,243,544
Starbucks Corporation		79,626		5,312,647
Wynn Resorts Limited		6,276		686,594
Yum! Brands Incorporated		20,369		1,878,429

				26,871,695


Household Durables: 0.30%
D.R. Horton Incorporated		22,023		819,696
Garmin Limited		7,755		516,948
Leggett & Platt Incorporated		8,354		323,634
Lennar Corporation Class A		18,724		800,077
Mohawk Industries Incorporated †		4,070		521,204
Newell Rubbermaid Incorporated		27,900		652,860
Pulte Group Incorporated		16,771		444,767
Whirlpool Corporation		4,144		522,683

				4,601,869


Internet & Direct Marketing Retail: 3.46%
Amazon.com Incorporated †		26,296		44,444,710
Booking Holdings Incorporated †		3,047		5,764,558
eBay Incorporated †		59,702		1,782,105
Expedia Incorporated		7,631		921,748

				52,913,121


Leisure Products: 0.07%
Hasbro Incorporated		7,496		682,136
Mattel Incorporated †«		22,089		307,037

				989,173

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


22		Wells Fargo Index Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Multiline Retail: 0.48%
Dollar General Corporation		17,043	$	1,891,603
Dollar Tree Incorporated †		15,268		1,324,804
Kohl’s Corporation		10,700		718,719
Macy’s Incorporated		19,703		674,237
Nordstrom Incorporated		7,357		388,965
Target Corporation		33,783		2,397,242

				7,395,570


Specialty Retail: 2.20%
Advance Auto Parts Incorporated		4,755		845,011
AutoZone Incorporated †		1,697		1,372,992
Best Buy Company Incorporated		15,601		1,007,669
CarMax Incorporated †		11,332		748,705
Foot Locker Incorporated		7,504		423,226
L Brands Incorporated		14,653		485,161
Lowe’s Companies Incorporated		52,053		4,912,242
O’Reilly Automotive Incorporated †		5,171		1,793,199
Ross Stores Incorporated		24,168		2,117,117
The Gap Incorporated		13,927		380,068
The Home Depot Incorporated		73,434		13,241,619
The TJX Companies Incorporated		80,494		3,932,132
Tiffany & Company		6,992		636,272
Tractor Supply Company		7,818		743,726
ULTA Beauty Incorporated †		3,644		1,085,147

				33,724,286


Textiles, Apparel & Luxury Goods: 0.71%
HanesBrands Incorporated		23,138		368,126
Michael Kors Holdings Limited †		9,584		419,300
Nike Incorporated Class B		82,186		6,173,812
PVH Corporation		4,924		544,151
Ralph Lauren Corporation		3,546		395,024
Tapestry Incorporated		18,487		719,699
Under Armour Incorporated Class A †«		11,942		285,175
Under Armour Incorporated Class C †		12,244		273,409
VF Corporation		20,866		1,696,197

				10,874,893


Consumer Staples: 7.23%

Beverages: 1.85%
Brown-Forman Corporation Class B		10,817		516,187
Constellation Brands Incorporated Class A		10,774		2,109,118
Molson Coors Brewing Company Class B		12,013		790,095
Monster Beverage Corporation †		25,533		1,523,809
PepsiCo Incorporated		90,776		11,069,225
The Coca-Cola Company		245,670		12,381,768

				28,390,202

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Index Portfolio			23


Security name	Shares		Value

Food & Staples Retailing: 1.54%
Costco Wholesale Corporation		28,147	$	6,509,838
Sysco Corporation		30,692		2,068,641
The Kroger Company		51,133		1,516,605
Wal-Mart Stores Incorporated		92,108		8,994,346
Walgreens Boots Alliance Incorporated		54,142		4,584,203

				23,673,633


Food Products: 1.15%
Archer Daniels Midland Company		35,926		1,653,315
Campbell Soup Company «		12,350		484,120
ConAgra Foods Incorporated		30,104		973,563
General Mills Incorporated		38,251		1,618,400
Hormel Foods Corporation «		17,451		786,866
Kellogg Company		16,243		1,033,867
Lamb Weston Holdings Incorporated		9,398		720,827
McCormick & Company Incorporated		7,784		1,167,600
Mondelez International Incorporated Class A		94,129		4,233,922
The Hershey Company		8,971		971,559
The J.M. Smucker Company		7,300		762,923
The Kraft Heinz Company		39,910		2,040,199
Tyson Foods Incorporated Class A		18,993		1,119,637

				17,566,798


Household Products: 1.54%
Church & Dwight Company Incorporated		15,751		1,042,559
Colgate-Palmolive Company		55,694		3,537,683
Kimberly-Clark Corporation		22,314		2,574,366
The Clorox Company		8,221		1,361,562
The Procter & Gamble Company		159,762		15,099,107

				23,615,277


Personal Products: 0.15%
Coty Incorporated Class A		28,913		241,134
The Estee Lauder Companies Incorporated Class A		14,386		2,052,307

				2,293,441


Tobacco: 1.00%
Altria Group Incorporated		120,997		6,634,266
Philip Morris International Incorporated		99,773		8,633,358

				15,267,624


Energy: 5.38%

Energy Equipment & Services: 0.55%
Baker Hughes Incorporated		32,632		744,662
Halliburton Company		56,475		1,775,009
Helmerich & Payne Incorporated		6,992		423,715
National Oilwell Varco Incorporated		24,558		788,557

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


24		Wells Fargo Index Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Energy Equipment & Services (continued)
Schlumberger Limited		88,837	$	4,006,549
TechnipFMC plc		27,421		633,151

				8,371,643


Oil, Gas & Consumable Fuels: 4.83%
Anadarko Petroleum Corporation		32,867		1,738,664
Apache Corporation		24,549		862,406
Cabot Oil & Gas Corporation		28,316		712,431
Chevron Corporation		122,984		14,627,717
Cimarex Energy Company		6,120		501,718
Concho Resources Incorporated †		12,854		1,675,390
ConocoPhillips		74,587		4,936,168
Devon Energy Corporation		30,051		812,279
Diamondback Energy Incorporated		9,741		1,075,212
EOG Resources Incorporated		37,175		3,840,549
Exxon Mobil Corporation		271,740		21,603,330
Hess Corporation		16,157		870,701
HollyFrontier Corporation		10,403		649,875
Kinder Morgan Incorporated		121,812		2,079,331
Marathon Oil Corporation		54,822		914,979
Marathon Petroleum Corporation		43,034		2,804,095
Newfield Exploration Company †		12,827		217,418
Noble Energy Incorporated		31,008		736,130
Occidental Petroleum Corporation		49,082		3,448,992
ONEOK Incorporated		26,395		1,621,445
Phillips 66 Company		27,414		2,563,757
Pioneer Natural Resources Company		10,937		1,615,942
The Williams Companies Incorporated		77,621		1,965,364
Valero Energy Corporation		27,432		2,191,817

				74,065,710


Financials: 13.38%

Banks: 5.89%
Bank of America Corporation		596,203		16,932,165
BB&T Corporation		49,706		2,539,977
Citigroup Incorporated		161,524		10,465,140
Citizens Financial Group Incorporated		30,548		1,110,725
Comerica Incorporated		10,378		821,730
Fifth Third Bancorp		42,768		1,194,510
Huntington Bancshares Incorporated		70,873		1,034,037
JPMorgan Chase & Company		215,712		23,985,017
KeyCorp		67,523		1,238,372
M&T Bank Corporation		9,229		1,559,793
People’s United Financial Incorporated		23,923		403,342
PNC Financial Services Group Incorporated		29,800		4,046,244
Regions Financial Corporation		66,357		1,091,573
SunTrust Banks Incorporated		29,571		1,853,806
SVB Financial Group †		3,415		870,176
US Bancorp		98,284		5,352,547

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Index Portfolio			25


Security name	Shares		Value

Banks (continued)
Wells Fargo & Company (l)		278,204	$	15,100,913
Zions Bancorporation		12,477		607,131

				90,207,198


Capital Markets: 2.70%
Affiliated Managers Group Incorporated		3,429		381,030
Ameriprise Financial Incorporated		9,105		1,181,374
Bank of New York Mellon Corporation		59,045		3,029,599
BlackRock Incorporated		7,887		3,375,715
CBOE Holdings Incorporated		7,177		772,389
CME Group Incorporated		22,713		4,317,287
ETRADE Financial Corporation*		16,667		871,517
Franklin Resources Incorporated		19,620		664,922
Intercontinental Exchange Incorporated		36,805		3,007,705
Invesco Limited		26,370		536,630
Moody’s Corporation		10,716		1,704,594
Morgan Stanley		85,110		3,778,033
MSCI Incorporated		5,702		895,727
Northern Trust Corporation		14,331		1,422,065
Raymond James Financial Incorporated		8,427		671,885
S&P Global Incorporated		16,142		2,951,726
State Street Corporation		24,352		1,778,183
T. Rowe Price Group Incorporated		15,609		1,550,910
The Charles Schwab Corporation		77,177		3,457,530
The Goldman Sachs Group Incorporated		22,536		4,297,390
The NASDAQ OMX Group Incorporated		7,391		674,946

				41,321,157


Consumer Finance: 0.69%
American Express Company		45,317		5,087,740
Capital One Financial Corporation		30,707		2,753,804
Discover Financial Services		21,993		1,568,101
Synchrony Financial		43,736		1,136,261

				10,545,906


Diversified Financial Services: 1.81%
Berkshire Hathaway Incorporated Class B †		125,121		27,306,407
Jefferies Financial Group Incorporated		18,613		406,694

				27,713,101


Insurance: 2.29%
AFLAC Incorporated		49,280		2,254,067
American International Group Incorporated		57,023		2,466,245
Aon plc		15,574		2,571,423
Arthur J. Gallagher & Company		11,721		903,337
Assurant Incorporated		3,388		329,449
Brighthouse Financial Incorporated †		7,688		309,519
Chubb Limited		29,733		3,976,491
Cincinnati Financial Corporation		9,709		793,517

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


26		Wells Fargo Index Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Insurance (continued)
Everest Reinsurance Group Limited		2,622	$	582,294
Lincoln National Corporation		13,907		875,724
Loews Corporation		17,847		857,727
Marsh & McLennan Companies Incorporated		32,411		2,874,856
MetLife Incorporated		63,852		2,849,715
Principal Financial Group Incorporated		16,997		838,292
Prudential Financial Incorporated		26,764		2,509,393
The Allstate Corporation		22,222		1,981,980
The Hartford Financial Services Group Incorporated		23,004		1,016,547
The Progressive Corporation		37,425		2,480,903
The Travelers Companies Incorporated		17,181		2,239,887
Torchmark Corporation		6,654		574,972
Unum Group		14,037		504,069
Willis Towers Watson plc		8,393		1,338,264

				35,128,671


Health Care: 15.21%

Biotechnology: 2.52%
AbbVie Incorporated		97,191		9,162,196
Alexion Pharmaceuticals Incorporated †		14,304		1,761,538
Amgen Incorporated		41,544		8,651,538
Biogen Idec Incorporated †		12,929		4,314,666
Celgene Corporation †		45,144		3,260,300
Gilead Sciences Incorporated		83,203		5,985,624
Incyte Corporation †		11,324		727,567
Regeneron Pharmaceuticals Incorporated †		4,973		1,818,377
Vertex Pharmaceuticals Incorporated †		16,403		2,965,498

				38,647,304


Health Care Equipment & Supplies: 3.21%
Abbott Laboratories		112,598		8,337,882
ABIOMED Incorporated †		2,880		958,118
Align Technology Incorporated †		4,691		1,078,414
Baxter International Incorporated		31,891		2,186,128
Becton Dickinson & Company		17,173		4,340,476
Boston Scientific Corporation †		88,761		3,343,627
Danaher Corporation		39,523		4,329,349
Dentsply Sirona Incorporated		14,271		539,158
Edwards Lifesciences Corporation †		13,439		2,177,252
Hologic Incorporated †		17,466		775,665
IDEXX Laboratories Incorporated †		5,558		1,132,498
Intuitive Surgical Incorporated †		7,301		3,875,882
Medtronic plc		86,680		8,453,900
ResMed Incorporated		9,161		1,024,108
Stryker Corporation		19,923		3,495,690
The Cooper Companies Incorporated		3,154		879,430
Varian Medical Systems Incorporated †		5,876		725,040
Zimmer Biomet Holdings Incorporated		13,060		1,528,281

				49,180,898

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Index Portfolio			27


Security name	Shares		Value

Health Care Providers & Services: 3.37%
AmerisourceBergen Corporation		10,276	$	913,536
Anthem Incorporated		16,685		4,839,818
Cardinal Health Incorporated		19,822		1,086,840
Centene Corporation †		13,174		1,874,002
CIGNA Corporation		15,620		3,489,196
CVS Health Corporation		82,932		6,651,128
DaVita HealthCare Partners Incorporated †		8,141		537,794
Express Scripts Holding Company †		36,086		3,661,646
HCA Holdings Incorporated		17,324		2,494,483
Henry Schein Incorporated †		9,827		876,568
Humana Incorporated		8,842		2,913,174
Laboratory Corporation of America Holdings †		6,540		952,486
McKesson Corporation		12,822		1,596,339
Quest Diagnostics Incorporated		8,772		776,936
UnitedHealth Group Incorporated		61,775		17,381,014
Universal Health Services Incorporated Class B		5,525		762,395
WellCare Health Plans Incorporated †		3,208		817,655

				51,625,010


Health Care Technology: 0.08%
Cerner Corporation †		21,117		1,222,885


Life Sciences Tools & Services: 0.98%
Agilent Technologies Incorporated		20,460		1,480,281
Illumina Incorporated †		9,435		3,184,313
IQVIA Holdings Incorporated †		10,402		1,300,978
Mettler-Toledo International Incorporated †		1,618		1,030,116
PerkinElmer Incorporated		7,107		618,735
Thermo Fisher Scientific Incorporated		25,853		6,451,616
Waters Corporation †		4,946		982,177

				15,048,216


Pharmaceuticals: 5.05%
Allergan plc		20,479		3,207,011
Bristol-Myers Squibb Company		104,739		5,599,347
Eli Lilly & Company		61,349		7,278,445
Johnson & Johnson		172,188		25,294,417
Merck & Company Incorporated		170,697		13,543,100
Mylan NV †		33,091		1,120,461
Nektar Therapeutics †		11,070		447,117
Perrigo Company plc		8,080		503,222
Pfizer Incorporated		376,249		17,393,991
Zoetis Incorporated		30,925		2,902,930

				77,290,041


Industrials: 9.14%

Aerospace & Defense: 2.45%
Arconic Incorporated		27,588		592,590
General Dynamics Corporation		17,875		3,304,909

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


28		Wells Fargo Index Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Aerospace & Defense (continued)
Harris Corporation		7,542	$	1,078,129
Huntington Ingalls Industries Incorporated		2,780		599,090
L-3 Technologies Incorporated		5,027		921,399
Lockheed Martin Corporation		15,902		4,777,438
Northrop Grumman Corporation		11,176		2,904,419
Raytheon Company		18,309		3,210,300
Textron Incorporated		15,944		895,096
The Boeing Company		34,293		11,891,441
TransDigm Group Incorporated †		3,108		1,124,070
United Technologies Corporation		51,994		6,334,935

				37,633,816


Air Freight & Logistics: 0.68%
C.H. Robinson Worldwide Incorporated		8,892		820,998
Expeditors International of Washington Incorporated		11,189		851,371
FedEx Corporation		15,615		3,575,835
United Parcel Service Incorporated Class B		44,504		5,130,866

				10,379,070


Airlines: 0.48%
Alaska Air Group Incorporated		7,904		579,047
American Airlines Group Incorporated		26,306		1,056,449
Delta Air Lines Incorporated		40,378		2,451,348
Southwest Airlines Company		33,100		1,807,591
United Continental Holdings Incorporated †		14,697		1,421,200

				7,315,635


Building Products: 0.27%
A.O. Smith Corporation		9,277		439,544
Allegion plc		6,098		558,516
Fortune Brands Home & Security Incorporated		9,141		400,376
Johnson Controls International plc		59,364		2,064,680
Masco Corporation		19,735		625,402

				4,088,518


Commercial Services & Supplies: 0.36%
Cintas Corporation		5,525		1,035,275
Copart Incorporated †		13,119		671,430
Republic Services Incorporated		13,991		1,082,064
Rollins Incorporated		6,301		400,492
Waste Management Incorporated		25,315		2,373,281

				5,562,542


Construction & Engineering: 0.08%
Fluor Corporation		9,025		369,393
Jacobs Engineering Group Incorporated		7,651		502,441
Quanta Services Incorporated †		9,551		335,240

				1,207,074

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Index Portfolio			29


Security name	Shares		Value

Electrical Equipment: 0.48%
AMETEK Incorporated		14,884	$	1,092,932
Eaton Corporation plc		27,811		2,139,778
Emerson Electric Company		40,337		2,723,554
Rockwell Automation Incorporated		7,905		1,378,158

				7,334,422


Industrial Conglomerates: 1.37%
3M Company		37,651		7,828,396
General Electric Company		557,822		4,183,665
Honeywell International Incorporated		47,663		6,994,545
Roper Industries Incorporated		6,633		1,973,914

				20,980,520


Machinery: 1.50%
Caterpillar Incorporated		38,146		5,175,268
Cummins Incorporated		9,643		1,456,672
Deere & Company		20,646		3,197,652
Dover Corporation		9,480		804,757
Flowserve Corporation		8,399		407,435
Fortive Corporation		19,741		1,501,698
Illinois Tool Works Incorporated		19,802		2,753,468
Ingersoll-Rand plc		15,745		1,629,922
Paccar Incorporated		22,499		1,399,888
Parker-Hannifin Corporation		8,495		1,461,480
Pentair plc		10,357		442,244
Snap-on Incorporated		3,620		601,789
Stanley Black & Decker Incorporated		9,821		1,285,078
Xylem Incorporated		11,528		841,313

				22,958,664


Professional Services: 0.29%
Equifax Incorporated		7,728		793,434
IHS Markit Limited †		22,896		1,221,960
Nielsen Holdings plc		22,864		621,215
Robert Half International Incorporated		7,859		485,922
Verisk Analytics Incorporated †		10,571		1,303,616

				4,426,147


Road & Rail: 1.01%
CSX Corporation		52,365		3,803,270
J.B. Hunt Transport Services Incorporated		5,614		597,105
Kansas City Southern		6,557		675,699
Norfolk Southern Corporation		17,973		3,068,710
Union Pacific Corporation		47,463		7,298,860

				15,443,644


Trading Companies & Distributors: 0.17%
Fastenal Company		18,417		1,091,391
United Rentals Incorporated †		5,311		622,077

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


30		Wells Fargo Index Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Trading Companies & Distributors (continued)
W.W. Grainger Incorporated		2,918	$	916,369

				2,629,837


Information Technology: 19.55%

Communications Equipment: 1.14%
Arista Networks Incorporated †		3,314		790,323
Cisco Systems Incorporated		293,403		14,045,202
F5 Networks Incorporated †		3,903		671,199
Juniper Networks Incorporated		22,130		635,352
Motorola Solutions Incorporated		10,415		1,366,969

				17,509,045


Electronic Equipment, Instruments & Components: 0.43%
Amphenol Corporation Class A		19,278		1,695,307
Corning Incorporated		51,989		1,675,086
FLIR Systems Incorporated		8,859		406,274
IPG Photonics Corporation †		2,312		328,651
Keysight Technologies Incorporated †		12,030		743,695
TE Connectivity Limited		22,365		1,720,539

				6,569,552


IT Services: 4.62%
Accenture plc Class A		41,125		6,765,885
Akamai Technologies Incorporated †		10,879		747,931
Alliance Data Systems Corporation		3,033		607,692
Automatic Data Processing Incorporated		28,118		4,145,156
Broadridge Financial Solutions Incorporated		7,466		790,425
Cognizant Technology Solutions Corporation Class A		37,241		2,652,676
DXC Technology Company		18,046		1,137,620
Fidelity National Information Services Incorporated		21,105		2,278,285
Fiserv Incorporated †		25,990		2,056,589
FleetCor Technologies Incorporated †		5,673		1,097,158
Gartner Incorporated †		5,829		892,945
Global Payments Incorporated		10,153		1,135,207
International Business Machines Corporation		58,584		7,280,234
Jack Henry & Associates Incorporated		4,954		692,074
MasterCard Incorporated Class A		58,554		11,773,453
Paychex Incorporated		20,547		1,453,906
PayPal Holdings Incorporated †		75,972		6,519,157
Total System Services Incorporated		10,772		941,150
VeriSign Incorporated †		6,886		1,074,629
Visa Incorporated Class A		114,032		16,159,475
Western Union Company		28,706		537,663

				70,739,310


Semiconductors & Semiconductor Equipment: 3.55%
Advanced Micro Devices Incorporated †		55,062		1,172,821
Analog Devices Incorporated		23,855		2,192,752
Applied Materials Incorporated		63,092		2,352,070

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Index Portfolio			31


Security name	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Broadcom Incorporated		27,707	$	6,577,919
Intel Corporation		295,949		14,593,245
KLA-Tencor Corporation		10,021		987,670
Lam Research Corporation		10,114		1,587,493
Maxim Integrated Products Incorporated		17,844		997,836
Microchip Technology Incorporated «		15,119		1,133,925
Micron Technology Incorporated †		74,440		2,870,406
NVIDIA Corporation		39,023		6,377,529
Qorvo Incorporated †		8,064		530,692
QUALCOMM Incorporated		77,801		4,532,686
Skyworks Solutions Incorporated		11,488		835,982
Texas Instruments Incorporated		62,399		6,230,540
Xilinx Incorporated		16,233		1,501,228

				54,474,794


Software: 5.93%
Adobe Systems Incorporated †		31,428		7,884,971
Ansys Incorporated †		5,411		876,690
Autodesk Incorporated †		14,032		2,027,624
Cadence Design Systems Incorporated †		18,152		817,566
Citrix Systems Incorporated		8,272		901,400
Fortinet Incorporated †		9,227		681,322
Intuit Incorporated		16,602		3,561,627
Microsoft Corporation		492,171		54,576,842
Oracle Corporation		181,422		8,846,137
Red Hat Incorporated †		11,384		2,032,727
Salesforce.com Incorporated †		48,567		6,933,425
Symantec Corporation		39,892		882,012
Synopsys Incorporated †		9,537		876,832

				90,899,175


Technology Hardware, Storage & Peripherals: 3.88%
Apple Incorporated		294,500		52,591,810
Hewlett Packard Enterprise Company		94,455		1,416,825
HP Incorporated		101,564		2,335,972
NetApp Incorporated		16,641		1,112,784
Seagate Technology plc		16,774		722,792
Western Digital Corporation		18,700		848,793
Xerox Corporation		13,306		358,198

				59,387,174


Materials: 2.55%

Chemicals: 1.92%
Air Products & Chemicals Incorporated		14,074		2,264,084
Albemarle Corporation «		6,961		670,484
CF Industries Holdings Incorporated		14,985		632,217
DowDuPont Incorporated		148,095		8,567,296
Eastman Chemical Company		9,068		714,740
Ecolab Incorporated		16,318		2,618,876

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


32		Wells Fargo Index Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Chemicals (continued)
FMC Corporation		8,641	$	714,956
International Flavors & Fragrances Incorporated		6,496		920,028
Linde plc		35,347		5,621,940
LyondellBasell Industries NV Class A		20,490		1,911,922
PPG Industries Incorporated		15,533		1,698,223
The Mosaic Company		22,761		819,396
The Sherwin-Williams Company		5,274		2,236,545

				29,390,707


Construction Materials: 0.11%
Martin Marietta Materials Incorporated		4,044		771,150
Vulcan Materials Company		8,489		897,372

				1,668,522


Containers & Packaging: 0.30%
Avery Dennison Corporation		5,611		540,900
Ball Corporation		22,073		1,084,005
International Paper Company		26,243		1,212,164
Packaging Corporation of America		6,065		593,278
Sealed Air Corporation		10,193		372,350
WestRock Company		16,374		771,379

				4,574,076


Metals & Mining: 0.22%
Freeport-McMoRan Incorporated		93,002		1,110,444
Newmont Mining Corporation		34,235		1,107,160
Nucor Corporation		20,304		1,226,565

				3,444,169


Real Estate: 2.83%

Equity REITs: 2.77%
Alexandria Real Estate Equities Incorporated		6,788		845,106
American Tower Corporation		28,294		4,654,080
Apartment Investment & Management Company Class A		10,099		475,562
AvalonBay Communities Incorporated		8,871		1,690,546
Boston Properties Incorporated		9,911		1,300,323
Crown Castle International Corporation		26,626		3,059,327
Digital Realty Trust Incorporated		13,228		1,521,749
Duke Realty Corporation		22,931		652,616
Equinix Incorporated		5,103		1,966,084
Equity Residential Company Limited		23,638		1,684,208
Essex Property Trust Incorporated		4,239		1,112,780
Extra Space Storage Incorporated		8,119		779,262
Federal Realty Investment Trust		4,717		623,069
HCP Incorporated		30,155		882,335
Host Hotels & Resorts Incorporated		47,603		904,457
Iron Mountain Incorporated		18,366		623,893
Kimco Realty Corporation		27,046		442,202
Mid-America Apartment Communities Incorporated		7,305		756,506

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Index Portfolio			33


Security name	Shares		Value

Equity REITs (continued)
Prologis Incorporated		40,405	$	2,720,873
Public Storage Incorporated		9,618		2,051,135
Realty Income Corporation		18,616		1,193,099
Regency Centers Corporation		10,875		692,303
SBA Communications Corporation †		7,371		1,259,041
Simon Property Group Incorporated		19,846		3,685,204
SL Green Realty Corporation		5,556		535,710
The Macerich Company		6,790		341,469
UDR Incorporated		17,180		732,212
Ventas Incorporated		22,877		1,452,461
Vornado Realty Trust		11,111		799,548
Welltower Incorporated		23,878		1,727,096
Weyerhaeuser Company		48,630		1,284,318

				42,448,574


Real Estate Management & Development: 0.06%
CBRE Group Incorporated Class A †		20,283		885,961


Utilities: 3.06%

Electric Utilities: 1.90%
Alliant Energy Corporation		15,004		681,032
American Electric Power Company Incorporated		31,638		2,459,538
Duke Energy Corporation		45,721		4,049,509
Edison International		20,912		1,156,852
Entergy Corporation		11,608		1,010,592
Evergy Incorporated		17,438		1,035,294
Eversource Energy		20,339		1,389,967
Exelon Corporation		61,995		2,875,948
FirstEnergy Corporation		31,185		1,179,729
NextEra Energy Incorporated		30,269		5,500,180
PG&E Corporation †		33,192		875,605
Pinnacle West Capital Corporation		7,187		642,230
PPL Corporation		44,901		1,373,522
The Southern Company		65,091		3,080,757
Xcel Energy Incorporated		32,675		1,713,804

				29,024,559


Independent Power & Renewable Electricity Producers: 0.09%
AES Corporation		42,469		657,845
NRG Energy Incorporated		19,475		748,424

				1,406,269


Multi-Utilities: 1.00%
Ameren Corporation		15,663		1,074,795
CenterPoint Energy Incorporated		31,585		884,696
CMS Energy Corporation		18,181		947,048
Consolidated Edison Incorporated		19,968		1,604,429
Dominion Energy Incorporated		41,961		3,126,095
DTE Energy Company		11,667		1,397,007

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


34		Wells Fargo Index Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name						Shares		Value

Multi-Utilities (continued)
NiSource Incorporated							23,301	$	615,612
Public Service Enterprise Group Incorporated							32,433		1,813,005
SCANA Corporation							9,154		427,126
Sempra Energy							17,551		2,022,226
WEC Energy Group Incorporated							20,252		1,467,865

									15,379,904


Water Utilities: 0.07%
American Water Works Company Incorporated							11,585		1,105,320


Total Common Stocks (Cost $505,943,754)									1,495,119,427


	Yield
Short-Term Investments: 2.53%

Investment Companies: 2.39%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38	%				3,737,121		3,737,495
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13					32,948,855		32,948,855

									36,686,350


				Maturity date		Principal
U.S. Treasury Securities: 0.14%
U.S. Treasury Bill (z)#		1.61			12-13-2018	$	2,140,000		2,138,720


Total Short-Term Investments (Cost $38,824,866)									38,825,070


Total investments in securities (Cost $544,768,620)	100.12	%		1,533,944,497
Other assets and liabilities, net	(0.12	)		(1,845,625	)

Total net assets	100.00	%	$	1,532,098,872

†	Non-income-earning security

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

(l)	The issuer of the security is an affiliated person of the Portfolio 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.

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

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

Abbreviations:

REIT	Real estate investment trust

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 Index		52		12-20-2018	$	36,372,075	$	35,857,900	$	0	$	(514,175	)

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Index Portfolio			35

Investments in Affiliates

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


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Common Stocks
Financials
Banks
Wells Fargo & Company		308,208		890		30,894		278,204	$	830,021	$	(720,382	)	$	245,725	$	15,100,913		0.99	%

Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		6,535,529		31,725,054		34,523,462		3,737,121		47		(115	)		11,011		3,737,495
Wells Fargo Government Money Market Fund Select Class		17,497,109		173,688,226		158,236,480		32,948,855		0		0			306,486		32,948,855
																	36,686,350		2.39

									$	830,068	$	(720,497	)	$	563,222	$	51,787,263		3.38	%

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


36		Wells Fargo Index Portfolio		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in unaffiliated securities (including $3,654,221 of securities loaned), at value (cost $501,300,603)	$	1,482,157,234
Investments in affiliated securities, at value (cost $43,468,017)		51,787,263
Receivable for dividends		3,792,038
Receivable for investments sold		759,747
Receivable for daily variation margin on open futures		261,080
Receivable for securities lending income		1,081
Prepaid expenses and other assets		187,948

Total assets		1,538,946,391


Liabilities
Payable upon receipt of securities loaned		3,735,462
Payable for investments purchased		2,847,037
Advisory fee payable		121,668
Due to custodian bank		87,385
Accrued expenses and other liabilities		55,967

Total liabilities		6,847,519

Total net assets	$	1,532,098,872

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Index Portfolio			37




Investment income
Dividends (net of foreign dividend withholding taxes of $153)	$	16,021,489
Income from affiliated securities		563,222
Interest		23,827

Total investment income		16,608,538


Expenses
Advisory fee		743,792
Custody and accounting fees		60,044
Professional fees		30,693
Shareholder report expenses		3,600
Trustees’ fees and expenses		11,825
Other fees and expenses		15,734

Total expenses		865,688

Net investment income		15,742,850


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		118,178,593
Affiliated securities		830,068
Futures contracts		803,960

Net realized gains on investments		119,812,621


Net change in unrealized gains (losses) on:
Unaffiliated securities		(83,919,810	)
Affiliated securities		(720,497	)
Futures contracts		(981,535	)

Net change in unrealized gains (losses) on investments		(85,621,842	)

Net realized and unrealized gains (losses) on investments		34,190,779

Net increase in net assets resulting from operations	$	49,933,629

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


38		Wells Fargo Index Portfolio		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018

Operations
Net investment income	$	15,742,850		$	34,477,982
Net realized gains on investments		119,812,621			356,446,608
Net change in unrealized gains (losses) on investments		(85,621,842	)		(130,957,468	)

Net increase in net assets resulting from operations		49,933,629			259,967,123


Capital transactions
Transactions in investors’ beneficial interests
Contributions		3,401,559			15,647,891
Withdrawals		(175,204,231	)		(637,181,697	)

Net decrease in net assets resulting from capital transactions		(171,802,672	)		(621,533,806	)

Total decrease in net assets		(121,869,043	)		(361,566,683	)


Net assets
Beginning of period		1,653,967,915			2,015,534,598

End of period	$	1,532,098,872		$	1,653,967,915

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


Financial highlights		Wells Fargo Index Portfolio			39


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Total return¹		2.95	%		14.27	%		17.36	%		1.62	%		11.69	%		20.33	%
Ratios to average net assets (annualized)
Gross expenses		0.11	%		0.10	%		0.10	%		0.11	%		0.11	%		0.10	%
Net expenses		0.11	%		0.10	%		0.10	%		0.10	%		0.11	%		0.10	%
Net investment income		1.91	%		1.84	%		2.03	%		2.12	%		1.96	%		1.99	%
Supplemental data
Portfolio turnover rate		2	%		3	%		9	%		4	%		4	%		5	%

¹	Returns for periods of less than one year are not annualized.

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


40		Wells Fargo Index Portfolio		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Index Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Securities lending


Notes to financial statements (unaudited)		Wells Fargo Index Portfolio			41

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 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. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Futures contracts

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily.To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Federal and other taxes

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $544,019,950 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	1,007,430,653
Gross unrealized losses		(18,020,281	)
Net unrealized gains	$	989,410,372


42		Wells Fargo Index Portfolio		Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

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

∎

Level 1 – quoted prices in active markets for identical securities

∎

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

∎

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Communication services	$	147,688,429	$	0	$	0	$	147,688,429
Consumer discretionary		147,389,283		0		0		147,389,283
Consumer staples		110,806,975		0		0		110,806,975
Energy		82,437,353		0		0		82,437,353
Financials		204,916,033		0		0		204,916,033
Health care		233,014,354		0		0		233,014,354
Industrials		139,959,889		0		0		139,959,889
Information technology		299,579,050		0		0		299,579,050
Materials		39,077,474		0		0		39,077,474
Real estate		43,334,535		0		0		43,334,535
Utilities		46,916,052		0		0		46,916,052
Short-term investments
Investment companies		32,948,855		3,737,495		0		36,686,350
U.S. Treasury securities		2,138,720		0		0		2,138,720
Total assets	$	1,530,207,002	$	3,737,495	$	0	$	1,533,944,497
Liabilities
Futures contracts	$	514,175	$	0	$	0	$	514,175
Total liabilities	$	514,175	$	0	$	0	$	514,175

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.


Notes to financial statements (unaudited)		Wells Fargo Index Portfolio			43

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.10% and declining to 0.05% as the average daily net assets of the Portfolio increase. For six month ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.09% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.02% as the average daily net assets of the Portfolio increase.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2018 were $36,682,684 and $181,837,933, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $38,705,971 in long futures contracts during the six months ended November 30, 2018.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.


44		Wells Fargo Index Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Index Fund			45

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³(Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³(Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


46		Wells Fargo Index Fund		Other information (unaudited)


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. N/A Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


Other information (unaudited)		Wells Fargo Index Fund			47

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser¹(Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹(Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹	Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


48		Wells Fargo Index Fund		Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318977 01-19

SA283/SAR283 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo International Value Fund

LOGO

Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Wells Fargo International Value Fund
Portfolio of investments			9

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			18

Wells Fargo International Value Portfolio
Portfolio of investments			22

Financial statements
Statement of assets and liabilities			31
Statement of operations			32
Statement of changes in net assets			33
Financial highlights			34

Notes to financial statements			35

Other information			39

Appendix A			43

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo International Value Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo International Value Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo International Value Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo International Value Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.


6		Wells Fargo International Value Fund¹		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

LSV Asset Management

Portfolio managers

Josef Lakonishok, Ph.D.

Puneet Mansharamani, CFA^®^‡

Menno Vermeulen, CFA^®^‡

Average annual total returns (%) as of November 30, 2018²


		Including sales charge								Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year			5 year			10 year		1 year			5 year		10 year		Gross		Net⁴
Class A (WFFAX)	10-31-2003		(15.03	)		(0.33	)		6.08		(9.84	)		0.86		6.72		1.35		1.35
Class C (WFVCX)	4-8-2005		(11.48	)		0.11			5.90		(10.48	)		0.11		5.90		2.10		2.10
Class R6 (WFRVX)	7-31-2018		–			–			–		(9.52	)		1.25		7.14		0.92		0.90
Administrator Class (WFVDX)	4-8-2005		–			–			–		(9.79	)		0.96		6.87		1.27		1.25
Institutional Class (WFVIX)	8-31-2006		–			–			–		(9.58	)		1.23		7.13		1.02		1.00
MSCI EAFE Value Index (Net)⁵	–		–			–			–		(9.02	)		0.66		6.61		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to smaller company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo International Value Fund			7


Ten largest holdings (%) as of November 30, 2018⁶
Roche Holding AG			2.27
Royal Dutch Shell plc Class B			2.14
Sanofi SA			1.92
GlaxoSmithKline plc			1.78
Total SA			1.63
Orange SA			1.29
Nippon Telegraph & Telephone Corporation			1.19
BP plc			1.19
KDDI Corporation			1.14
Swiss Life Holding AG			1.03

Sector distribution as of November 30, 2018⁷

Country allocation as of November 30, 2018⁷

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

²	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect Class R6 expenses. If these expenses had been included, returns for Class R6 shares would be higher.

³	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired money market fund fees and expenses (if any) from funds in which the underlying master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the underlying affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁵

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Value Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of value securities within developed equity markets, excluding the United States and Canada. The MSCI EAFE Value Index (Net) consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁶

⁷	Amounts represent the composition of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo International Value Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	910.08	$	6.32		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.45	$	6.68		1.32	%
Class C
Actual	$	1,000.00	$	906.82	$	9.89		2.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.69	$	10.45		2.07	%
Class R6
Actual	$	1,000.00	$	912.14	$	4.12		0.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.36		0.86	%
Administrator Class
Actual	$	1,000.00	$	910.53	$	5.94		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.28		1.24	%
Institutional Class
Actual	$	1,000.00	$	911.50	$	4.74		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.10	$	5.01		0.99	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo International Value Fund			9

Security name

Value

Investment Companies: 99.62%

Affiliated Master Portfolio: 99.62%

Wells Fargo International Value Portfolio

860,731,443

Total Investment Companies (Cost $887,284,289)

860,731,443


Total investments in securities (Cost $887,284,289)	99.62	%		860,731,443
Other assets and liabilities, net	0.38			3,276,714

Total net assets	100.00	%	$	864,008,157

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Dividends allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo International Value Portfolio		95	%		77	%	$	(779,078	)	$	(89,484,820	)	$	13,834,503	$	545,811	$	860,731,443		99.62	%

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


10		Wells Fargo International Value Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolio, at value (cost $887,284,289)	$	860,731,443
Receivable for Fund shares sold		4,558,433
Prepaid expenses and other assets		350,557

Total assets		865,640,433


Liabilities
Payable for Fund shares redeemed		1,559,237
Management fee payable		37,563
Administration fees payable		32,217
Trustees’ fees and expenses payable		2,548
Distribution fee payable		711

Total liabilities		1,632,276

Total net assets	$	864,008,157


NET ASSETS CONSIST OF
Paid-in capital	$	879,576,273
Total distributable loss		(15,568,116	)

Total net assets	$	864,008,157


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	58,269,098
Shares outstanding – Class A¹		4,083,184
Net asset value per share – Class A		$14.27
Maximum offering price per share – Class A²		$15.14
Net assets – Class C	$	1,057,401
Shares outstanding – Class C¹		76,538
Net asset value per share – Class C		$13.82
Net assets – Class R6	$	22,864
Shares outstanding – Class R6¹		1,619
Net asset value per share – Class R6		$14.12
Net assets – Administrator Class	$	3,725,413
Shares outstanding – Administrator Class¹		259,589
Net asset value per share – Administrator Class		$14.35
Net assets – Institutional Class	$	800,933,381
Shares outstanding – Institutional Class¹		56,750,902
Net asset value per share – Institutional Class		$14.11

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo International Value Fund			11




Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $1,387,837)	$	13,834,503
Affiliated income allocated from affiliated Master Portfolio		545,811
Expenses allocated from affiliated Master Portfolio		(3,510,713	)

Total investment income		10,869,601


Expenses
Management fee		221,531
Administration fees
Class A		52,937
Class C		1,204
Class R6		2	¹
Administrator Class		2,996
Institutional Class		539,459
Shareholder servicing fees
Class A		63,021
Class C		1,433
Administrator Class		5,762
Distribution fee
Class C		4,300
Custody and accounting fees		8,142
Professional fees		17,113
Registration fees		26,971
Shareholder report expenses		16,885
Trustees’ fees and expenses		11,090
Other fees and expenses		5,187

Total expenses		978,033
Less: Fee waivers and/or expense reimbursements		(5,533	)

Net expenses		972,500

Net investment income		9,897,101


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(779,078	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(89,484,820	)

Net realized and unrealized gains (losses) on investments		(90,263,898	)

Net decrease in net assets resulting from operations	$	(80,366,797	)

¹	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


12		Wells Fargo International Value Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	9,897,101					$	19,745,024
Net realized gains (losses) on investments					(779,078	)					14,310,484
Net change in unrealized gains (losses) on investments					(89,484,820	)					21,273,653

Net increase (decrease) in net assets resulting from operations					(80,366,797	)					55,329,161


Distributions to shareholders from net investment income and net realized gains
Class A					0						(53,028	)
Class C					0						(19,938	)
Administrator Class					0						(104,265	)
Institutional Class					0						(22,325,915	)

Total distributions to shareholders					0						(22,503,146	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,376,271			35,309,929			2,633,442			42,441,930
Class C		11,758			176,464			31,890			496,381
Class R6		1,619	²		25,000	²		N/A			N/A
Administrator Class		19,508			290,258			150,614			2,424,464
Institutional Class		8,930,766			132,814,828			18,051,179			284,422,225

					168,616,479						329,785,000

Reinvestment of distributions
Class A		0			0			3,299			52,993
Class C		0			0			1,271			19,890
Administrator Class		0			0			6,369			102,738
Institutional Class		0			0			1,408,571			22,297,672

					0						22,473,293

Payment for shares redeemed
Class A		(760,130	)		(11,198,328	)		(342,547	)		(5,580,817	)
Class C		(9,734	)		(141,985	)		(15,622	)		(244,651	)
Administrator Class		(138,157	)		(2,124,890	)		(138,280	)		(2,200,897	)
Institutional Class		(5,495,962	)		(81,797,283	)		(14,341,542	)		(228,026,971	)

					(95,262,486	)					(236,053,336	)

Net increase in net assets resulting from capital share transactions					73,353,993						116,204,957

Total increase (decrease) in net assets					(7,012,804	)					149,030,972


Net assets
Beginning of period					871,020,961						721,989,989

End of period				$	864,008,157					$	871,020,961

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $9,444,288. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


Financial highlights		Wells Fargo International Value Fund			13

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.68			$14.88			$12.83			$14.85			$15.45			$13.40
Net investment income		0.15	¹		0.72	¹		0.09	¹		0.26			0.26	¹		0.36
Net realized and unrealized gains (losses) on investments		(1.56	)		0.35			2.26			(2.08	)		(0.53	)		1.97

Total from investment operations		(1.41	)		1.07			2.35			(1.82	)		(0.27	)		2.33
Distributions to shareholders from
Net investment income		0.00			(0.27	)		(0.30	)		(0.20	)		(0.33	)		(0.28	)
Net asset value, end of period		$14.27			$15.68			$14.88			$12.83			$14.85			$15.45
Total return²		(8.99	)%		7.12	%		18.65	%		(12.31	)%		(1.55	)%		17.48	%
Ratios to average net assets (annualized)
Gross expenses³		1.32	%		1.34	%		1.39	%		1.46	%		1.50	%		1.51	%
Net expenses³		1.32	%		1.34	%		1.35	%		1.39	%		1.49	%		1.50	%
Net investment income³		1.91	%		4.48	%		0.69	%		1.98	%		1.80	%		2.45	%
Supplemental data
Portfolio turnover rate⁴		6	%		15	%		41	%		14	%		18	%		11	%
Net assets, end of period (000s omitted)		$58,269			$38,677			$2,571			$4,981			$5,768			$6,725

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.79	%
Year ended May 31, 2018	0.81	%
Year ended May 31, 2017	0.85	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%
Year ended May 31, 2014	0.91	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


14		Wells Fargo International Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.24			$14.60			$12.56			$14.54			$15.16			$13.18
Net investment income		0.04			0.21			0.23			0.17			0.13			0.19
Net realized and unrealized gains (losses) on investments		(1.46	)		0.73			1.97			(2.05	)		(0.51	)		2.00

Total from investment operations		(1.42	)		0.94			2.20			(1.88	)		(0.38	)		2.19
Distributions to shareholders from
Net investment income		0.00			(0.30	)		(0.16	)		(0.10	)		(0.24	)		(0.21	)
Net asset value, end of period		$13.82			$15.24			$14.60			$12.56			$14.54			$15.16
Total return¹		(9.32	)%		6.36	%		17.69	%		(12.95	)%		(2.37	)%		16.64	%
Ratios to average net assets (annualized)
Gross expenses²		2.07	%		2.10	%		2.16	%		2.21	%		2.25	%		2.26	%
Net expenses²		2.07	%		2.10	%		2.10	%		2.14	%		2.24	%		2.25	%
Net investment income²		1.17	%		1.40	%		1.57	%		1.25	%		1.07	%		1.88	%
Supplemental data
Portfolio turnover rate³		6	%		15	%		41	%		14	%		18	%		11	%
Net assets, end of period (000s omitted)		$1,057			$1,135			$832			$783			$920			$920

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

²	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%
Year ended May 31, 2014	0.91	%

³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo International Value Fund			15

(For a share outstanding throughout the period)


	Period ended November 30, 2018¹ (unaudited)
CLASS R6	Period ended November 30, 2018¹ (unaudited)
Net asset value, beginning of period		$15.44
Net investment income		0.13	²
Net realized and unrealized gains (losses) on investments		(1.45	)

Total from investment operations		(1.32	)
Distributions to shareholders from
Net investment income		0.00
Net asset value, end of period		$14.12
Total return³		(8.55	)%
Ratios to average net assets (annualized)
Gross expenses⁴		0.87	%
Net expenses⁴		0.86	%
Net investment income⁴		2.63	%
Supplemental data
Portfolio turnover rate⁵		6	%
Net assets, end of period (000s omitted)		$23

¹	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

²	Calculated based upon average shares outstanding

³	Returns for periods of less than one year are not annualized.

⁴	Ratios include net expenses allocated from the affiliated Master Portfolio in the amount of 0.78%.

⁵	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


16		Wells Fargo International Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.76			$15.04			$12.91			$14.73			$15.35			$13.31
Net investment income		0.15	¹		0.37	¹		0.33	¹		0.14	¹		0.28			0.38
Net realized and unrealized gains (losses) on investments		(1.56	)		0.73			2.05			(1.96	)		(0.52	)		1.98

Total from investment operations		(1.41	)		1.10			2.38			(1.82	)		(0.24	)		2.36
Distributions to shareholders from
Net investment income		0.00			(0.38	)		(0.25	)		0.00			(0.38	)		(0.32	)
Net asset value, end of period		$14.35			$15.76			$15.04			$12.91			$14.73			$15.35
Total return²		(8.95	)%		7.25	%		18.66	%		(12.36	)%		(1.35	)%		17.81	%
Ratios to average net assets (annualized)
Gross expenses³		1.24	%		1.27	%		1.33	%		1.36	%		1.34	%		1.34	%
Net expenses³		1.24	%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income³		1.97	%		2.30	%		2.46	%		0.99	%		2.12	%		2.76	%
Supplemental data
Portfolio turnover rate⁴		6	%		15	%		41	%		14	%		18	%		11	%
Net assets, end of period (000s omitted)		$3,725			$5,961			$5,407			$11,873			$487,582			$459,415

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.87	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%
Year ended May 31, 2014	0.91	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo International Value Fund			17

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$15.48			$14.80			$12.73			$14.75			$15.38			$13.34
Net investment income		0.17	¹		0.41			0.39			0.36			0.29			0.41
Net realized and unrealized gains (losses) on investments		(1.54	)		0.71			1.99			(2.12	)		(0.51	)		1.98

Total from investment operations		(1.37	)		1.12			2.38			(1.76	)		(0.22	)		2.39
Distributions to shareholders from
Net investment income		0.00			(0.44	)		(0.31	)		(0.26	)		(0.41	)		(0.35	)
Net asset value, end of period		$14.11			$15.48			$14.80			$12.73			$14.75			$15.38
Total return²		(8.85	)%		7.51	%		19.04	%		(11.98	)%		(1.19	)%		18.07	%
Ratios to average net assets (annualized)
Gross expenses³		0.99	%		1.02	%		1.07	%		1.13	%		1.07	%		1.08	%
Net expenses³		0.99	%		1.00	%		1.00	%		1.01	%		1.05	%		1.05	%
Net investment income³		2.26	%		2.43	%		2.95	%		2.81	%		2.42	%		2.91	%
Supplemental data
Portfolio turnover rate⁴		6	%		15	%		41	%		14	%		18	%		11	%
Net assets, end of period (000s omitted)		$800,933			$825,247			$713,180			$456,239			$3,793			$2,359

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.79	%
Year ended May 31, 2018	0.82	%
Year ended May 31, 2017	0.86	%
Year ended May 31, 2016	0.91	%
Year ended May 31, 2015	0.91	%
Year ended May 31, 2014	0.91	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


18		Wells Fargo International Value Fund		Notes to financial statements (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

Distributions to shareholders

Federal and other taxes


Notes to financial statements (unaudited)		Wells Fargo International Value Fund			19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $887,284,289 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	0
Gross unrealized losses		(26,552,846	)
Net unrealized losses	$	(26,552,846	)

Class allocations

The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

Affilated Master Portfolio

Investment objective

Value of

affiliated Master

Portfolio

Wells Fargo International Value Portfolio

Seeks long-term capital appreciation

$860,731,443

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C		0.21	%
Class R6		0.03
Administrator Class, Institutional Class		0.13


20		Wells Fargo International Value Fund		Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.35% for Class A shares, 2.10% for Class C shares, 0.90% for Class R6 shares, 1.25% for Administrator Class shares, and 1.00% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a Distribution Plan for Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $218 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and Administrator Class of each applicable Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS


	Net investment income
Class A	$	53,028
Class C		19,938
Administrator Class		104,265
Institutional Class		22,325,915


Notes to financial statements (unaudited)		Wells Fargo International Value Fund			21

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. Through its investment in the affiliated Master Portfolio which may invest a substantial portion of its assets in any sector, the Fund may in turn be more affected by changes in that sector than a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

10. NEW ACCOUNTING PRONOUNCEMENT

11. SUBSEQUENT DISTRIBUTIONS

On December 27, 2018, the Fund declared distributions from net investment income to shareholders of record on December 26, 2018. The per share amounts payable on December 28, 2018 were as follows:


	Net investment income
Class A		$0.32558
Class C		0.18817
Class R6		0.36845
Administrator Class		0.30162
Institutional Class		0.35227

These distributions are not reflected in the accompanying financial statements.


22		Wells Fargo International Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Common Stocks: 95.48%

Australia: 4.82%
Asaleo Care Limited (Consumer Staples, Personal Products)		1,262,800	$	604,540
Automotive Holdings Group Limited (Consumer Discretionary, Specialty Retail)		410,016		488,480
Bendigo Bank Limited (Financials, Banks)		272,500		2,127,139
BlueScope Steel Limited (Materials, Metals & Mining)		266,242		2,185,317
Coca-Cola Amatil Limited (Consumer Staples, Beverages)		960,600		6,066,167
CSR Limited (Materials, Construction Materials)		897,866		1,968,751
Fortescue Metals Group Limited (Materials, Metals & Mining)		927,200		2,710,762
Harvey Norman Holdings Limited (Consumer Discretionary, Multiline Retail) «		1,226,186		2,832,054
Lendlease Corporation Limited (Real Estate, Real Estate Management & Development)		407,700		3,772,528
Macquarie Group Limited (Financials, Capital Markets)		67,700		5,661,723
Metcash Limited (Consumer Staples, Food & Staples Retailing)		1,164,200		2,357,032
Mineral Resources Limited (Materials, Metals & Mining)		300,500		3,349,441
Mirvac Group (Real Estate, Equity REITs)		2,065,070		3,305,498
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «†		1,702,400		566,149
Qantas Airways Limited (Industrials, Airlines)		1,142,785		4,978,160
Retail Food Group Limited (Consumer Discretionary, Food Products) «†		269,500		73,867
Rio Tinto Limited (Materials, Metals & Mining)		134,687		7,213,884
South32 Limited (Materials, Metals & Mining)		1,583,900		3,588,785

				53,850,277


Austria: 0.91%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		89,986		4,545,581
Raiffeisen Bank International AG (Financials, Banks)		111,330		3,281,996
Voestalpine AG (Materials, Metals & Mining)		69,168		2,298,255

				10,125,832


Belgium: 0.66%
Bpost SA (Industrials, Air Freight & Logistics)		68,200		880,957
UCB SA (Health Care, Pharmaceuticals)		77,200		6,488,438

				7,369,395


Brazil: 0.83%
Banco de Brasil SA (Financials, Banks)		268,900		3,103,441
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		282,500		3,742,559
JBS SA (Consumer Staples, Food Products)		805,600		2,452,007

				9,298,007


Canada: 1.13%
George Weston Limited (Consumer Staples, Food & Staples Retailing)		14,998		1,084,453
Loblaw Companies Limited (Consumer Staples, Food & Staples Retailing)		111,100		5,124,991
Magna International Incorporated (Consumer Discretionary, Auto Components) «		90,400		4,511,665
WestJet Airlines Limited (Industrials, Airlines)		120,000		1,861,438

				12,582,547

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo International Value Portfolio			23


Security name	Shares		Value

China: 3.40%
Agile Property Holdings Limited (Real Estate, Real Estate Management & Development)		1,900,000	$	2,578,988
China Communications Services Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		2,836,000		2,366,958
China Petroleum & Chemical Corporation H Shares (Energy, Oil, Gas & Consumable Fuels)		6,634,000		5,638,561
China Railway Construction Corporation Limited H Shares (Industrials, Construction & Engineering)		3,201,500		4,100,081
China Resources Cement Holdings Limited (Materials, Construction Materials)		4,106,000		4,009,438
China Telecom Corporation Limited H Shares (Communication Services, Diversified Telecommunication Services)		10,590,000		5,698,351
Dongfeng Motor Group Company Limited H Shares (Consumer Discretionary, Automobiles)		3,154,000		3,043,546
PICC Property & Casualty Company Limited H Shares (Financials, Insurance)		4,298,000		4,411,163
Shanghai Pharmaceuticals Holding Company Limited H Shares (Health Care, Health Care Providers & Services)		1,061,600		2,618,722
Shenzhen International Holdings Limited H Shares (Industrials, Transportation Infrastructure)		1,777,300		3,566,412

				38,032,220


Denmark: 0.69%
Danske Bank AS (Financials, Banks)		150,300		2,995,763
DFDS AS (Industrials, Marine)		59,227		2,224,455
Sydbank AS (Financials, Banks)		102,782		2,535,075

				7,755,293


Finland: 0.45%
Outokumpu Oyj (Materials, Metals & Mining)		447,093		1,859,610
UPM-Kymmene Oyj (Materials, Paper & Forest Products)		118,000		3,143,322

				5,002,932


France: 9.66%
Air France-KLM (Industrials, Airlines) †		288,100		3,320,289
Arkema SA (Materials, Chemicals)		42,992		4,078,651
AXA SA (Financials, Insurance)		233,600		5,689,827
BNP Paribas SA (Financials, Banks)		123,579		6,208,232
Compagnie de Saint-Gobain SA (Industrials, Building Products)		152,637		5,656,621
Compagnie Generale des Etablissements Michelin SCA (Consumer Discretionary, Auto Components)		32,700		3,421,359
Credit Agricole SA (Financials, Banks)		219,328		2,723,368
Engie SA (Utilities, Multi-Utilities)		171,900		2,417,032
Natixis SA (Financials, Capital Markets)		1,548,200		8,553,262
Neopost SA (Information Technology, Technology Hardware, Storage & Peripherals)		66,600		1,844,232
Orange SA (Communication Services, Diversified Telecommunication Services) «		844,700		14,497,282
Renault SA (Consumer Discretionary, Automobiles)		55,900		3,926,797
Sanofi SA (Health Care, Pharmaceuticals)		238,389		21,539,142
SCOR SE (Financials, Insurance)		70,800		3,401,680
Societe Generale SA (Financials, Banks)		63,400		2,329,822
Total SA (Energy, Oil, Gas & Consumable Fuels) «		329,000		18,312,044

				107,919,640


Germany: 7.37%
Allianz AG (Financials, Insurance)		44,428		9,380,381
Aurubis AG (Materials, Metals & Mining)		43,296		2,356,661
BASF SE (Materials, Chemicals)		130,090		9,480,087
Bayer AG (Health Care, Pharmaceuticals)		11,900		870,021
Bayerische Motoren Werke AG (Consumer Discretionary, Automobiles)		91,500		7,480,030

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


24		Wells Fargo International Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Germany (continued)
Covestro AG (Materials, Chemicals) 144A		132,837	$	7,648,571
Daimler AG (Consumer Discretionary, Automobiles)		106,990		6,019,228
Deutsche Lufthansa AG (Industrials, Airlines)		223,600		5,442,459
Deutsche Post AG (Industrials, Air Freight & Logistics)		85,100		2,709,129
Gerresheimer AG (Health Care, Life Sciences Tools & Services)		32,790		2,334,947
Kloeckner & Company SE (Industrials, Trading Companies & Distributors)		344,100		2,767,793
Leoni AG (Consumer Discretionary, Auto Components) «		72,900		2,328,174
Metro AG (Consumer Staples, Food & Staples Retailing) «		269,900		4,141,783
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance)		28,119		6,108,854
Siemens AG (Industrials, Industrial Conglomerates)		34,200		3,964,706
Siltronic AG (Information Technology, Semiconductors & Semiconductor Equipment)		27,422		2,477,347
Volkswagen AG (Consumer Discretionary, Automobiles)		41,837		6,910,361

				82,420,532


Hong Kong: 2.97%
China Water Affairs Group Limited (Utilities, Water Utilities)		1,965,000		2,210,123
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components)		3,948,000		3,759,279
Lee & Man Paper Manufacturing Limited (Materials, Paper & Forest Products)		3,155,000		2,859,017
Nine Dragons Paper Holdings Limited (Materials, Paper & Forest Products)		3,216,000		3,259,571
Sinotruk Hong Kong Limited (Industrials, Machinery)		3,571,500		5,861,204
Skyworth Digital Holdings Limited (Consumer Discretionary, Household Durables)		8,404,000		2,062,331
WH Group Limited (Consumer Staples, Food Products) 144A		5,899,000		4,305,124
Wheelock & Company Limited (Real Estate, Real Estate Management & Development)		379,000		2,174,987
Xinyi Glass Holdings Limited (Consumer Discretionary, Auto Components)		2,816,000		3,026,912
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,257,000		3,655,004

				33,173,552


India: 0.29%
Tech Mahindra Limited (Information Technology, IT Services)		321,500		3,256,517


Ireland: 0.59%
C&C Group plc (Consumer Staples, Beverages)		240,000		828,697
Grafton Group plc (Industrials, Trading Companies & Distributors)		248,800		2,244,598
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,514,003

				6,587,298


Israel: 0.46%
Bank Hapoalim Limited (Financials, Banks) (a)		320,800		2,203,869
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals) (a)		136,844		2,942,894

				5,146,763


Italy: 2.19%
A2A SpA (Utilities, Multi-Utilities)		2,121,107		3,568,340
Enel SpA (Utilities, Electric Utilities)		1,706,600		9,254,483
Leonardo SpA (Industrials, Aerospace & Defense)		342,737		3,378,038
Mediobanca SpA (Financials, Banks)		371,363		3,281,800
UnipolSai Assicurazioni SpA (Financials, Insurance) «		2,160,500		5,028,776

				24,511,437

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo International Value Portfolio			25


Security name	Shares		Value

Japan: 22.11%
Adeka Corporation (Materials, Chemicals)		203,500	$	3,225,094
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		119,800		4,738,598
Aozora Bank Limited (Financials, Banks)		64,900		2,132,555
Asahi Glass Company Limited (Industrials, Building Products)		121,800		4,136,361
Brother Industries Limited (Information Technology, Technology Hardware, Storage & Peripherals)		200,800		3,355,659
Central Glass Company Limited (Industrials, Building Products)		88,800		2,188,807
Credit Saison Company Limited (Financials, Consumer Finance)		329,900		4,234,368
DCM Holdings Company Limited (Consumer Discretionary, Specialty Retail)		243,900		2,419,340
Denka Company Limited (Materials, Chemicals)		99,700		3,214,571
DIC Incorporated (Materials, Chemicals)		124,900		3,966,564
Dowa Mining Company Limited (Materials, Metals & Mining)		56,900		1,874,695
Eizo Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		63,300		2,648,769
Fujikura Limited (Industrials, Electrical Equipment)		435,200		1,890,090
Geo Holdings Corporation (Consumer Discretionary, Specialty Retail)		133,700		2,250,810
Hitachi Limited (Information Technology, Electronic Equipment, Instruments & Components)		165,800		4,802,453
Isuzu Motors Limited (Consumer Discretionary, Automobiles)		263,900		3,756,881
Itochu Corporation (Industrials, Trading Companies & Distributors)		356,200		6,326,029
Japan Airlines Company Limited (Industrials, Airlines)		108,600		3,916,737
JFE Holdings Incorporated (Materials, Metals & Mining)		263,600		4,647,803
JTEKT Corporation (Industrials, Machinery)		322,100		4,097,365
JXTG Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		754,900		4,564,048
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		44,700		2,287,865
KDDI Corporation (Communication Services, Wireless Telecommunication Services)		544,200		12,771,429
Keihin Corporation (Consumer Discretionary, Auto Components)		180,400		3,121,223
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,907,457
Makino Milling Machine Company Limited (Industrials, Machinery)		79,400		3,221,046
Marubeni Corporation (Industrials, Trading Companies & Distributors)		812,100		6,063,117
Mazda Motor Corporation (Consumer Discretionary, Automobiles)		283,200		3,018,738
Mitsubishi Electric Corporation (Industrials, Electrical Equipment)		431,500		5,694,287
Mitsubishi Gas Chemical Company Incorporated (Materials, Chemicals)		195,500		3,210,254
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)		921,500		5,069,610
Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified Financial Services)		699,300		3,813,300
Mitsui Chemicals Incorporated (Materials, Chemicals)		177,100		4,494,781
Mixi Incorporated (Communication Services, Interactive Media & Services)		54,400		1,282,424
Mizuho Financial Group Incorporated (Financials, Banks)		3,425,200		5,681,762
Morinaga Milk Industry Company Limited (Consumer Staples, Food Products)		134,500		3,939,678
Nippon Telegraph & Telephone Corporation (Communication Services, Diversified Telecommunication Services)		324,200		13,366,128
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		587,500		5,146,027
Nisshinbo Holdings Incorporated (Industrials, Industrial Conglomerates)		226,100		2,057,537
Nomura Holdings Incorporated (Financials, Capital Markets)		1,144,100		5,154,321
NTN Corporation (Industrials, Machinery)		1,133,600		3,804,798
NTT DOCOMO Incorporated (Communication Services, Wireless Telecommunication Services)		98,600		2,283,135
ORIX Corporation (Financials, Diversified Financial Services)		469,600		7,609,824
Resona Holdings Incorporated (Financials, Banks)		1,348,600		7,150,794
Ryobi Limited (Industrials, Machinery)		117,400		3,200,925
Sawai Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		42,000		2,219,971
SCREEN Holdings Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		50,100		2,506,876
Showa Shell Sekiyu KK (Energy, Oil, Gas & Consumable Fuels)		145,400		2,253,082
Sojitz Corporation (Industrials, Trading Companies & Distributors)		1,855,500		6,571,035
Sompo Holdings Incorporated (Financials, Insurance)		25,100		969,815

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


26		Wells Fargo International Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Japan (continued)
Sumitomo Heavy Industries Limited (Industrials, Machinery)		140,900	$	4,673,290
Sumitomo Mitsui Financial Group Incorporated (Financials, Banks)		173,200		6,382,378
Sumitomo Osaka Cement Company (Materials, Construction Materials)		34,900		1,567,987
Teijin Limited (Materials, Chemicals)		279,600		4,827,697
The Keiyo Bank Limited (Financials, Banks)		224,300		1,580,760
The Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		172,900		3,618,997
Toho Holdings Company Limited (Health Care, Health Care Providers & Services)		63,000		1,673,303
Tokyo Electron Limited (Information Technology, Semiconductors & Semiconductor Equipment)		21,000		2,936,837
Toyo Ink SC Holding Company Limited (Materials, Chemicals)		75,000		1,854,601
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		165,400		2,612,538
Toyota Boshoku Corporation (Consumer Discretionary, Auto Components)		180,900		2,787,245
UBE Industries Limited (Materials, Chemicals)		149,300		3,402,538
ULVAC Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		107,300		3,941,691

				247,118,698


Liechtenstein: 0.09%
VP Bank AG (Financials, Capital Markets)		6,558		1,025,334


Malaysia: 0.32%
Tenaga Nasional Bhd (Utilities, Electric Utilities)		1,062,400		3,615,384


Netherlands: 2.98%
ABN AMRO Group NV (Financials, Banks) 144A		233,218		5,945,869
Aegon NV (Financials, Insurance)		566,623		3,154,128
ASR Nederland NV (Financials, Insurance)		83,831		3,615,884
ING Groep NV (Financials, Banks)		282,500		3,416,939
Koninklijke Ahold Delhaize NV (Consumer Staples, Food & Staples Retailing)		437,386		11,242,717
Philips Lighting NV (Industrials, Electrical Equipment) 144A		97,200		2,584,843
RHI Magnesita NV (Materials, Construction Materials) «		64,721		2,986,512
X5 Retail Group NV GDR (Consumer Staples, Food & Staples Retailing)		14,352		365,976

				33,312,868


Norway: 1.41%
Den Norske Bank ASA (Financials, Banks)		221,600		3,802,975
Grieg Seafood ASA (Consumer Staples, Food Products)		336,787		4,427,876
Leroy Seafood Group ASA (Consumer Staples, Food Products)		558,599		4,752,236
Marine Harvest ASA (Consumer Staples, Food Products)		117,900		2,758,593

				15,741,680


Poland: 0.12%
Asseco Poland SA (Information Technology, Software)		101,400		1,284,953


Russia: 1.30%
Gazprom PAO ADR (Energy, Oil, Gas & Consumable Fuels)		781,547		3,720,164
Gazprom Neft ADR - London Exchange (Energy, Oil, Gas & Consumable Fuels)		136,114		3,722,718
Gazprom Neft ADR (Energy, Oil, Gas & Consumable Fuels)		886		24,201
Lukoil OAO ADR (Energy, Oil, Gas & Consumable Fuels) «		46,800		3,425,760
Lukoil PJSC ADR (Energy, Oil, Gas & Consumable Fuels)		50,101		3,682,424

				14,575,267

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo International Value Portfolio			27


Security name	Shares		Value

Singapore: 0.60%
DBS Group Holdings Limited (Financials, Banks)		185,700	$	3,300,070
United Overseas Bank Limited (Financials, Banks)		184,100		3,374,965

				6,675,035


South Africa: 0.31%
Absa Group Limited (Financials, Banks)		274,900		3,054,720
Petra Diamonds Limited (Materials, Metals & Mining) «†		842,600		452,450

				3,507,170


South Korea: 2.56%
BNK Financial Group Incorporated (Financials, Banks)		440,300		3,012,713
E-MART Incorporated (Consumer Staples, Food & Staples Retailing)		8,500		1,478,657
Industrial Bank of Korea (Financials, Banks)		264,500		3,492,216
JB Financial Group Company Limited (Financials, Banks)		25,418		129,250
KB Financial Group Incorporated (Financials, Banks)		79,300		3,339,096
KT&G Corporation (Consumer Staples, Tobacco)		38,400		3,562,692
LG Uplus Corporation (Communication Services, Diversified Telecommunication Services)		351,800		5,554,985
SK Telecom Company Limited (Communication Services, Wireless Telecommunication Services)		17,400		4,493,778
Woori Bank (Financials, Banks)		254,400		3,551,773

				28,615,160


Spain: 1.93%
Banco Santander Central Hispano SA (Financials, Banks)		731,000		3,463,361
Distribuidora Internacional SA (Consumer Staples, Food & Staples Retailing) «		483,500		362,250
Iberdrola SA (Utilities, Electric Utilities)		543,200		4,052,566
International Consolidated Airlines Group SA (Industrials, Airlines)		548,044		4,368,849
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		542,137		9,359,740

				21,606,766


Sweden: 1.94%
Boliden AB (Materials, Metals & Mining)		102,400		2,293,515
Electrolux AB Class B (Consumer Discretionary, Household Durables)		162,100		3,682,290
Nordea Bank AB (Financials, Banks)		365,491		3,243,536
Skandinaviska Enskilda Banken AB Class A (Financials, Banks)		272,700		2,839,736
Volvo AB Class B (Industrials, Machinery)		689,107		9,583,073

				21,642,150


Switzerland: 6.63%
Baloise Holding AG (Financials, Insurance)		39,946		5,869,649
Credit Suisse Group AG (Financials, Capital Markets)		168,600		1,987,997
Helvetia Holding AG (Financials, Insurance)		6,293		3,892,772
Roche Holding AG (Health Care, Pharmaceuticals)		98,077		25,435,915
Swiss Life Holding AG (Financials, Insurance)		29,400		11,532,816
Swiss Reinsurance AG (Financials, Insurance)		91,400		8,349,096
UBS Group AG (Financials, Capital Markets)		424,002		5,727,348
Valiant Holding AG (Financials, Banks)		22,700		2,508,463
Zurich Insurance Group AG (Financials, Insurance)		27,970		8,776,933

				74,080,989

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


28		Wells Fargo International Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Taiwan: 0.68%
Catcher Technology Company Limited (Information Technology, Technology Hardware, Storage & Peripherals)		328,000	$	2,816,616
Pegatron Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		1,035,000		1,757,398
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		1,283,000		3,011,571

				7,585,585


Thailand: 0.98%
Bangchak Corporation PCL (Energy, Oil, Gas & Consumable Fuels)		2,367,100		2,429,179
Krung Thai Bank PCL ADR (Financials, Banks)		5,181,900		3,182,801
Thai Oil PCL (Energy, Oil, Gas & Consumable Fuels)		1,286,500		2,972,984
Thanachart Capital PCL (Financials, Banks)		1,481,500		2,387,518

				10,972,482


Turkey: 0.52%
Koç Holding AS (Industrials, Industrial Conglomerates)		1,184,300		3,493,390
TAV Havalimanlari Holding AS (Industrials, Transportation Infrastructure)		522,900		2,350,743

				5,844,133


United Kingdom: 14.58%
3i Group plc (Financials, Capital Markets)		456,100		4,844,764
Anglo American plc (Materials, Metals & Mining)		267,586		5,340,297
Aviva plc (Financials, Insurance)		704,391		3,653,113
BAE Systems plc (Industrials, Aerospace & Defense)		1,220,400		7,640,184
Barclays plc (Financials, Banks)		715,000		1,483,982
Barratt Developments plc (Consumer Discretionary, Household Durables)		480,975		2,832,744
Bellway plc (Consumer Discretionary, Household Durables)		80,100		2,594,555
Bovis Homes Group plc (Consumer Discretionary, Household Durables)		244,800		2,680,783
BP plc (Energy, Oil, Gas & Consumable Fuels)		2,015,036		13,351,836
BT Group plc (Communication Services, Diversified Telecommunication Services)		1,099,700		3,671,389
Centrica plc (Utilities, Multi-Utilities)		898,500		1,577,119
Chemring Group plc (Industrials, Aerospace & Defense)		294,466		628,875
Crest Nicholson Holdings plc (Consumer Discretionary, Household Durables)		345,400		1,506,112
Debenhams plc (Consumer Discretionary, Multiline Retail) «		1,238,200		103,660
Firstgroup plc (Industrials, Road & Rail) †		952,400		1,082,528
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		965,207		19,944,311
Highland Gold Mining Limited (Materials, Metals & Mining)		1,280,734		2,426,748
Imperial Tobacco Group plc (Consumer Staples, Tobacco)		202,991		6,233,740
Inchcape plc (Consumer Discretionary, Distributors)		423,425		3,137,481
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)		1,270,500		4,937,753
Kingfisher plc (Consumer Discretionary, Specialty Retail)		1,323,253		4,215,390
Legal & General Group plc (Financials, Insurance)		2,314,194		7,221,766
Lloyds Banking Group plc (Financials, Banks)		8,916,700		6,290,064
Marks & Spencer Group plc (Consumer Discretionary, Multiline Retail)		705,000		2,629,461
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		893,000		1,160,664
Mitchells & Butlers plc (Consumer Discretionary, Hotels, Restaurants & Leisure)		367,200		1,286,738
Paragon Group of Companies plc (Financials, Thrifts & Mortgage Finance)		501,100		2,683,090
Petrofac Limited (Energy, Energy Equipment & Services)		522,047		3,384,633
Premier Foods plc (Consumer Staples, Food Products) †		73,926		33,677
QinetiQ Group plc (Industrials, Aerospace & Defense)		773,800		2,927,479
Quilter plc (Financials, Capital Markets) 144A		687,346		1,016,863

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo International Value Portfolio			29


Security name						Shares		Value

United Kingdom (continued)
Redrow plc (Consumer Discretionary, Household Durables)							441,068	$	2,637,050
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)							786,300		24,001,550
Royal Mail plc (Industrials, Air Freight & Logistics)							539,626		2,199,005
SSE plc (Utilities, Electric Utilities)							259,800		3,626,656
Tate & Lyle plc (Consumer Staples, Food Products)							497,300		4,549,857
The Berkeley Group Holdings plc (Consumer Discretionary, Household Durables)							75,800		3,115,935
The Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)							138,516		254,166

									162,906,018


Total Common Stocks (Cost $1,114,472,456)									1,067,141,914


	Dividend yield
Preferred Stocks: 1.52%

Brazil: 1.52%
Banco do Estado do Rio Grande do Sul SA (Financials, Banks)		1.53	%				957,800		5,406,975
Companhia Energetica de Minas Gerais SA (Utilities, Electric Utilities)		4.30					2,031,400		6,676,776
Itausa Investimentos Itau SA (Financials, Banks)		0.32					1,524,600		4,865,157

Total Preferred Stocks (Cost $13,937,411)									16,948,908


				Expiration date
Rights: 0.01%

United Kingdom: 0.01%
The Restaurant Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure) †(a)					12-13-2018		200,079		96,881


Total Rights (Cost $160,017)									96,881


	Yield
Short-Term Investments: 5.37%

Investment Companies: 5.37%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38					48,831,268		48,836,152
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13					11,223,222		11,223,222

Total Short-Term Investments (Cost $60,059,079)									60,059,374


Total investments in securities (Cost $1,188,628,963)	102.38	%		1,144,247,077
Other assets and liabilities, net	(2.38	)		(26,582,607	)

Total net assets	100.00	%	$	1,117,664,470

«	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 Portfolio 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.

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


30		Wells Fargo International Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)

Abbreviations:

ADR	American depositary receipt

GDR	Global depositary receipt

REIT	Real estate investment trust

The following table shows the percent of total long-term investments by sector as of November 30, 2018:


Financials	25.29	%
Industrials	13.89
Consumer Discretionary	10.68
Materials	10.64
Energy	9.72
Health Care	8.15
Consumer Staples	6.97
Communication Services	6.08
Utilities	3.76
Information Technology	3.73
Real Estate	1.09

	100.00	%

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		25,301,762		210,581,079		187,051,573		48,831,268	$	1,929	$	0	$	557,714	$	48,836,152
Wells Fargo Government Money Market Fund Select Class		22,685,533		98,384,278		109,846,589		11,223,222		0		0		132,004		11,223,222

									$	1,929	$	0	$	689,718	$	60,059,374		5.37	%

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


Statement of assets and liabilities—November 30, 2018 (unaudited)		Wells Fargo International Value Portfolio			31




Assets
Investments in unaffiliated securities (including $48,512,666 securities on loan), at value (cost $1,128,569,884)	$	1,084,187,703
Investments in affiliated securities, at value (cost $60,059,079)		60,059,374
Foreign currency, at value (cost $18,182,302)		18,142,177
Receivable for dividends		5,445,819
Receivable for investments sold		2,790,201
Receivable for securities lending income		49,534

Total assets		1,170,674,808


Liabilities
Payable upon receipt of securities loaned		48,831,866
Payable for investments purchased		3,261,730
Advisory fee payable		749,861
Accrued expenses and other liabilities		166,881

Total liabilities		53,010,338

Total net assets	$	1,117,664,470

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


32		Wells Fargo International Value Portfolio		Statement of operations—six months ended November 30, 2018 (unaudited)




Investment income
Dividends (net of foreign withholding taxes of $1,783,247)	$	18,109,414
Income from affiliated securities		689,718

Total investment income		18,799,132


Expenses
Advisory fee		4,438,087
Custody and accounting fees		99,012
Professional fees		30,749
Shareholder report expenses		1,338
Trustees’ fees and expenses		11,048
Other fees and expenses		22,263

Total expenses		4,602,497

Net investment income		14,196,635


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(3,100,819	)
Affiliated securities		1,929

Net realized losses on investments		(3,098,890	)
Net change in unrealized gains (losses) on investments		(107,647,600	)

Net realized and unrealized gains (losses) on investments		(110,746,490	)

Net decrease in net assets resulting from operations	$	(96,549,855	)

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


Statement of changes in net assets		Wells Fargo International Value Portfolio			33


	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018

Operations
Net investment income	$	14,196,635		$	22,286,555
Net realized gains (losses) on investments		(3,098,890	)		15,107,292
Net change in unrealized gains (losses) on investments		(107,647,600	)		21,851,248

Net increase (decrease) in net assets resulting from operations		(96,549,855	)		59,245,095


Capital transactions
Transactions in investors’ beneficial interests
Contributions		442,181,431			197,415,479
Withdrawals		(127,897,174	)		(109,368,233	)

Net increase in net assets resulting from capital transactions		314,284,257			88,047,246

Total increase in net assets		217,734,402			147,292,341


Net assets
Beginning of period		899,930,068			752,637,727

End of period	$	1,117,664,470		$	899,930,068

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


34		Wells Fargo International Value Portfolio		Financial highlights


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Total return¹		(8.74	)%		7.74	%		19.16	%		(11.85	)%		(1.04	)%		18.22	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.82	%		0.87	%		0.91	%		0.91	%		0.91	%
Net expenses		0.79	%		0.82	%		0.87	%		0.91	%		0.91	%		0.91	%
Net investment income		2.45	%		2.65	%		3.03	%		2.50	%		2.45	%		3.09	%
Supplemental data
Portfolio turnover rate		6	%		15	%		41	%		14	%		18	%		11	%

¹	Returns for periods of less than one year are not annualized.

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


Notes to financial statements (unaudited)		Wells Fargo International Value Portfolio			35

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo International Value Portfolio ( “International Value Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the 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 November 30, 2018, such fair value pricing was used in pricing foreign securities.

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.

Foreign currency translation

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


36		Wells Fargo International Value Portfolio		Notes to financial statements (unaudited)

Securities lending

The Portfolio 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 (“Wells Fargo”). 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 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. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $1,188,628,963 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	86,712,123
Gross unrealized losses		(131,094,009	)
Net unrealized losses	$	(44,381,886	)

3. FAIR VALUATION MEASUREMENTS

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


Notes to financial statements (unaudited)		Wells Fargo International Value Portfolio			37

∎

Level 1 – quoted prices in active markets for identical securities

∎

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

∎

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Australia	$	53,850,277	$	0	$	0	$	53,850,277
Austria		10,125,832		0		0		10,125,832
Belgium		7,369,395		0		0		7,369,395
Brazil		9,298,007		0		0		9,298,007
Canada		12,582,547		0		0		12,582,547
China		38,032,220		0		0		38,032,220
Denmark		7,755,293		0		0		7,755,293
Finland		5,002,932		0		0		5,002,932
France		107,919,640		0		0		107,919,640
Germany		82,420,532		0		0		82,420,532
Hong Kong		33,173,552		0		0		33,173,552
India		3,256,517		0		0		3,256,517
Ireland		6,587,298		0		0		6,587,298
Israel		0		5,146,763		0		5,146,763
Italy		24,511,437		0		0		24,511,437
Japan		247,118,698		0		0		247,118,698
Liechtenstein		1,025,334		0		0		1,025,334
Malaysia		3,615,384		0		0		3,615,384
Netherlands		33,312,868		0		0		33,312,868
Norway		15,741,680		0		0		15,741,680
Poland		1,284,953		0		0		1,284,953
Russia		14,575,267		0		0		14,575,267
Singapore		6,675,035		0		0		6,675,035
South Africa		3,507,170		0		0		3,507,170
South Korea		28,615,160		0		0		28,615,160
Spain		21,606,766		0		0		21,606,766
Sweden		21,642,150		0		0		21,642,150
Switzerland		74,080,989		0		0		74,080,989
Taiwan		7,585,585		0		0		7,585,585
Thailand		10,972,482		0		0		10,972,482
Turkey		5,844,133		0		0		5,844,133
United Kingdom		162,906,018		0		0		162,906,018

Preferred stocks
Brazil		16,948,908		0		0		16,948,908

Rights
United Kingdom		0		96,881		0		96,881

Short-term investments
Investment companies		11,223,222		48,836,152		0		60,059,374
Total assets	$	1,090,167,281	$	54,079,796	$	0	$	1,144,247,077


38		Wells Fargo International Value Portfolio		Notes to financial statements (unaudited)

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.80% and declining to 0.65% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.76% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. LSV Asset Management, which is not an affiliate of Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the of Portfolio increase.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2018 were $389,895,973 and $70,938,544, respectively.

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENT


Other information (unaudited)		Wells Fargo International Value Fund			39

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended May 31, 2018. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable

foreign taxes

paid

Per share

amount

Foreign

income as % of

ordinary income

distributions

$2,550,505

$0.04535

100%

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


40		Wells Fargo International Value Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


Other information (unaudited)		Wells Fargo International Value Fund			41


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


42		Wells Fargo International Value Fund		Other information (unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹	Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


Appendix A (unaudited)		Wells Fargo International Value Fund			43

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

This page is intentionally left blank.

LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318978 01-19

SA284/SAR284 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Small Company Growth Fund

LOGO

Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Wells Fargo Small Company Growth Fund
Portfolio of investments			9

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			18

Wells Fargo Small Company Growth Portfolio
Portfolio of investments			22

Financial statements
Statement of assets and liabilities			28
Statement of operations			29
Statement of changes in net assets			30
Financial highlights			31

Notes to financial statements			32

Other information			36

Appendix A			40

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Small Company Growth Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Company Growth Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo Small Company Growth Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Small Company Growth Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.


6		Wells Fargo Small Company Growth Fund¹		Performance highlights (unaudited)

The Fund is currently closed to most new investors.²

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Peregrine Capital Management, LLC

Portfolio managers

William A. Grierson, CFA^®^‡

Daniel J. Hagen, CFA^®^‡

James P. Ross, CFA^®^‡

Paul E. von Kuster, CFA^®^‡

Average annual total returns (%) as of November 30, 2018³


		Including sales charge						Excluding sales charge						Expense ratios⁴ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net⁵
Class A (WFSAX)	1-30-2004		3.83		7.14		16.65		10.16		8.41		17.34		1.33		1.33
Class C (WSMCX)	1-30-2004		8.34		7.60		16.48		9.34		7.60		16.48		2.08		2.08
Class R6 (WSCRX)	10-31-2014		–		–		–		10.64		8.90		17.89		0.90		0.90
Administrator Class (NVSCX)	11-11-1994		–		–		–		10.29		8.59		17.59		1.25		1.20
Institutional Class (WSCGX)	3-31-2008		–		–		–		10.56		8.85		17.87		1.00		0.95
Russell 2000^® Growth Index⁶	–		–		–		–		2.81		8.22		15.55		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Small Company Growth Fund			7


Ten largest holdings (%) as of November 30, 2018⁷
Eldorado Resorts Incorporated			1.53
Copart Incorporated			1.42
LiveRamp Holdings Incorporated			1.39
PTC Incorporated			1.36
SS&C Technologies Holdings Incorporated			1.33
Evercore Partners Incorporated Class A			1.33
ICON plc ADR			1.31
RealPage Incorporated			1.31
ASGN Incorporated			1.31
Syneos Health Incorporated			1.28

Sector distribution as of November 30, 2018⁸

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

²	Please see the Fund’s current Statement of Additional Information for further details.

³	Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

⁴	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁵

The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.35% for Class A, 2.10% for Class C, 0.90% for Class R6, 1.20% for Administrator Class, and 0.95% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁶	The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁷

⁸	Amounts represent the sector distribution of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo Small Company Growth Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	968.23	$	6.46		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.63		1.31	%
Class C
Actual	$	1,000.00	$	964.67	$	10.15		2.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.74	$	10.40		2.06	%
Class R6
Actual	$	1,000.00	$	970.32	$	4.35		0.88	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.66	$	4.46		0.88	%
Administrator Class
Actual	$	1,000.00	$	968.73	$	5.92		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	970.10	$	4.69		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Small Company Growth Fund			9

Security name

Value

Investment Companies: 99.99%

Affiliated Master Portfolio: 99.99%

Wells Fargo Small Company Growth Portfolio

1,940,297,388

Total Investment Companies (Cost $1,492,235,770)

1,940,297,388


Total investments in securities (Cost $1,492,235,770)	99.99	%		1,940,297,388
Other assets and liabilities, net	0.01			107,193

Total net assets	100.00	%	$	1,940,404,581

Transactions with the affiliated Master Portfolio were as follows:

% of
ownership,
beginning of
period

% of
ownership,
end of
period

Net

realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio

Net

change in
unrealized
gains

(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio

Dividends
allocated
from
affiliated
Master
Portfolio

Affiliated
income
allocated
from
affiliated
Master
Portfolio

Securities
lending
income
allocated
from
affiliated
Master
Portfolio

Value,
end

of period

% of
net
assets

Wells Fargo Small Company Growth Portfolio

129,622,159

(185,190,642

)

5,957,460

792,156

376,362

1,940,297,388

99.99

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


10		Wells Fargo Small Company Growth Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolio, at value (cost $1,492,235,770)	$	1,940,297,388
Receivable for Fund shares sold		2,277,707
Prepaid expenses and other assets		79,193

Total assets		1,942,654,288


Liabilities
Payable for Fund shares redeemed		1,834,865
Administration fees payable		170,385
Management fee payable		43,842
Distribution fee payable		11,461
Trustees’ fees and expenses payable		2,743
Accrued expenses and other liabilities		186,411

Total liabilities		2,249,707

Total net assets	$	1,940,404,581


NET ASSETS CONSIST OF
Paid-in capital	$	1,374,480,400
Total distributable earnings		565,924,181

Total net assets	$	1,940,404,581


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	64,897,754
Shares outstanding – Class A¹		1,182,888
Net asset value per share – Class A		$54.86
Maximum offering price per share – Class A²		$58.21
Net assets – Class C	$	17,531,269
Shares outstanding – Class C¹		360,741
Net asset value per share – Class C		$48.60
Net assets – Class R6	$	617,247,844
Shares outstanding – Class R6¹		10,546,282
Net asset value per share – Class R6		$58.53
Net assets – Administrator Class	$	108,876,120
Shares outstanding – Administrator Class¹		1,909,640
Net asset value per share – Administrator Class		$57.01
Net assets – Institutional Class	$	1,131,851,594
Shares outstanding – Institutional Class¹		19,381,006
Net asset value per share – Institutional Class		$58.40

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Small Company Growth Fund			11




Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $49,519)	$	5,957,460
Affiliated income allocated from affiliated Master Portfolio		792,156
Securities lending income allocated from affiliated Master Portfolio		376,362
Expenses allocated from affiliated Master Portfolio		(8,106,179	)

Total investment income		(980,201	)


Expenses
Management fee		523,269
Administration fees
Class A		79,143
Class C		20,684
Class R6		101,235
Administrator Class		77,092
Institutional Class		782,925
Shareholder servicing fees
Class A		94,218
Class C		24,623
Administrator Class		148,254
Distribution fee
Class C		73,870
Custody and accounting fees		28,553
Professional fees		15,176
Registration fees		87,694
Shareholder report expenses		124,022
Trustees’ fees and expenses		11,724
Other fees and expenses		11,901

Total expenses		2,204,383
Less: Fee waivers and/or expense reimbursements		(207,417	)

Net expenses		1,996,966

Net investment loss		(2,977,167	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on securities transactions allocated from affiliated Master Portfolio		129,622,159
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(185,190,642	)

Net realized and unrealized gains (losses) on investments		(55,568,483	)

Net decrease in net assets resulting from operations	$	(58,545,650	)

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


12		Wells Fargo Small Company Growth Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment loss				$	(2,977,167	)				$	(6,731,559	)
Net realized gains on investments					129,622,159						118,893,213
Net change in unrealized gains (losses) on investments					(185,190,642	)					342,601,168

Net increase (decrease) in net assets resulting from operations					(58,545,650	)					454,762,822


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		203,013			11,810,907			418,324			20,519,628
Class C		4,503			232,818			16,011			676,399
Class R6		1,943,279			121,150,949			3,523,131			188,048,494
Administrator Class		287,391			17,332,747			359,239			18,697,115
Institutional Class		3,112,756			191,235,820			5,366,558			285,015,561

					341,763,241						512,957,197

Payment for shares redeemed
Class A		(362,517	)		(21,080,175	)		(795,177	)		(39,090,958	)
Class C		(40,306	)		(2,057,557	)		(184,692	)		(8,044,725	)
Class R6		(1,652,011	)		(103,405,519	)		(2,181,955	)		(117,000,267	)
Administrator Class		(322,229	)		(19,382,166	)		(1,253,278	)		(62,203,048	)
Institutional Class		(3,158,280	)		(195,439,195	)		(7,602,523	)		(404,594,261	)

					(341,364,612	)					(630,933,259	)

Net increase (decrease) in net assets resulting from capital share transactions					398,629						(117,976,062	)

Total increase (decrease) in net assets					(58,147,021	)					336,786,760


Net assets
Beginning of period					1,998,551,602						1,661,764,842

End of period				$	1,940,404,581					$	1,998,551,602

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


Financial highlights		Wells Fargo Small Company Growth Fund			13

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$56.66			$44.26			$37.69			$44.23			$39.44			$34.23
Net investment loss		(0.19	)¹		(0.35	)¹		(0.28	)¹		(0.22	)¹		(0.37	)¹		(0.37	)¹
Net realized and unrealized gains (losses) on investments		(1.61	)		12.75			6.85			(6.05	)		7.08			7.98

Total from investment operations		(1.80	)		12.40			6.57			(6.27	)		6.71			7.61
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)		(2.40	)
Net asset value, end of period		$54.86			$56.66			$44.26			$37.69			$44.23			$39.44
Total return²		(3.18	)%		28.02	%		17.43	%		(14.20	)%		17.51	%		22.63	%
Ratios to average net assets (annualized)
Gross expenses³		1.31	%		1.32	%		1.33	%		1.34	%		1.41	%		1.45	%
Net expenses³		1.31	%		1.32	%		1.33	%		1.34	%		1.40	%		1.41	%
Net investment loss³		(0.64	)%		(0.71	)%		(0.68	)%		(0.57	)%		(0.90	)%		(0.96	)%
Supplemental data
Portfolio turnover rate⁴		30	%		37	%		82	%		49	%		58	%		77	%
Net assets, end of period (000s omitted)		$64,898			$76,065			$76,087			$128,675			$85,588			$30,364

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.81	%
Year ended May 31, 2014	0.83	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


14		Wells Fargo Small Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$50.38			$39.65			$34.02			$40.25			$36.32			$31.91
Net investment loss		(0.36	)¹		(0.64	)¹		(0.54	)¹		(0.46	)¹		(0.63	)¹		(0.62	)¹
Net realized and unrealized gains (losses) on investments		(1.42	)		11.37			6.17			(5.50	)		6.48			7.43

Total from investment operations		(1.78	)		10.73			5.63			(5.96	)		5.85			6.81
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)		(2.40	)
Net asset value, end of period		$48.60			$50.38			$39.65			$34.02			$40.25			$36.32
Total return²		(3.53	)%		27.06	%		16.55	%		(14.84	)%		16.62	%		21.75	%
Ratios to average net assets (annualized)
Gross expenses³		2.06	%		2.07	%		2.08	%		2.09	%		2.16	%		2.20	%
Net expenses³		2.06	%		2.07	%		2.08	%		2.09	%		2.15	%		2.16	%
Net investment loss³		(1.38	)%		(1.47	)%		(1.43	)%		(1.32	)%		(1.64	)%		(1.71	)%
Supplemental data
Portfolio turnover rate⁴		30	%		37	%		82	%		49	%		58	%		77	%
Net assets, end of period (000s omitted)		$17,531			$19,979			$22,410			$26,946			$17,334			$6,546

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.81	%
Year ended May 31, 2014	0.83	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Small Company Growth Fund			15

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015¹
Net asset value, beginning of period		$60.31			$46.91			$39.77			$46.45			$42.98
Net investment loss		(0.06	)		(0.14	)		(0.11	)		(0.03	)		(0.09	)²
Net realized and unrealized gains (losses) on investments		(1.72	)		13.54			7.25			(6.38	)		5.48

Total from investment operations		(1.78	)		13.40			7.14			(6.41	)		5.39
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)
Net asset value, end of period		$58.53			$60.31			$46.91			$39.77			$46.45
Total return³		(2.97	)%		28.59	%		17.95	%		(13.83	)%		13.00	%
Ratios to average net assets (annualized)
Gross expenses⁴		0.88	%		0.89	%		0.90	%		0.91	%		0.91	%
Net expenses⁴		0.88	%		0.89	%		0.90	%		0.90	%		0.90	%
Net investment loss⁴		(0.20	)%		(0.29	)%		(0.25	)%		(0.09	)%		(0.34	)%
Supplemental data
Portfolio turnover rate⁵		30	%		37	%		82	%		49	%		58	%
Net assets, end of period (000s omitted)		$617,248			$618,523			$418,111			$229,391			$644

¹	For the period from October 31, 2014 (commencement of class operations) to May 31, 2015

²	Calculated based upon average shares outstanding

³	Returns for periods of less than one year are not annualized.

⁴	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015¹	0.81	%

⁵	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


16		Wells Fargo Small Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$58.85			$45.91			$39.05			$45.73			$40.64			$35.13
Net investment loss		(0.18	)		(0.30	)¹		(0.24	)¹		(0.19	)¹		(0.30	)¹		(0.26	)¹
Net realized and unrealized gains (losses) on investments		(1.66	)		13.24			7.10			(6.22	)		7.31			8.17

Total from investment operations		(1.84	)		12.94			6.86			(6.41	)		7.01			7.91
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)		(2.40	)
Net asset value, end of period		$57.01			$58.85			$45.91			$39.05			$45.73			$40.64
Total return²		(3.13	)%		28.19	%		17.57	%		(14.04	)%		17.73	%		22.92	%
Ratios to average net assets (annualized)
Gross expenses³		1.23	%		1.24	%		1.25	%		1.25	%		1.24	%		1.29	%
Net expenses³		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment loss³		(0.52	)%		(0.60	)%		(0.55	)%		(0.46	)%		(0.70	)%		(0.74	)%
Supplemental data
Portfolio turnover rate⁴		30	%		37	%		82	%		49	%		58	%		77	%
Net assets, end of period (000s omitted)		$108,876			$114,429			$130,311			$130,104			$185,267			$118,456

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.81	%
Year ended May 31, 2014	0.83	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Small Company Growth Fund			17

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$60.20			$46.85			$39.75			$46.44			$41.14			$35.46
Net investment loss		(0.08	)		(0.19	)		(0.15	)		(0.09	)		(0.20	)¹		(0.20	)¹
Net realized and unrealized gains (losses) on investments		(1.72	)		13.54			7.25			(6.33	)		7.42			8.28

Total from investment operations		(1.80	)		13.35			7.10			(6.42	)		7.22			8.08
Distributions to shareholders from
Net realized gains		0.00			0.00			0.00			(0.27	)		(1.92	)		(2.40	)
Net asset value, end of period		$58.40			$60.20			$46.85			$39.75			$46.44			$41.14
Total return²		(2.99	)%		28.50	%		17.86	%		(13.85	)%		18.03	%		23.19	%
Ratios to average net assets (annualized)
Gross expenses³		0.98	%		0.99	%		1.00	%		1.01	%		0.98	%		1.02	%
Net expenses³		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment loss³		(0.27	)%		(0.35	)%		(0.31	)%		(0.18	)%		(0.45	)%		(0.49	)%
Supplemental data
Portfolio turnover rate⁴		30	%		37	%		82	%		49	%		58	%		77	%
Net assets, end of period (000s omitted)		$1,131,852			$1,169,555			$1,014,847			$678,699			$457,542			$186,581

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.77	%
Year ended May 31, 2018	0.78	%
Year ended May 31, 2017	0.78	%
Year ended May 31, 2016	0.80	%
Year ended May 31, 2015	0.81	%
Year ended May 31, 2014	0.83	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


18		Wells Fargo Small Company Growth Fund		Notes to financial statements (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

Distributions to shareholders

Federal and other taxes


Notes to financial statements (unaudited)		Wells Fargo Small Company Growth Fund			19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $1,508,464,441 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	431,832,947
Gross unrealized losses		0
Net unrealized gains	$	431,832,947

As of May 31, 2018, the Fund had a qualified late-year ordinary loss of $3,158,480 which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS


Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Small Company Growth Portfolio	Seeks long-term capital appreciation		$1,940,297,388

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C		0.21	%
Class R6		0.03
Administrator Class, Institutional Class		0.13


20		Wells Fargo Small Company Growth Fund		Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 1.35% for Class A shares, 2.10% for Class C shares, 0.90% for Class R6 shares, 1.20% for Administrator Class shares, and 0.95% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $928 from the sale of Class A shares and $11 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2018.

Shareholder servicing fees

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

8. INDEMNIFICATION


Notes to financial statements (unaudited)		Wells Fargo Small Company Growth Fund			21

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

10. SUBSEQUENT DISTRIBUTIONS


	Short-term capital gains		Long-term capital gains
Class A		$0.96615		$3.13850
Class C		0.96615		3.13850
Class R6		0.96615		3.13850
Administrator Class		0.96615		3.13850
Institutional Class		0.96615		3.13850

These distributions are not reflected in the accompanying financial statements.


22		Wells Fargo Small Company Growth Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Common Stocks: 95.97%

Communication Services: 0.78%

Entertainment: 0.78%
Lions Gate Entertainment Class A «		220,943	$	4,288,504
Lions Gate Entertainment Class B		625,131		11,271,108

				15,559,612


Consumer Discretionary: 10.24%

Auto Components: 0.81%
Fox Factory Holding Corporation †		252,595		16,092,827


Diversified Consumer Services: 1.45%
Houghton Mifflin Harcourt Company †		1,185,804		11,798,750
Strategic Education Incorporated		125,366		17,111,205

				28,909,955


Hotels, Restaurants & Leisure: 4.66%
Dave & Buster’s Entertainment Incorporated		302,658		17,209,134
Eldorado Resorts Incorporated †		691,750		30,423,165
Extended Stay America Incorporated		1,390,010		25,298,182
International Game Technology «		1,138,045		19,585,754

				92,516,235


Specialty Retail: 2.54%
At Home Group Incorporated †		546,990		15,589,215
Burlington Stores Incorporated †		120,802		20,024,140
Monro Muffler Brake Incorporated		181,704		14,776,169

				50,389,524


Textiles, Apparel & Luxury Goods: 0.78%
G-III Apparel Group Limited †		388,967		15,589,797


Consumer Staples: 2.23%

Food & Staples Retailing: 1.26%
Performance Food Group Company †		726,749		25,043,771


Household Products: 0.97%
Central Garden & Pet Company Class A †		621,308		19,322,679


Energy: 1.96%

Oil, Gas & Consumable Fuels: 1.96%
Berry Petroleum Corporation		528,221		6,544,658
Diamondback Energy Incorporated «		52,888		5,837,777
GasLog Limited		676,288		14,039,739
Parsley Energy Incorporated Class A †		620,416		12,488,974

				38,911,148

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Small Company Growth Portfolio			23


Security name	Shares		Value

Financials: 8.26%

Banks: 1.40%
ServisFirst Bancshares Incorporated		383,691	$	15,105,915
Triumph Bancorp Incorporated †		330,617		12,656,019

				27,761,934


Capital Markets: 3.77%
Evercore Partners Incorporated Class A		319,055		26,341,181
Focus Financial Partners Class A †		145,447		4,497,221
Stifel Financial Corporation		390,803		18,864,061
Virtu Financial Incorporated Class A		519,566		13,077,476
Virtus Investment Partners Incorporated		127,020		12,066,900

				74,846,839


Consumer Finance: 0.75%
FirstCash Financial Services Incorporated		165,860		14,769,833


Insurance: 1.23%
Argo Group International Holdings Limited		353,036		24,472,456


Thrifts & Mortgage Finance: 1.11%
Essent Group Limited †		573,620		22,118,787


Health Care: 25.97%

Biotechnology: 6.15%
ACADIA Pharmaceuticals Incorporated «†		509,830		9,717,360
Alnylam Pharmaceuticals Incorporated †		149,068		12,098,359
Array BioPharma Incorporated †		833,745		13,281,558
CareDx Incorporated †		421,470		12,336,427
Emergent BioSolutions Incorporated †		182,790		13,314,424
Flexion Therapeutics Incorporated «†		580,141		9,462,100
Galapagos NV †		66,089		6,656,484
Intercept Pharmaceuticals Incorporated «†		80,509		8,929,253
Intrexon Corporation «†		479,975		4,703,755
Ionis Pharmaceuticals Incorporated †		200,971		11,714,600
Natera Incorporated †		399,827		6,925,004
Portola Pharmaceuticals Incorporated «†		340,606		7,442,241
Sangamo Biosciences Incorporated «†		456,301		5,644,443

				122,226,008


Health Care Equipment & Supplies: 9.41%
Atricure Incorporated †		500,465		16,760,573
Axogen Incorporated †		281,727		9,432,220
Cerus Corporation †		1,467,085		7,702,196
DexCom Incorporated †		170,041		22,035,613
Glaukos Corporation †		202,464		13,338,328
Inogen Incorporated †		121,572		17,914,850
Merit Medical Systems Incorporated †		305,452		19,258,749
Novocure Limited †		378,607		12,993,792
Nuvectra Corporation †		497,704		9,939,149

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


24		Wells Fargo Small Company Growth Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Health Care Equipment & Supplies (continued)
OraSure Technologies Incorporated †		800,567	$	10,167,201
SI-BONE Incorporated †		257,699		4,628,274
Tactile Systems Technology Class I †		404,047		22,723,603
Wright Medical Group NV «†		718,547		20,090,574

				186,985,122


Health Care Providers & Services: 2.62%
AMN Healthcare Services Incorporated †		297,397		18,944,189
HealthEquity Incorporated †		210,851		18,700,375
PetIQ Incorporated «†		463,699		14,467,409

				52,111,973


Health Care Technology: 4.82%
Allscripts Healthcare Solutions Incorporated †		932,344		9,519,232
athenahealth Incorporated †		97,523		12,980,311
Evolent Health Incorporated Class A «†		641,487		16,486,216
Medidata Solutions Incorporated †		229,240		17,699,620
Tabula Rasa Healthcare Incorporated †		179,975		13,584,513
Teladoc Incorporated «†		246,318		15,382,559
Vocera Communications Incorporated †		253,145		10,059,982

				95,712,433


Life Sciences Tools & Services: 2.60%
ICON plc ADR †		180,191		26,077,242
Syneos Health Incorporated †		492,660		25,480,375

				51,557,617


Pharmaceuticals: 0.37%
Pacira Pharmaceuticals Incorporated †		150,978		7,296,767


Industrials: 18.86%

Aerospace & Defense: 1.29%
AAR Corporation		260,688		11,389,459
Kratos Defense & Security Solutions Incorporated †		1,064,071		14,152,144

				25,541,603


Air Freight & Logistics: 0.63%
Hub Group Incorporated Class A †		282,319		12,546,256


Building Products: 2.93%
A.O. Smith Corporation		428,901		20,321,329
JELD-WEN Holding Incorporated †		435,177		8,294,474
Masonite International Corporation †		197,029		10,574,546
NCI Building Systems Incorporated †		495,287		5,621,507
PGT Incorporated †		696,997		13,431,132

				58,242,988

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Small Company Growth Portfolio			25


Security name	Shares		Value

Commercial Services & Supplies: 2.43%
Copart Incorporated †		550,542	$	28,176,740
KAR Auction Services Incorporated		352,923		20,166,020

				48,342,760


Construction & Engineering: 1.56%
Dycom Industries Incorporated †		132,817		8,800,454
Granite Construction Incorporated		438,270		22,189,610

				30,990,064


Electrical Equipment: 0.78%
GrafTech International Limited		981,817		15,522,527


Machinery: 4.71%
AGCO Corporation		275,107		16,418,386
Circor International Incorporated		426,144		14,105,366
Gardner Denver Holdings Incorporated †		778,945		19,278,889
Gates Industrial Corporation plc †		909,134		13,391,544
SPX Corporation †		640,610		18,949,244
Wabash National Corporation		736,405		11,443,734

				93,587,163


Professional Services: 1.86%
ASGN Incorporated †		375,130		25,977,753
ICF International Incorporated		155,000		10,854,650

				36,832,403


Road & Rail: 2.67%
Genesee & Wyoming Incorporated Class A †		265,911		22,145,068
Knight-Swift Transportation Holdings Incorporated «		390,442		13,532,720
Schneider National Incorporated Class B		776,605		17,341,590

				53,019,378


Information Technology: 23.30%

Communications Equipment: 1.90%
Ciena Corporation †		595,130		19,413,141
Lumentum Holdings Incorporated †		411,808		18,313,102

				37,726,243


Electronic Equipment, Instruments & Components: 0.70%
Tech Data Corporation †		155,175		13,957,991


IT Services: 1.39%
LiveRamp Holdings incorporated †		582,466		27,550,642


Semiconductors & Semiconductor Equipment: 4.25%
Axcelis Technologies Incorporated †		622,577		12,401,734
Cypress Semiconductor Corporation		1,604,817		22,306,956
FormFactor Incorporated †		849,007		14,000,125

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


26		Wells Fargo Small Company Growth Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Nanometrics Incorporated †		230,720	$	7,410,726
Silicon Motion Technology Corporation ADR		287,295		10,305,272
Teradyne Incorporated		507,440		18,110,534

				84,535,347


Software: 15.06%
2U Incorporated †		273,473		15,968,088
Benefitfocus Incorporated «†		284,255		14,241,176
Box Incorporated Class A †		949,878		17,848,208
Cadence Design Systems Incorporated †		513,817		23,142,318
Cloudera Incorporated «†		541,404		6,680,925
Cornerstone OnDemand Incorporated †		401,905		21,952,051
CyberArk Software Limited †		244,869		18,154,588
Hortonworks Incorporated †		515,977		8,307,230
Mimecast Limited †		336,245		12,518,401
New Relic Incorporated †		166,057		14,478,510
Nuance Communications Incorporated †		1,050,477		16,797,127
PTC Incorporated †		311,553		26,946,219
RealPage Incorporated †		504,512		26,022,729
SS&C Technologies Holdings Incorporated		548,287		26,400,019
Talend SA ADR †		166,575		5,786,816
The Ultimate Software Group Incorporated †		58,642		15,476,797
Zendesk Incorporated †		317,025		18,840,796
Zuora Incorporated †		503,332		9,578,408

				299,140,406


Materials: 3.55%

Chemicals: 1.64%
Orion Engineered Carbons SA		587,687		15,350,384
Platform Specialty Products Corporation †		1,457,436		17,154,022

				32,504,406


Construction Materials: 0.57%
US Concrete Incorporated «†		289,129		11,371,444


Metals & Mining: 0.68%
Steel Dynamics Incorporated		382,553		13,465,866


Paper & Forest Products: 0.66%
Boise Cascade Company		493,778		13,124,619


Real Estate: 0.82%

Equity REITs: 0.82%
QTS Realty Trust Incorporated Class A		402,225		16,326,313


Total Common Stocks (Cost $1,415,576,158)				1,906,523,736

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Small Company Growth Portfolio			27


Security name				Expiration date		Shares		Value

Rights: 0.00%

Consumer Discretionary: 0.00%

Media: 0.00%
Media General Incorporated †(a)					12-31-2018		347,897	$	0


Total Rights (Cost $0)									0


	Yield
Short-Term Investments: 9.12%

Investment Companies: 9.12%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38	%				103,665,092		103,675,459
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13					77,472,520		77,472,520

Total Short-Term Investments (Cost $181,139,512)									181,147,979


Total investments in securities (Cost $1,596,715,670)	105.09	%		2,087,671,715
Other assets and liabilities, net	(5.09	)		(101,115,828	)

Total net assets	100.00	%	$	1,986,555,887

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

†	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 Portfolio 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

REIT	Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		217,573,353		363,958,132		477,866,393		103,665,092	$	3,725	$	(4,399	)	$	384,087	$	103,675,459
Wells Fargo Government Money Market Fund Select Class		48,273,067		451,113,402		421,913,949		77,472,520		0		0			809,041		77,472,520

									$	3,725	$	(4,399	)	$	1,193,128	$	181,147,979		9.12	%

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


28		Wells Fargo Small Company Growth Portfolio		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in unaffiliated securities (including $101,132,649 of securities loaned), at value (cost $1,415,576,158)	$	1,906,523,736
Investments in affiliated securities, at value (cost $181,139,512)		181,147,979
Receivable for investments sold		11,888,851
Receivable for dividends		986,814
Receivable for securities lending income		32,421
Prepaid expenses and other assets		14,232

Total assets		2,100,594,033


Liabilities
Payable upon receipt of securities loaned		103,658,299
Payable for investments purchased		8,986,856
Advisory fee payable		1,317,939
Accrued expenses and other liabilities		75,052

Total liabilities		114,038,146

Total net assets	$	1,986,555,887

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Small Company Growth Portfolio			29




Investment income
Dividends (net of foreign dividend withholding taxes of $50,627)	$	6,087,195
Income from affiliated securities		809,041
Securities lending income from affiliates, net		384,087

Total investment income		7,280,323


Expenses
Advisory fee		8,181,488
Custody and accounting fees		43,093
Professional fees		24,562
Shareholder report expenses		1,003
Trustees’ fees and expenses		11,037
Other fees and expenses		12,652

Net expenses		8,273,835

Net investment loss		(993,512	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		132,393,856
Affiliated securities		3,725

Net realized gains on investments		132,397,581


Net change in unrealized gains (losses) on:
Unaffiliated securities		(190,112,536	)
Affiliated securities		(4,399	)

Net change in unrealized gains (losses) on investments		(190,116,935	)

Net realized and unrealized gains (losses) on investments		(57,719,354	)

Net decrease in net assets resulting from operations	$	(58,712,866	)

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


30		Wells Fargo Small Company Growth Portfolio		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018

Operations
Net investment loss	$	(993,512	)	$	(3,185,500	)
Net realized gains on investments		132,397,581			120,175,795
Net change in unrealized gains (losses) on investments		(190,116,935	)		344,244,383

Net increase (decrease) in net assets resulting from operations		(58,712,866	)		461,234,678


Capital transactions
Transactions in investors’ beneficial interests
Contributions		147,344,346			105,533,154
Withdrawals		(110,569,303	)		(231,798,568	)

Net increase (decrease) in net assets resulting from capital transactions		36,775,043			(126,265,414	)

Total increase (decrease) in net assets		(21,937,823	)		334,969,264


Net assets
Beginning of period		2,008,493,710			1,673,524,446

End of period	$	1,986,555,887		$	2,008,493,710

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


Financial highlights		Wells Fargo Small Company Growth Portfolio			31


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Total return¹		(2.93	)%		28.74	%		18.15	%		(13.86	)%		18.07	%		23.47	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.78	%		0.79	%		0.80	%		0.82	%		0.83	%
Net expenses		0.78	%		0.78	%		0.79	%		0.80	%		0.82	%		0.83	%
Net investment loss		(0.09	)%		(0.18	)%		(0.14	)%		(0.03	)%		(0.32	)%		(0.37	)%
Supplemental data
Portfolio turnover rate		30	%		37	%		82	%		49	%		58	%		77	%

¹	Returns for periods of less than one year are not annualized.

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


32		Wells Fargo Small Company Growth Portfolio		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Small Company Growth Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities lending


Notes to financial statements (unaudited)		Wells Fargo Small Company Growth Portfolio			33

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. Income earned from investment in the Securities Lending Fund is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $1,615,904,005 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	570,893,431
Gross unrealized losses		(99,125,721	)
Net unrealized gains	$	471,767,710

3. FAIR VALUATION MEASUREMENTS

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

∎

Level 1 – quoted prices in active markets for identical securities

∎

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

∎

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

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


34		Wells Fargo Small Company Growth Portfolio		Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Communication services	$	15,559,612	$	0	$	0	$	15,559,612
Consumer discretionary		203,498,338		0		0		203,498,338
Consumer staples		44,366,450		0		0		44,366,450
Energy		38,911,148		0		0		38,911,148
Financials		163,969,849		0		0		163,969,849
Health care		515,889,920		0		0		515,889,920
Industrials		374,625,142		0		0		374,625,142
Information technology		462,910,629		0		0		462,910,629
Materials		70,466,335		0		0		70,466,335
Real estate		16,326,313		0		0		16,326,313

Rights
Consumer discretionary		0		0		0		0

Short-term investments
Investment companies		77,472,520		103,675,459		0		181,147,979
Total assets	$	1,983,996,256	$	103,675,459	$	0	$	2,087,671,715

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.80% and declining to 0.68% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.77% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. Peregrine Capital Management, LLC, which is not an affiliate of Funds Management, is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.50% and declining to 0.45% as the average daily net assets of the of Portfolio increase.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2018 were $664,274,962 and $612,332,477, respectively.

6. BANK BORROWINGS


Notes to financial statements (unaudited)		Wells Fargo Small Company Growth Portfolio			35

the credit agreement is charged to the Portfolio based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A portfolio that invest a substantial portion of their assets in a sector may be more affected by changes in that sector than would be a portfolio whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.


36		Wells Fargo Small Company Growth Fund		Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Small Company Growth Fund			37

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


38		Wells Fargo Small Company Growth Fund		Other information (unaudited)


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


Other information (unaudited)		Wells Fargo Small Company Growth Fund			39

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹	Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


40		Wells Fargo Small Company Growth Fund		Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318979 01-19

SA285/SAR285 11-18

Semi-Annual Report

November 30, 2018

Small Company Value Fund

LOGO

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Contents



Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Wells Fargo Small Company Value Fund
Portfolio of investments			9

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			18

Wells Fargo Small Company Value Portfolio
Portfolio of investments			22

Financial statements
Statement of assets and liabilities			29
Statement of operations			30
Statement of changes in net assets			31
Financial highlights			32

Notes to financial statements			33

Other information			37

Appendix A			41

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Small Company Value Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Small Company Value Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo Small Company Value Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Small Company Value Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

This page is intentionally left blank.


6		Wells Fargo Small Company Value Fund¹		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Jeff Goverman

Garth R. Nisbet, CFA^®^‡

Craig Pieringer, CFA^®^‡

Average annual total returns (%) as of November 30, 2018²


		Including sales charge							Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net⁴
Class A (SCVAX)	1-31-2002		(8.24	)		4.92		14.32		(2.64	)		6.17		15.00		1.46		1.15
Class C (SCVFX)	8-30-2002		(4.39	)		5.37		14.15		(3.39	)		5.37		14.15		2.21		1.90
Class R6 (SCVJX)	10-31-2016		–			–		–		(2.24	)		6.50		15.35		1.03		0.75
Administrator Class (SCVIX)	1-31-2002		–			–		–		(2.53	)		6.34		15.25		1.38		1.05
Institutional Class (SCVNX)	7-30-2010		–			–		–		(2.29	)		6.55		15.44		1.13		0.85
Russell 2000^® Value Index⁵	–		–			–		–		(1.83	)		6.71		12.50		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Small Company Value Fund			7


Ten largest holdings (%) as of November 30, 2018⁶
Hawaiian Electric Industries Incorporated			1.34
CareTrust REIT Incorporated			1.24
Armada Hoffler Properties Incorporated			1.19
Independence Realty Trust Incorporated			1.19
CBIZ Incorporated			1.17
EnerSys			1.13
Potlatch Corporation			1.12
State Auto Financial Corporation			1.07
Agree Realty Corporation			1.05
Royal Gold Incorporated			1.05

Sector distribution as of November 30, 2018⁷

LOGO

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had been included, returns for Class R6 shares would be higher. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shares would be higher.

³	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The manager has contractually committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses from funds in which the affiliated master portfolio invests (if any), and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁵	The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁶

⁷	Amounts represent the sector distribution of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo Small Company Value Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	925.17	$	5.55		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class C
Actual	$	1,000.00	$	921.20	$	9.15		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class R6
Actual	$	1,000.00	$	926.63	$	3.62		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Administrator Class
Actual	$	1,000.00	$	925.42	$	5.07		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Institutional Class
Actual	$	1,000.00	$	926.53	$	4.11		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Small Company Value Fund			9

Security name

Value

Investment Companies: 99.11%

Affiliated Master Portfolio: 99.11%

Wells Fargo Small Company Value Portfolio

82,862,034

Total Investment Companies (Cost $88,928,679)

82,862,034


Total investments in securities (Cost $88,928,679)	99.11	%		82,862,034
Other assets and liabilities, net	0.89			740,493

Total net assets	100.00	%	$	83,602,527

Transactions with the affiliated Master Portfolio were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio			Dividends allocated from affiliated Master Portfolio		Securities lending income allocated from affiliated Master Portfolio		Affiliated income allocated from affiliated Master Portfolio		Value, end of period		% of net assets
Wells Fargo Small Company Value Portfolio		87	%		48	%	$	(5,181,839	)	$	(3,772,725	)	$	909,176	$	49,609	$	11,827	$	82,862,034		99.11	%

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


10		Wells Fargo Small Company Value Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolio, at value (cost $88,928,679)	$	82,862,034
Receivable for Fund shares sold		641,133
Receivable from manager		17,224
Prepaid expenses and other assets		146,563

Total assets		83,666,954


Liabilities
Payable for Fund shares redeemed		33,454
Administration fees payable		11,721
Shareholder servicing fees payable		9,077
Custodian and accounting fees payable		6,893
Trustees’ fees and expenses payable		2,070
Distribution fee payable		1,212

Total liabilities		64,427

Total net assets	$	83,602,527


NET ASSETS CONSIST OF
Paid-in capital	$	98,760,807
Total distributable loss		(15,158,280	)

Total net assets	$	83,602,527


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	13,196,997
Shares outstanding – Class A¹		498,827
Net asset value per share – Class A		$26.46
Maximum offering price per share – Class A²		$28.07
Net assets – Class C	$	1,834,019
Shares outstanding – Class C¹		78,429
Net asset value per share – Class C		$23.38
Net assets – Class R6	$	463,673
Shares outstanding – Class R6¹		16,996
Net asset value per share – Class R6		$27.28
Net assets – Administrator Class	$	15,225,471
Shares outstanding – Administrator Class¹		562,953
Net asset value per share – Administrator Class		$27.05
Net assets – Institutional Class	$	52,882,367
Shares outstanding – Institutional Class¹		1,941,584
Net asset value per share – Institutional Class		$27.24

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Small Company Value Fund			11




Investment income
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $891)	$	909,176
Securities lending income allocated from affiliated Master Portfolio		49,609
Affiliated income allocated from affiliated Master Portfolio		11,827
Expenses allocated from affiliated Master Portfolio		(523,645	)
Waivers allocated from affiliated Master Portfolio		59,005

Total investment income		505,972


Expenses
Management fee		30,974
Administration fees
Class A		15,490
Class C		2,080
Class R6		66
Administrator Class		30,298
Institutional Class		39,073
Shareholder servicing fees
Class A		18,440
Class C		2,476
Administrator Class		58,060
Distribution fee
Class C		7,427
Custody and accounting fees		6,104
Professional fees		13,746
Registration fees		36,097
Shareholder report expenses		5,613
Trustees’ fees and expenses		11,201
Other fees and expenses		4,539

Total expenses		281,684
Less: Fee waivers and/or expense reimbursements		(139,786	)

Net expenses		141,898

Net investment income		364,074


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(5,181,839	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(3,772,725	)

Net realized and unrealized gains (losses) on investments		(8,954,564	)

Net decrease in net assets resulting from operations	$	(8,590,490	)

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


12		Wells Fargo Small Company Value Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	364,074					$	872,024
Net realized gains (losses) on investments					(5,181,839	)					41,508,619
Net change in unrealized gains (losses) on investments					(3,772,725	)					(18,058,560	)

Net increase (decrease) in net assets resulting from operations					(8,590,490	)					24,322,083


Distributions to shareholders from net investment income and net realized gains
Class A					0						(52,718	)
Class R6					0						(2,568	)
Administrator Class					0						(283,478	)
Institutional Class					0						(383,137	)

Total distributions to shareholders					0						(721,901	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		44,620			1,284,047			60,419			1,605,930
Class C		5,317			137,283			14,660			329,415
Class R6		10,495			307,465			15,174			412,649
Administrator Class		100,747			2,997,805			100,581			2,701,458
Institutional Class		624,291			18,319,092			431,742			11,786,334

					23,045,692						16,835,786

Reinvestment of distributions
Class A		0			0			1,785			48,755
Class R6		0			0			84			2,350
Administrator Class		0			0			10,156			283,362
Institutional Class		0			0			13,529			379,367

					0						713,834

Payment for shares redeemed
Class A		(93,449	)		(2,675,508	)		(192,694	)		(5,099,087	)
Class C		(4,923	)		(123,732	)		(28,318	)		(663,810	)
Class R6		(4,430	)		(125,350	)		(5,501	)		(154,810	)
Administrator Class		(1,603,499	)		(45,312,886	)		(392,453	)		(10,624,027	)
Institutional Class		(756,487	)		(21,935,144	)		(481,774	)		(13,221,590	)

					(70,172,620	)					(29,763,324	)

Net decrease in net assets resulting from capital share transactions					(47,126,928	)					(12,213,704	)

Total increase (decrease) in net assets					(55,717,418	)					11,386,478


Net assets
Beginning of period					139,319,945						127,933,467

End of period				$	83,602,527					$	139,319,945

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $358,050. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements

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


Financial highlights		Wells Fargo Small Company Value Fund			13

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$28.60			$24.01			$20.22			$21.42			$20.08			$17.10
Net investment income		0.05			0.09			0.05			0.08			0.07			0.06
Net realized and unrealized gains (losses) on investments		(2.19	)		4.58			3.75			(1.25	)		1.27			2.92

Total from investment operations		(2.14	)		4.67			3.80			(1.17	)		1.34			2.98
Distributions to shareholders from
Net investment income		0.00			(0.08	)		(0.01	)		(0.03	)		0.00			0.00
Net asset value, end of period		$26.46			$28.60			$24.01			$20.22			$21.42			$20.08
Total return¹		(7.48	)%		19.48	%		18.86	%		(5.48	)%		6.62	%		17.43	%
Ratios to average net assets (annualized)
Gross expenses²		1.39	%		1.47	%		1.47	%		1.48	%		1.50	%		1.56	%
Net expenses²		1.15	%		1.33	%		1.35	%		1.37	%		1.40	%		1.42	%
Net investment income²		0.42	%		0.46	%		0.20	%		0.11	%		0.33	%		0.33	%
Supplemental data
Portfolio turnover rate³		86	%		144	%		110	%		72	%		54	%		47	%
Net assets, end of period (000s omitted)		$13,197			$15,665			$16,280			$23,151			$26,339			$26,517

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

²	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


14		Wells Fargo Small Company Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$25.38			$21.40			$18.15			$19.34			$18.27			$15.68
Net investment loss		(0.02	)		(0.07	)¹		(0.11	)¹		(0.11	)¹		(0.08	)¹		(0.07	)¹
Net realized and unrealized gains (losses) on investments		(1.98	)		4.05			3.36			(1.08	)		1.15			2.66

Total from investment operations		(2.00	)		3.98			3.25			(1.19	)		1.07			2.59
Net asset value, end of period		$23.38			$25.38			$21.40			$18.15			$19.34			$18.27
Total return²		(7.88	)%		18.60	%		17.97	%		(6.20	)%		5.86	%		16.52	%
Ratios to average net assets (annualized)
Gross expenses³		2.14	%		2.21	%		2.22	%		2.23	%		2.26	%		2.31	%
Net expenses³		1.90	%		2.08	%		2.10	%		2.12	%		2.15	%		2.17	%
Net investment loss³		(0.32	)%		(0.29	)%		(0.54	)%		(0.62	)%		(0.42	)%		(0.42	)%
Supplemental data
Portfolio turnover rate⁴		86	%		144	%		110	%		72	%		54	%		47	%
Net assets, end of period (000s omitted)		$1,834			$1,980			$1,962			$2,004			$2,602			$2,192

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Small Company Value Fund			15

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6	Six months ended November 30, 2018 (unaudited)			2018			2017¹
Net asset value, beginning of period		$29.44			$24.69			$21.37
Net investment income		0.13	²		0.29	²		0.08
Net realized and unrealized gains (losses) on investments		(2.29	)		4.65			3.33

Total from investment operations		(2.16	)		4.94			3.41
Distributions to shareholders from
Net investment income		0.00			(0.19	)		(0.09	)
Net asset value, end of period		$27.28			$29.44			$24.69
Total return³		(7.34	)%		20.03	%		15.95	%
Ratios to average net assets (annualized)
Gross expenses⁴		0.96	%		1.03	%		1.02	%
Net expenses⁴		0.75	%		0.88	%		0.90	%
Net investment income⁴		0.87	%		1.04	%		0.58	%
Supplemental data
Portfolio turnover rate⁵		86	%		144	%		110	%
Net assets, end of period (000s omitted)		$464			$322			$29

¹	For the period from October 31, 2016 (commencement of class operations) to May 31, 2017

²	Calculated based upon average shares outstanding

³	Returns for periods of less than one year are not annualized.

⁴	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

⁵	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


16		Wells Fargo Small Company Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$29.23			$24.53			$20.66			$21.90			$20.49			$17.42
Net investment income		0.08	¹		0.20			0.08	¹		0.13			0.11			0.12
Net realized and unrealized gains (losses) on investments		(2.26	)		4.63			3.83			(1.30	)		1.30			2.95

Total from investment operations		(2.18	)		4.83			3.91			(1.17	)		1.41			3.07
Distributions to shareholders from
Net investment income		0.00			(0.13	)		(0.04	)		(0.07	)		0.00			0.00
Net asset value, end of period		$27.05			$29.23			$24.53			$20.66			$21.90			$20.49
Total return²		(7.46	)%		19.71	%		19.00	%		(5.36	)%		6.88	%		17.62	%
Ratios to average net assets (annualized)
Gross expenses³		1.30	%		1.38	%		1.39	%		1.39	%		1.34	%		1.39	%
Net expenses³		1.05	%		1.19	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income³		0.51	%		0.59	%		0.36	%		0.28	%		0.52	%		0.55	%
Supplemental data
Portfolio turnover rate⁴		86	%		144	%		110	%		72	%		54	%		47	%
Net assets, end of period (000s omitted)		$15,225			$60,379			$57,591			$64,023			$71,034			$68,358

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Small Company Value Fund			17

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$29.40			$24.68			$20.77			$22.02			$20.57			$17.45
Net investment income		0.11			0.21			0.11			0.08	¹		0.14			0.13
Net realized and unrealized gains (losses) on investments		(2.27	)		4.69			3.89			(1.22	)		1.31			2.99

Total from investment operations		(2.16	)		4.90			4.00			(1.14	)		1.45			3.12
Distributions to shareholders from
Net investment income		0.00			(0.18	)		(0.09	)		(0.11	)		0.00			0.00
Net asset value, end of period		$27.24			$29.40			$24.68			$20.77			$22.02			$20.57
Total return²		(7.35	)%		19.90	%		13.70	%		(5.13	)%		7.05	%		17.88	%
Ratios to average net assets (annualized)
Gross expenses³		1.06	%		1.14	%		1.14	%		1.14	%		1.07	%		1.13	%
Net expenses³		0.85	%		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income³		0.71	%		0.78	%		0.55	%		0.40	%		0.75	%		0.75	%
Supplemental data
Portfolio turnover rate⁴		86	%		144	%		110	%		72	%		54	%		47	%
Net assets, end of period (000s omitted)		$52,882			$60,973			$52,072			$31,768			$16,850			$11,967

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.75	%
Year ended May 31, 2018	0.84	%
Year ended May 31, 2017	0.84	%
Year ended May 31, 2016	0.84	%
Year ended May 31, 2015	0.84	%
Year ended May 31, 2014	0.85	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


18		Wells Fargo Small Company Value Fund		Notes to financial statements (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

Distributions to shareholders

Federal and other taxes


Notes to financial statements (unaudited)		Wells Fargo Small Company Value Fund			19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $88,793,050 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	0
Gross unrealized losses		(5,931,016	)
Net unrealized losses	$	(5,931,016	)

Class allocations

3. FAIR VALUATION MEASUREMENTS


Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Small Company Value Portfolio	Seeks long-term capital appreciation		$82,862,034

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C		0.21	%
Class R6		0.03
Administrator Class, Institutional Class		0.13


20		Wells Fargo Small Company Value Fund		Notes to financial statements (unaudited)

class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class C shares, 0.75% for Class R6 shares, 1.05% for Administrator Class shares, and 0.85% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $786 from the sale of Class A shares. Funds Distributor did not receive any contingent deferred sales charges from Class A or Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were $98,127,722 and $82,681,488, respectively.

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS


	Net investment income
Class A		$ 52,718
Class R6		2,568
Administrator Class,		283,478
Institutional Class		383,137

8. INDEMNIFICATION


Notes to financial statements (unaudited)		Wells Fargo Small Company Value Fund			21

9. NEW ACCOUNTING PRONOUNCEMENT

10. SUBSEQUENT DISTRIBUTIONS

On December 18, 2018, the Fund declared distributions from net investment income to shareholders of record on December 17, 2018. The per share amounts payable on December 19, 2018 were as follows:


	Net investment income
Class A		$0.16455
Class R6		0.27926
Administrator Class		0.14485
Institutional Class		0.28004

These distributions are not reflected in the accompanying financial statements.


22		Wells Fargo Small Company Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Common Stocks: 99.51%

Communication Services: 0.11%

Media: 0.11%
Entercom Communications Corporation		29,462	$	192,387


Consumer Discretionary: 10.98%

Auto Components: 0.40%
Cooper-Standard Holdings Incorporated †		9,632		704,292


Diversified Consumer Services: 0.25%
Collectors Universe Incorporated		32,065		427,747


Hotels, Restaurants & Leisure: 2.06%
Cracker Barrel Old Country Store Incorporated «		6,368		1,151,398
El Pollo Loco Holdings Incorporated †		70,821		1,081,437
Noodles & Company †		122,630		970,003
Red Lion Hotels Corporation †		43,229		389,926

				3,592,764


Household Durables: 0.69%
Hooker Furniture Corporation		39,780		1,198,571


Internet & Direct Marketing Retail: 0.37%
Nutrisystem Incorporated		17,442		648,668


Leisure Products: 1.90%
Johnson Outdoors Incorporated Class A		22,608		1,611,950
Malibu Boats Incorporated Class A †		31,699		1,534,866
Nautilus Group Incorporated †		12,564		162,201

				3,309,017


Specialty Retail: 3.53%
Barnes & Noble Incorporated		35,993		272,467
Children’s Place Retail Stores Incorporated		7,283		944,168
Destination Maternity Corporation †		144,964		636,392
Dick’s Sporting Goods Incorporated		27,633		994,235
Sally Beauty Holdings Incorporated †		46,825		988,476
Shoe Carnival Incorporated «		32,162		1,219,905
Tailored Brands Incorporated		47,720		1,092,788

				6,148,431


Textiles, Apparel & Luxury Goods: 1.78%
Carter’s Incorporated		11,501		1,063,843
Charles & Colvard Limited †		80,363		73,669
Lakeland Industries Incorporated †		55,539		735,892
Rocky Brands Incorporated		47,761		1,236,532

				3,109,936

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Small Company Value Portfolio			23


Security name	Shares		Value

Consumer Staples: 2.87%

Food & Staples Retailing: 1.27%
Ingles Markets Incorporated Class A		54,357	$	1,581,245
Village Super Market Class A		16,900		461,201
Weis Markets Incorporated		4,020		184,116

				2,226,562


Food Products: 1.60%
Hostess Brands Incorporated †		88,884		1,035,499
Pilgrim’s Pride Corporation †		88,269		1,751,257

				2,786,756


Energy: 4.21%

Energy Equipment & Services: 1.68%
Newpark Resources Incorporated †		202,777		1,559,355
Patterson-UTI Energy Incorporated		66,525		923,367
Tetra Technologies Incorporated †		187,885		435,893

				2,918,615


Oil, Gas & Consumable Fuels: 2.53%
Carrizo Oil & Gas Incorporated †		95,241		1,629,574
Southwestern Energy Company †		272,264		1,312,312
Teekay Tankers Limited Class A		369,345		417,360
W&T Offshore Incorporated †		181,772		1,056,095

				4,415,341


Financials: 23.01%

Banks: 15.15%
Banc of California Incorporated		49,883		857,988
Bank of the Ozarks Incorporated		45,096		1,222,102
Banner Corporation		28,226		1,693,560
Customers Bancorp Incorporated †		43,679		852,177
FB Financial Corporation		43,792		1,692,561
Fidelity Southern Corporation		72,679		1,724,673
First Foundation Incorporated †		70,427		1,127,536
First Interstate BancSystem Class A		40,271		1,748,970
Great Southern Bancorp Incorporated		30,837		1,673,832
Heritage Financial Corporation		51,432		1,798,577
Independent Bank Corporation		67,416		1,549,220
Midland States Bancorp Incorporated		58,793		1,525,678
OFG Bancorp		53,790		977,902
Orrstown Financial Services Incorporated		19,574		403,616
Popular Incorporated		17,982		1,014,185
Triumph Bancorp Incorporated †		41,012		1,569,939
Umpqua Holdings Corporation		61,274		1,178,912
Union Bankshares Corporation		19,929		705,487
Univest Corporation of Pennsylvania		69,825		1,780,538
Western Alliance Bancorp †		28,189		1,321,218

				26,418,671

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


24		Wells Fargo Small Company Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Capital Markets: 1.61%
Blucora Incorporated †		35,136	$	1,087,811
Piper Jaffray Companies Incorporated		24,125		1,721,801

				2,809,612


Consumer Finance: 0.30%
Enova International Incorporated †		23,561		521,641


Insurance: 3.05%
American Equity Investment Life Holding Company		49,189		1,678,821
FBL Financial Group Incorporated		24,979		1,756,773
State Auto Financial Corporation		53,786		1,882,510

				5,318,104


Thrifts & Mortgage Finance: 2.90%
Homestreet Incorporated †		32,687		870,128
NMI Holdings Incorporated Class A †		64,090		1,252,319
OceanFirst Financial Corporation		66,981		1,726,100
Walker & Dunlop Incorporated		25,492		1,203,987

				5,052,534


Health Care: 5.70%

Health Care Equipment & Supplies: 0.35%
Fonar Corporation †		28,147		620,078


Health Care Providers & Services: 5.35%
Amedisys Incorporated †		9,612		1,309,635
AMN Healthcare Services Incorporated †		25,681		1,635,880
BioScrip Incorporated †		79,959		315,838
Encompass Health Corporation		11,220		843,856
Ensign Group Incorporated		36,491		1,655,597
Hanger Incorporated †		36,420		729,493
LHC Group Incorporated †		12,907		1,353,557
Molina Healthcare Incorporated †		5,956		832,113
Premier Incorporated Class A †		16,406		650,662

				9,326,631


Industrials: 21.26%

Building Products: 0.28%
Patrick Industries Incorporated †		12,265		487,166


Commercial Services & Supplies: 2.80%
ACCO Brands Corporation		99,835		810,660
Casella Waste Systems Incorporated Class A †		43,278		1,413,027
Ennis Incorporated		87,080		1,700,672
Hudson Technologies Incorporated «†		33,920		36,973
TEAM Incorporated «†		55,449		926,553

				4,887,885

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Small Company Value Portfolio			25


Security name	Shares		Value

Construction & Engineering: 2.36%
MYR Group Incorporated †		48,420	$	1,515,546
Sterling Construction Company Incorporated †		120,861		1,555,481
Tutor Perini Corporation †		56,321		1,048,134

				4,119,161


Electrical Equipment: 3.12%
Encore Wire Corporation		35,243		1,760,740
EnerSys		22,842		1,995,706
Generac Holdings Incorporated †		29,573		1,683,295

				5,439,741


Machinery: 5.79%
Columbus McKinnon Corporation		21,927		763,060
Hyster Yale Materials Handeling Incorporated		8,293		542,943
Kadant Incorporated		18,532		1,687,895
Kennametal Incorporated		37,875		1,583,933
Manitex International Incorporated †		8,184		59,661
Miller Industries Incorporated		39,742		1,115,161
Mueller Industries Incorporated		32,138		765,527
Spartan Motors Incorporated		82,193		661,654
Standex International Corporation		16,813		1,339,996
The Greenbrier Companies Incorporated		32,403		1,584,831

				10,104,661


Professional Services: 3.62%
Barrett Business Services Incorporated		7,806		549,152
CBIZ Incorporated †		97,298		2,052,015
Kelly Services Incorporated Class A		73,960		1,695,163
Korn/Ferry International		34,200		1,674,774
WageWorks Incorporated †		10,293		343,066

				6,314,170


Road & Rail: 1.51%
Avis Budget Group Incorporated †		32,341		947,268
Genesee & Wyoming Incorporated Class A †		20,256		1,686,920

				2,634,188


Trading Companies & Distributors: 1.78%
CAI International Incorporated †		61,351		1,503,713
DXP Enterprises Incorporated †		36,917		1,337,503
Fly Leasing Limited ADR †		20,939		254,618

				3,095,834


Information Technology: 10.33%

Communications Equipment: 0.64%
Silicom Limited «†		29,986		1,120,277

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


26		Wells Fargo Small Company Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Electronic Equipment, Instruments & Components: 3.78%
Belden Incorporated		6,302	$	351,526
Eplus Incorporated †		14,668		1,199,109
Insight Enterprises Incorporated †		26,818		1,195,546
Kemet Corporation		55,112		1,128,694
Methode Electronics Incorporated		7,546		228,644
Napco Security Technologies Incorporated †		70,789		1,170,850
PC Connection Incorporated		41,966		1,315,214

				6,589,583


IT Services: 1.84%
EVERTEC Incorporated		31,688		866,033
Hackett Group Incorporated		70,042		1,236,241
TTEC Holdings Incorporated		26,601		778,079
Unisys Corporation «†		24,234		327,644

				3,207,997


Semiconductors & Semiconductor Equipment: 2.64%
Entegris Incorporated		11,998		352,741
FormFactor Incorporated †		108,437		1,788,126
Rudolph Technologies Incorporated †		75,768		1,607,797
Synaptics Incorporated †		22,374		860,504

				4,609,168


Software: 1.13%
American Software Incorporated Class A		32,559		338,614
LogMeIn Incorporated		17,638		1,626,753

				1,965,367


Technology Hardware, Storage & Peripherals: 0.30%
Immersion Corporation †		55,311		524,901


Materials: 6.24%

Chemicals: 1.74%
Advansix Incorporated †		14,639		420,286
Stepan Company		20,782		1,679,601
Trinseo SA		18,562		937,938

				3,037,825


Construction Materials: 0.60%
Eagle Materials Incorporated		14,461		1,055,653


Metals & Mining: 2.95%
Kaiser Aluminum Corporation		15,812		1,545,307
Royal Gold Incorporated		25,167		1,840,966
Schnitzer Steel Industries Incorporated Class A		62,721		1,756,815

				5,143,088

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Small Company Value Portfolio			27


Security name				Shares		Value

Paper & Forest Products: 0.95%
Boise Cascade Company					26,210	$	696,662
Verso Corporation Class A †					37,816		953,720

							1,650,382


Real Estate: 9.82%

Equity REITs: 8.82%
Agree Realty Corporation					31,038		1,848,934
Armada Hoffler Properties Incorporated					137,895		2,097,383
CareTrust REIT Incorporated					109,224		2,186,664
Independence Realty Trust Incorporated					207,450		2,095,245
Monmouth Real Estate Investment Corporation					130,020		1,811,179
National Storage Affiliates Trust					54,858		1,534,378
One Liberty Properties Incorporated					69,626		1,839,519
Potlatch Corporation					53,256		1,975,792

							15,389,094


Real Estate Management & Development: 1.00%
Marcus & Millichap Incorporated †					47,571		1,735,866


Utilities: 4.98%

Electric Utilities: 1.36%
Hawaiian Electric Industries Incorporated					61,713		2,364,842


Gas Utilities: 1.95%
National Fuel Gas Company					31,991		1,722,715
Northwest Natural Holding Company					25,389		1,684,052

							3,406,767


Multi-Utilities: 0.94%
MDU Resources Group Incorporated					61,830		1,636,640


Water Utilities: 0.73%
Artesian Resources Corporation Class A					34,992		1,272,309


Total Common Stocks (Cost $174,260,441)							173,538,923


	Yield
Short-Term Investments: 2.65%

Investment Companies: 2.65%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38	%		3,662,272		3,662,638
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13			968,194		968,194

Total Short-Term Investments (Cost $4,630,483)							4,630,832


Total investments in securities (Cost $178,890,924)	102.16	%		178,169,755
Other assets and liabilities, net	(2.16	)		(3,774,455	)

Total net assets	100.00	%	$	174,395,300

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


28		Wells Fargo Small Company Value Portfolio		Portfolio of investments—November 30, 2018 (unaudited)

†	Non-income-earning security

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

(l)	The issuer of the security is an affiliated person of the Portfolio 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

REIT	Real estate investment trust

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		5,546,867		59,278,399		61,162,994		3,662,272	$	(497	)	$	(3	)	$	83,602	$	3,662,638
Wells Fargo Government Money Market Fund Select Class		851,216		117,515,182		117,398,204		968,194		0			0			20,040		968,194

									$	(497	)	$	(3	)	$	103,642	$	4,630,832		2.65	%

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


Statement of assets and liabilities—November 30, 2018 (unaudited)		Wells Fargo Small Company Value Portfolio			29




Assets
Investments in unaffiliated securities (including $3,574,560 of securities loaned), at value (cost $174,260,441)	$	173,538,923
Investments in affiliated securities, at value (cost 4,630,483)		4,630,832
Receivable for investments sold		1,693,824
Receivable for dividends		132,888
Receivable for securities lending income		5,187
Prepaid expenses and other assets		11,385

Total assets		180,013,039


Liabilities
Payable upon receipt of securities loaned		3,662,421
Payable for investments purchased		1,810,362
Advisory fee payable		113,751
Accrued expenses and other liabilities		31,205

Total liabilities		5,617,739

Total net assets	$	174,395,300

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


30		Wells Fargo Small Company Value Portfolio		Statement of operations—six months ended November 30, 2018 (unaudited)




Investment income
Dividends (net of foreign withholding taxes of $1,538)	$	1,558,946
Securities lending income from affiliates, net		83,602
Income from affiliated securities		20,040

Total investment income		1,662,588


Expenses
Advisory fee		842,896
Custody and accounting fees		8,736
Professional fees		23,584
Shareholder report expenses		1,410
Trustees’ fees and expenses		11,088
Other fees and expenses		5,025

Total expenses		892,739
Less: Fee waivers and/or expense reimbursements		(100,272	)

Net expenses		792,467

Net investment income		870,121


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized losses on:
Unaffiliated securities		(9,489,316	)
Affiliated securities		(497	)

Net realized losses on investments		(9,489,813	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		(7,948,439	)
Affiliated securities		(3	)

Net change in unrealized gains (losses) on investments		(7,948,442	)

Net realized and unrealized gains (losses) on investments		(17,438,255	)

Net decrease in net assets resulting from operations	$	(16,568,134	)

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


Statement of changes in net assets		Wells Fargo Small Company Value Portfolio			31


	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018

Operations
Net investment income	$	870,121		$	1,619,419
Net realized gains (losses) on investments		(9,489,813	)		35,399,955
Net change in unrealized gains (losses) on investments		(7,948,442	)		(24,205,675	)

Net increase (decrease) in net assets resulting from operations		(16,568,134	)		33,813,699


Capital transactions
Transactions in investors’ beneficial interests
Contributions		101,491,419			10,857,996
Withdrawals		(69,926,430	)		(99,498,049	)

Net increase (decrease) in net assets resulting from capital transactions		31,564,989			(88,640,053	)

Total increase (decrease) in net assets		14,996,855			(54,826,354	)


Net assets
Beginning of period		159,398,445			214,224,799

End of period	$	174,395,300		$	159,398,445

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


32		Wells Fargo Small Company Value Portfolio		Financial highlights


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Total return¹		(7.42	)%		20.10	%		19.44	%		(4.96	)%		7.29	%		18.09	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.84	%		0.85	%		0.84	%		0.85	%
Net expenses		0.75	%		0.84	%		0.84	%		0.85	%		0.84	%		0.85	%
Net investment income		0.83	%		0.87	%		0.72	%		0.62	%		0.89	%		0.89	%
Supplemental data
Portfolio turnover rate		86	%		144	%		110	%		72	%		54	%		47	%

¹	Returns for periods of less than one year are not annualized.

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


Notes to financial statements (unaudited)		Wells Fargo Small Company Value Portfolio			33

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Small Company Value Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Securities lending


34		Wells Fargo Small Company Value Portfolio		Notes to financial statements (unaudited)

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. Income earned from investment in the Securities Lending Fund is included in securities lending income from affiliates (net of fees and rebates) on the Statement of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $179,231,246 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	0
Gross unrealized losses		(1,061,491	)
Net unrealized losses	$	(1,061,491	)

3. FAIR VALUATION MEASUREMENTS

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

∎

Level 1 – quoted prices in active markets for identical securities

∎

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

∎

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

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


Notes to financial statements (unaudited)		Wells Fargo Small Company Value Portfolio			35

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Communication services	$	192,387	$	0	$	0	$	192,387
Consumer discretionary		19,139,426		0		0		19,139,426
Consumer staples		5,013,318		0		0		5,013,318
Energy		7,333,956		0		0		7,333,956
Financials		40,120,562		0		0		40,120,562
Health care		9,946,709		0		0		9,946,709
Industrials		37,082,806		0		0		37,082,806
Information technology		18,017,293		0		0		18,017,293
Materials		10,886,948		0		0		10,886,948
Real estate		17,124,960		0		0		17,124,960
Utilities		8,680,558		0		0		8,680,558

Short-term investments
Investment companies		968,194		3,662,638		0		4,630,832
Total assets	$	174,507,117	$	3,662,638	$	0	$	178,169,755

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.80% and declining to 0.68% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.80% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Portfolio increase.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain the net operating expense ratio of the Portfolio.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended November 30, 2018 were $206.524,178 and $174,015,314, respectively.

6. BANK BORROWINGS


36		Wells Fargo Small Company Value Portfolio		Notes to financial statements (unaudited)

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. INDEMNIFICATION

8. NEW ACCOUNTING PRONOUNCEMENT


Other information (unaudited)		Wells Fargo Small Company Value Fund			37

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


38		Wells Fargo Small Company Value Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


Other information (unaudited)		Wells Fargo Small Company Value Fund			39


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


40		Wells Fargo Small Company Value Fund		Other information (unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹	Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


Appendix A (unaudited)		Wells Fargo Small Company Value Fund			41

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

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LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318980 01-19

SA286/SAR286 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Core Bond Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Wells Fargo Core Bond Fund
Portfolio of investments			9

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			20

Wells Fargo Core Bond Portfolio
Portfolio of investments			24

Financial statements
Statement of assets and liabilities			47
Statement of operations			48
Statement of changes in net assets			49
Financial highlights			50

Notes to financial statements			51

Other information			55

Appendix A			59

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Core Bond Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Core Bond Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo Core Bond Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Core Bond Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6		Wells Fargo Core Bond Fund¹		Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Maulik Bhansali, CFA^®^‡

Thomas O’Connor, CFA^®^‡

Jarad Vasquez

Average annual total returns (%) as of November 30, 2018²


		Including sales charge							Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net⁴
Class A (MBFAX)	10-31-2001		(6.31	)		0.77		3.80		(1.90	)		1.70		4.28		0.83		0.78
Class C (MBFCX)	10-31-2001		(3.60	)		0.94		3.46		(2.60	)		0.94		3.46		1.58		1.53
Class R (WTRRX)	7-9-2010		–			–		–		(2.09	)		1.45		3.98		1.08		1.03
Class R4 (MBFRX)	11-30-2012		–			–		–		(1.59	)		1.97		4.53		0.60		0.52
Class R6 (WTRIX)	11-30-2012		–			–		–		(1.52	)		2.10		4.65		0.45		0.37
Administrator Class (MNTRX)	6-30-1997		–			–		–		(1.77	)		1.78		4.35		0.77		0.70
Institutional Class (MBFIX)	10-31-2001		–			–		–		(1.57	)		2.07		4.62		0.50		0.42
Bloomberg Barclays U.S. Aggregate Bond Index⁵	–		–			–		–		(1.34	)		2.03		3.67		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Core Bond Fund			7


Ten largest holdings (%) as of November 30, 2018⁶
U.S. Treasury Bond, 3.13%, 11-15-2028			2.28
U.S. Treasury Note, 2.88%, 9-30-2023			2.10
U.S. Treasury Note, 2.88%, 10-31-2023			2.09
FHLMC, 4.00%, 11-1-2048			1.75
GNMA, 5.00%, 1-23-2049			1.67
U.S. Treasury Note, 2.88%, 10-15-2021			1.48
GNMA, 4.50%, 10-20-2048			1.42
U.S. Treasury Note, 2.75%, 2-15-2028			1.38
U.S. Treasury Note, 1.88%, 1-31-2022			1.24
U.S. Treasury Bond, 3.13%, 5-15-2048			1.20

Portfolio allocation as of November 30, 2018⁷

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

³	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁵

⁶

⁷	Amounts represent the portfolio allocation of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo Core Bond Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	995.79	$	3.90		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class C
Actual	$	1,000.00	$	991.90	$	7.64		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R
Actual	$	1,000.00	$	994.94	$	5.15		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class R4
Actual	$	1,000.00	$	996.67	$	2.60		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.46	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	997.41	$	1.85		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.21	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	995.79	$	3.50		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		0.70	%
Institutional Class
Actual	$	1,000.00	$	997.16	$	2.10		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Fund			9

Security name

Value

Investment Companies: 100.11%

Affiliated Master Portfolios: 100.11%

Wells Fargo Core Bond Portfolio

5,152,746,583

Total Investment Companies (Cost $5,223,381,132)

5,152,746,583


Total investments in securities (Cost $5,223,381,132)	100.11	%		5,152,746,583
Other assets and liabilities, net	(0.11	)		(5,744,529	)

Total net assets	100.00	%	$	5,147,002,054

Transactions with the affiliated Master Portfolio were as follows:

% of
ownership,

beginning of
period

% of
ownership,

end of
period

Net

realized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio

Net
change in
unrealized
gains
(losses) on
securities
transactions
allocated
from
affiliated
Master
Portfolio

Interest
allocated
from
affiliated
Master
Portfolio

Affiliated
income
allocated
from
affiliated
Master
Portfolio

Value,

end
of period

% of
net
assets

Wells Fargo Core Bond Portfolio

(83,336,439

)

(5,082,443

)

85,418,390

882,546

5,152,746,583

100.11

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


10		Wells Fargo Core Bond Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolio (cost $5,223,381,132)	$	5,152,746,583
Receivable for Fund shares sold		7,587,425
Receivable from manager		122,625
Prepaid expenses and other assets		204,031

Total assets		5,160,660,664


Liabilities
Payable for Fund shares redeemed		10,851,296
Dividends payable		1,785,112
Administration fees payable		294,424
Distribution fees payable		31,320
Trustees’ fees and expenses payable		2,460
Accrued expenses and other liabilities		693,998

Total liabilities		13,658,610

Total net assets	$	5,147,002,054


NET ASSETS CONSIST OF
Paid-in capital	$	5,417,315,592
Total distributable loss		(270,313,538	)

Total net assets	$	5,147,002,054


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	296,976,226
Shares outstanding – Class A¹		23,479,180
Net asset value per share – Class A		$12.65
Maximum offering price per share – Class A²		$13.24
Net assets – Class C	$	43,177,243
Shares outstanding – Class C¹		3,446,644
Net asset value per share – Class C		$12.53
Net assets – Class R	$	12,028,357
Shares outstanding – Class R¹		974,179
Net asset value per share – Class R		$12.35
Net assets – Class R4	$	11,242,263
Shares outstanding – Class R4¹		910,918
Net asset value per share – Class R4		$12.34
Net assets – Class R6	$	2,184,335,876
Shares outstanding – Class R6¹		177,096,376
Net asset value per share – Class R6		$12.33
Net assets – Administrator Class	$	242,063,045
Shares outstanding – Administrator Class¹		19,603,274
Net asset value per share – Administrator Class		$12.35
Net assets – Institutional Class	$	2,357,179,044
Shares outstanding – Institutional Class¹		191,169,811
Net asset value per share – Institutional Class		$12.33

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Core Bond Fund			11




Investment income
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $14,043)	$	85,418,390
Affiliated income allocated from affiliated Master Portfolio		882,546
Expenses allocated from affiliated Master Portfolio		(9,325,083	)

Total investment income		76,975,853


Expenses
Management fee		1,323,887
Administration fees
Class A		251,074
Class C		37,040
Class R		9,895
Class R4		4,681
Class R6		331,935
Administrator Class		132,991
Institutional Class		995,687
Shareholder servicing fees
Class A		392,304
Class C		57,875
Class R		15,220
Class R4		5,852
Administrator Class		325,560
Distribution fees
Class C		173,624
Class R		15,461
Custody and accounting fees		93,586
Professional fees		13,224
Registration fees		120,587
Shareholder report expenses		165,462
Trustees’ fees and expenses		110,427
Other fees and expenses		23,113

Total expenses		4,599,485
Less: Fee waivers and/or expense reimbursements		(2,000,111	)

Net expenses		2,599,374

Net investment income		74,376,479


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(83,336,439	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(5,082,443	)

Net realized and unrealized gains (losses) on investments		(88,418,882	)

Net decrease in net assets resulting from operations	$	(14,042,403	)

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


12		Wells Fargo Core Bond Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	74,376,479					$	109,290,228
Net realized losses on investments					(83,336,439	)					(51,477,064	)
Net change in unrealized gains (losses) on investments					(5,082,443	)					(93,493,410	)

Net decrease in net assets resulting from operations					(14,042,403	)					(35,680,246	)


Distributions to shareholders from net investment income and net realized gains
Class A					(3,830,253	)					(6,146,453	)
Class C					(391,332	)					(561,310	)
Class R					(135,754	)					(203,058	)
Class R4					(158,202	)					(706,139	)
Class R6					(31,643,162	)					(24,689,238	)
Administrator Class					(3,348,333	)					(6,023,458	)
Institutional Class					(34,846,053	)					(70,984,919	)

Total distributions to shareholders					(74,353,089	)					(109,314,575	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,325,324			29,622,480			5,948,905			78,111,325
Class C		165,552			2,092,760			660,100			8,585,693
Class R		121,656			1,517,591			314,720			4,024,861
Class R4		130,448			1,623,597			636,388			8,152,388
Class R6		89,845,786			1,122,140,411			65,439,055			837,238,882
Administrator Class		2,156,188			26,895,925			6,358,669			81,613,591
Institutional Class		24,204,858			301,105,302			109,824,335			1,402,149,298

					1,484,998,066						2,419,876,038

Reinvestment of distributions
Class A		260,467			3,319,731			406,222			5,315,016
Class C		15,827			199,780			23,283			301,658
Class R		1,347			16,760			2,181			27,892
Class R4		12,709			158,058			51,321			658,202
Class R6		2,355,513			29,269,348			1,705,109			21,706,594
Administrator Class		258,711			3,219,319			457,541			5,851,867
Institutional Class		2,267,447			28,175,508			4,338,888			55,292,897

					64,358,504						89,154,126

Payment for shares redeemed
Class A		(4,004,263	)		(51,001,075	)		(8,713,141	)		(114,094,388	)
Class C		(490,722	)		(6,194,053	)		(1,437,868	)		(18,650,713	)
Class R		(122,963	)		(1,530,518	)		(414,247	)		(5,296,848	)
Class R4		(162,981	)		(2,023,698	)		(3,109,817	)		(39,224,105	)
Class R6		(23,623,691	)		(293,537,076	)		(20,533,471	)		(261,667,805	)
Administrator Class		(4,240,970	)		(52,729,832	)		(14,295,796	)		(183,753,304	)
Institutional Class		(99,993,456	)		(1,247,096,858	)		(95,212,522	)		(1,214,837,005	)

					(1,654,113,110	)					(1,837,524,168	)

Net increase (decrease) in net assets resulting from capital share transactions					(104,756,540	)					671,505,996

Total increase (decrease) in net assets					(193,152,032	)					526,511,175


Net assets
Beginning of period					5,340,154,086						4,813,642,911

End of period				$	5,147,002,054					$	5,340,154,086

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at May 31, 2018 was $140,624. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements

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


Financial highlights		Wells Fargo Core Bond Fund			13

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.86			$13.22			$13.28			$13.16			$12.98			$13.02
Net investment income		0.16			0.24			0.19	¹		0.19	¹		0.18			0.19
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.36	)		0.00			0.12			0.19			0.12

Total from investment operations		(0.05	)		(0.12	)		0.19			0.31			0.37			0.31
Distributions to shareholders from
Net investment income		(0.16	)		(0.24	)		(0.19	)		(0.19	)		(0.19	)		(0.20	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)

Total distributions to shareholders		(0.16	)		(0.24	)		(0.25	)		(0.19	)		(0.19	)		(0.35	)
Net asset value, end of period		$12.65			$12.86			$13.22			$13.28			$13.16			$12.98
Total return²		(0.42	)%		(0.96	)%		1.48	%		2.36	%		2.85	%		2.46	%
Ratios to average net assets (annualized)
Gross expenses³		0.83	%		0.83	%		0.83	%		0.83	%		0.85	%		0.83	%
Net expenses³		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income³		2.44	%		1.79	%		1.40	%		1.43	%		1.39	%		1.52	%
Supplemental data
Portfolio turnover rate⁴		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$296,976			$320,208			$360,276			$699,273			$506,043			$397,780

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


14		Wells Fargo Core Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.74			$13.09			$13.15			$13.03			$12.86			$12.90
Net investment income		0.11			0.14			0.09			0.09			0.09			0.10
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.35	)		0.00			0.12			0.17			0.12

Total from investment operations		(0.10	)		(0.21	)		0.09			0.21			0.26			0.22
Distributions to shareholders from
Net investment income		(0.11	)		(0.14	)		(0.09	)		(0.09	)		(0.09	)		(0.11	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)

Total distributions to shareholders		(0.11	)		(0.14	)		(0.15	)		(0.09	)		(0.09	)		(0.26	)
Net asset value, end of period		$12.53			$12.74			$13.09			$13.15			$13.03			$12.86
Total return¹		(0.81	)%		(1.65	)%		0.72	%		1.61	%		2.02	%		1.71	%
Ratios to average net assets (annualized)
Gross expenses²		1.58	%		1.58	%		1.58	%		1.58	%		1.58	%		1.58	%
Net expenses²		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Net investment income²		1.69	%		1.04	%		0.68	%		0.68	%		0.65	%		0.77	%
Supplemental data
Portfolio turnover rate³		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$43,177			$47,843			$59,049			$66,612			$72,798			$81,187

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

²	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Core Bond Fund			15

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.55			$12.90			$12.97			$12.85			$12.67			$12.71
Net investment income		0.14			0.20	¹		0.15	¹		0.15	¹		0.15	¹		0.16	¹
Net realized and unrealized gains (losses) on investments		(0.20	)		(0.35	)		(0.01	)		0.12			0.18			0.12

Total from investment operations		(0.06	)		(0.15	)		0.14			0.27			0.33			0.28
Distributions to shareholders from
Net investment income		(0.14	)		(0.20	)		(0.15	)		(0.15	)		(0.15	)		(0.17	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)

Total distributions to shareholders		(0.14	)		(0.20	)		(0.21	)		(0.15	)		(0.15	)		(0.32	)
Net asset value, end of period		$12.35			$12.55			$12.90			$12.97			$12.85			$12.67
Total return²		(0.51	)%		(1.19	)%		1.15	%		2.13	%		2.63	%		2.23	%
Ratios to average net assets (annualized)
Gross expenses³		1.07	%		1.08	%		1.08	%		1.08	%		1.08	%		1.08	%
Net expenses³		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Net investment income³		2.20	%		1.54	%		1.18	%		1.18	%		1.15	%		1.27	%
Supplemental data
Portfolio turnover rate⁴		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$12,028			$12,230			$13,826			$17,985			$16,411			$17,077

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


16		Wells Fargo Core Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R4	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.55			$12.89			$12.95			$12.83			$12.66			$12.70
Net investment income		0.17			0.26	¹		0.22			0.22			0.21			0.22
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.34	)		0.00			0.12			0.18			0.12

Total from investment operations		(0.04	)		(0.08	)		0.22			0.34			0.39			0.34
Distributions to shareholders from
Net investment income		(0.17	)		(0.26	)		(0.22	)		(0.22	)		(0.22	)		(0.23	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)

Total distributions to shareholders		(0.17	)		(0.26	)		(0.28	)		(0.22	)		(0.22	)		(0.38	)
Net asset value, end of period		$12.34			$12.55			$12.89			$12.95			$12.83			$12.66
Total return²		(0.33	)%		(0.61	)%		1.74	%		2.65	%		3.07	%		2.75	%
Ratios to average net assets (annualized)
Gross expenses³		0.60	%		0.60	%		0.60	%		0.60	%		0.59	%		0.58	%
Net expenses³		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Net investment income³		2.70	%		2.01	%		1.70	%		1.69	%		1.53	%		1.78	%
Supplemental data
Portfolio turnover rate⁴		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$11,242			$11,680			$43,205			$41,272			$49,261			$17

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Core Bond Fund			17

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.54			$12.89			$12.95			$12.83			$12.66			$12.70
Net investment income		0.18			0.28			0.24			0.24			0.23			0.24
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.35	)		0.00			0.12			0.17			0.12

Total from investment operations		(0.03	)		(0.07	)		0.24			0.36			0.40			0.36
Distributions to shareholders from
Net investment income		(0.18	)		(0.28	)		(0.24	)		(0.24	)		(0.23	)		(0.25	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)

Total distributions to shareholders		(0.18	)		(0.28	)		(0.30	)		(0.24	)		(0.23	)		(0.40	)
Net asset value, end of period		$12.33			$12.54			$12.89			$12.95			$12.83			$12.66
Total return¹		(0.26	)%		(0.54	)%		1.90	%		2.81	%		3.23	%		2.91	%
Ratios to average net assets (annualized)
Gross expenses²		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Net expenses²		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income²		2.86	%		2.24	%		1.87	%		1.84	%		1.76	%		1.94	%
Supplemental data
Portfolio turnover rate³		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$2,184,336			$1,360,847			$797,896			$450,791			$726,165			$290,977

¹	Returns for periods of less than one year are not annualized.

²	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


18		Wells Fargo Core Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.56			$12.90			$12.97			$12.85			$12.67			$12.71
Net investment income		0.16			0.24	¹		0.21			0.19			0.19	¹		0.21
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.34	)		(0.02	)		0.12			0.18			0.11

Total from investment operations		(0.05	)		(0.10	)		0.19			0.31			0.37			0.32
Distributions to shareholders from
Net investment income		(0.16	)		(0.24	)		(0.20	)		(0.19	)		(0.19	)		(0.21	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)

Total distributions to shareholders		(0.16	)		(0.24	)		(0.26	)		(0.19	)		(0.19	)		(0.36	)
Net asset value, end of period		$12.35			$12.56			$12.90			$12.97			$12.85			$12.67
Total return²		(0.42	)%		(0.79	)%		1.48	%		2.47	%		2.96	%		2.57	%
Ratios to average net assets (annualized)
Gross expenses³		0.76	%		0.77	%		0.77	%		0.77	%		0.77	%		0.77	%
Net expenses³		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income³		2.52	%		1.86	%		1.50	%		1.51	%		1.47	%		1.60	%
Supplemental data
Portfolio turnover rate⁴		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$242,063			$269,057			$373,042			$529,530			$487,981			$412,419

¹	Calculated based upon average shares outstanding

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Core Bond Fund			19

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.54			$12.88			$12.95			$12.83			$12.66			$12.70
Net investment income		0.18			0.28			0.23			0.23			0.22			0.23
Net realized and unrealized gains (losses) on investments		(0.21	)		(0.34	)		(0.01	)		0.12			0.18			0.12

Total from investment operations		(0.03	)		(0.06	)		0.22			0.35			0.40			0.35
Distributions to shareholders from
Net investment income		(0.18	)		(0.28	)		(0.23	)		(0.23	)		(0.23	)		(0.24	)
Net realized gains		0.00			0.00			(0.06	)		0.00			0.00			(0.15	)

Total distributions to shareholders		(0.18	)		(0.28	)		(0.29	)		(0.23	)		(0.23	)		(0.39	)
Net asset value, end of period		$12.33			$12.54			$12.88			$12.95			$12.83			$12.66
Total return¹		(0.28	)%		(0.51	)%		1.77	%		2.76	%		3.17	%		2.85	%
Ratios to average net assets (annualized)
Gross expenses²		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net expenses²		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income²		2.80	%		2.16	%		1.82	%		1.79	%		1.75	%		1.88	%
Supplemental data
Portfolio turnover rate³		280	%		542	%		614	%		667	%		586	%		646	%
Net assets, end of period (000s omitted)		$2,357,179			$3,318,290			$3,166,348			$2,102,073			$1,360,398			$1,208,745

¹	Returns for periods of less than one year are not annualized.

²	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.35	%
Year ended May 31, 2018	0.35	%
Year ended May 31, 2017	0.35	%
Year ended May 31, 2016	0.35	%
Year ended May 31, 2015	0.35	%
Year ended May 31, 2014	0.35	%

³	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


20		Wells Fargo Core Bond Fund		Notes to financial statements (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

The Fund records daily its proportionate share of the affiliated Master Portfolio’s interest income, expenses and realized and unrealized gains or losses. The Fund also accrues its own expenses.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes


Notes to financial statements (unaudited)		Wells Fargo Core Bond Fund			21

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $5,246,291,065 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	0
Gross unrealized losses		(93,544,482	)
Net unrealized losses	$	(93,544,482	)

As of May 31, 2018, the Fund had capital loss carryforwards which consist of $38,917,295 in short-term capital losses.

As of May 31, 2018, the Fund had current year deferred post-October capital losses consisting of $55,203,707 which were recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS


Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Core Bond Portfolio	Seeks total return, consisting of income and capital appreciation	$	5,152,746,583

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C, Class R		0.16	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10


22		Wells Fargo Core Bond Fund		Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 1.03% for Class R shares, 0.52% for Class R4 shares, 0.37% for Class R6 shares, 0.70% for Administrator Class shares, and 0.42% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a distribution plan for Class C and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C and Class R shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Class R shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $2,381 from the sale of Class A shares. Funds Distributor did not receive any contingent deferred sales charges from Class A or Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$13,620,244,376	$1,963,048,100	$13,708,500,058	$1,991,449,077

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Fund under the agreement.


Notes to financial statements (unaudited)		Wells Fargo Core Bond Fund			23

7. DISTRIBUTIONS TO SHAREHOLDERS


	Net investment income
Class A	$	6,146,453
Class C		561,310
Class R		203,058
Class R4		706,139
Class R6		24,689,238
Administrator Class		6,023,458
Institutional Class		70,984,919

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENT


24		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 36.90%
FHLMC (12 Month LIBOR +1.64%) ±		2.80	%		1-1-2047	$	4,968,798	$	4,919,291
FHLMC		3.00			10-15-2047		34,535,212		33,502,716
FHLMC		3.00			11-15-2047		11,482,354		11,089,364
FHLMC		3.00			6-15-2048		18,722,167		17,973,888
FHLMC		3.50			12-1-2047		2,328,847		2,285,412
FHLMC		3.50			2-1-2048		3,491,358		3,425,775
FHLMC		3.50			3-1-2048		20,624,189		20,257,500
FHLMC (12 Month LIBOR +1.64%) ±		3.86			7-1-2048		3,173,685		3,213,886
FHLMC		4.00			4-1-2034		3,146,209		3,189,441
FHLMC		4.00			6-1-2034		185,758		188,320
FHLMC		4.00			1-1-2035		227,586		233,119
FHLMC		4.00			1-1-2036		359,755		366,496
FHLMC		4.00			10-1-2036		2,357,849		2,400,574
FHLMC		4.00			3-1-2037		298,070		303,943
FHLMC		4.00			3-1-2037		358,138		365,528
FHLMC		4.00			3-1-2037		577,429		588,272
FHLMC		4.00			4-1-2037		2,413,829		2,459,158
FHLMC		4.00			4-1-2037		3,022,029		3,095,549
FHLMC		4.00			8-1-2044		1,002,828		1,012,818
FHLMC		4.00			12-1-2045		1,022,865		1,031,571
FHLMC		4.00			2-1-2046		1,248,924		1,259,556
FHLMC		4.00			6-1-2046		2,161,018		2,179,415
FHLMC		4.00			4-1-2048		3,494,987		3,526,577
FHLMC		4.00			6-1-2048		4,924,399		4,968,910
FHLMC		4.00			6-1-2048		4,152,759		4,190,296
FHLMC		4.00			8-1-2048		23,351,967		23,502,547
FHLMC		4.00			9-1-2048		4,576,772		4,606,285
FHLMC		4.00			10-1-2048		51,587,414		51,918,743
FHLMC		4.00			11-1-2048		97,039,474		97,662,731
FHLMC		4.50			6-1-2039		259,509		271,455
FHLMC		4.50			7-1-2039		282,336		295,324
FHLMC		4.50			11-1-2048		43,171,570		44,428,590
FHLMC		5.00			6-1-2044		3,380,058		3,623,422
FHLMC		5.00			5-1-2048		12,517,733		13,336,582
FHLMC		5.00			6-1-2048		728,696		770,956
FHLMC		5.00			11-1-2048		17,099,000		17,937,275
FHLMC		6.50			4-1-2021		368		373
FHLMC Series 1590 Class IA (1 Month LIBOR +1.05%) ±		3.36			10-15-2023		15,360		15,660
FHLMC Series 1897 Class K		7.00			9-15-2026		567		611
FHLMC Series 1935 Class FL (1 Month LIBOR +0.70%) ±		2.98			2-15-2027		1,765		1,794
FHLMC Series 2423 Class MC		7.00			3-15-2032		10,495		11,636
FHLMC Series 264 Class 30		3.00			7-15-2042		19,147,384		18,499,741
FHLMC Series 326 Class 300		3.00			3-15-2044		15,395,942		14,881,062
FHLMC Series 356 Class 300		3.00			9-15-2047		5,000,004		4,806,167
FHLMC Series 3838 Class QE		3.50			1-15-2029		65,908		65,836
FHLMC Series 4640 Class LD		4.00			9-15-2043		15,632,376		16,024,494
FHLMC Series 4700 Class QJ		4.00			7-15-2044		10,775,646		11,058,928
FHLMC Series 4705 Class A		4.50			9-15-2042		7,324,389		7,626,480
FHLMC Series 4763 Class CA		3.00			9-15-2038		2,056,611		2,030,796
FHLMC Series 4767 Class KA		3.00			3-15-2048		10,316,572		10,179,129

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			25


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC Series 4786 Class DP		4.50	%		7-15-2042	$	5,782,456	$	5,972,506
FHLMC Series 4787 Class AK		3.00			5-15-2048		15,909,702		15,256,863
FHLMC Series 4796 Class AK		3.00			5-15-2048		19,800,202		18,987,721
FNMA		1.50			4-25-2043		1,923,146		1,762,045
FNMA (12 Month LIBOR +1.60%) ±		2.95			8-1-2047		4,183,473		4,158,314
FNMA		3.00			11-1-2046		8,443,176		8,160,162
FNMA (12 Month LIBOR +1.62%) ±		3.14			3-1-2047		6,446,702		6,447,302
FNMA		3.50			9-1-2033		863,233		869,545
FNMA		3.50			8-1-2034		2,512,371		2,530,748
FNMA		3.50			5-1-2036		7,776,794		7,833,737
FNMA		3.50			9-1-2036		1,307,090		1,316,650
FNMA		3.50			12-1-2036		8,524,392		8,526,877
FNMA		3.50			2-1-2041		28,362,921		28,176,722
FNMA		3.50			2-1-2042		25,655,799		25,487,283
FNMA		3.50			5-1-2042		20,129,693		20,069,223
FNMA		3.50			5-1-2042		20,564,757		20,429,816
FNMA		3.50			6-1-2042		36,901,982		36,659,781
FNMA		3.50			11-1-2046		7,658,698		7,620,050
FNMA		3.50			11-1-2047		2,809,964		2,759,650
FNMA		3.50			12-1-2047		7,571,137		7,444,774
FNMA		3.50			1-1-2048		23,311,445		22,898,769
FNMA		3.50			2-1-2048		9,807,669		9,636,314
FNMA %%		3.50			12-13-2048		7,000,000		6,865,340
FNMA		3.50			9-1-2052		31,134,593		30,601,592
FNMA (12 Month LIBOR +1.62%) ±		3.73			8-1-2048		5,915,781		6,004,545
FNMA (12 Month LIBOR +1.62%) ±		3.74			7-1-2048		5,520,633		5,601,964
FNMA (12 Month LIBOR +1.62%) ±		3.75			8-1-2048		3,066,658		3,114,636
FNMA (12 Month LIBOR +1.62%) ±		3.85			10-1-2048		5,147,014		5,240,871
FNMA		4.00			7-1-2033		3,916,444		4,001,342
FNMA		4.00			9-1-2033		6,822,307		6,969,999
FNMA		4.00			12-1-2033		534,223		547,164
FNMA		4.00			4-1-2034		5,027,718		5,149,505
FNMA		4.00			7-1-2035		8,491,553		8,697,231
FNMA		4.00			11-1-2035		855,235		875,957
FNMA		4.00			11-1-2035		3,809,904		3,902,202
FNMA		4.00			1-1-2036		7,386,007		7,564,959
FNMA		4.00			1-1-2036		497,252		507,458
FNMA		4.00			7-1-2036		6,157,427		6,276,190
FNMA		4.00			9-1-2036		2,460,342		2,505,369
FNMA		4.00			11-1-2036		1,863,322		1,908,469
FNMA		4.00			12-1-2036		6,517,332		6,643,035
FNMA		4.00			12-1-2036		206,113		209,963
FNMA		4.00			12-1-2036		395,731		403,122
FNMA		4.00			1-1-2037		309,955		315,743
FNMA		4.00			2-1-2037		550,615		560,902
FNMA		4.00			2-1-2037		459,147		467,724
FNMA		4.00			3-1-2037		947,805		965,805
FNMA		4.00			3-1-2037		1,808,611		1,842,398
FNMA		4.00			3-1-2037		1,276,588		1,299,649
FNMA		4.00			3-1-2037		685,112		698,111

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


26		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		4.00	%		3-1-2037	$	1,010,923	$	1,029,810
FNMA		4.00			3-1-2037		871,690		887,436
FNMA		4.00			3-1-2037		241,727		246,243
FNMA		4.00			3-1-2037		514,124		523,730
FNMA		4.00			3-1-2037		198,445		202,214
FNMA		4.00			4-1-2037		882,250		898,734
FNMA		4.00			4-1-2037		1,817,751		1,851,711
FNMA		4.00			5-1-2037		552,528		563,022
FNMA		4.00			5-1-2037		906,869		923,812
FNMA		4.00			5-1-2037		972,643		990,816
FNMA		4.00			5-1-2037		1,138,001		1,159,261
FNMA		4.00			6-1-2037		2,195,145		2,236,837
FNMA		4.00			7-1-2037		1,142,416		1,161,041
FNMA		4.00			7-1-2037		554,815		563,859
FNMA		4.00			7-1-2037		7,310,569		7,444,859
FNMA		4.00			9-1-2037		1,143,616		1,165,336
FNMA		4.00			9-1-2037		2,248,527		2,290,541
FNMA		4.00			9-1-2037		1,976,878		2,012,593
FNMA		4.00			10-1-2037		1,214,088		1,237,148
FNMA		4.00			10-1-2037		3,246,585		3,325,150
FNMA		4.00			11-1-2037		1,798,119		1,830,605
FNMA		4.00			12-1-2037		1,096,949		1,117,785
FNMA		4.00			12-1-2037		1,978,949		2,015,926
FNMA		4.00			1-1-2038		966,433		984,791
FNMA		4.00			1-1-2038		2,345,534		2,389,363
FNMA		4.00			1-1-2038		1,567,662		1,599,864
FNMA		4.00			9-1-2038		2,465,870		2,512,708
FNMA		4.00			5-1-2041		15,548,976		15,924,943
FNMA		4.00			5-1-2045		8,034,745		8,105,433
FNMA		4.00			5-1-2045		1,302,842		1,319,362
FNMA		4.00			9-1-2045		1,525,680		1,553,130
FNMA		4.00			10-1-2045		976,086		984,556
FNMA		4.00			12-1-2045		535,676		539,516
FNMA		4.00			12-1-2045		165,230		167,174
FNMA		4.00			12-1-2045		343,170		346,838
FNMA		4.00			5-1-2046		5,007,489		5,059,049
FNMA		4.00			7-1-2046		321,845		325,515
FNMA		4.00			4-1-2047		889,073		902,282
FNMA		4.00			4-1-2047		1,015,332		1,024,806
FNMA		4.00			4-1-2047		994,387		1,007,547
FNMA		4.00			5-1-2047		3,971,781		4,006,988
FNMA		4.00			10-1-2047		815,986		828,111
FNMA		4.00			10-1-2047		769,449		779,750
FNMA		4.00			11-1-2047		33,800,371		34,176,152
FNMA		4.00			2-1-2048		7,422,003		7,475,863
FNMA		4.00			3-1-2048		4,795,000		4,837,873
FNMA		4.00			3-1-2048		4,656,070		4,697,700
FNMA		4.00			3-1-2048		27,257,948		27,430,344
FNMA		4.00			4-1-2048		17,996,685		18,121,556
FNMA		4.00			5-1-2048		7,819,258		7,889,175

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			27


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		4.00	%		5-1-2048	$	2,111,468	$	2,133,324
FNMA		4.00			6-1-2048		4,123,858		4,160,735
FNMA		4.00			7-1-2048		4,549,963		4,590,649
FNMA		4.00			8-1-2048		53,895,419		54,269,712
FNMA		4.00			9-1-2048		40,660,227		40,917,411
FNMA		4.00			9-1-2048		5,375,956		5,448,054
FNMA		4.00			10-1-2048		5,672,669		5,723,395
FNMA %%		4.00			12-13-2048		21,200,000		21,323,390
FNMA		4.50			5-1-2034		1,896,182		1,969,097
FNMA		4.50			6-1-2041		319,676		330,935
FNMA		4.50			3-1-2043		3,626,799		3,773,217
FNMA		4.50			3-1-2044		1,129,539		1,171,109
FNMA		4.50			10-1-2045		6,019,142		6,214,414
FNMA		4.50			2-1-2046		145,348		149,944
FNMA		4.50			8-1-2048		46,211,595		47,547,722
FNMA ##		4.50			11-1-2048		49,987,364		51,478,504
FNMA %%		4.50			12-13-2048		1,700,000		1,747,928
FNMA		5.00			7-1-2044		640,105		674,560
FNMA		5.00			5-1-2048		6,306,677		6,653,105
FNMA		5.00			6-1-2048		1,798,208		1,897,110
FNMA		5.00			6-1-2048		1,597,100		1,689,884
FNMA		5.00			6-1-2048		13,175,470		14,063,101
FNMA		5.00			11-1-2048		16,599,073		17,707,915
FNMA		5.00			8-1-2056		21,946,164		23,202,414
FNMA		6.00			4-1-2022		5,793		6,234
FNMA		6.00			2-1-2029		5,601		6,091
FNMA		6.00			3-1-2033		40,055		43,804
FNMA		6.00			11-1-2033		14,495		15,854
FNMA Series 1998-38 Class PL		6.00			11-25-2028		265,452		285,324
FNMA Series 1999-54 Class LH		6.50			11-25-2029		9,654		10,406
FNMA Series 2005-31 Class PB		5.50			4-25-2035		70,000		75,713
FNMA Series 2014-40 Class EP		3.50			10-25-2042		3,298,402		3,322,337
FNMA Series 2017-13 Class PA		3.00			8-25-2046		6,048,797		5,942,060
FNMA Series 2017-M7 Class A2 ±±		2.96			2-25-2027		2,108,000		2,006,437
FNMA Series 2018-12 Class P		3.00			3-25-2046		7,253,031		7,084,311
FNMA Series 2018-14 Class KC		3.00			3-25-2048		6,543,878		6,527,518
FNMA Series 2018-15 Class AB		3.00			3-25-2048		2,283,484		2,253,776
FNMA Series 2018-15 Class CA		3.00			3-25-2048		2,437,529		2,396,965
FNMA Series 2018-38 Class LA		3.00			6-25-2048		19,645,449		18,636,997
FNMA Series 2018-4 Class HC		2.50			12-25-2047		6,120,506		5,818,291
FNMA Series 2018-43 Class CT		3.00			6-25-2048		18,725,710		18,042,918
FNMA Series 2018-45 Class GA		3.00			6-25-2048		40,647,812		39,165,679
FNMA Series 2018-50 Class BA		3.00			7-25-2048		39,991,090		38,250,957
FNMA Series 2018-56 Class CH		3.00			8-25-2048		9,284,237		8,954,836
FNMA Series 2018-57 Class PT		3.00			8-25-2048		7,396,876		7,097,549
FNMA Series 2018-59 Class DA		3.00			8-25-2048		20,807,622		19,962,052
FNMA Series 2018-63 Class DA		3.50			9-25-2048		5,785,280		5,758,756
FNMA Series 2018-8 Class KL		2.50			3-25-2047		7,502,000		7,130,171
FNMA Series 414 Class A35		3.50			10-25-2042		17,256,763		17,144,764
GNMA		3.50			9-20-2045		34,604,826		34,299,502

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


28		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
GNMA		3.50	%		5-20-2046	$	4,042,647	$	4,010,554
GNMA		3.50			7-20-2046		16,904,576		16,808,088
GNMA		3.50			1-20-2047		3,478,298		3,446,207
GNMA		3.50			1-20-2048		12,095,587		11,976,057
GNMA		3.50			1-20-2048		6,730,626		6,664,791
GNMA		3.50			1-20-2048		2,181,388		2,163,537
GNMA		3.50			1-20-2048		6,167,614		6,101,824
GNMA		4.00			3-20-2048		2,602,466		2,640,358
GNMA		4.00			4-20-2048		3,949,616		4,007,124
GNMA		4.00			4-20-2048		2,987,593		3,035,376
GNMA		4.00			4-20-2048		1,978,568		2,011,767
GNMA		4.50			10-20-2048		76,761,115		79,234,688
GNMA		4.50			11-20-2048		5,731,553		5,917,824
GNMA %%		4.50			12-20-2048		6,175,253		6,377,154
GNMA %%		4.50			1-23-2049		400,000		412,012
GNMA		5.00			12-20-2039		251,406		272,102
GNMA		5.00			11-20-2045		408,220		443,520
GNMA		5.00			4-20-2048		1,453,644		1,544,985
GNMA		5.00			8-20-2048		41,556,316		43,456,171
GNMA		5.00			9-20-2048		28,845,223		30,173,996
GNMA		5.00			11-20-2048		21,879,558		22,887,471
GNMA %%		5.00			12-19-2048		6,300,000		6,572,542
GNMA %%		5.00			12-20-2048		17,892,998		18,706,825
GNMA %%		5.00			1-23-2049		89,300,000		93,027,137
GNMA %%		5.00			2-21-2049		57,000,000		59,299,433
GNMA Series 2012-141 Class WA ±±		4.53			11-16-2041		1,858,865		1,956,149
GNMA Series 2017-167 Class BQ		2.50			8-20-2044		9,714,861		9,350,112

Total Agency Securities (Cost $2,069,752,173)									2,056,573,682


Asset-Backed Securities: 10.91%
Ally Auto Receivables Trust Series 2015-1 Class A4		1.75			5-15-2020		1,456,050		1,454,335
Ally Auto Receivables Trust Series 2015-2 Class A4		1.84			6-15-2020		1,637,129		1,633,263
Ally Master Owner Trust Series 2017-1 Class A (1 Month LIBOR +0.40%) ±		2.71			2-15-2021		2,468,000		2,468,815
American Express Credit Account Master Trust 2018-9 Class A (1 Month LIBOR +0.38%) ±		2.69			4-15-2026		2,909,000		2,910,253
Americredit Automobile Receivables Series 2018-1 Class A3		3.07			12-19-2022		2,541,000		2,534,197
Avis Budget Rental Car Funding LLC Series 2017-1a Class A 144A		3.07			9-20-2023		3,164,000		3,090,985
Barclays Dryrock Issuance Trust Series 2018-1 Class A (1 Month LIBOR +0.33%) ±		2.64			7-15-2024		6,116,000		6,126,721
Capital Auto Receivables Asset Trust Series 2015-3 Class A4		2.13			5-20-2020		881,317		880,542
Capital Auto Receivables Asset Trust Series 2015-4 Class A4		2.01			7-20-2020		3,406,270		3,399,375
Capital Auto Receivables Asset Trust Series 2016-1 Class A4		1.98			10-20-2020		2,455,000		2,447,692
Capital Auto Receivables Asset Trust Series 2016-2 Class A4		1.63			1-20-2021		964,000		957,516
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A ±		3.97			11-26-2046		4,424,963		4,514,125
College Avenue Student Loan Trust Series 2018-A Class A2 144A		4.13			12-26-2047		3,093,621		3,100,985
Discover Card Execution Note Trust Series 2014 Class A4		2.12			12-15-2021		4,440,000		4,419,568
Ford Credit Auto Owner Trust Series 2015-A Class A4		1.64			6-15-2020		994,520		993,168
Ford Credit Auto Owner Trust Series 2017-1 Class A 144A		2.62			8-15-2028		2,218,000		2,163,873
Ford Credit Auto Owner Trust Series 2017-2 Class A 144A		2.36			3-15-2029		5,889,000		5,659,072
Ford Credit Auto Owner Trust Series 2017-A Class A4		1.92			4-15-2022		3,576,000		3,507,406

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			29


Security name	Interest rate			Maturity date		Principal		Value

Asset-Backed Securities (continued)
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A		3.19	%		7-15-2031	$	8,597,000	$	8,346,661
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A		3.47			1-15-2030		6,074,000		6,048,809
Hertz Vehicle Financing LLC Series 2015-1A Class A 144A		2.73			3-25-2021		17,213,000		17,072,717
Hertz Vehicle Financing LLC Series 2015-3A Class A 144A		2.67			9-25-2021		9,811,000		9,649,291
Hertz Vehicle Financing LLC Series 2016-2A Class A2 144A		2.95			3-25-2022		3,863,000		3,813,875
Hertz Vehicle Financing LLC Series 2016-3A Class B 144A		3.11			7-25-2020		2,186,000		2,178,279
Hertz Vehicle Financing LLC Series 2016-4A Class A 144A		2.65			7-25-2022		10,270,000		9,982,797
Hertz Vehicle Financing LLC Series 2017-1A Class A 144A		2.96			10-25-2021		4,777,000		4,707,739
Hertz Vehicle Financing LLC Series 2017-2A Class A 144A		3.29			10-25-2023		7,635,000		7,441,797
Hertz Vehicle Financing LLC Series 2018-2A Class A 144A		3.65			6-27-2022		5,490,000		5,488,584
Hertz Vehicle Financing LLC Series 2018-3A Class A 144A		4.03			7-25-2024		8,575,000		8,574,989
Navient Student Loan Trust Series 2014-1 Class A3 (1 Month LIBOR +0.51%) ±		2.79			6-25-2031		4,771,688		4,780,906
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) 144A±		3.91			10-15-2031		6,169,000		6,365,704
Navient Student Loan Trust Series 2014-CTA Class A (1 Month LIBOR +0.70%) 144A±		3.01			9-16-2024		1,525,692		1,528,601
Navient Student Loan Trust Series 2015-1 Class A2 (1 Month LIBOR +0.60%) ±		2.91			4-25-2040		5,044,244		5,039,720
Navient Student Loan Trust Series 2015-CA Class B 144A		3.25			5-15-2040		2,766,000		2,764,142
Navient Student Loan Trust Series 2016-3A Class A2 (1 Month LIBOR +0.85%) 144A±		3.17			6-25-2065		2,867,782		2,882,074
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A±		4.46			12-15-2045		3,047,823		3,179,788
Navient Student Loan Trust Series 2017-2A Class A (1 Month LIBOR +0.77%) 144A±		3.08			9-25-2065		8,793,948		8,846,924
Navient Student Loan Trust Series 2017-3A Class A (1 Month LIBOR +0.85%) 144A±		3.16			2-25-2066		9,189,978		9,271,847
Navient Student Loan Trust Series 2017-4A Class A2 (1 Month LIBOR +0.50%) 144A±		2.82			9-27-2066		8,147,000		8,171,787
Navient Student Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) 144A±		3.21			12-16-2058		8,966,000		8,959,175
Navient Student Loan Trust Series 2018-BA Class A2B (1 Month LIBOR +0.72%) 144A±		3.03			12-15-2059		3,840,000		3,826,056
Navient Student Loan Trust Series 2018-A Class A2 144A		3.19			2-18-2042		2,233,000		2,186,913
Navient Student Loan Trust Series 2018-CA Class A2 144A		3.52			6-16-2042		2,507,000		2,499,287
Navient Student Loan Trust Series 2018-DA Class A2A 144A		4.00			12-15-2059		13,496,000		13,595,036
Navient Student Loan Trust Series 2018-EA Class A2 144A		4.00			12-15-2059		6,822,000		6,890,414
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		2.65			1-25-2037		4,414,426		4,387,732
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ±		2.67			10-27-2036		3,083,203		3,048,804
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ±		2.60			10-25-2033		17,128,377		17,021,104
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ±		2.47			3-23-2037		21,561,131		21,349,314
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ±		2.49			12-24-2035		19,346,326		19,201,820
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ±		2.55			3-22-2032		4,392,772		4,294,066
Nelnet Student Loan Trust Series 2010-4A Class A (1 Month LIBOR +0.80%) 144A±		3.12			4-25-2046		1,639,089		1,651,158
Nelnet Student Loan Trust Class 2010-2A Class A (3 Month LIBOR +0.85%) 144A±		3.22			9-25-2048		18,698,941		18,938,285
Nelnet Student Loan Trust Series 2012-4A Class A (1 Month LIBOR +0.70%) 144A±		3.02			9-27-2038		16,433,486		16,552,887
Nelnet Student Loan Trust Series 2014-1A Class A (1 Month LIBOR +0.57%) 144A±		2.88			9-25-2041		2,449,603		2,453,684
Nelnet Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) 144A±		3.12			9-25-2065		8,561,276		8,637,266
Nelnet Student Loan Trust Series 2018-3A Class A2 (1 Month LIBOR +0.44%) 144A±		2.76			9-27-2066		2,846,000		2,849,614
SLM Student Loan Trust Series 2006-10 Class A6 (3 Month LIBOR +0.15%) ±		2.64			3-25-2044		20,830,000		20,159,614
SLM Student Loan Trust Series 2013-4 Class A (1 Month LIBOR +0.55%) ±		2.87			6-25-2043		1,921,658		1,924,585
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) 144A±		3.08			12-15-2032		3,910,775		3,831,947
SLM Student Loan Trust Series 2004-10 Class A7A (3 Month LIBOR +0.60%) 144A±		3.09			10-25-2029		12,249,000		12,293,008
SLM Student Loan Trust Series 2005-10 Class A5 (3 Month LIBOR +0.13%) ±		2.62			7-26-2021		2,833,553		2,806,003
SLM Student Loan Trust Series 2006-1 Class A5 (3 Month LIBOR +0.11%) ±		2.60			7-26-2021		13,093,374		12,905,300
SLM Student Loan Trust Series 2006-3 Class A5 (3 Month LIBOR +0.10%) ±		2.59			1-25-2021		7,478,107		7,404,982
SLM Student Loan Trust Series 2007-1 Class A5 (3 Month LIBOR +0.09%) ±		2.58			1-26-2026		1,440,006		1,436,755
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ±		2.55			7-25-2022		11,939,000		11,664,408
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ±		2.72			3-25-2025		1,954,706		1,911,095

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


30		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Asset-Backed Securities (continued)
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ±		3.26	%		9-25-2028	$	13,790,819	$	13,812,940
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ±		3.02			1-25-2029		11,856,848		11,783,544
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ±		3.07			5-26-2026		3,178,447		3,178,444
SLM Student Loan Trust Series 2013-B Class A2B (1 Month LIBOR +1.10%) 144A±		3.41			6-17-2030		406,153		407,447
SMB Private Education Loan Trust Series 2015-A Class A2B (1 Month LIBOR +1.00%) 144A±		3.31			6-15-2027		4,531,370		4,571,247
SMB Private Education Loan Trust Series 2015-B Class A2A 144A		2.98			7-15-2027		2,558,098		2,539,138
SMB Private Education Loan Trust Series 2015-C Class A2B (1 Month LIBOR +1.40%) 144A±		3.71			7-15-2027		2,450,306		2,485,035
SMB Private Education Loan Trust Series 2016-A Class A2A 144A		2.70			5-15-2031		10,077,111		9,926,111
SMB Private Education Loan Trust Series 2016-A Class A2B (1 Month LIBOR +1.50%) 144A±		3.81			5-15-2031		13,250,703		13,548,458
SMB Private Education Loan Trust Series 2016-B Class A2A 144A		2.43			2-17-2032		8,056,154		7,815,791
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A±		3.76			2-17-2032		13,186,880		13,462,900
SMB Private Education Loan Trust Series 2016-C Class A2A 144A		2.34			9-15-2034		11,556,402		11,234,414
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) 144A±		3.41			9-15-2034		10,266,076		10,389,703
SMB Private Education Loan Trust Series 2017-A Class A2B (1 Month LIBOR +0.90%) 144A±		3.21			9-15-2034		3,756,000		3,776,894
SMB Private Education Loan Trust Series 2017-B Class A2B (1 Month LIBOR +0.75%) 144A±		3.06			10-15-2035		7,998,000		7,997,987
SMB Private Education Loan Trust Series 2018-C Class A2A 144A		3.63			11-15-2035		6,580,000		6,580,442
SMB Private Education Loan Trust Series 2018-C Class A2B (1 Month LIBOR +0.75%) 144A±		3.06			11-15-2035		7,851,000		7,863,284
SMB Private Education Loan Trust Series 2018-A Class A2B (1 Month LIBOR +0.80%) 144A±		3.11			2-15-2036		4,315,000		4,327,464
SMB Private Education Loan Trust Series 2018-B Class A2B (1 Month LIBOR +0.72%) 144A±		3.03			1-15-2037		7,041,000		7,024,414
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		2.84			2-25-2028		12,224		12,142
Synchrony Credit Card Master Note Trust Series 2018-2 Class A		3.47			5-15-2026		2,324,000		2,326,946
World Financial Network Credit Card Master Trust Series 2014-B Class A4		1.68			12-15-2020		1,459,810		1,459,343
World Financial Network Credit Card Master Trust Series 2015-B Class A		2.55			6-17-2024		444,000		437,654
World Financial Network Credit Card Master Trust Series 2016-A Class A		2.03			4-15-2025		8,931,000		8,643,098
World Financial Network Credit Card Master Trust Series 2016-C Class A		1.72			8-15-2023		3,854,000		3,807,162
World Financial Network Credit Card Master Trust Series 2017-A Class A		2.12			3-15-2024		7,015,000		6,903,617
World Financial Network Credit Card Master Trust Series 2017-C Class A		2.31			8-15-2024		12,914,000		12,678,309
World Omni Auto Receivables Trust Series 2016-A Class A4		1.95			5-16-2022		6,143,000		6,061,027

Total Asset-Backed Securities (Cost $607,613,026)									608,134,189


Corporate Bonds and Notes: 19.76%

Communication Services: 2.05%

Diversified Telecommunication Services: 0.79%
AT&T Incorporated		3.40			5-15-2025		4,226,000		3,933,734
AT&T Incorporated 144A		5.15			2-15-2050		6,594,000		5,919,713
AT&T Incorporated		4.75			5-15-2046		2,074,000		1,789,431
AT&T Incorporated		5.25			3-1-2037		3,950,000		3,760,343
AT&T Incorporated		5.45			3-1-2047		5,713,000		5,412,456

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			31


Security name	Interest rate			Maturity date		Principal		Value

Diversified Telecommunication Services (continued)
Verizon Communications Incorporated		4.13	%		8-15-2046	$	6,119,000	$	5,277,203
Verizon Communications Incorporated		4.15			3-15-2024		2,074,000		2,095,402
Verizon Communications Incorporated		4.27			1-15-2036		1,988,000		1,823,957
Verizon Communications Incorporated		4.33			9-21-2028		5,618,000		5,583,779
Verizon Communications Incorporated		4.40			11-1-2034		4,503,000		4,272,178
Verizon Communications Incorporated		4.67			3-15-2055		1,054,000		948,197
Verizon Communications Incorporated		5.50			3-16-2047		3,068,000		3,204,281

									44,020,674


Media: 1.26%
21st Century Fox America Incorporated		4.95			10-15-2045		2,048,000		2,170,464
Charter Communications Operating LLC		4.46			7-23-2022		2,031,000		2,034,246
Charter Communications Operating LLC		5.38			5-1-2047		1,409,000		1,257,243
Charter Communications Operating LLC		5.38			4-1-2038		1,812,000		1,651,972
Charter Communications Operating LLC		5.75			4-1-2048		5,419,000		5,051,479
Comcast Corporation		3.30			10-1-2020		11,789,000		11,788,219
Comcast Corporation		3.45			10-1-2021		9,472,000		9,482,687
Comcast Corporation		3.70			4-15-2024		8,211,000		8,185,385
Comcast Corporation		3.95			10-15-2025		5,791,000		5,770,810
Comcast Corporation		4.00			3-1-2048		3,155,000		2,774,972
Comcast Corporation		4.15			10-15-2028		4,736,000		4,696,248
Comcast Corporation		4.60			10-15-2038		4,416,000		4,325,208
Comcast Corporation		4.95			10-15-2058		4,641,000		4,558,159
Time Warner Cable Incorporated		3.80			2-15-2027		1,685,000		1,570,234
Time Warner Cable Incorporated		6.55			5-1-2037		1,469,000		1,490,939
Walt Disney Company «		4.13			6-1-2044		1,054,000		1,021,802
Warner Media LLC		5.35			12-15-2043		1,037,000		972,752
Warner Media LLC		5.38			10-15-2041		1,659,000		1,576,416

									70,379,235


Consumer Discretionary: 0.74%

Automobiles: 0.31%
General Motors Company		5.00			10-1-2028		1,054,000		989,044
General Motors Company		5.95			4-1-2049		6,554,000		5,913,362
Volkswagen Group America Company 144A		4.75			11-13-2028		10,905,000		10,413,486

									17,315,892


Hotels, Restaurants & Leisure: 0.36%
GLP Capital LP / GLP FInancing II Incorporated		5.30			1-15-2029		4,148,000		4,002,820
Starbucks Corporation		3.80			8-15-2025		11,443,000		11,257,448
Starbucks Corporation		4.00			11-15-2028		4,827,000		4,732,645

									19,992,913


Internet & Direct Marketing Retail: 0.07%
Amazon.com Incorporated		2.80			8-22-2024		3,929,000		3,757,591

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


32		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Consumer Staples: 2.22%

Beverages: 0.59%
Anheuser Busch InBev Worldwide Incorporated		3.50	%		1-12-2024	$	7,297,000	$	7,037,406
Constellation Brands Incorporated		3.20			2-15-2023		7,372,000		7,127,476
Constellation Brands Incorporated		3.60			2-15-2028		5,972,000		5,501,859
Constellation Brands Incorporated		3.70			12-6-2026		1,685,000		1,583,316
Constellation Brands Incorporated		4.40			11-15-2025		2,429,000		2,419,836
Constellation Brands Incorporated		4.50			5-9-2047		907,000		804,425
Constellation Brands Incorporated		4.65			11-15-2028		5,704,000		5,700,376
Constellation Brands Incorporated		5.25			11-15-2048		2,532,000		2,517,989

									32,692,683


Food & Staples Retailing: 0.60%
Costco Wholesale Corporation		2.75			5-18-2024		4,563,000		4,410,623
Costco Wholesale Corporation		3.00			5-18-2027		7,113,000		6,724,122
CVS Caremark Corporation		4.00			12-5-2023		3,129,000		3,106,218
Walmart Incorporated		3.40			6-26-2023		5,600,000		5,589,521
Walmart Incorporated		3.70			6-26-2028		13,028,000		12,896,751
Walmart Incorporated		4.05			6-29-2048		1,059,000		1,017,195

									33,744,430


Food Products: 0.71%
Kraft Heinz Foods Company		2.80			7-2-2020		6,292,000		6,214,129
Kraft Heinz Foods Company		4.38			6-1-2046		3,340,000		2,715,704
Nestle Holdings Incorporated 144A		3.10			9-24-2021		6,978,000		6,968,867
Nestle Holdings Incorporated 144A		3.35			9-24-2023		8,492,000		8,434,565
Nestle Holdings Incorporated 144A		3.50			9-24-2025		3,399,000		3,372,203
Nestle Holdings Incorporated 144A		3.63			9-24-2028		6,638,000		6,550,863
Nestle Holdings Incorporated 144A		3.90			9-24-2038		2,404,000		2,292,366
Nestle Holdings Incorporated 144A		4.00			9-24-2048		3,104,000		2,932,588

									39,481,285


Household Products: 0.08%
Church & Dwight Company Incorporated		2.45			8-1-2022		1,599,000		1,525,175
Church & Dwight Company Incorporated		3.15			8-1-2027		2,636,000		2,428,381
Church & Dwight Company Incorporated		3.95			8-1-2047		786,000		685,196

									4,638,752


Tobacco: 0.24%
Bat Capital Corporation		2.30			8-14-2020		3,189,000		3,102,255
Bat Capital Corporation		2.76			8-15-2022		1,904,000		1,803,392
Bat Capital Corporation		3.56			8-15-2027		2,022,000		1,801,221
Bat Capital Corporation		4.54			8-15-2047		3,211,000		2,607,710
Reynolds American Incorporated		5.85			8-15-2045		4,053,000		3,921,175

									13,235,753


Energy: 2.14%

Electric Utilities: 0.04%
Emera US Finance LP		4.75			6-15-2046		2,558,000		2,386,665

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			33


Security name	Interest rate			Maturity date		Principal		Value

Energy Equipment & Services: 0.10%
Schlumberger Holdings Corporation 144A		4.00	%		12-21-2025	$	5,722,000	$	5,610,520


Oil, Gas & Consumable Fuels: 2.00%
Anadarko Petroleum Corporation		3.45			7-15-2024		3,414,000		3,254,574
Anadarko Petroleum Corporation		4.85			3-15-2021		2,359,000		2,407,796
Andeavor Logistics LP		3.50			12-1-2022		2,403,000		2,322,197
BP Capital Markets America Incorporated		3.80			9-21-2025		6,309,000		6,244,657
BP Capital Markets America Incorporated		3.94			9-21-2028		15,521,000		15,264,907
Cimarex Energy Company		4.38			6-1-2024		7,243,000		7,077,000
Dominion Gas Holdings LLC		4.80			11-1-2043		294,000		286,978
Enbridge Energy Partners LP		7.38			10-15-2045		1,167,000		1,426,796
Energy Transfer Partners LP		5.50			6-1-2027		4,926,000		4,913,685
Energy Transfer Partners LP		6.00			6-15-2048		2,947,000		2,837,594
Energy Transfer Partners LP		6.13			12-15-2045		3,587,000		3,442,741
Energy Transfer Partners LP		6.50			2-1-2042		1,132,000		1,141,099
Enterprise Products Operating LLC		3.50			2-1-2022		6,949,000		6,898,838
Enterprise Products Operating LLC		4.15			10-16-2028		4,632,000		4,520,814
Hess Corporation		5.60			2-15-2041		838,000		742,909
Hess Corporation		5.80			4-1-2047		2,904,000		2,598,739
HollyFrontier Corporation		5.88			4-1-2026		2,731,000		2,799,578
Kinder Morgan Energy Partners LP		4.25			9-1-2024		1,599,000		1,578,609
Kinder Morgan Incorporated 144A		5.00			2-15-2021		6,413,000		6,532,389
Kinder Morgan Incorporated		5.55			6-1-2045		2,532,000		2,472,194
Marathon Petroleum Corporation		4.75			9-15-2044		2,273,000		2,023,236
MPLX LP		4.13			3-1-2027		2,069,000		1,943,536
MPLX LP		4.70			4-15-2048		968,000		826,244
MPLX LP		4.80			2-15-2029		1,136,000		1,117,857
MPLX LP		5.20			3-1-2047		2,074,000		1,870,743
MPLX LP		5.50			2-15-2049		2,778,000		2,654,318
Newfield Exploration Company		5.63			7-1-2024		7,844,000		8,020,490
Newfield Exploration Company		5.75			1-30-2022		1,435,000		1,463,700
Northwest Pipeline LLC 144A		4.00			4-1-2027		5,505,000		5,284,716
Western Gas Partners LP		5.50			8-15-2048		296,000		262,643
Williams Companies Incorporated		4.55			6-24-2024		2,576,000		2,579,114
Williams Companies Incorporated		5.40			3-4-2044		2,092,000		1,969,024
Williams Companies Incorporated		5.75			6-24-2044		2,740,000		2,696,149

									111,475,864


Financials: 3.63%

Banks: 2.20%
Bank of America Corporation		3.25			10-21-2027		4,969,000		4,566,890
Bank of America Corporation		3.30			1-11-2023		5,782,000		5,638,540
Bank of America Corporation (3 Month LIBOR +1.37%) ±		3.59			7-21-2028		2,022,000		1,905,361
Bank of America Corporation (3 Month LIBOR +1.51%) ±		3.71			4-24-2028		7,713,000		7,282,448
Bank of America Corporation (3 Month LIBOR +0.94%) ±		3.86			7-23-2024		18,677,000		18,497,565
Bank of America Corporation		4.00			4-1-2024		5,237,000		5,219,675
Bank of America Corporation (3 Month LIBOR +1.81%) ±		4.24			4-24-2038		312,000		291,221
Bank of America Corporation		4.45			3-3-2026		3,258,000		3,200,185
Capital One NA		2.65			8-8-2022		3,432,000		3,275,500

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


34		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Citigroup Incorporated		3.20	%		10-21-2026	$	6,767,000	$	6,182,287
Citigroup Incorporated (3 Month LIBOR +1.39%) ±		3.67			7-24-2028		2,277,000		2,132,114
Citigroup Incorporated (3 Month LIBOR +1.02%) ±		4.04			6-1-2024		7,415,000		7,366,715
Citigroup Incorporated (3 Month LIBOR +1.19%) ±		4.08			4-23-2029		2,040,000		1,960,250
Citigroup Incorporated		4.45			9-29-2027		8,608,000		8,313,918
Comerica Incorporated		3.70			7-31-2023		9,639,000		9,551,434
JPMorgan Chase & Company (3 Month LIBOR +0.61%) ±		3.51			6-18-2022		2,109,000		2,100,989
JPMorgan Chase & Company (3 Month LIBOR +1.36%) ±		3.88			7-24-2038		5,353,000		4,773,124
JPMorgan Chase & Company (3 Month LIBOR +1.00%) ±%%		4.02			12-5-2024		6,215,000		6,200,657
JPMorgan Chase & Company (3 Month LIBOR +1.58%) ±		4.26			2-22-2048		2,152,000		1,959,316
JPMorgan Chase & Company (3 Month LIBOR +1.33%) ±%%		4.45			12-5-2029		4,147,000		4,149,443
KeyCorp		4.15			10-29-2025		2,141,000		2,147,867
PNC Bank		4.05			7-26-2028		2,040,000		2,009,973
Santander Holdings USA %%		4.45			12-3-2021		13,639,000		13,664,049

									122,389,521


Capital Markets: 0.52%
Goldman Sachs Group Incorporated		3.50			11-16-2026		2,982,000		2,748,229
Goldman Sachs Group Incorporated (3 Month LIBOR +1.37%) ±		4.02			10-31-2038		2,083,000		1,820,877
Goldman Sachs Group Incorporated (3 Month LIBOR +1.30%) ±		4.22			5-1-2029		6,180,000		5,910,307
Goldman Sachs Group Incorporated (3 Month LIBOR +1.43%) ±		4.41			4-23-2039		5,661,000		5,199,686
Lazard Group LLC		4.50			9-19-2028		5,013,000		4,893,796
Morgan Stanley		2.63			11-17-2021		5,730,000		5,539,865
Morgan Stanley		2.75			5-19-2022		24,000		23,119
PPL Capital Funding Incorporated		3.10			5-15-2026		3,111,000		2,874,968

									29,010,847


Consumer Finance: 0.32%
Capital One Financial Corporation		2.40			10-30-2020		3,870,000		3,779,052
Capital One Financial Corporation		3.20			1-30-2023		2,930,000		2,831,198
Capital One Financial Corporation		4.25			4-30-2025		4,874,000		4,800,925
ERAC USA Finance LLC 144A		4.50			2-15-2045		382,000		349,685
Ford Motor Credit Company LLC «		3.82			11-2-2027		1,034,000		871,736
Ford Motor Credit Company LLC		4.14			2-15-2023		1,178,000		1,116,467
Ford Motor Credit Company LLC		5.29			12-8-2046		2,828,000		2,274,374
General Motors Financial Company Incorporated		5.15			4-1-2038		1,996,000		1,699,229

									17,722,666


Diversified Financial Services: 0.12%
Voya Financial Incorporated		3.13			7-15-2024		6,050,000		5,695,738
Voya Financial Incorporated		4.80			6-15-2046		994,000		930,989

									6,626,727


Insurance: 0.47%
American International Group Incorporated		4.20			4-1-2028		3,224,000		3,075,168
American International Group Incorporated		4.38			1-15-2055		1,616,000		1,309,689
American International Group Incorporated		6.25			5-1-2036		1,546,000		1,645,520

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			35


Security name	Interest rate			Maturity date		Principal		Value

Insurance (continued)
Brighthouse Financial		3.70	%		6-22-2027	$	2,161,000	$	1,840,544
Liberty Mutual Group Incorporated 144A		4.25			6-15-2023		2,092,000		2,107,013
MetLife Incorporated		4.60			5-13-2046		2,593,000		2,546,407
Prudential Financial Incorporated		4.60			5-15-2044		1,037,000		996,938
Torchmark Corporation		4.55			9-15-2028		6,309,000		6,309,725
Willis North America Incorporated		4.50			9-15-2028		6,534,000		6,406,828

									26,237,832


Health Care: 2.60%

Biotechnology: 0.72%
AbbVie Incorporated		2.50			5-14-2020		7,994,000		7,876,377
AbbVie Incorporated		3.75			11-14-2023		4,581,000		4,508,057
AbbVie Incorporated		4.25			11-14-2028		9,896,000		9,488,667
AbbVie Incorporated		4.88			11-14-2048		4,849,000		4,421,176
Celgene Corporation		2.75			2-15-2023		7,485,000		7,101,078
Celgene Corporation		2.88			2-19-2021		2,074,000		2,035,950
Celgene Corporation		4.35			11-15-2047		1,305,000		1,091,651
Celgene Corporation		4.55			2-20-2048		4,352,000		3,773,277

									40,296,233


Health Care Equipment & Supplies: 0.65%
Abbott Laboratories		3.75			11-30-2026		3,811,000		3,727,833
Abbott Laboratories		4.90			11-30-2046		3,112,000		3,214,403
Becton Dickinson & Company		2.40			6-5-2020		7,001,000		6,871,420
Becton Dickinson & Company		3.70			6-6-2027		3,463,000		3,228,414
Becton Dickinson & Company		3.73			12-15-2024		5,575,000		5,382,717
Becton Dickinson & Company		4.67			6-6-2047		1,438,000		1,336,718
Becton Dickinson & Company		4.69			12-15-2044		5,073,000		4,658,450
Boston Scientific Corporation		4.00			3-1-2028		1,043,000		994,254
Edwards Lifesciences Corporation		4.30			6-15-2028		6,892,000		6,867,050

									36,281,259


Health Care Providers & Services: 1.02%
Anthem Incorporated		2.95			12-1-2022		2,316,000		2,234,431
CVS Health Corporation		3.70			3-9-2023		10,518,000		10,350,577
CVS Health Corporation		4.30			3-25-2028		12,579,000		12,252,908
CVS Health Corporation		4.78			3-25-2038		6,404,000		6,118,765
CVS Health Corporation		5.05			3-25-2048		4,321,000		4,185,661
Halfmoon Parent Incorporated 144A		4.90			12-15-2048		3,917,000		3,740,345
Halfmoon Parent Incorporated 144A		3.40			9-17-2021		4,728,000		4,687,505
Halfmoon Parent Incorporated 144A		3.75			7-15-2023		7,959,000		7,852,084
Halfmoon Parent Incorporated 144A		4.38			10-15-2028		4,876,000		4,787,935
Halfmoon Parent Incorporated 144A		4.80			8-15-2038		458,000		443,356

									56,653,567


Pharmaceuticals: 0.21%
GlaxoSmithKline Capital Incorporated		3.38			5-15-2023		10,345,000		10,240,001
Pfizer Incorporated		4.20			9-15-2048		1,673,000		1,631,600

									11,871,601

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


36		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Industrials: 1.70%

Aerospace & Defense: 0.80%
Northrop Grumman Corporation		2.08	%		10-15-2020	$	4,840,000	$	4,728,519
Northrop Grumman Corporation		2.55			10-15-2022		6,793,000		6,492,869
Northrop Grumman Corporation		2.93			1-15-2025		302,000		285,033
Northrop Grumman Corporation		3.25			8-1-2023		6,266,000		6,105,420
Northrop Grumman Corporation		3.25			1-15-2028		2,878,000		2,676,638
Northrop Grumman Corporation		4.03			10-15-2047		1,971,000		1,764,124
The Boeing Company		3.55			3-1-2038		888,000		815,584
United Technologies Corporation		3.65			8-16-2023		8,046,000		7,930,277
United Technologies Corporation		4.13			11-16-2028		8,159,000		8,013,560
United Technologies Corporation		4.45			11-16-2038		3,882,000		3,748,997
United Technologies Corporation		4.63			11-16-2048		2,326,000		2,230,262

									44,791,283


Air Freight & Logistics: 0.14%
FedEx Corporation		4.40			1-15-2047		1,253,000		1,112,133
FedEx Corporation		4.55			4-1-2046		3,371,000		3,067,078
FedEx Corporation		4.95			10-17-2048		3,932,000		3,824,859

									8,004,070


Airlines: 0.09%
Delta Air Lines Incorporated		3.80			4-19-2023		3,785,000		3,696,249
Delta Air Lines Incorporated		4.38			4-19-2028		1,428,000		1,363,500

									5,059,749


Construction & Engineering: 0.06%
Valmont Industries Incorporated		5.00			10-1-2044		2,031,000		1,776,017
Valmont Industries Incorporated		5.25			10-1-2054		2,014,000		1,750,961

									3,526,978


Industrial Conglomerates: 0.04%
General Electric Capital Corporation		5.88			1-14-2038		2,564,000		2,382,044


Machinery: 0.14%
Wabtec Corporation		4.15			3-15-2024		3,457,000		3,337,469
Wabtec Corporation		4.70			9-15-2028		4,581,000		4,336,564

									7,674,033


Road & Rail: 0.14%
Burlington Northern Santa Fe LLC		4.05			6-15-2048		3,155,000		2,906,037
CSX Corporation		4.25			3-15-2029		2,107,000		2,107,356
CSX Corporation		4.75			11-15-2048		2,530,000		2,494,797

									7,508,190


Trading Companies & Distributors: 0.23%
Air Lease Corporation		3.50			1-15-2022		2,669,000		2,624,089
Air Lease Corporation		3.63			4-1-2027		5,618,000		5,023,645
Air Lease Corporation		3.63			12-1-2027		5,488,000		4,780,970

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			37


Security name	Interest rate			Maturity date		Principal		Value

Trading Companies & Distributors (continued)
Air Lease Corporation		4.63	%		10-1-2028	$	305,000	$	292,629

									12,721,333


Transportation Infrastructure: 0.06%
Crowley Conro LLC		4.18			8-15-2043		2,968,000		2,994,212


Information Technology: 1.15%

IT Services: 0.17%
Fiserv Incorporated		3.80			10-1-2023		3,469,000		3,463,763
Fiserv Incorporated		4.20			10-1-2028		5,929,000		5,861,587

									9,325,350


Software: 0.48%
Microsoft Corporation		2.00			8-8-2023		5,229,000		4,917,903
Microsoft Corporation		3.30			2-6-2027		4,170,000		4,059,110
Microsoft Corporation		4.00			2-12-2055		1,661,000		1,565,024
Microsoft Corporation		4.10			2-6-2037		3,448,000		3,457,313
Microsoft Corporation		4.25			2-6-2047		4,676,000		4,730,246
Microsoft Corporation		4.50			2-6-2057		2,504,000		2,575,157
Oracle Corporation		2.63			2-15-2023		2,843,000		2,745,203
Oracle Corporation		2.95			11-15-2024		1,521,000		1,454,824
Oracle Corporation		3.80			11-15-2037		1,556,000		1,425,358

									26,930,138


Technology Hardware, Storage & Peripherals: 0.50%
Apple Incorporated		2.85			5-11-2024		3,941,000		3,797,526
Apple Incorporated		3.20			5-13-2025		1,269,000		1,228,362
Apple Incorporated		3.20			5-11-2027		10,924,000		10,390,300
Apple Incorporated		3.75			11-13-2047		735,000		656,493
Apple Incorporated		4.25			2-9-2047		4,123,000		4,007,018
Apple Incorporated		4.38			5-13-2045		1,945,000		1,923,134
Apple Incorporated		4.50			2-23-2036		2,082,000		2,156,158
Hewlett Packard Enterprise Company		6.35			10-15-2045		4,174,000		3,870,387

									28,029,378


Materials: 0.82%

Chemicals: 0.39%
CF Industries Incorporated 144A		3.40			12-1-2021		6,370,000		6,260,969
CF Industries Incorporated 144A		4.50			12-1-2026		4,287,000		4,204,300
Dow Chemical Company 144A		4.80			11-30-2028		2,729,000		2,736,272
Dow Chemical Company 144A		5.55			11-30-2048		1,658,000		1,678,096
Eastman Chemical Company		4.65			10-15-2044		2,377,000		2,082,642
The Sherwin-Williams Company		2.75			6-1-2022		2,967,000		2,845,531
Westlake Chemical Corporation		3.60			8-15-2026		2,107,000		1,928,827

									21,736,637

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


38		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Construction Materials: 0.01%
Vulcan Materials Company		4.50	%		6-15-2047	$	732,000	$	597,683


Containers & Packaging: 0.27%
Avery Dennison Corporation %%		4.88			12-6-2028		4,428,000		4,414,145
International Paper Company		4.35			8-15-2048		1,819,000		1,513,409
International Paper Company		4.40			8-15-2047		631,000		532,457
International Paper Company		5.15			5-15-2046		5,471,000		5,086,097
Westrock Company 144A		4.00			3-15-2028		1,905,000		1,801,046
Westrock Company 144A%%		4.90			3-15-2029		1,450,000		1,457,822

									14,804,976


Metals & Mining: 0.15%
Barrick Gold Finance Company LLC		5.70			5-30-2041		2,494,000		2,596,376
Nucor Corporation		3.95			5-1-2028		1,357,000		1,334,286
Nucor Corporation		4.40			5-1-2048		1,043,000		968,708
Southern Copper Corporation		5.88			4-23-2045		2,550,000		2,518,618
Southern Copper Corporation		7.50			7-27-2035		995,000		1,134,300

									8,552,288


Real Estate: 0.93%

Equity REITs: 0.93%
Boston Properties LP		4.50			12-1-2028		3,843,000		3,845,719
DDR Corporation «		4.25			2-1-2026		926,000		893,543
DDR Corporation		4.63			7-15-2022		5,834,000		5,976,436
ERP Operating LP		4.15			12/1/2028		1,592,000		1,591,622
Mid-America Apartments LP		3.60			6-1-2027		2,066,000		1,945,440
Mid-America Apartments LP		3.75			6-15-2024		5,142,000		5,017,735
Mid-America Apartments LP		4.00			11-15-2025		2,636,000		2,580,137
Mid-America Apartments LP		4.30			10-15-2023		2,204,000		2,221,937
Public Storage		2.37			9-15-2022		5,721,000		5,491,191
Public Storage		3.09			9-15-2027		4,537,000		4,216,895
Regency Centers LP		3.60			2-1-2027		2,092,000		1,971,033
Regency Centers LP		4.13			3-15-2028		1,413,000		1,367,196
Store Capital Corporation		4.50			3-15-2028		8,098,000		7,847,161
Tanger Properties LP		3.75			12-1-2024		2,550,000		2,444,745
Tanger Properties LP		3.88			12-1-2023		2,769,000		2,698,960
Washington Prime Group Incorporated «		5.95			8-15-2024		1,988,000		1,846,043

									51,955,793


Utilities: 1.78%

Electric Utilities: 1.35%
Alliant Energy Finance LLC 144A		4.25			6-15-2028		3,446,000		3,387,451
American Electric Power Company Incorporated		4.30			12-1-2028		4,560,000		4,547,264
American Transmission Systems Incorporated 144A		5.00			9-1-2044		1,141,000		1,172,492
Appalachian Power Company		3.30			6-1-2027		1,383,000		1,300,162
Duke Energy Corporation		1.80			9-1-2021		4,537,000		4,315,341
Duquesne Light Holdings Incorporated 144A		3.62			8-1-2027		6,534,000		6,065,974
Emera US Finance LP		3.55			6-15-2026		2,085,000		1,948,678
FirstEnergy Corporation		4.85			7-15-2047		1,059,000		1,019,306

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			39


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)

FirstEnergy Transmission LLC 144A		5.45	%		7-15-2044	$	873,000	$	920,694

Indiana Michigan Power Company		4.55			3-15-2046		2,117,000		2,102,357

IPALCO Enterprises Incorporated		3.70			9-1-2024		5,075,000		4,847,868

Mid-Atlantic Interstate Transmission LLC 144A		4.10			5-15-2028		4,123,000		3,991,154

Mississippi Power Company		3.95			3-30-2028		5,239,000		5,076,370

Pacific Gas & Electric Company		2.95			3-1-2026		3,132,000		2,584,442

Pacific Gas & Electric Company		3.30			3-15-2027		3,641,000		2,996,824

Pacific Gas & Electric Company		3.30			12-1-2027		3,221,000		2,657,644

Pacific Gas & Electric Company		4.00			12-1-2046		1,058,000		808,291

Pacific Gas & Electric Company		4.25			3-15-2046		1,055,000		817,184

Pacific Gas & Electric Company		5.80			3-1-2037		327,000		302,189

Pacific Gas & Electric Company		6.05			3-1-2034		1,898,000		1,819,530

South Carolina Edison Company		3.70			8-1-2025		2,489,000		2,432,052

South Carolina Edison Company		4.13			3-1-2048		7,770,000		6,933,626

South Carolina Electric & Gas Company		4.25			8-15-2028		3,440,000		3,443,491

Southern California Edison Company		3.40			6-1-2023		2,771,000		2,706,465

Southern California Edison Company		3.50			10-1-2023		1,719,000		1,672,692

Southwestern Electric Power Company		2.75			10-1-2026		985,000		902,717

Southwestern Electric Power Company		3.85			2-1-2048		1,572,000		1,341,450

Southwestern Electric Power Company		3.90			4-1-2045		1,383,000		1,207,811

Virginia Electric Power Company		4.60			12-1-2048		1,821,000		1,816,402

									75,137,921


Multi-Utilities: 0.43%

Ameren Illinois Company		4.50			3-15-2049		3,162,000		3,192,021

Consumers Energy Company		3.45			8-15-2027		1,054,000		997,859

Consumers Energy Company		3.80			11-15-2028		1,059,000		1,056,707

Dominion Energy Incorporated		4.25			6-1-2028		3,915,000		3,867,054

Dominion Resources Incorporated		1.60			8-15-2019		3,915,000		3,869,419

Dominion Resources Incorporated		2.00			8-15-2021		3,025,000		2,880,821

Pacific Gas & Electric Corporation		4.75			2-15-2044		737,000		616,368

Sempra Energy		4.00			2-1-2048		6,410,000		5,294,160

Sempra Energy		2.90			2-1-2023		2,347,000		2,241,019

									24,015,428


Total Corporate Bonds and Notes (Cost $1,135,799,378)									1,101,569,994


Foreign Corporate Bonds and Notes @: 0.04%

Energy: 0.04%

Oil, Gas & Consumable Fuels: 0.04%

EnCana Corporation (CAD)		6.63			8-15-2037		1,945,000		2,102,382


Total Foreign Corporate Bonds and Notes (Cost $2,343,120)									2,102,382


Municipal Obligations: 0.52%

California: 0.16%

GO Revenue: 0.16%

California Build America Bonds		7.60			11-1-2040	$	1,580,000		2,267,142

Los Angeles CA Community College District Build America Bonds		6.75			8-1-2049		4,670,000		6,515,724

									8,782,866

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


40		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Illinois: 0.02%

GO Revenue: 0.02%
Illinois Taxable Pension		5.10	%		6-1-2033	$	1,065,000	$	1,009,663


Nevada: 0.08%

Airport Revenue: 0.08%
Clark County NV Airport Authority Build America Bonds Series C		6.82			7-1-2045		3,365,000		4,614,593


New York: 0.12%

Airport Revenue: 0.12%
Port Authority of New York & New Jersey Consolidated Bonds Series 174		4.46			10-1-2062		6,705,000		6,643,314


Ohio: 0.03%

Education Revenue: 0.03%
Ohio State University General Receipts Taxable Bonds Series A		4.80			6-1-2111		1,957,000		1,994,790


Texas: 0.11%

Transportation Revenue: 0.11%
North Texas Tollway Authority		6.72			1-1-2049		4,460,000		6,059,624


Total Municipal Obligations (Cost $26,493,760)									29,104,850


Non-Agency Mortgage-Backed Securities: 4.82%
Benchmark Mortgage Trust Series 2018-B1 Class ASB ±±		3.60			1-15-2051		1,620,000		1,607,012
CD Commercial Mortgage Trust Series 2016-CD1 Class A1		1.44			8-10-2049		1,206,223		1,175,085
CD Commercial Mortgage Trust Series 2016-CD1 Class ASB		2.62			8-10-2049		4,881,000		4,667,789
CD Commercial Mortgage Trust Series 2017-CD4 Class ASB		3.32			5-10-2050		2,105,000		2,074,109
CD Commercial Mortgage Trust Series 2017-CD6 Class ASB		3.33			11-13-2050		5,323,000		5,188,726
CD Commercial Mortgage Trust Series 2018-CD7 Class A4		4.28			8-15-2051		938,000		960,392
CFCRE Commercial Mortgage Trust Series 2016-C3 Class A1		1.79			1-10-2048		1,595,053		1,570,470
CFCRE Commercial Mortgage Trust Series 2016-C4 Class A4		3.28			5-10-2058		2,857,000		2,734,221
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A2		3.59			12-10-2054		2,861,000		2,793,399
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3		3.84			12-10-2054		4,014,000		3,980,638
CFCRE Commercial Mortgage Trust Series 2017-C8 Class A1		1.96			6-15-2050		1,360,878		1,331,010
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB		3.37			6-15-2050		2,014,000		1,983,802
Citigroup Commercial Mortgage Trust Series 2015-GC29 Class AS		3.46			4-10-2048		1,353,000		1,322,393
Commercial Mortgage Pass-Through Certificate Series 2012-CR3 Class A3		2.82			10-15-2045		2,240,762		2,186,927
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3		3.55			9-10-2047		1,038,000		1,040,226
Commercial Mortgage Pass-Through Certificate Series 2013-CR10 Class A2		2.97			8-10-2046		60,931		60,107
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class A4		4.05			10-10-2046		2,289,000		2,336,253
Commercial Mortgage Pass-Through Certificate Series 2014-UBS2 Class A5		3.96			3-10-2047		1,747,000		1,769,311
Commercial Mortgage Pass-Through Certificate Series 2016-C1 Class ASB		2.97			10-10-2049		2,071,000		2,011,600
Commercial Mortgage Trust Series 2012-CR4 Class A2		1.80			10-15-2045		493,295		470,436
Commercial Mortgage Trust Series 2013-CR11 Class A1		1.47			8-10-2050		77,286		77,186
Commercial Mortgage Trust Series 2014-UBS4 Class AM		3.97			8-10-2047		3,113,000		3,096,604
Commercial Mortgage Trust Series 2014-UBS6 Class A5		3.64			12-10-2047		4,020,000		3,997,919
Commercial Mortgage Trust Series 2015-DC1 Class A5		3.35			2-10-2048		3,271,000		3,191,773
Commercial Mortgage Trust Series 2018-COR3 Class A3		4.23			5-10-2051		2,336,000		2,376,339
Commercial Real Estate Products & Resources Estate Series 2016-C4 Class ASB		3.09			5-10-2058		2,871,000		2,805,302
Credit Suisse Mortgage Trust Series 2016-NSXR Class A4 ±±		3.79			12-15-2049		7,167,000		7,084,346
CSAIL Commercial Mortgage Trust Series 2015-C3 Class A4		3.72			8-15-2048		2,954,000		2,941,428
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A4		3.81			11-15-2048		6,095,200		6,078,863

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			41


Security name	Interest rate			Maturity date		Principal		Value

Non-Agency Mortgage-Backed Securities (continued)
CSAIL Commercial Mortgage Trust Series 2016-C5 Class ASB		3.53	%		11-15-2048	$	865,000	$	863,288
DBGS Mortgage Trust Series 2018-C1 Class A4		4.47			10-15-2051		6,526,000		6,769,361
Deutsche Bank Commercial Mortgage Trust Series 2017-C6 Class ASB		3.12			6-10-2050		1,249,000		1,208,454
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		335,161		333,894
GS Mortgage Securities Trust Series 2014-GCJ18 Class A3		3.80			1-10-2047		1,904,000		1,916,427
GS Mortgage Securities Trust Series 2015-GC34 Class A4		3.51			10-10-2048		2,820,000		2,773,252
GS Mortgage Securities Trust Series 2016-GS3 Class A4		2.85			10-10-2049		2,075,000		1,939,750
GS Mortgage Securities Trust Series 2016-GS3 Class AAB		2.78			10-10-2049		3,117,000		3,013,923
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			1-25-2051		7,797,966		8,224,456
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4		3.67			9-15-2047		2,419,000		2,416,358
JPMDB Commercial Mortgage Securities Series 2017-C5 Class ASB		3.49			3-15-2050		861,000		850,253
JPMDB Commercial Mortgage Securities Series 2018-C8 Class ASB		4.15			6-15-2051		2,714,000		2,774,203
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-JP3 Class A4		2.63			8-15-2049		5,015,000		4,626,031
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-CBX Class A4		3.48			6-15-2045		3,623,000		3,616,201
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2013-C13 Class A2		2.67			1-15-2046		1,499,237		1,494,590
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C20 Class A2		2.87			7-15-2047		1,927,816		1,924,173
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2016-JP2 Class A1		1.32			8-15-2049		2,430,530		2,380,987
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017-JP5 Class ASB		3.55			3-15-2050		6,129,000		6,070,643
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2017-JP6 Class ASB		3.28			7-15-2050		2,343,000		2,286,525
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		1,790,120		1,777,307
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3		2.91			10-15-2048		10,965,000		10,513,285
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 Class ASB		3.73			1-15-2049		2,582,000		2,598,830
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP2 Class ASB		2.71			8-15-2049		2,765,000		2,654,304
JPMorgan Mortgage Trust Series 2016-5 Class A1 144A ±±		2.64			12-25-2046		3,073,172		3,021,763
JPMorgan Mortgage Trust Series 2017-5 Class A1 144A ±±		3.17			10-26-2048		28,330,788		27,938,016
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25 Class A5		3.64			10-15-2048		2,838,000		2,813,274
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4		3.75			12-15-2047		754,000		752,601
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class A4		3.54			1-15-2049		1,448,000		1,422,970
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class A4		2.60			9-15-2049		5,637,000		5,182,064
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class ASB		2.73			9-15-2049		9,888,000		9,501,417
Morgan Stanley Capital I Trust Series 2016-UB11 Class A1		1.45			8-15-2049		2,688,832		2,632,235
Morgan Stanley Capital I Trust Series 2016-UB11 Class ASB		2.61			8-15-2049		2,119,000		2,020,632
Morgan Stanley Capital I Trust Series 2016-UBS9 Class A1		1.71			3-15-2049		1,394,593		1,368,484
Perpetual Savings Bank Series 1990-1 Class 1 ±±		4.93			3-1-2020		2,955		2,955
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A		2.76			12-26-2036		3,652,844		3,595,617
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) 144A ±		3.27			1-25-2039		771,143		776,076
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A ±		3.17			7-25-2039		1,779,703		1,787,797
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A ±		3.02			3-26-2040		1,731,753		1,736,454
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A		2.65			9-25-2040		666,000		646,344
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) 144A ±		2.82			11-26-2040		1,601,902		1,606,320
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A		2.72			11-26-2040		9,979,000		9,747,659

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


42		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Non-Agency Mortgage-Backed Securities (continued)
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A		3.34	%		8-25-2047	$	8,978,000	$	8,846,736
SoFi Professional Loan Program LLC Series 2018-C Class A2FX 144A		3.59			1-25-2048		11,480,000		11,508,770
SoFi Professional Loan Program LLC Series 2018-D Class A2FX 144A		3.60			2-25-2048		11,751,000		11,784,093
UBS Barclays Commercial Mortgage Trust Series 2012-C2 Class A4		3.53			5-10-2063		3,453,000		3,448,160
UBS Barclays Commercial Mortgage Trust Series 2017-C7 Class A4		3.68			12-15-2050		660,000		643,754
UBS Commercial Mortgage Trust Series 2018-C10 Class A4		4.31			5-15-2051		2,033,000		2,080,462
UBS Commercial Mortgage Trust Series 2018-C13 Class A4		4.33			10-15-2051		3,459,000		3,546,020
UBS Commercial Mortgage Trust Series 2018-C9 Class A4 ±±		4.12			3-15-2051		4,422,000		4,458,017

Total Non-Agency Mortgage-Backed Securities (Cost $274,913,791)									268,808,851


U.S. Treasury Securities: 23.77%
U.S. Treasury Bond		2.50			2-15-2046		34,137,000		29,172,467
U.S. Treasury Bond		2.50			5-15-2046		19,764,000		16,874,287
U.S. Treasury Bond		2.75			8-15-2047		19,448,000		17,434,828
U.S. Treasury Bond		2.75			11-15-2047		48,941,000		43,840,430
U.S. Treasury Bond		2.88			5-15-2028		3,293,000		3,257,240
U.S. Treasury Bond		2.88			11-15-2046		29,715,000		27,374,944
U.S. Treasury Bond		3.00			2-15-2047		8,596,000		8,116,169
U.S. Treasury Bond		3.00			2-15-2048		1,485,000		1,398,858
U.S. Treasury Bond		3.00			8-15-2048		31,229,000		29,419,914
U.S. Treasury Bond		3.13			5-15-2048		68,944,000		66,555,198
U.S. Treasury Bond		3.13			11-15-2028		125,463,000		126,732,333
U.S. Treasury Bond		3.38			11-15-2048		39,145,000		39,674,069
U.S. Treasury Bond		3.75			11-15-2043		10,778,000		11,599,823
U.S. Treasury Note		1.50			8-15-2020		10,000,000		9,784,766
U.S. Treasury Note		1.50			8-15-2026		34,448,000		31,026,076
U.S. Treasury Note		1.88			1-31-2022		71,367,000		69,306,835
U.S. Treasury Note		2.00			10-31-2021		35,231,000		34,421,788
U.S. Treasury Note		2.00			12-31-2021		25,657,000		25,038,626
U.S. Treasury Note		2.00			10-31-2022		21,986,000		21,301,514
U.S. Treasury Note		2.00			11-15-2026		57,425,000		53,526,381
U.S. Treasury Note		2.38			1-31-2023		7,359,000		7,224,181
U.S. Treasury Note		2.63			5-15-2021		11,460,000		11,407,624
U.S. Treasury Note		2.63			6-15-2021		2,407,000		2,395,529
U.S. Treasury Note		2.63			6-30-2023		16,555,000		16,401,090
U.S. Treasury Note		2.75			2-15-2028		78,301,000		76,719,687
U.S. Treasury Note		2.75			4-30-2023		3,903,000		3,887,906
U.S. Treasury Note		2.75			8-31-2023		8,263,000		8,231,368
U.S. Treasury Note		2.88			10-31-2020		57,778,000		57,834,424
U.S. Treasury Note		2.88			11-15-2021		60,593,000		60,678,209
U.S. Treasury Note		2.88			10-15-2021		82,298,000		82,400,873
U.S. Treasury Note ##		2.88			9-30-2023		116,535,000		116,671,565
U.S. Treasury Note		2.88			10-31-2023		116,003,000		116,161,598
U.S. Treasury Note		2.88			11-30-2023		58,329,000		58,431,531
U.S. Treasury Note		2.88			8-15-2028		13,887,000		13,728,601
U.S. Treasury Note		3.00			9-30-2025		15,947,000		16,029,850
U.S. Treasury Note		3.00			10-31-2025		10,825,000		10,882,931

Total U.S. Treasury Securities (Cost $1,333,662,183)									1,324,943,513

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			43


Security name	Interest rate			Maturity date		Principal		Value

Yankee Corporate Bonds and Notes: 4.24%

Communication Services: 0.09%

Diversified Telecommunication Services: 0.02%
Telefonica Emisiones SAU		5.21	%		3-8-2047	$	1,358,000	$	1,232,772


Wireless Telecommunication Services: 0.07%
Vodafone Group plc		3.75			1-16-2024		4,010,000		3,908,536


Consumer Staples: 0.21%

Food & Staples Retailing: 0.01%
Alimentation Couche-Tard Company 144A		4.50			7-26-2047		372,000		340,654


Food Products: 0.20%
Danone SA 144A		2.95			11-2-2026		12,506,000		11,307,122


Energy: 0.76%

Energy Equipment & Services: 0.14%
Schlumberger Limited 144A		2.65			11-20-2022		8,349,000		8,027,767


Oil, Gas & Consumable Fuels: 0.62%
Ecopetrol SA		5.88			5-28-2045		1,426,000		1,303,721
Enbridge Incorporated		2.90			7-15-2022		4,987,000		4,796,730
Encana Corporation		6.50			2-1-2038		3,241,000		3,593,356
Petroleos Mexicanos Company		2.38			4-15-2025		2,358,850		2,302,029
Petroleos Mexicanos Company		2.46			12-15-2025		6,048,750		5,915,835
Petroleos Mexicanos Company 144A		6.35			2-12-2048		2,074,000		1,654,845
Petroleos Mexicanos Company		6.50			3-13-2027		3,371,000		3,153,571
Petroleos Mexicanos 144A		6.50			1-23-2029		3,163,000		2,912,807
Petroleos Mexicanos Company		6.75			9-21-2047		2,420,000		2,002,550
Transcanada Pipelines Limited		5.10			3-15-2049		6,949,000		6,775,579

									34,411,023


Financials: 2.52%

Banks: 1.92%
Aib Group plc 144A		4.75			10-12-2023		8,949,000		8,798,372
Banco Santander SA		3.80			2-23-2028		4,100,000		3,617,207
Banco Santander SA		4.38			4-12-2028		5,200,000		4,795,854
Bank of Ireland Group 144A		4.50			11-25-2023		5,700,000		5,551,863
Banque Federative du Credit Mutuel SA 144A		3.75			7-20-2023		6,975,000		6,890,271
Barclays plc (3 Month LIBOR +1.40%) ±		4.61			2-15-2023		8,072,000		7,978,923
BNP Paribas SA 144A		3.50			3-1-2023		10,424,000		10,047,596
Danske Bank A/S 144A		3.88			9-12-2023		4,753,000		4,542,473
Danske Bank A/S 144A		4.38			6-12-2028		1,590,000		1,493,047
DNB Bank ASA 144A		2.13			10-2-2020		5,064,000		4,946,865
Export Import Bank of Korea		3.00			11-1-2022		5,215,000		5,095,681
Intesa Sanpaolo SpA 144A		3.88			7-14-2027		8,764,000		7,146,336
Intesa Sanpaolo SpA 144A		3.88			1-12-2028		5,199,000		4,195,982
Intesa Sanpaolo SpA 144A		4.38			1-12-2048		2,290,000		1,625,944
Lloyds Banking Group plc		4.05			8-16-2023		5,804,000		5,662,949
Lloyds Banking Group plc		4.34			1-9-2048		1,939,000		1,516,041
Lloyds Banking Group plc		4.38			3-22-2028		4,240,000		3,984,198

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


44		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Banks (continued)
Royal Bank of Scotland Group plc (3 Month LIBOR +1.75%) ±		4.89	%		5-18-2029	$	3,692,000	$	3,491,799
Royal Bank of Scotland Group plc (3 Month LIBOR +1.91%) ±		5.08			1-27-2030		4,326,000		4,134,556
Santander UK Group Holdings plc (3 Month LIBOR +1.57%) ±		4.80			11-15-2024		5,889,000		5,833,564
Svenska Handelsbanken AB		3.90			11-20-2023		457,000		457,095
UBS Group Funding Company 144A		2.65			2-1-2022		5,356,000		5,150,750

									106,957,366


Consumer Finance: 0.16%
Shell International Finance Company		3.50			11-13-2023		8,702,000		8,670,085


Diversified Consumer Services: 0.24%
NXP BV / NXP Funding LLC 144A		4.63			6-1-2023		13,733,000		13,466,854


Diversified Financial Services: 0.14%
Enel Finance International NV 144A		4.25			9-14-2023		5,714,000		5,471,790
Enel Finance International NV 144A		4.88			6-14-2029		2,591,000		2,389,640

									7,861,430


Insurance: 0.06%
Aon plc		3.88			12-15-2025		3,543,000		3,455,666


Health Care: 0.35%

Pharmaceuticals: 0.35%
Sanofi SA		3.38			6-19-2023		9,213,000		9,152,358
Sanofi SA		3.63			6-19-2028		10,233,000		10,125,876

									19,278,234


Information Technology: 0.07%

Semiconductors & Semiconductor Equipment: 0.07%
NXP Funding LLC 144A		3.88			9-1-2022		4,189,000		4,058,094


Materials: 0.13%

Chemicals: 0.03%
Syngenta Finance NV 144A		5.68			4-24-2048		2,605,000		2,099,873


Metals & Mining: 0.07%
Goldcorp Incorporated		5.45			6-9-2044		1,604,000		1,591,650
Southern Copper Corporation		3.88			4-23-2025		2,378,000		2,230,726

									3,822,376


Paper & Forest Products: 0.03%
Suzano Austria GmbH Company 144A		7.00			3-16-2047		1,548,000		1,572,768


Utilities: 0.11%

Electric Utilities: 0.11%
Electricite de France SA 144A		6.00			1-22-2114		1,322,000		1,282,459
Electricite de France SA 144A		4.88			9-21-2038		3,530,000		3,196,350
Electricite de France SA 144A		5.00			9-21-2048		1,814,000		1,617,507

									6,096,316


Total Yankee Corporate Bonds and Notes (Cost $245,421,283)									236,566,936

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			45


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds: 0.69%
Republic of Colombia		4.50	%		3-15-2029	$	3,862,000	$	3,777,075
Republic of Colombia		5.00			6-15-2045		2,047,000		1,911,898
Republic of Indonesia		2.95			1-11-2023		7,042,000		6,678,274
Republic of Korea		3.50			9-20-2028		3,555,000		3,493,071
Republic of Korea		3.88			9-20-2048		2,115,000		2,013,319
Republic of Panama		4.50			4-16-2050		3,108,000		2,898,210
Republic of Paraguay 144A		6.10			8-11-2044		4,895,000		4,882,763
United Mexican States		3.75			1-11-2028		2,368,000		2,190,400
United Mexican States		4.60			2-10-2048		12,021,000		10,356,213

Total Yankee Government Bonds (Cost $39,008,165)									38,201,223


	Yield					Shares
Short-Term Investments: 1.43%

Investment Companies: 1.43%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38					3,674,870		3,675,237
Wells Fargo Government Money Market Fund Select Class ##(l)(u)		2.13					76,099,209		76,099,209

Total Short-Term Investments (Cost $79,774,446)									79,774,446


Total investments in securities (Cost $5,814,781,325)	103.08	%		5,745,780,066
Other assets and liabilities, net	(3.08	)		(171,837,374	)

Total net assets	100.00	%	$	5,573,942,692

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

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

±±	The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

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

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

@	Foreign bond principal is denominated in the local currency of the issuer.

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

(l)	The issuer of the security is an affiliated person of the Portfolio 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:

CAD	Canadian dollar

FHLMC

Federal Home Loan Mortgage Corporation

FNMA	Federal National Mortgage Association

GNMA	Government National Mortgage Association

GO	General obligation

LIBOR

London Interbank Offered Rate

REIT	Real estate investment trust

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


46		Wells Fargo Core Bond Portfolio		Portfolio of investments—November 30, 2018 (unaudited)

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		57,959,204		289,934,512		344,218,846		3,674,870	$	19	$	0	$	66,862	$	3,675,237
Wells Fargo Government Money Market Fund Select Class		118,801,553		2,247,076,629		2,289,778,973		76,099,209		0		0		890,892		76,099,209

									$	19	$	0	$	957,754	$	79,774,446		1.43	%

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


Statement of assets and liabilities—November 30, 2018 (unaudited)		Wells Fargo Core Bond Portfolio			47




Assets
Investments in unaffiliated securities (including $3,603,381of securities loaned), at value (cost $5,735,006,879)	$	5,666,005,620
Investments in affiliated securities, at value (cost $79,774,446)		79,774,446
Cash		1,962,972
Receivable for investments sold		808,216,457
Principal paydown receivable		16,491
Receivable for interest		28,644,694
Receivable for securities lending income		3,817
Prepaid expenses and other assets		140,077

Total assets		6,584,764,574


Liabilities
Payable for investments purchased		1,005,307,980
Payable upon receipt of securities loaned		3,675,219
Advisory fee payable		1,679,353
Accrued expenses and other liabilities		159,330

Total liabilities		1,010,821,882

Total net assets	$	5,573,942,692

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


48		Wells Fargo Core Bond Portfolio		Statement of operations—six months ended November 30, 2018 (unaudited)




Investment income
Interest	$	92,663,520
Income from affiliated securities		957,754

Total investment income		93,621,274


Expenses
Advisory fee		9,923,617
Custody and accounting fees		127,075
Professional fees		39,631
Shareholder report expenses		2,055
Trustees’ fees and expenses		11,085
Other fees and expenses		11,651

Total expenses		10,115,114

Net investment income		83,506,160


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(90,341,275	)
Affiliated securities		19

Net realized losses on investments		(90,341,256	)

Net change in unrealized gains (losses) on investments		(5,193,362	)

Net realized and unrealized gains (losses) on investments		(95,534,618	)

Net decrease in net assets resulting from operations	$	(12,028,458	)

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


Statement of changes in net assets		Wells Fargo Core Bond Portfolio			49


	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018

Operations
Net investment income	$	83,506,160			$	122,888,295
Net realized losses on investments		(90,341,256	)			(55,887,139	)
Net change in unrealized gains (losses) on investments		(5,193,362	)			(99,688,813	)

Net decrease in net assets resulting from operations		(12,028,458	)			(32,687,657	)


Capital transactions
Transactions in investors’ beneficial interests
Contributions		352,247,126				910,938,479
Withdrawals		(439,518,250	)			(395,554,370	)

Net increase (decrease) in net assets resulting from capital transactions		(87,271,124	)			515,384,109

Total increase (decrease) in net assets		(99,299,582	)			482,696,452


Net assets
Beginning of period		5,673,242,274				5,190,545,822

End of period	$	5,573,942,692			$	5,673,242,274

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


50		Wells Fargo Core Bond Portfolio		Financial highlights


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Total return¹		(0.21	)%		(0.53	)%		1.89	%		2.78	%		3.22	%		2.90	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.35	%		0.35	%		0.36	%		0.37	%		0.37	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.87	%		2.23	%		1.87	%		1.86	%		1.82	%		1.94	%
Supplemental data
Portfolio turnover rate		280	%		542	%		614	%		667	%		586	%		646	%

¹	Returns for periods of less than one year are not annualized.

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


Notes to financial statements (unaudited)		Wells Fargo Core Bond Portfolio			51

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Core Bond Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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 Portfolio. 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

Securities lending


52		Wells Fargo Core Bond Portfolio		Notes to financial statements (unaudited)

each business day and any additional required collateral is delivered to the Portfolio on the next business day. In a securities lending transaction, the net asset value of the Portfolio 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 Portfolio fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Portfolio 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 Portfolio has the right under the lending agreement to recover the securities from the borrower on demand.

When-issued transactions

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

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily.To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Federal and other taxes

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $5,819,208,917 and the unrealized gains (losses) consisted of:



Gross unrealized gains	$	16,606,387

Gross unrealized losses		(90,035,238	)

Net unrealized losses	$	(73,428,851	)


Notes to financial statements (unaudited)		Wells Fargo Core Bond Portfolio			53

3. FAIR VALUATION MEASUREMENTS

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

∎

Level 1 – quoted prices in active markets for identical securities

∎

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

∎

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

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

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:



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

Assets
Investments in:

Agency securities	$	0	$	2,056,573,682	$	0	$	2,056,573,682

Asset-backed securities		0		608,134,189		0		608,134,189

Corporate bonds and notes		0		1,101,569,994		0		1,101,569,994

Foreign corporate bonds and notes		0		2,102,382		0		2,102,382

Municipal obligations		0		29,104,850		0		29,104,850

Non-agency mortgage-back securities		0		268,808,851		0		268,808,851

U.S. Treasury securities		1,324,943,513		0		0		1,324,943,513

Yankee corporate bonds and notes		0		236,566,936		0		236,566,936

Yankee government bonds		0		38,201,223		0		38,201,223

Short-term investments

Investment companies		76,099,209		3,675,237		0		79,774,446

Total assets	$	1,401,042,722	$	4,344,737,344	$	0	$	5,745,780,066

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

At November 30, 2018, the Portfolio did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.40% and declining to 0.29% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.34% of the Portfolio’s average daily net assets.


54		Wells Fargo Core Bond Portfolio		Notes to financial statements (unaudited)

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Portfolio increase.

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$14,734,145,798	$2,123,591,627	$14,829,619,275	$2,154,315,315

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

7. INDEMNIFICATION

8. NEW ACCOUNTING PRONOUNCEMENT


Other information (unaudited)		Wells Fargo Core Bond Fund			55

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund and the Portfolio each file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.


56		Wells Fargo Core Bond Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³(Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³(Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


Other information (unaudited)		Wells Fargo Core Bond Fund			57


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


58		Wells Fargo Core Bond Fund		Other information (unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser¹(Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹(Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹	Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


Appendix A (unaudited)		Wells Fargo Core Bond Fund			59

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

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LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318981 01-19

SA287/SAR287 11-18

Semi-Annual Report

November 30, 2018

Wells Fargo Real Return Fund

LOGO

Reduce clutter. Save trees.

Contents



Letter to shareholders			2

Performance highlights			6

Fund expenses			8

Wells Fargo Real Return Fund
Portfolio of investments			9

Financial statements
Statement of assets and liabilities			10
Statement of operations			11
Statement of changes in net assets			12
Financial highlights			13

Notes to financial statements			18

Wells Fargo Real Return Portfolio
Portfolio of investments			22

Financial statements
Statement of assets and liabilities			35
Statement of operations			36
Statement of changes in net assets			37
Financial highlights			38

Notes to financial statements			39

Other information			45

Appendix A			49

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Real Return Fund		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Real Return Fund for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo Real Return Fund			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Real Return Fund		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6		Wells Fargo Real Return Fund¹		Performance highlights (unaudited)

Investment objective

The Fund seeks returns that exceed the rate of inflation over the long-term.

Manager

Wells Fargo Funds Management, LLC

Subadviser for the affiliated master portfolio

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®^‡, FRM

Petros N. Bocray, CFA^®^‡, FRM

Michael Bradshaw, CFA^®^‡

Christian L. Chan, CFA^®^‡

Kayvan Malek

Ann M. Miletti

Jay N. Mueller, CFA^®^‡

Thomas M. Price, CFA^®^‡

Dale Winner, CFA^®^‡

Average annual total returns (%) as of November 30, 2018²


		Including sales charge							Excluding sales charge							Expense ratios³ (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net⁴
Class A (IPBAX)	2-28-2003		(5.84	)		0.57		3.24		(1.41	)		1.50		3.71		1.04		0.78
Class C (IPBCX)	2-28-2003		(3.23	)		0.72		2.97		(2.23	)		0.72		2.97		1.79		1.53
Class R6 (IPBJX)	10-31-2016		–			–		–		(1.01	)		1.81		4.03		0.66		0.40
Administrator Class (IPBIX)	2-28-2003		–			–		–		(1.33	)		1.73		3.99		0.98		0.60
Institutional Class (IPBNX)	10-31-2016		–			–		–		(1.16	)		1.79		4.02		0.71		0.45
Bloomberg Barclays U.S. TIPS Index⁵	–		–			–		–		(0.90	)		1.28		4.09		–		–
CPI⁶	–		–			–		–		2.18			1.58		1.72		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The Fund is exposed to mortgage- and asset-backed securities risk and small company securities risk. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.


Performance highlights (unaudited)		Wells Fargo Real Return Fund			7


Ten largest holdings (%) as of November 30, 2018⁷
TIPS, 0.63%, 1-15-2024			2.92
TIPS, 0.38%, 7-15-2023			2.91
TIPS, 0.13%, 1-15-2023			2.90
TIPS, 0.38%, 7-15-2025			2.83
TIPS, 0.13%, 1-15-2022			2.83
TIPS, 0.25%, 1-15-2025			2.81
TIPS, 0.13%, 7-15-2024			2.80
TIPS, 0.13%, 4-15-2020			2.70
TIPS, 0.63%, 7-15-2021			2.61
TIPS, 0.63%, 1-15-2026			2.51

Portfolio allocation as of November 30, 2018⁸

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Class R6 expenses. If these expenses had been included, returns for Class R6 shares would be higher. Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had not been included, returns for the Institutional Class shares would be higher.

³	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴

The manager has contractually committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolio invests, and extraordinary expenses are excluded from the expense cap. Net expenses from the affiliated master portfolio are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁵	The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index.

⁶	The Consumer Price Index (CPI) for All Urban Consumers in U.S. is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

⁷

⁸	Amounts represent the portfolio allocation of the affiliated master portfolio which are calculated based on the total long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified.


8		Wells Fargo Real Return Fund		Fund expenses (unaudited)

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period^1,2		Annualized net expense ratio¹
Class A
Actual	$	1,000.00	$	982.75	$	3.88		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class C
Actual	$	1,000.00	$	978.79	$	7.59		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R6
Actual	$	1,000.00	$	984.86	$	1.99		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	2.03		0.40	%
Administrator Class
Actual	$	1,000.00	$	983.17	$	2.98		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04		0.60	%
Institutional Class
Actual	$	1,000.00	$	983.61	$	2.24		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.28		0.45	%

¹	Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

²	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Real Return Fund			9

Security name

Value

Investment Companies: 100.07%

Affiliated Master Portfolio: 100.07%

Wells Fargo Real Return Portfolio

66,683,186

Total Investment Companies (Cost $65,377,636)

66,683,186


Total investments in securities (Cost $65,377,636)	100.07	%		66,683,186
Other assets and liabilities, net	(0.07	)		(44,348	)

Total net assets	100.00	%	$	66,638,838

Transactions with the affiliated Master Portfolio were as follows:

% of

ownership,

beginning of

period

% of

ownership,

end of

period

Net

realized

gains

(losses) on

securities

transactions

allocated

from

affiliated

Master

Portfolio

Net

change in

unrealized

gains

(losses) on

securities

transactions

allocated

from

affiliated

Master

Portfolio

Interest

allocated

from

affiliated

Master

Portfolio

Dividends

allocated

from

affiliated

Master

Portfolio

Affiliated

income

allocated

from

affiliated

Master

Portfolio

Value,

end

of period

% of

net

assets

Wells Fargo Real Return Portfolio

(600,125

)

(1,442,979

)

926,525

141,005

10,684

66,683,186

100.07

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


10		Wells Fargo Real Return Fund		Statement of assets and liabilities—November 30, 2018 (unaudited)




Assets
Investments in affiliated Master Portfolio, at value (cost $65,377,636)	$	66,683,186
Receivable for Fund shares sold		45,416
Receivable from manager		14,037
Prepaid expenses and other assets		243,444

Total assets		66,986,083


Liabilities
Payable for Fund shares redeemed		334,979
Administration fees payable		6,335
Trustees’ fees and expenses payable		3,657
Distribution fee payable		2,274

Total liabilities		347,245

Total net assets	$	66,638,838


NET ASSETS CONSIST OF
Paid-in capital	$	68,293,050
Total distributable loss		(1,654,212	)

Total net assets	$	66,638,838


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	21,914,470
Shares outstanding – Class A¹		2,290,903
Net asset value per share – Class A		$9.57
Maximum offering price per share – Class A²		$10.02
Net assets – Class C	$	3,476,545
Shares outstanding – Class C¹		368,633
Net asset value per share – Class C		$9.43
Net assets – Class R6	$	11,947,056
Shares outstanding – Class R6¹		1,237,002
Net asset value per share – Class R6		$9.66
Net assets – Administrator Class	$	15,248,913
Shares outstanding – Administrator Class¹		1,573,390
Net asset value per share – Administrator Class		$9.69
Net assets – Institutional Class	$	14,051,854
Shares outstanding – Institutional Class¹		1,454,294
Net asset value per share – Institutional Class		$9.66

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statement of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Real Return Fund			11




Investment income
Interest allocated from affiliated Master Portfolio	$	926,525
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $3,699)		141,005
Affiliated income allocated from affiliated Master Portfolio		10,684
Expenses allocated from affiliated Master Portfolio		(162,758	)
Waivers allocated from affiliated Master Portfolio		16,486

Total investment income		931,942


Expenses
Management fee		18,330
Administration fees
Class A		19,378
Class C		2,899
Class R6		1,778
Administrator Class		9,625
Institutional Class		5,750
Shareholder servicing fees
Class A		30,278
Class C		4,529
Administrator Class		24,061
Distribution fee
Class C		13,587
Custody and accounting fees		6,042
Professional fees		15,304
Registration fees		28,089
Shareholder report expenses		185
Trustees’ fees and expenses		11,867
Other fees and expenses		953

Total expenses		192,655
Less: Fee waivers and/or expense reimbursements		(102,947	)

Net expenses		89,708

Net investment income		842,234


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on securities transactions allocated from affiliated Master Portfolio		(600,125	)
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(1,442,979	)

Net realized and unrealized gains (losses) on investments		(2,043,104	)

Net decrease in net assets resulting from operations	$	(1,200,870	)

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


12		Wells Fargo Real Return Fund		Statement of changes in net assets


	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	842,234					$	1,558,167
Net realized gains (losses) on investments					(600,125	)					225,688
Net change in unrealized gains (losses) on investments					(1,442,979	)					(853,775	)

Net increase (decrease) in net assets resulting from operations					(1,200,870	)					930,080


Distributions to shareholders from net investment income and net realized gains
Class A					(318,216	)					(582,466	)
Class C					(35,611	)					(55,795	)
Class R6					(177,999	)					(290,979	)
Administrator Class					(253,872	)					(468,083	)
Institutional Class					(214,635	)					(187,449	)

Total distributions to shareholders					(1,000,333	)					(1,584,772	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		289,350			2,822,871			1,095,946			10,872,363
Class C		101,609			979,316			43,761			428,445
Class R6		90,496			888,434			459,934			4,603,532
Administrator Class		263,109			2,610,423			1,231,825			12,417,678
Institutional Class		573,864			5,687,143			946,110			9,485,356

					12,988,187						37,807,374

Reinvestment of distributions
Class A		22,755			222,253			43,842			435,779
Class C		3,324			32,045			5,160			50,665
Class R6		7,277			71,655			23,584			236,978
Administrator Class		25,477			252,231			44,920			451,385
Institutional Class		21,693			213,853			18,407			184,327

					792,037						1,359,134

Payment for shares redeemed
Class A		(669,203	)		(6,535,981	)		(1,472,315	)		(14,617,222	)
Class C		(97,640	)		(937,240	)		(153,785	)		(1,504,494	)
Class R6		(40,025	)		(397,291	)		(44,403	)		(444,996	)
Administrator Class		(1,050,523	)		(10,411,460	)		(1,534,899	)		(15,428,057	)
Institutional Class		(356,170	)		(3,498,922	)		(269,640	)		(2,701,769	)

					(21,780,894	)					(34,696,538	)

Net increase (decrease) in net assets resulting from capital share transactions					(8,000,670	)					4,469,970

Total increase (decrease) in net assets					(10,201,873	)					3,815,278


Net assets
Beginning of period					76,840,711						73,025,433

End of period				$	66,638,838					$	76,840,711

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $231,384. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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


Financial highlights		Wells Fargo Real Return Fund			13

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS A	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.87			$9.96			$9.95			$10.07			$10.11			$10.85
Net investment income		0.10			0.21			0.19	¹		0.10	¹		0.05	¹		0.10	¹
Net realized and unrealized gains (losses) on investments		(0.27	)		(0.09	)		0.03			(0.01	)		0.07			(0.21	)

Total from investment operations		(0.17	)		0.12			0.22			0.09			0.12			(0.11	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.21	)		(0.20	)		(0.07	)		(0.08	)		(0.09	)
Net realized gain		0.00			0.00			(0.01	)		(0.14	)		(0.08	)		(0.54	)

Total distributions to shareholders		(0.13	)		(0.21	)		(0.21	)		(0.21	)		(0.16	)		(0.63	)
Net asset value, end of period		$9.57			$9.87			$9.96			$9.95			$10.07			$10.11
Total return²		(1.73	)%		1.25	%		2.23	%		1.01	%		1.24	%		(0.76	)%
Ratios to average net assets (annualized)
Gross expenses³		1.03	%		1.04	%		1.11	%		1.20	%		1.31	%		1.20	%
Net expenses³		0.78	%		0.80	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income³		2.16	%		2.15	%		1.92	%		0.98	%		0.47	%		0.96	%
Supplemental data
Portfolio turnover rate⁴		16	%		29	%		25	%		29	%		57	%		9	%
Net assets, end of period (000s omitted)		$21,914			$26,133			$29,678			$18,938			$12,977			$15,415

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.40	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%
Year ended May 31, 2015	0.44	%
Year ended May 31, 2014	0.44	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


14		Wells Fargo Real Return Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS C	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.73			$9.82			$9.77			$9.92			$10.00			$10.76
Net investment income (loss)		0.08			0.03			0.04			0.03	¹		(0.03	)¹		0.03	¹
Net realized and unrealized gains (losses) on investments		(0.28	)		0.02			0.10			(0.02	)		0.08			(0.21	)

Total from investment operations		(0.20	)		0.05			0.14			0.01			0.05			(0.18	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.14	)		(0.08	)		(0.02	)		(0.05	)		(0.04	)
Net realized gain		0.00			0.00			(0.01	)		(0.14	)		(0.08	)		(0.54	)

Total distributions to shareholders		(0.10	)		(0.14	)		(0.09	)		(0.16	)		(0.13	)		(0.58	)
Net asset value, end of period		$9.43			$9.73			$9.82			$9.77			$9.92			$10.00
Total return²		(2.12	)%		0.53	%		1.44	%		0.21	%		0.46	%		(1.46	)%
Ratios to average net assets (annualized)
Gross expenses³		1.78	%		1.79	%		1.86	%		1.95	%		2.06	%		1.95	%
Net expenses³		1.53	%		1.56	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income (loss)³		1.37	%		1.39	%		1.23	%		0.30	%		(0.33	)%		0.29	%
Supplemental data
Portfolio turnover rate⁴		16	%		29	%		25	%		29	%		57	%		9	%
Net assets, end of period (000s omitted)		$3,477			$3,517			$4,580			$5,654			$7,471			$9,095

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.40	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%
Year ended May 31, 2015	0.44	%
Year ended May 31, 2014	0.44	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Real Return Fund			15

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
CLASS R6	Six months ended November 30, 2018 (unaudited)			2018			2017¹
Net asset value, beginning of period		$9.96			$10.05			$10.17
Net investment income		0.13	²		0.22			0.10
Net realized and unrealized gains (losses) on investments		(0.28	)		(0.06	)		(0.07	)

Total from investment operations		(0.15	)		0.16			0.03
Distributions to shareholders from
Net investment income		(0.15	)		(0.25	)		(0.14	)
Net realized gain		0.00			0.00			(0.01	)

Total distributions to shareholders		(0.15	)		(0.25	)		(0.15	)
Net asset value, end of period		$9.66			$9.96			$10.05
Total return³		(1.51	)%		1.63	%		0.36	%
Ratios to average net assets (annualized)
Gross expenses⁴		0.65	%		0.66	%		0.69	%
Net expenses⁴		0.40	%		0.42	%		0.47	%
Net investment income⁴		2.50	%		2.52	%		1.32	%
Supplemental data
Portfolio turnover rate⁵		16	%		29	%		25	%
Net assets, end of period (000s omitted)		$11,947			$11,750			$7,438

¹	For the period from October 31, 2016 (commencement of class operations) to May 31, 2017

²	Calculated based upon average shares outstanding

³	Returns for periods of less than one year are not annualized.

⁴	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.40	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017¹	0.44	%

⁵	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


16		Wells Fargo Real Return Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
ADMINISTRATOR CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.99			$10.06			$10.03			$10.15			$10.17			$10.90
Net investment income		0.12	¹		0.24	¹		0.22	¹		0.13	¹		0.10	¹		0.13	¹
Net realized and unrealized gains (losses) on investments		(0.29	)		(0.09	)		0.02			(0.02	)		0.06			(0.22	)

Total from investment operations		(0.17	)		0.15			0.24			0.11			0.16			(0.09	)
Distributions to shareholders from
Net investment income		(0.13	)		(0.22	)		(0.20	)		(0.09	)		(0.10	)		(0.10	)
Net realized gain		0.00			0.00			(0.01	)		(0.14	)		(0.08	)		(0.54	)

Total distributions to shareholders		(0.13	)		(0.22	)		(0.21	)		(0.23	)		(0.18	)		(0.64	)
Net asset value, end of period		$9.69			$9.99			$10.06			$10.03			$10.15			$10.17
Total return²		(1.68	)%		1.50	%		2.46	%		1.21	%		1.56	%		(0.51	)%
Ratios to average net assets (annualized)
Gross expenses³		0.97	%		0.97	%		1.04	%		1.13	%		1.27	%		1.14	%
Net expenses³		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income³		2.41	%		2.39	%		2.20	%		1.30	%		0.99	%		1.31	%
Supplemental data
Portfolio turnover rate⁴		16	%		29	%		25	%		29	%		57	%		9	%
Net assets, end of period (000s omitted)		$15,249			$23,331			$26,100			$20,607			$10,679			$6,320

¹	Calculated based upon average shares outstanding

²	Returns for period of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.40	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017	0.44	%
Year ended May 31, 2016	0.44	%
Year ended May 31, 2015	0.44	%
Year ended May 31, 2014	0.44	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


Financial highlights		Wells Fargo Real Return Fund			17

(For a share outstanding throughout each period)


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
INSTITUTIONAL CLASS	Six months ended November 30, 2018 (unaudited)			2018			2017¹
Net asset value, beginning of period		$9.97			$10.06			$10.17
Net investment income		0.13			0.24			0.14
Net realized and unrealized gains (losses) on investments		(0.29	)		(0.08	)		(0.10	)

Total from investment operations		(0.16	)		0.16			0.04
Distributions to shareholders from
Net investment income		(0.15	)		(0.25	)		(0.14	)
Net realized gain		0.00			0.00			(0.01	)

Total distributions to shareholders		(0.15	)		(0.25	)		(0.15	)
Net asset value, end of period		$9.66			$9.97			$10.06
Total return²		(1.64	)%		1.57	%		0.41	%
Ratios to average net assets (annualized)
Gross expenses³		0.70	%		0.71	%		0.76	%
Net expenses³		0.45	%		0.47	%		0.52	%
Net investment income³		2.44	%		2.62	%		2.24	%
Supplemental data
Portfolio turnover rate⁴		16	%		29	%		25	%
Net assets, end of period (000s omitted)		$14,052			$12,110			$5,229

¹	For the period from October 31, 2016 (commencement of class operations) to May 31, 2017

²	Returns for periods of less than one year are not annualized.

³	Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows:


Six months ended November 30, 2018 (unaudited)	0.40	%
Year ended May 31, 2018	0.41	%
Year ended May 31, 2017¹	0.44	%

⁴	Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investments in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate.

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


18		Wells Fargo Real Return Fund		Notes to financial statements (unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investment transactions, income and expenses

Investments in the affiliated Master Portfolio are recorded on a trade basis.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes


Notes to financial statements (unaudited)		Wells Fargo Real Return Fund			19

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $65,521,116 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	1,162,070
Gross unrealized losses		0
Net unrealized gains	$	1,162,070

Class allocations

3. FAIR VALUATION MEASUREMENTS


Affiliated Master Portfolio	Investment objective	Value of affiliated Master Portfolio
Wells Fargo Real Return Portfolio	Seeks returns that exceed the rate of inflation over the long-term		$66,683,186

The affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, and providing fund-level administrative services in connection with the Fund’s operations. As long as the Fund continues to invest substantially all of its assets in a single affiliated Master Portfolio, the Fund pays Funds Management an investment management fee only for fund-level administrative services at an annual rate starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.05% of the Fund’s average daily net assets.

Funds Management also serves as the adviser to the affiliated Master Portfolio and is entitled to receive a fee from the affiliated Master Portfolio for those services.

Administration fees


	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08


20		Wells Fargo Real Return Fund		Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolio are included in the expense cap. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 0.40% for Class R6 shares, 0.60% for Administrator Class shares, and 0.45% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received $166 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A or Class C shares for the six months ended November 30, 2018.

Shareholder servicing fees

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

The Fund seeks to achieve its investment objective by investing substantially all of its investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by multiplying the Fund’s ownership percentage of the affiliated Master Portfolio by the affiliated Master Portfolio’s purchases and sales. Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$20,395,906	$12,239,748	$6,980,459	$3,963,226

6. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Funds under the agreement.


Notes to financial statements (unaudited)		Wells Fargo Real Return Fund			21

7. DISTRIBUTIONS TO SHAREHOLDERS


	Net investment income
Class A		$582,466
Class C		55,795
Class R6		290,979
Administrator Class		468,083
Institutional Class		187,449

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENT

10. SUBSEQUENT DISTRIBUTIONS


	Short-term capital gains		Long-term capital gains
Class A	$	0.00062	$	0.03284
Class C		0.00062		0.03284
Class R6		0.00062		0.03284
Administrator Class		0.00062		0.03284
Institutional Class		0.00062		0.03284

On December 27, 2018, the Fund declared distributions from net investment income to shareholders of record on December 26, 2018. The per share amounts payable on December 28, 2018 were as follows:


	Net investment income
Class A		$0.01356
Class C		0.00571
Class R6		0.01837
Administrator Class		0.01458
Institutional Class		0.01773

These distributions are not reflected in the accompanying financial statements.


22		Wells Fargo Real Return Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Shares		Value

Common Stocks: 17.13%

Consumer Staples: 5.20%

Beverages: 0.85%
Molson Coors Brewing Company Class B		6,466	$	425,269
The Coca-Cola Company		26,047		1,312,769

				1,738,038


Food & Staples Retailing: 1.10%
Costco Wholesale Corporation		1,985		459,091
Metro AG «		53,643		823,185
Wal-Mart Stores Incorporated		6,735		657,673
Walgreens Boots Alliance Incorporated		3,478		294,482

				2,234,431


Food Products: 1.29%
Greencore Group plc		105,732		253,425
Health & Happiness (H&H) International Holdings Limited †		81,000		520,744
Marine Harvest ASA		39,104		914,945
Mondelez International Incorporated Class A		12,497		562,115
The Kraft Heinz Company		7,542		385,547

				2,636,776


Household Products: 1.16%
Church & Dwight Company Incorporated		9,797		648,463
The Clorox Company		2,545		421,503
The Procter & Gamble Company		13,661		1,291,101

				2,361,067


Tobacco: 0.80%
Altria Group Incorporated		16,173		886,766
Philip Morris International Incorporated		8,497		735,245

				1,622,011


Energy: 4.06%

Energy Equipment & Services: 0.67%
Halliburton Company		8,804		276,710
John Wood Group plc		97,291		787,229
Schlumberger Limited		6,611		298,156

				1,362,095


Oil, Gas & Consumable Fuels: 3.39%
Anadarko Petroleum Corporation		7,600		402,040
BP plc		77,799		515,504
Chevron Corporation		9,823		1,168,348
Cimarex Energy Company		5,559		455,727
Concho Resources Incorporated †		5,161		672,685
Cosan Limited Class A		71,848		638,729
Eni SpA		17,844		287,786

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Real Return Portfolio			23


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
EOG Resources Incorporated		9,698	$	1,001,900
Noble Energy Incorporated		13,477		319,944
Occidental Petroleum Corporation		8,038		564,830
Origin Energy Limited †		105,525		499,791
Phillips 66 Company		4,128		386,051

				6,913,335


Industrials: 0.22%

Industrial Conglomerates: 0.22%
Keppel Corporation Limited		102,800		454,091


Materials: 3.33%

Chemicals: 1.56%
Axalta Coating Systems Limited †		12,794		320,234
DowDuPont Incorporated		12,198		705,654
Ecolab Incorporated		1,833		294,178
LyondellBasell Industries NV Class A		4,939		460,858
OCI NV †		33,997		775,149
Sasol Limited		8,693		254,842
The Sherwin-Williams Company		867		367,669

				3,178,584


Construction Materials: 0.14%
Martin Marietta Materials Incorporated		1,450		276,501


Containers & Packaging: 0.11%
Crown Holdings Incorporated †		4,413		226,299


Metals & Mining: 1.52%
Agnico Eagle Mines Limited-U.S. Exchange Traded Shares		4,500		158,040
Alamos Gold Incorporated Class A		9,500		30,531
B2Gold Corporation †		20,000		49,223
Barrick Gold Corporation «		5,800		73,950
Detour Gold Corporation †		5,200		38,629
Endeavour Mining Corporation †		3,000		37,391
Evolution Mining Limited		33,000		75,736
Franco-Nevada Corporation		1,900		131,562
Fresnillo plc		7,000		67,201
Goldcorp Incorporated-U.S. Exchange Traded Shares		8,000		74,240
IAMGOLD Corporation †		17,000		51,564
Kinross Gold Corporation †		35,000		94,833
Kirkland Lake Gold Limited		6,500		134,731
Lundin Mining Corporation		133,449		581,545
Mag Silver Corporation †		4,000		27,035
Newcrest Mining Limited		10,500		159,245
Newmont Mining Corporation		5,500		177,870
Northern Star Resources Limited		8,000		46,661
Randgold Resources Limited ADR		2,150		172,366
Royal Gold Incorporated		7,872		575,837

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


24		Wells Fargo Real Return Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name						Shares		Value

Metals & Mining (continued)
Semafo Incorporated †							19,000	$	34,321
SSR Mining Incorporated †							2,000		21,280
Steel Dynamics Incorporated							4,970		174,944
Torex Gold Resources Incorporated †							5,000		39,250
Wheaton Precious Metals Corporation							4,000		62,801

									3,090,786


Real Estate: 4.32%

Equity REITs: 4.32%
Alexandria Real Estate Equities Incorporated							3,449		429,401
American Homes 4 Rent Class A							13,842		288,329
American Tower Corporation							6,248		1,027,734
Camden Property Trust							3,753		357,135
CoreSite Realty Corporation							875		85,278
Equinix Incorporated							1,852		713,539
Equity Residential							4,556		324,615
Essex Property Trust Incorporated							720		189,007
Four Corners Property Trust Incorporated							12,090		335,377
Healthcare Trust of America Incorporated Class A							7,093		199,455
Host Hotels & Resorts Incorporated							17,516		332,804
Hudson Pacific Properties Incorporated							12,418		383,219
Invitation Homes Incorporated							14,621		313,767
Physicians Realty Trust							37,189		662,336
Prologis Incorporated							10,430		702,356
Public Storage Incorporated							1,289		274,892
Retail Opportunity Investment Corporation							24,159		437,278
SBA Communications Corporation †							1,554		265,439
Simon Property Group Incorporated							4,112		763,557
Sun Communities Incorporated							3,700		385,170
Taubman Centers Incorporated							3,013		159,508
Ventas Incorporated							2,780		176,502

									8,806,698


Total Common Stocks (Cost $34,046,010)									34,900,712


	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 10.49%

Communication Services: 0.82%

Diversified Telecommunication Services: 0.11%
Hughes Satellite Systems Corporation		6.50	%		6-15-2019	$	230,000		233,163


Media: 0.48%
National CineMedia LLC		6.00			4-15-2022		100,000		100,375
Nexstar Broadcasting Group Incorporated		5.88			11-15-2022		365,000		368,650
Nexstar Broadcasting Group Incorporated 144A		6.13			2-15-2022		105,000		106,313
Outfront Media Capital Corporation		5.25			2-15-2022		400,000		401,500

									976,838

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Real Return Portfolio			25


Security name	Interest rate			Maturity date		Principal		Value

Wireless Telecommunication Services: 0.23%
Sprint Corporation		7.25	%		9-15-2021	$	165,000	$	172,013
Sprint Spectrum LP 144A		3.36			3-20-2023		131,250		129,773
T-Mobile USA Incorporated		4.00			4-15-2022		175,000		172,156

									473,942


Consumer Discretionary: 3.27%

Auto Components: 0.10%
American Axle & Manufacturing Incorporated		7.75			11-15-2019		177,000		181,868
Cooper Tire & Rubber Company		8.00			12-15-2019		20,000		20,750

									202,618


Diversified Consumer Services: 0.09%
Service Corporation International		5.38			1-15-2022		100,000		100,500
TRI Pointe Group Incorporated		4.38			6-15-2019		92,000		91,512

									192,012


Hotels, Restaurants & Leisure: 0.62%
GLP Capital LP		4.88			11-1-2020		405,000		407,025
MGM Resorts International		5.25			3-31-2020		270,000		273,375
MGM Resorts International		6.75			10-1-2020		120,000		125,040
NCL Corporation Limited 144A		4.75			12-15-2021		448,000		449,120

									1,254,560


Household Durables: 0.59%
KB Home		4.75			5-15-2019		60,000		60,000
Lennar Corporation		4.50			6-15-2019		150,000		150,094
Lennar Corporation		4.50			11-15-2019		50,000		50,094
Lennar Corporation		6.63			5-1-2020		305,000		315,294
Pulte Group Incorporated		4.25			3-1-2021		400,000		400,500
Toll Brothers Finance Corporation		5.88			2-15-2022		225,000		229,500

									1,205,482


Internet & Direct Marketing Retail: 0.22%
Netflix Incorporated		5.38			2-1-2021		450,000		459,000


Media: 0.93%
Cable One Incorporated 144A		5.75			6-15-2022		515,000		520,794
DISH DBS Corporation		7.88			9-1-2019		210,000		215,513
Sinclair Television Group Incorporated		6.13			10-1-2022		400,000		405,500
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		430,000		414,731
TEGNA Incorporated		5.13			10-15-2019		27,000		27,016
TEGNA Incorporated		5.13			7-15-2020		305,000		305,000

									1,888,554


Specialty Retail: 0.66%
Gap Incorporated		5.95			4-12-2021		310,000		319,251
Group 1 Automotive Incorporated		5.00			6-1-2022		280,000		273,000
L Brands Incorporated		6.63			4-1-2021		295,000		308,275
Penske Auto Group Incorporated		3.75			8-15-2020		335,000		333,744
Penske Auto Group Incorporated		5.75			10-1-2022		110,000		110,550

									1,344,820

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


26		Wells Fargo Real Return Portfolio		Portfolio of investments—November 30, 2018 (unaudited)



Security name	Interest rate			Maturity date		Principal		Value

Textiles, Apparel & Luxury Goods: 0.06%
The William Carter Company		5.25	%		8-15-2021	$	120,000	$	120,150


Consumer Staples: 0.26%

Food Products: 0.08%
B&G Foods Incorporated		4.63			6-1-2021		155,000		152,288


Personal Products: 0.18%
Edgewell Personal Care Company		4.70			5-19-2021		380,000		375,250


Energy: 1.14%

Oil, Gas & Consumable Fuels: 1.14%
Andeavor Logistics LP		5.50			10-15-2019		75,000		75,938
DCP Midstream Operating LP		2.70			4-1-2019		175,000		174,125
DCP Midstream Operating LP 144A		5.35			3-15-2020		320,000		323,200
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		405,000		409,050
Rockies Express Pipeline LLC 144A		6.00			1-15-2019		210,000		210,194
Sabine Pass Liquefaction LLC		6.25			3-15-2022		250,000		263,285
Southern Star Central Corporation 144A		5.13			7-15-2022		375,000		368,438
Targa Resources Partners LP		4.13			11-15-2019		510,000		506,813

									2,331,043


Financials: 0.85%

Consumer Finance: 0.68%
Ally Financial Incorporated		3.75			11-18-2019		605,000		604,395
Navient Corporation		5.50			1-15-2019		465,000		465,233
Springleaf Finance Corporation		5.25			12-15-2019		315,000		316,181

									1,385,809


Diversified Financial Services: 0.08%
General Electric Capital Corporation		5.55			5-4-2020		165,000		166,589


Real Estate Management & Development: 0.09%
Realogy Group LLC 144A		4.50			4-15-2019		100,000		99,750
Realogy Group LLC 144A		5.25			12-1-2021		70,000		68,163

									167,913


Health Care: 0.91%

Health Care Equipment & Supplies: 0.14%
Kinetics Concepts Incorporated 144A		7.88			2-15-2021		270,000		274,725


Health Care Providers & Services: 0.77%
Acadia Healthcare Company Incorporated		5.13			7-1-2022		162,000		158,760
Centene Corporation		4.75			5-15-2022		345,000		346,294
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		350,000		354,813
HCA Incorporated		6.50			2-15-2020		255,000		262,013
Select Medical Corporation		6.38			6-1-2021		155,000		156,116
Tenet Healthcare Corporation		6.00			10-1-2020		290,000		295,800

									1,573,796

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Real Return Portfolio			27


Security name	Interest rate			Maturity date		Principal		Value

Industrials: 0.88%

Aerospace & Defense: 0.39%
Alcoa Incorporated		6.15	%		8-15-2020	$	350,000	$	360,476
Moog Incorporated 144A		5.25			12-1-2022		445,000		445,000

									805,476


Commercial Services & Supplies: 0.20%
Clean Harbors Incorporated		5.13			6-1-2021		400,000		400,744


Trading Companies & Distributors: 0.29%
Aircastle Limited		4.63			12-15-2018		100,000		100,021
Aircastle Limited		5.13			3-15-2021		275,000		279,054
Aircastle Limited		6.25			12-1-2019		200,000		204,469

									583,544


Information Technology: 0.69%

Electronic Equipment, Instruments & Components: 0.05%
Sanmina Corporation 144A		4.38			6-1-2019		105,000		104,869


Software: 0.23%
CDK Global Incorporated		3.80			10-15-2019		110,000		109,588
Symantec Corporation		4.20			9-15-2020		360,000		361,168

									470,756


Technology Hardware, Storage & Peripherals: 0.41%
Dell International LLC/EMC Corporation 144A		3.48			6-1-2019		40,000		39,914
EMC Corporation		2.65			6-1-2020		525,000		511,244
NCR Corporation		4.63			2-15-2021		280,000		275,800

									826,958


Materials: 0.95%

Chemicals: 0.15%
Huntsman International LLC		4.88			11-15-2020		305,000		308,050


Containers & Packaging: 0.47%
Ball Corporation		4.38			12-15-2020		545,000		548,531
Reynolds Group Holdings		5.75			10-15-2020		416,716		416,195

									964,726


Metals & Mining: 0.33%
Freeport-McMoRan Incorporated		3.10			3-15-2020		320,000		315,200
Steel Dynamics Incorporated		5.13			10-1-2021		351,000		351,878

									667,078


Real Estate: 0.72%

Equity REITs: 0.53%
CoreCivic Incorporated «		4.13			4-1-2020		230,000		227,700
Equinix Incorporated		5.38			1-1-2022		230,000		233,091

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


28		Wells Fargo Real Return Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Equity REITs (continued)
Sabra Health Care REIT Incorporated		5.50	%		2-1-2021	$	483,000	$	489,038
VEREIT Operating Partnership LP		3.00			2-6-2019		120,000		119,940
VEREIT Operating Partnership LP		4.13			6-1-2021		10,000		10,047

									1,079,816


Real Estate Management & Development: 0.19%
Taylor Morrison Communities Incorporated 144A		5.25			4-15-2021		395,000		393,144


Total Corporate Bonds and Notes (Cost $21,678,357)									21,383,713


Loans: 4.04%

Communication Services: 0.59%

Diversified Telecommunication Services: 0.06%
Level 3 Financing Incorporated (1 Month LIBOR +2.25%) ±		4.56			2-22-2024		129,470		127,771


Media: 0.32%
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		4.81			1-25-2026		509,440		501,345
Neptune Finco Corporation (3 Month LIBOR +2.25%) ±		4.99			1-15-2026		150,000		147,188

									648,533


Wireless Telecommunication Services: 0.21%
SBA Senior Finance II LLC (1 Month LIBOR +2.00%) ±		4.35			4-11-2025		437,365		432,104


Consumer Discretionary: 0.42%

Auto Components: 0.10%
Allison Transmission Incorporated (1 Month LIBOR +1.75%) ±		4.07			9-23-2022		54,671		54,319
Belron Finance US LLC (3 Month LIBOR +2.25%) ‡±		4.84			11-7-2024		158,800		157,014

									211,333


Hotels, Restaurants & Leisure: 0.11%
Wyndham Hotels & Resorts Incorporated (1 Month LIBOR +1.75%) ±		4.09			5-30-2025		220,000		217,635


Household Products: 0.13%
Michaels Stores Incorporated (1 Month LIBOR +2.50%) ±‡		4.83			1-28-2023		228,352		223,073
The ServiceMaster Company LLC (1 Month LIBOR +2.50%) ±		4.84			11-8-2023		52,630		52,476

									275,549


Media: 0.07%
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ±		4.13			10-31-2023		138,246		137,612


Specialty Retail: 0.01%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.25%) ±‡		4.60			7-5-2024		24,750		24,224


Consumer Staples: 0.11%

Food Products: 0.11%
Post Holdings Incorporated (1 Month LIBOR +2.00%) ±		4.32			5-24-2024		74,403		73,920
Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±		4.34			1-26-2024		151,986		150,308

									224,228

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Real Return Portfolio			29


Security name	Interest rate			Maturity date		Principal		Value

Financials: 0.38%

Diversified Consumer Services: 0.19%
TransUnion (1 Month LIBOR +2.00%) ±		4.34	%		6-19-2025	$	379,050	$	375,396


Diversified Financial Services: 0.19%
Delos Finance SARL (3 Month LIBOR +1.75%) ±		4.14			10-6-2023		200,000		199,150
LPL Holdings Incorporated (3 Month LIBOR +2.25%) ±‡		4.55			9-23-2024		194,719		193,015

									392,165


Health Care: 0.25%

Health Care Providers & Services: 0.21%
HCA Incorporated (1 Month LIBOR +1.75%) ±		4.09			3-18-2023		372,693		370,479
Select Medical Corporation (1 Month LIBOR +2.50%) ±‡		4.81			3-6-2025		54,175		53,633

									424,112


Pharmaceuticals: 0.04%
Endo Finance LLC (1 Month LIBOR +4.25%) ±		6.63			4-29-2024		88,875		88,357


Industrials: 1.11%

Airlines: 0.04%
United Airlines Incorporated (1 Month LIBOR +1.75%) ±		4.09			4-1-2024		68,950		68,304


Commercial Services & Supplies: 0.52%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		4.47			11-10-2023		179,546		177,571
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.09			3-28-2024		45,322		44,982
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.09			3-11-2025		364,323		361,477
KAR Auction Services Incorporated (3 Month LIBOR +2.25%) ±		4.69			3-11-2021		149,874		148,422
Multi-Color Corporation (3 Month LIBOR +2.00%) ±		4.34			10-31-2024		178,650		175,970
Sensata Technologies BV (2 Month LIBOR +1.75%) ±		4.21			10-14-2021		158,275		157,813

									1,066,235


Communications Equipment: 0.43%
Charter Communications Operating LLC (1 Month LIBOR +2.00%) ±		4.35			4-30-2025		382,113		377,768
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		4.81			1-15-2026		500,000		493,280

									871,048


Machinery: 0.12%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		4.89			1-31-2024		51,191		50,935
RBS Global Incorporated (3 Month LIBOR +2.25%) ±		4.35			8-21-2024		200,000		198,472

									249,407


Information Technology: 0.48%

Communications Equipment: 0.02%
CommScope Incorporated (1 Month LIBOR +2.00%) ±‡		4.35			12-29-2022		46,574		45,846


Electronic Equipment, Instruments & Components: 0.20%
CDW LLC (1 Month LIBOR +1.75%) ±		4.10			8-17-2023		198,982		196,308
Dell Incorporated (1 Month LIBOR +2.00%) ±		4.35			9-7-2023		40,592		40,066
Zebra Technologies Corporation (3 Month LIBOR +1.75%) ±		4.09			11-15-2021		159,169		158,528

									394,902

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


30		Wells Fargo Real Return Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

IT Services: 0.15%
First Data Corporation (1 Month LIBOR +2.00%) ±		4.32	%		7-8-2022	$	120,327	$	118,508
Zayo Group LLC (1 Month LIBOR +2.25%) ±		4.59			1-19-2024		195,805		193,847

									312,355


Semiconductors & Semiconductor Equipment: 0.11%
Micron Technology Incorporated (1 Month LIBOR +1.75%) ±		4.10			4-26-2022		217,574		216,486


Materials: 0.59%

Chemicals: 0.37%
Ashland LLC (1 Month LIBOR +1.75%) ±		4.07			5-17-2024		278,179		277,019
Ineos US Finance LLC (1 Month LIBOR +2.00%) ±		4.34			3-31-2024		497,303		487,202

									764,221


Containers & Packaging: 0.22%
Berry Global Incorporated (1 Month LIBOR +1.75%) ±		4.07			2-8-2020		429,665		426,623
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±		5.09			2-5-2023		15,523		15,317

									441,940


Real Estate: 0.11%

Equity REITs: 0.11%
MGM Growth Properties LLC (1 Month LIBOR +2.00%) ±		4.34			3-21-2025		221,845		217,630


Total Loans (Cost $8,343,019)									8,227,393


				Expiration date		Shares

Participation Notes: 0.11%

Financials: 0.11%

Capital Markets: 0.11%
UBS AG (Kweichow Moutai Company Limited) †(a)					8-13-2019		2,900		235,912


Total Participation Notes (Cost $286,162)									235,912


				Maturity date		Principal

U.S. Treasury Securities: 65.87%
TIPS		0.13			4-15-2020	$	1,299,026		1,273,638
TIPS		0.13			4-15-2021		4,399,152		4,281,269
TIPS		0.13			1-15-2022		5,928,351		5,754,220
TIPS		0.13			4-15-2022		5,683,433		5,492,505
TIPS		0.13			7-15-2022		3,979,525		3,860,032
TIPS		0.13			1-15-2023		6,135,713		5,908,931
TIPS		0.13			7-15-2024		5,969,868		5,698,888
TIPS		0.13			7-15-2026		4,944,774		4,629,867
TIPS		0.25			1-15-2025		5,984,804		5,714,205
TIPS		0.38			7-15-2023		6,091,152		5,934,710
TIPS		0.38			7-15-2025		5,982,827		5,758,237
TIPS		0.38			1-15-2027		3,109,173		2,942,945
TIPS		0.38			7-15-2027		4,685,416		4,433,819

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Real Return Portfolio			31


Security name	Interest rate			Maturity date		Principal		Value

U.S. Treasury Securities (continued)
TIPS		0.50	%		1-15-2028	$	3,269,955	$	3,107,649
TIPS		0.63			7-15-2021		5,365,279		5,310,428
TIPS		0.63			4-15-2023		4,929,298		4,836,360
TIPS		0.63			1-15-2024		6,069,796		5,950,829
TIPS		0.63			1-15-2026		5,253,865		5,104,253
TIPS		0.63			2-15-2043		2,014,922		1,746,003
TIPS		0.75			7-15-2028		2,227,691		2,168,924
TIPS		0.75			2-15-2042		2,720,504		2,440,377
TIPS		0.75			2-15-2045		2,369,275		2,094,741
TIPS		0.88			2-15-2047		2,881,234		2,613,782
TIPS		1.00			2-15-2046		2,482,499		2,328,862
TIPS		1.00			2-15-2048		1,888,819		1,767,226
TIPS		1.13			1-15-2021		3,162,124		3,158,097
TIPS		1.25			7-15-2020		2,911,339		2,916,864
TIPS		1.38			2-15-2044		2,745,963		2,808,855
TIPS		1.75			1-15-2028		2,307,671		2,442,225
TIPS		2.00			1-15-2026		2,861,888		3,049,974
TIPS		2.13			2-15-2040		1,214,730		1,414,259
TIPS		2.13			2-15-2041		1,550,516		1,814,608
TIPS		2.38			1-15-2025		3,930,846		4,248,058
TIPS		2.38			1-15-2027		2,121,886		2,337,138
TIPS		2.50			1-15-2029		2,222,338		2,519,575
TIPS		3.38			4-15-2032		896,030		1,144,328
TIPS		3.63			4-15-2028		1,802,793		2,206,356
TIPS		3.88			4-15-2029		2,364,932		3,000,322

Total U.S. Treasury Securities (Cost $138,128,551)									134,213,359


Yankee Corporate Bonds and Notes: 1.50%

Consumer Discretionary: 0.26%

Auto Components: 0.21%
IHO Verwaltungs GmbH 144A		4.13			9-15-2021		450,000		434,250


Automobiles: 0.05%
Jaguar Land Rover Automotive plc 144A		4.13			12-15-2018		100,000		99,968


Financials: 0.55%

Banks: 0.23%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		465,000		466,600


Diversified Financial Services: 0.32%
General Electric Capital International Funding Company		2.34			11-15-2020		175,000		166,346
Park Aerospace Holdings Company 144A		3.63			3-15-2021		400,000		390,000
Virgin Media Finance plc		5.25			1-15-2021		95,000		96,069

									652,415


Health Care: 0.49%

Pharmaceuticals: 0.49%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		430,000		444,513
Teva Pharmaceuticals Industries Incorporated		1.70			7-19-2019		570,000		562,194

									1,006,707

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


32		Wells Fargo Real Return Portfolio		Portfolio of investments—November 30, 2018 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Information Technology: 0.02%

Communications Equipment: 0.02%
Nokia Corporation		5.38	%		5-15-2019	$	31,000	$	31,078


Materials: 0.18%

Metals & Mining: 0.18%
ArcelorMittal SA		5.50			3-1-2021		355,000		364,588


Total Yankee Corporate Bonds and Notes (Cost $3,094,968)									3,055,606


	Yield					Shares
Short-Term Investments: 1.26%

Investment Companies: 1.22%
Securities Lending Cash Investments LLC (l)(r)(u)		2.38					1,052,560		1,052,665
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13					1,435,230		1,435,230

									2,487,895


						Principal
U.S. Treasury Securities: 0.04%
U.S. Treasury Bill (z)#		1.66			12-13-2018	$	75,000		74,955


Total Short-Term Investments (Cost $2,562,850)									2,562,850


Total investments in securities (Cost $208,139,917)	100.40	%		204,579,545
Other assets and liabilities, net	(0.40	)		(818,798	)

Total net assets	100.00	%	$	203,760,747

«	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.

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

‡	Security is valued using significant unobservable inputs.

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

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

(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.

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

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

Abbreviations:

ADR	American depositary receipt

LIBOR

London Interbank Offered Rate

REIT	Real estate investment trust

TIPS	Treasury inflation-protected securities

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Real Return Portfolio			33

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		5		3-29-2019	$	1,054,773		$	1,054,922		$	149	$	0
Short
U.S. Ultra Bond		(6)		3-20-2019		(915,097	)		(914,438	)		659		0
5-Year U.S. Treasury Notes		(45)		3-29-2019		(5,078,600	)		(5,083,242	)		0		(4,642	)
10-Year U.S. Treasury Notes		(4)		3-20-2019		(476,556	)		(477,813	)		0		(1,257	)

											$	808	$	(5,899	)

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


34		Wells Fargo Real Return Portfolio		Portfolio of investments—November 30, 2018 (unaudited)

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		1,733,169		7,294,591		7,975,200		1,052,560	$	0	$	0	$	5,856	$	1,052,665
Wells Fargo Government Money Market Fund Select Class		2,901,798		110,473,486		111,940,054		1,435,230		0		0		25,628		1,435,230

									$	0	$	0	$	31,484	$	2,487,895		1.22	%

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


Statement of assets and liabilities—November 30, 2018 (unaudited)		Wells Fargo Real Return Portfolio			35




Assets
Investments in unaffiliated securities, (including $1,006,250 of securities loaned) at value (cost $205,652,022)	$	202,091,650
Investments in affiliated securities, at value (cost $2,487,895)		2,487,895
Foreign currency, at value (cost $15,547)		15,152
Receivable for investments sold		221,681
Receivable for dividends and interest		737,442
Receivable for daily variation margin on open futures contract		78
Receivable for securities lending income		374

Total assets		205,554,272


Liabilities
Payable upon receipt of securities loaned		1,052,672
Payable for investments purchased		656,064
Advisory fee payable		63,978
Payable for daily variation margin on open futures contracts		4,219
Accrued expenses and other liabilities		16,592

Total liabilities		1,793,525

Total net assets	$	203,760,747

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


36		Wells Fargo Real Return Portfolio		Statement of operations—six months ended November 30, 2018 (unaudited)




Investment income
Interest	$	2,701,525
Dividends (net of foreign withholding taxes of $11,448)		417,086
Income from affiliated securities		31,484

Total investment income		3,150,095


Expenses
Advisory fee		436,081
Custody and accounting fees		7,261
Professional fees		23,669
Shareholder report expenses		725
Trustees’ fees and expenses		12,260
Other fees and expenses		4,335

Total expenses		484,331
Less: Fee waivers and/or expense reimbursements		(48,250	)

Net expenses		436,081

Net investment income		2,714,014


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(1,930,476	)
Futures contracts		79,581

Net realized losses on investments		(1,850,895	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		(4,363,738	)
Futures contracts		(355	)

Net change in unrealized gains (losses) on investments		(4,364,093	)

Net realized and unrealized gains (losses) on investments		(6,214,988	)

Net decrease in net assets resulting from operations	$	(3,500,974	)

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


Statement of changes in net assets		Wells Fargo Real Return Portfolio			37


	Six months ended November 30, 2018 (unaudited)			Year ended May 31, 2018

Operations
Net investment income	$	2,714,014		$	2,993,334
Net realized gains (losses) on investments		(1,850,895	)		261,172
Net change in unrealized gains (losses) on investments		(4,364,093	)		(1,297,441	)

Net increase (decrease) in net assets resulting from operations		(3,500,974	)		1,957,065


Capital transactions
Transactions in investors’ beneficial interests
Contributions		99,792,854			92,220,550
Withdrawals		(37,676,838	)		(38,625,765	)

Net increase in net assets resulting from capital transactions		62,116,016			53,594,785

Total increase in net assets		58,615,042			55,551,850


Net assets
Beginning of period		145,145,705			89,593,855

End of period	$	203,760,747		$	145,145,705

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


38		Wells Fargo Real Return Portfolio		Financial highlights


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Total return¹		(1.58	)%		1.67	%		2.65	%		1.29	%		1.50	%		(0.26	)%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.48	%		0.52	%		0.56	%		0.57	%		0.53	%
Net expenses		0.40	%		0.41	%		0.44	%		0.44	%		0.44	%		0.44	%
Net investment income		2.49	%		2.40	%		2.36	%		1.45	%		0.89	%		1.45	%
Supplemental data
Portfolio turnover rate		16	%		29	%		25	%		29	%		57	%		9	%

¹	Returns for periods of less than one year are not annualized.

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


Notes to financial statements (unaudited)		Wells Fargo Real Return Portfolio			39

1. ORGANIZATION

Wells Fargo Master Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Real Return Portfolio (the “Portfolio”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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 Portfolio 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 November 30, 2018, such fair value pricing was not used in pricing foreign securities.

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 at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation


40		Wells Fargo Real Return Portfolio		Notes to financial statements (unaudited)

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

Securities lending

When-issued transactions

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

Loans

The Portfolio 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 Portfolio purchases participations, it generally has no rights to enforce compliance with terms of the


Notes to financial statements (unaudited)		Wells Fargo Real Return Portfolio			41

loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

The Portfolio is subject to interest rate risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counter party risk to the Portfolio since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Inflation-indexed bonds and TIPS

The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Federal and other taxes


42		Wells Fargo Real Return Portfolio		Notes to financial statements (unaudited)

The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes was $208,561,455 and the unrealized gains (losses) consisted of:


Gross unrealized gains	$	2,857,436
Gross unrealized losses		(6,844,437	)
Net unrealized losses	$	(3,987,001	)

3. FAIR VALUATION MEASUREMENTS

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

∎

Level 1 – quoted prices in active markets for identical securities

∎

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

∎

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

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


Notes to financial statements (unaudited)		Wells Fargo Real Return Portfolio			43

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of November 30, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer staples	$	10,592,323	$	0	$	0	$	10,592,323
Energy		8,275,430		0		0		8,275,430
Industrial		454,091		0		0		454,091
Materials		6,772,170		0		0		6,772,170
Real estate		8,806,698		0		0		8,806,698

Corporate bonds and notes		0		21,383,713		0		21,383,713

Loans		0		7,479,653		747,740		8,227,393

Participation notes
Financials				235,912		0		235,912

U.S. Treasury securities		134,213,359		0		0		134,213,359

Yankee corporate bonds and notes		0		3,055,606		0		3,055,606

Short-term investments
Investment companies		1,435,230		1,052,665		0		2,487,895
U.S. Treasury securities		74,955		0		0		74,955

		170,624,256		33,207,549		747,740		204,579,545
Futures contracts		808		0		0		808
Total assets	$	170,625,064	$	33,207,549	$	747,740	$	204,580,353
Liabilities
Futures contracts	$	5,899	$	0	$	0	$	5,899
Total liabilities	$	5,899	$	0	$	0	$	5,899

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

At November 30, 2018, the Portfolio has no material transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.40% and declining to 0.29% as the average daily net assets of the Portfolio increase. For the six months ended November 30, 2018, the advisory fee was equivalent to an annual rate of 0.40% of the Portfolio’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.28% and declining to 0.18% as the average daily net assets of the Portfolio increase.

Funds Management has voluntarily waived and/or reimbursed advisory fees to the extent necessary to maintain certain net operating expense ratios for the Portfolio.


44		Wells Fargo Real Return Portfolio		Notes to financial statements (unaudited)

Interfund transactions

The Portfolio may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$62,322,833	$37,400,436	$21,329,867	$12,110,246

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the Portfolio entered into futures contract to speculate on interest rates and to help manage the duration of its portfolio. The Portfolio had an average notional amount of $2,023,638 in long futures contracts and $9,808,367 in short futures contracts during the six months ended November 30, 2018.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by the Portfolio under the agreement.

8. INDEMNIFICATION

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.


Other information (unaudited)		Wells Fargo Real Return Fund			45

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


46		Wells Fargo Real Return Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


Other information (unaudited)		Wells Fargo Real Return Fund			47


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


48		Wells Fargo Real Return Fund		Other information (unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹	Nancy Wiser acts as Treasurer of 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


Appendix A (unaudited)		Wells Fargo Real Return Fund			49

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

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LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318982 01-19

SA288/SAR288 11-18

Semi-Annual Report

November 30, 2018

WealthBuilder Funds

LOGO

∎

Wells Fargo WealthBuilder Conservative Allocation Fund

∎

Wells Fargo WealthBuilder Equity Fund

∎

Wells Fargo WealthBuilder Growth Allocation Fund

∎

Wells Fargo WealthBuilder Growth Balanced Fund

∎

Wells Fargo WealthBuilder Moderate Balanced Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights
Wells Fargo WealthBuilder Conservative Allocation			6
Wells Fargo WealthBuilder Equity Fund			10
Wells Fargo WealthBuilder Growth Allocation Fund			14
Wells Fargo WealthBuilder Growth Balanced Fund			18
Wells Fargo WealthBuilder Moderate Balanced Fund			22

Fund expenses			25

Portfolio of investments
Wells Fargo WealthBuilder Conservative Allocation Fund			27
Wells Fargo WealthBuilder Equity Fund			31
Wells Fargo WealthBuilder Growth Allocation Fund			34
Wells Fargo WealthBuilder Growth Balanced Fund			38
Wells Fargo WealthBuilder Moderate Balanced Fund			42

Financial statements
Statements of assets and liabilities			46
Statements of operations			48
Statements of changes in net assets			50
Financial highlights			56

Notes to financial statements			66

Other information			76

Appendix A			80

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo WealthBuilder Funds		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo WealthBuilder Funds for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo WealthBuilder Funds			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo WealthBuilder Funds		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Conservative Allocation Fund

Investment objective

The Fund seeks current income with a secondary emphasis on capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®*, FRM

Christian L. Chan, CFA^®*

Travis L. Keshemberg, CFA^®*, CIPM, FRM^‡

Average annual total returns (%) as of November 30, 2018¹


		Including sales charge							Excluding sales charge							Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (WCAFX)	2-10-2017		(7.04	)		0.58		4.07		(1.37	)		1.78		4.69		1.18		1.16
Class C (WCCFX)⁴	9-30-2004		(3.13	)		1.49		4.54		(2.13	)		1.49		4.54		1.93		1.91
Institutional Class (WCYFX)	7-31-2018		–			–		–		(1.31	)		1.79		4.70		0.83		0.83
WealthBuilder Conservative Allocation Blended Index⁵	–		–			–		–		(0.72	)		3.28		5.55		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		(1.34	)		2.03		3.67		–		–
MSCI ACWI ex USA Index (Net)⁷	–		–			–		–		(8.12	)		1.79		7.66		–		–
Russell 3000^® Index⁸	–		–			–		–		5.53			10.62		14.51		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 8.


Performance highlights (unaudited)		Wells Fargo WealthBuilder Funds			7

Wells Fargo WealthBuilder Conservative Allocation Fund (continued)


Ten largest holdings (%) as of November 30, 2018⁹
Wells Fargo Core Bond Portfolio			23.91
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			11.21
Wells Fargo Strategic Income Fund Institutional Class			11.19
Vanguard Intermediate-Term Corporate Bond ETF			7.45
Vanguard Short-Term Bond ETF			6.72
Wells Fargo Disciplined Large Cap Portfolio			5.68
Wells Fargo Factor Enhanced Large Cap Portfolio			4.53
Wells Fargo Real Return Portfolio			4.49
Wells Fargo High Yield Corporate Bond Portfolio			4.45
Wells Fargo Factor Enhanced International Portfolio			2.68


Allocations (%) as of November 30, 2018
	Effective allocation¹⁰		Neutral allocation
Alternative Investments		5		5
Bonds		75		75
Stocks		24		20
Effective Cash		(4)		0

Please see footnotes on page 8.


8		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Conservative Allocation Fund (continued)

*	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

^‡	Mr. Keshemberg became a portfolio manager of the Fund on October 26, 2018.

Historical performance for Class A shares prior to their inception reflects the performance of Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for Class A shares would be higher. Prior to February 13, 2017, historical performance shown for Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Class A shares adjusted to reflect that Institutional Class shares do not have a sales load but not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.41% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

The manager has contractually committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

⁴	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C.

⁵

Source: Wells Fargo Funds Management, LLC. The WealthBuilder Conservative Allocation Blended Index is comprised of the following indexes: Bloomberg Barclays U.S. Aggregate Bond Index (80%), Russell 3000^® Index (14%), and the MSCI ACWI ex USA Index (Net) (6%). You cannot invest directly in an index.

⁶

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁷

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁸	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁹	The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹⁰

Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified.

This page is intentionally left blank.


10		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Equity Fund

Investment objective

The Fund seeks long-term capital appreciation with no emphasis on income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®*, FRM

Christian L. Chan, CFA^®*

Travis L. Keshemberg, CFA^®*, CIPM, FRM^‡

Average annual total returns (%) as of November 30, 2018¹


		Including sales charge							Excluding sales charge							Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (WEAFX)	2-10-2017		(6.44	)		4.81		10.66		(0.74	)		6.06		11.32		1.25		1.25
Class C (WEACX)⁴	10-1-1997		(2.48	)		5.78		11.17		(1.48	)		5.78		11.17		2.00		2.00
Institutional Class (WEAYX)	7-31-2018		–			–		–		(0.59	)		6.09		11.34		0.92		0.92
WealthBuilder Equity Blended Index⁵	–		–			–		–		1.31			7.96		12.49		–		–
MSCI ACWI ex USA Index (Net)⁶	–		–			–		–		(8.12	)		1.79		7.66		–		–
Russell 3000^® Index⁷	–		–			–		–		5.53			10.62		14.51		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 12.


Performance highlights (unaudited)		Wells Fargo WealthBuilder Funds			11

Wells Fargo WealthBuilder Equity Fund (continued)


Ten largest holdings (%) as of November 30, 2018⁸
Wells Fargo Disciplined Large Cap Portfolio			28.04
Wells Fargo Factor Enhanced Large Cap Portfolio			22.36
Wells Fargo Factor Enhanced International Portfolio			13.16
Wells Fargo Factor Enhanced Emerging Markets Portfolio			5.43
Dodge & Cox International Stock Fund			4.90
Wells Fargo Endeavor Select Fund Institutional Class			4.50
Wells Fargo Large Cap Growth Fund Class R6			4.50
Wells Fargo Factor Enhanced Small Cap Portfolio			4.46
Wells Fargo Emerging Growth Portfolio			3.51
Wells Fargo Emerging Markets Equity Fund Class R6			1.97


Allocations (%) as of November 30, 2018
	Effective allocation⁹		Neutral allocation
International		30		30
U.S. Large Cap		60		60
U.S. Small Cap		10		10

Please see footnotes on page 12.


12		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Equity Fund (continued)

*	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

^‡	Mr. Keshemberg became a portfolio manager of the Fund on October 26, 2018.

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.50% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

The manager has contractually committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

⁴	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C.

⁵	Source: Wells Fargo Funds Management, LLC. The WealthBuilder Equity Blended Index is comprised of the following: 70% in the Russell 3000^® Index and 30% in the MSCI ACWI ex USA Index (Net). You cannot invest directly in an index.

⁶

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁷	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁸	The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁹	Amounts are calculated based on the long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

This page is intentionally left blank.


14		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Allocation Fund

Investment objective

The Fund seeks capital appreciation with a secondary emphasis on current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®*, FRM

Christian L. Chan, CFA^®*

Travis L. Keshemberg, CFA^®*, CIPM, FRM^‡

Average annual total returns (%) as of November 30, 2018¹


		Including sales charge							Excluding sales charge							Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (WGAFX)	2-10-2017		(6.02	)		4.09		9.82		(0.29	)		5.33		10.47		1.27		1.26
Class C (WGCFX)⁴	9-30-2004		(2.00	)		5.06		10.33		(1.00	)		5.06		10.33		2.02		2.01
Institutional Class (WGAYX)	7-31-2018		–			–		–		(0.36	)		5.31		10.46		0.94		0.93
WealthBuilder Growth Allocation Blended Index⁵	–		–			–		–		0.87			6.84		10.85		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		(1.34	)		2.03		3.67		–		–
MSCI ACWI ex USA Index (Net)⁷	–		–			–		–		(8.12	)		1.79		7.66		–		–
Russell 3000^® Index⁸	–		–			–		–		5.53			10.62		14.51		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 16.


Performance highlights (unaudited)		Wells Fargo WealthBuilder Funds			15

Wells Fargo WealthBuilder Growth Allocation Fund (continued)


Ten largest holdings (%) as of November 30, 2018⁹
Wells Fargo Disciplined Large Cap Portfolio			22.55
Wells Fargo Factor Enhanced Large Cap Portfolio			18.00
Wells Fargo Factor Enhanced International Portfolio			10.63
Wells Fargo Core Bond Portfolio			4.68
Wells Fargo Factor Enhanced Emerging Markets Portfolio			4.38
Dodge & Cox International Stock Fund			3.95
Wells Fargo Endeavor Select Fund Institutional Class			3.63
Wells Fargo Large Cap Growth Fund Class R6			3.62
Wells Fargo Factor Enhanced Small Cap Portfolio			3.59
Wells Fargo Emerging Growth Portfolio			2.78


Allocations (%) as of November 30, 2018
	Effective allocation¹⁰		Neutral allocation
Alternative Investments		5		5
Bonds		15		15
Stocks		84		80
Effective Cash		(4)		0

Please see footnotes on page 16.


16		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Allocation Fund (continued)

*	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

^‡	Mr. Keshemberg became a portfolio manager of the Fund on October 26, 2018.

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.51% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

The manager has contractually committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

⁴	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C.

⁵	Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Allocation Blended Index is comprised of the following indexes: Russell 3000^® Index (56%), MSCI ACWI ex USA Index (Net) (24%), and the Bloomberg Barclays U.S. Aggregate Bond Index (20%). You cannot invest directly in an index.

⁶

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁷

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁸	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁹	The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹⁰

This page is intentionally left blank.


18		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Balanced Fund

Investment objective

The Fund seeks a combination of capital appreciation and current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®*, FRM

Christian L. Chan, CFA^®*

Travis L. Keshemberg, CFA^®*, CIPM, FRM^‡

Average annual total returns (%) as of November 30, 2018¹


		Including sales charge							Excluding sales charge							Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (WGBAX)	2-10-2017		(6.39	)		3.15		8.65		(0.68	)		4.38		9.30		1.23		1.23
Class C (WGBFX)⁴	10-1-1997		(2.46	)		4.09		9.15		(1.46	)		4.09		9.15		1.98		1.98
Institutional Class (WGBIX)	7-31-2018		–			–		–		(0.68	)		4.38		9.30		0.89		0.89
WealthBuilder Growth Balanced Blended Index⁵	–									0.39			5.69		9.14		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		(1.34	)		2.03		3.67		–		–
MSCI ACWI ex USA Index (Net)⁷	–		–			–		–		(8.12	)		1.79		7.66		–		–
Russell 3000^® Index⁸	–		–			–		–		5.53			10.62		14.51		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 20.


Performance highlights (unaudited)		Wells Fargo WealthBuilder Funds			19

Wells Fargo WealthBuilder Growth Balanced Fund (continued)


Ten largest holdings (%) as of November 30, 2018⁹
Wells Fargo Disciplined Large Cap Portfolio			17.03
Wells Fargo Factor Enhanced Large Cap Portfolio			13.58
Wells Fargo Core Bond Portfolio			11.05
Wells Fargo Factor Enhanced International Portfolio			8.04
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			5.18
Wells Fargo Strategic Income Fund Institutional Class			5.16
Vanguard Intermediate-Term Corporate Bond ETF			3.45
Wells Fargo Factor Enhanced Emerging Markets Portfolio			3.30
Vanguard Short-Term Bond ETF			3.11
Dodge & Cox International Stock Fund			2.99


Allocations (%) as of November 30, 2018
	Effective allocation¹⁰		Neutral allocation
Alternative Investments		5		5
Bonds		35		35
Stocks		64		60
Effective Cash		(4)		0

Please see footnotes on page 20.


20		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Growth Balanced Fund (continued)

*	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

^‡	Mr. Keshemberg became a portfolio manager of the Fund on October 26, 2018.

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.48% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

The manager has contractually committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

⁴	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C.

⁵	Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Balanced Blended Index is comprised of the following indexes: Russell 3000^® Index (42%), Bloomberg Barclays U.S. Aggregate Bond Index (40%), and the MSCI ACWI ex USA Index (Net) (18%). You cannot invest directly in an index.

⁶

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁷

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁸	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁹	The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹⁰

This page is intentionally left blank.


22		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Moderate Balanced Fund

Investment objective

The Fund seeks a combination of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®*, FRM

Christian L. Chan, CFA^®*

Travis L. Keshemberg, CFA^®*, CIPM, FRM^‡

Average annual total returns (%) as of November 30, 2018¹


		Including sales charge							Excluding sales charge							Expense ratios² (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net³
Class A (WMBGX)	2-10-2017		(6.66	)		1.96		6.28		(0.97	)		3.17		6.91		1.22		1.22
Class C (WMBFX)⁴	9-30-2004		(2.74	)		2.88		6.76		(1.74	)		2.88		6.76		1.97		1.97
Institutional Class (WMBZX)	7-31-2018		–			–		–		(0.87	)		3.19		6.92		0.88		0.88
WealthBuilder Moderate Balanced Blended Index⁵	–		–			–		–		(0.14	)		4.50		7.38		–		–
Bloomberg Barclays U.S. Aggregate Bond Index⁶	–		–			–		–		(1.34	)		2.03		3.67		–		–
MSCI ACWI ex USA Index (Net)⁷	–		–			–		–		(8.12	)		1.79		7.66		–		–
Russell 3000^® Index⁸	–		–			–		–		5.53			10.62		14.51		–		–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage-and asset-backed securities risk, and smaller-company investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 24.


Performance highlights (unaudited)		Wells Fargo WealthBuilder Funds			23

Wells Fargo WealthBuilder Moderate Balanced Fund (continued)


Ten largest holdings (%) as of November 30, 2018⁹
Wells Fargo Core Bond Portfolio			17.49
Wells Fargo Disciplined Large Cap Portfolio			11.38
Wells Fargo Factor Enhanced Large Cap Portfolio			9.07
Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio			8.21
Wells Fargo Strategic Income Fund Institutional Class			8.20
Vanguard Intermediate-Term Corporate Bond ETF			5.46
Wells Fargo Factor Enhanced International Portfolio			5.39
Vanguard Short-Term Bond ETF			4.92
Wells Fargo Real Return Portfolio			3.30
Wells Fargo High Yield Corporate Bond Portfolio			3.28


Allocations (%) as of November 30, 2018
	Effective allocation¹⁰		Neutral allocation
Alternative Investments		5		5
Bonds		55		55
Stocks		44		40
Effective Cash		(4)		0

Please see footnotes on page 24.


24		Wells Fargo WealthBuilder Funds		Performance highlights (unaudited)

Wells Fargo WealthBuilder Moderate Balanced Fund (continued)

*	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

^‡	Mr. Keshemberg became a portfolio manager of the Fund on October 26, 2018.

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.47% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

The manager has contractually committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

⁴	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed and modified to assume the features and attributes of Class C.

⁵	Source: Wells Fargo Funds Management, LLC. The WealthBuilder Moderate Balanced Blended Index is comprised of the following indexes: Bloomberg Barclays U.S. Aggregate Bond Index (60%), Russell 3000^® Index (28%), and the MSCI ACWI ex USA Index (Net) (12%) . You cannot invest directly in an index.

⁶

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁷

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁸	The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

⁹	The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹⁰


Fund expenses (unaudited)		Wells Fargo WealthBuilder Funds			25

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


WealthBuilder Conservative Allocation Fund	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	993.28	$	3.75		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	988.92	$	7.48		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	993.91	$	2.10		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%
WealthBuilder Equity Fund
Class A
Actual	$	1,000.00	$	976.16	$	3.72		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	972.45	$	7.42		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	977.62	$	2.08		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%

Please see footnote on page 26.


26		Wells Fargo WealthBuilder Funds		Fund expenses (unaudited)


WealthBuilder Growth Allocation Fund	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	984.87	$	3.73		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	981.46	$	7.45		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	984.15	$	2.09		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%
WealthBuilder Growth Balanced Fund
Class A
Actual	$	1,000.00	$	988.70	$	3.74		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	985.07	$	7.46		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	988.70	$	2.09		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%
WealthBuilder Moderate Balanced Fund
Class A
Actual	$	1,000.00	$	991.20	$	3.74		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Class C
Actual	$	1,000.00	$	986.80	$	7.47		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Class
Actual	$	1,000.00	$	992.18	$	2.10		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%

¹	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			27

WEALTHBUILDER CONSERVATIVE ALLOCATION FUND


Security name	Shares		Value

Exchange-Traded Funds: 14.27%
Consumer Staples Select Sector SPDR Fund		4,904	$	275,899
Vanguard Intermediate-Term Corporate Bond ETF		249,003		20,445,636
Vanguard Short-Term Bond ETF		235,993		18,426,333

Total Exchange-Traded Funds (Cost $40,744,399)				39,147,868


Investment Companies: 85.44%

Affiliated Master Portfolios: 60.67%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio				30,741,281
Wells Fargo Core Bond Portfolio				65,587,564
Wells Fargo Disciplined Large Cap Portfolio				15,589,443
Wells Fargo Emerging Growth Portfolio				1,942,360
Wells Fargo Factor Enhanced Emerging Markets Portfolio				3,018,724
Wells Fargo Factor Enhanced International Portfolio				7,348,043
Wells Fargo Factor Enhanced Large Cap Portfolio				12,422,142
Wells Fargo Factor Enhanced Small Cap Portfolio				2,484,432
Wells Fargo High Yield Corporate Bond Portfolio				12,205,368
Wells Fargo Real Return Portfolio				12,312,549
Wells Fargo U.S. REIT Portfolio				2,776,756

				166,428,662


Alternative Investment Funds: 2.93%
AQR Managed Futures Strategy Fund Class R6 †		314,451		2,647,675
PIMCO CommodityRealReturn Strategy Fund Institutional Class		437,515		2,642,592
The Arbitrage Fund Class I		205,877		2,738,162

				8,028,429


Bond Funds: 16.43%
Federated Institutional High Yield Bond Fund Class R6		542,598		5,127,548
Oppenheimer International Bond Fund Class I		964,183		5,148,738
Wells Fargo High Yield Bond Fund Institutional Class (l)		1,307,544		4,105,690
Wells Fargo Strategic Income Fund Institutional Class (l)		3,314,194		30,689,439

				45,071,415


Stock Funds: 5.41%
Calamos Market Neutral Income Fund Class I		204,990		2,746,869
DFA International Small Cap Value Portfolio Institutional Class		57,579		1,087,096
Dodge & Cox International Stock Fund		66,818		2,721,505
T. Rowe Price International Discovery Fund Institutional Class		17,536		1,093,880
Wells Fargo Emerging Markets Equity Fund Class R6 (l)		47,787		1,099,109
Wells Fargo Endeavor Select Fund Institutional Class (l)		245,708		2,496,398
Wells Fargo Large Cap Growth Fund Class R6 (l)		48,468		2,499,969
Wells Fargo Small Cap Value Fund Class R6 †(l)		61,910		1,099,527

				14,844,353


Total Investment Companies (Cost $241,535,240)				234,372,859

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


28		Wells Fargo WealthBuilder Funds		Portfolio of investments—November 30, 2018 (unaudited)

WEALTHBUILDER CONSERVATIVE ALLOCATION FUND


Security name	Yield					Shares		Value

Short-Term Investments: 0.54%

Investment Companies: 0.35%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13	%				949,201	$	949,201


				Maturity date		Principal
U.S. Treasury Securities: 0.19%
U.S. Treasury Bill (z)#		1.06			12-6-2018	$	514,000		513,909


Total Short-Term Investments (Cost $1,463,110)									1,463,110


Total investments in securities (Cost $283,742,749)	100.25	%		274,983,837
Other assets and liabilities, net	(0.25	)		(679,246	)

Total net assets	100.00	%	$	274,304,591

†	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.

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		75		12-21-2018	$	10,538,653		$	10,343,625		$	0	$	(195,028	)
Short
E-Mini Russell 2000 Index		(6)		12-21-2018		(464,437	)		(460,380	)		4,057		0
MSCI EAFE Index		(10)		12-21-2018		(914,736	)		(908,150	)		6,586		0
MSCI Emerging Markets Index		(5)		12-21-2018		(245,510	)		(249,900	)		0		(4,390	)
S&P 500 E-Mini Index		(11)		12-21-2018		(1,521,336	)		(1,517,065	)		4,271		0

											$	14,914	$	(199,418	)

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			29

WEALTHBUILDER CONSERVATIVE ALLOCATION FUND

Investments in Affiliates


	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo High Yield Bond Fund Institutional Class		1,307,544	$	(40,440	)	$	(115,851	)	$	107,281	$	4,105,690
Wells Fargo Strategic Income Fund Institutional Class		3,314,194		(695	)		(198,251	)		92,647		30,689,439

												34,795,129		12.68	%

Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		47,787		4,531			(140,686	)		0		1,099,109
Wells Fargo Endeavor Select Fund Institutional Class		245,708		139,690			(88,219	)		0		2,496,398
Wells Fargo Large Cap Growth Fund Class R6		48,468		58,345			(37,275	)		0		2,499,969
Wells Fargo Small Cap Value Fund Class R6 †		61,910		(56,666	)		(54,364	)		0		1,099,527

												7,195,003		2.62


Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		949,201		0			0			7,253		949,201		0.35


Affiliated securities no longer held at end of period				69,296			77,656			65,297

			$	174,061		$	(556,990	)	$	272,478	$	42,939,333		15.65	%

For the six months ended November 30, 2018, investment activity in affiliates of the Fund was as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period
Investment Companies
Bond Funds
Wells Fargo High Yield Bond Fund Institutional Class		1,500,708		58,354		251,518		1,307,544
Wells Fargo Short-Term High Yield Bond Fund Institutional Class *		612,276		10,952		623,228		0
Wells Fargo Strategic Income Fund Institutional Class		0		3,333,267		19,073		3,314,194

Stock Funds
Wells Fargo Disciplined U.S. Core Fund Class R6 *		293,037		0		293,037		0
Wells Fargo Emerging Markets Equity Fund Class R6		48,798		2,424		3,435		47,787
Wells Fargo Endeavor Select Fund Institutional Class		288,513		17,137		59,942		245,708
Wells Fargo Large Cap Growth Fund Class R6		56,180		3,979		11,691		48,468
Wells Fargo Small Cap Value Fund Class R6 †		65,600		3,178		6,868		61,910

Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		48,023		11,543,191		10,642,013		949,201

†

Non-income-earning security

No longer held at the end of the period.

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


30		Wells Fargo WealthBuilder Funds		Portfolio of investments—November 30, 2018 (unaudited)

WEALTHBUILDER CONSERVATIVE ALLOCATION FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		3.92	%		4.23	%	$	(245,369	)	$	(131,030	)	$	411,363	$	0	$	8,195	$	30,741,281
Wells Fargo Core Bond Portfolio		1.37			1.18			(1,113,920	)		58,534			1,159,824		0		11,945		65,587,564
Wells Fargo Disciplined Large Cap Portfolio		0.00			3.97			(91,782	)		(241,775	)		0		196,871		1,859		15,589,443
Wells Fargo Emerging Growth Portfolio		0.26			0.22			180,750			(154,302	)		0		2,085		1,322		1,942,360
Wells Fargo Factor Enhanced Emerging Markets Portfolio		1.06			1.11			(186,086	)		(111,360	)		0		52,230		1,019		3,018,724
Wells Fargo Factor Enhanced International Portfolio		0.82			0.88			(72,824	)		(668,026	)		1,916		91,082		2,482		7,348,043
Wells Fargo Factor Enhanced Large Cap Portfolio		0.81			0.87			739,280			(133,157	)		316		160,814		3,047		12,422,142
Wells Fargo Factor Enhanced Small Cap Portfolio		0.67			0.73			189,202			(258,108	)		87		22,331		842		2,484,432
Wells Fargo High Yield Corporate Bond Portfolio		12.24			12.59			(204,595	)		(155,588	)		376,089		0		1,241		12,205,368
Wells Fargo Real Return Portfolio		10.06			6.04			(114,735	)		(264,403	)		172,840		26,397		2,002		12,312,549
Wells Fargo U.S. REIT Portfolio		5.16			5.37			62,936			80,637			0		63,275		76		2,776,756


							$	(857,143	)	$	(1,978,578	)	$	2,122,435	$	615,085	$	34,030	$	166,428,662		60.67	%

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			31

WEALTHBUILDER EQUITY FUND


Security name						Shares		Value

Exchange-Traded Funds: 0.50%
Consumer Staples Select Sector SPDR Fund							39,499	$	2,222,214


Total Exchange-Traded Funds (Cost $2,161,855)									2,222,214


Investment Companies: 98.73%

Affiliated Master Portfolios: 76.96%
Wells Fargo Disciplined Large Cap Portfolio									126,133,060
Wells Fargo Emerging Growth Portfolio									15,789,773
Wells Fargo Factor Enhanced Emerging Markets Portfolio									24,436,682
Wells Fargo Factor Enhanced International Portfolio									59,201,757
Wells Fargo Factor Enhanced Large Cap Portfolio									100,573,764
Wells Fargo Factor Enhanced Small Cap Portfolio									20,047,201

									346,182,237


Stock Funds: 21.77%
DFA International Small Cap Value Portfolio Institutional Class							464,422		8,768,291
Dodge & Cox International Stock Fund							540,646		22,020,495
T. Rowe Price International Discovery Fund Institutional Class							142,120		8,865,432
Wells Fargo Emerging Markets Equity Fund Class R6 (l)							385,992		8,877,807
Wells Fargo Endeavor Select Fund Institutional Class (l)							1,993,981		20,258,852
Wells Fargo Large Cap Growth Fund Class R6 (l)							392,535		20,246,934
Wells Fargo Small Cap Value Fund Class R6 †(l)							499,623		8,873,309

									97,911,120


Total Investment Companies (Cost $452,111,642)									444,093,357


	Yield
Short-Term Investments: 0.72%

Investment Companies: 0.43%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13	%				1,935,807		1,935,807


				Maturity date		Principal
U.S. Treasury Securities: 0.29%
U.S. Treasury Bill (z)#		1.06			12-6-2018	$	453,000		452,920
U.S. Treasury Bill (z)#		1.82			12-18-2018		861,000		860,221

									1,313,141


Total Short-Term Investments (Cost $3,248,944)									3,248,948


Total investments in securities (Cost $457,522,441)	99.95	%		449,564,519
Other assets and liabilities, net	0.05			236,036

Total net assets	100.00	%	$	449,800,555

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

†	Non-income-earning security

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

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

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

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


32		Wells Fargo WealthBuilder Funds		Portfolio of investments—November 30, 2018 (unaudited)

WEALTHBUILDER EQUITY FUND

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
E-Mini Russell 2000 Index		(22)		12-21-2018	$	(3,870,795	)	$	(3,989,960	)	$	0	$	(119,165	)
MSCI EAFE		(35)		12-21-2018		(7,426,083	)		(7,537,645	)		0		(111,652	)
MSCI Emerging Markets Index		(16)		12-21-2018		(1,895,779	)		(1,949,220	)		0		(53,441	)
S&P 500 E-Mini Index		(92)		12-21-2018		(12,254,121	)		(12,688,180	)		0		(434,059	)

											$	0	$	(718,317	)

Investments in Affiliates


	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		385,992	$	(50,361	)	$	(1,048,145	)	$	0	$	8,877,807
Wells Fargo Endeavor Select Fund Institutional Class		1,993,981		357,104			(84,004	)		0		20,258,852
Wells Fargo Large Cap Growth Fund Class R6		392,535		316,762			(288,787	)		0		20,246,934
Wells Fargo Small Cap Value Fund Class R6 †		499,623		8,497			(931,667	)		0		8,873,309

												58,256,902		12.95	%


Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,935,807		0			0			21,026		1,935,807		0.43


Affiliated securities no longer held at end of period				937,711			236,882			0

			$	1,569,713		$	(2,115,721	)	$	21,026	$	60,192,709		13.38	%

For the six months ended November 30, 2018, investment activity in affiliates of the Fund was as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period
Investment Companies
Stock Funds
Wells Fargo Disciplined U.S. Core Fund Class R6 *		2,260,514		0		2,260,514		0
Wells Fargo Emerging Markets Equity Fund Class R6		371,461		31,818		17,287		385,992
Wells Fargo Endeavor Select Fund Institutional Class		2,226,503		69,659		302,181		1,993,981
Wells Fargo Large Cap Growth Fund Class R6		433,975		15,787		57,227		392,535
Wells Fargo Small Cap Value Fund Class R6 †		507,134		21,381		28,892		499,623

Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		2,816,736		19,158,164		20,039,093		1,935,807

†

Non-income-earning security

No longer held at the end of the period

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			33

WEALTHBUILDER EQUITY FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Disciplined Large Cap Portfolio		0.00	%		32.10	%	$	(743,705	)	$	(2,009,826	)	$	0	$	1,596,545	$	14,731	$	126,133,060
Wells Fargo Emerging Growth Portfolio		2.00			1.79			1,469,792			(1,288,162	)		0		17,176		10,841		15,789,773
Wells Fargo Factor Enhanced Emerging Markets Portfolio		8.01			8.97			(1,637,147	)		(932,662	)		951		415,692		8,169		24,436,682
Wells Fargo Factor Enhanced International Portfolio		6.32			7.10			(698,117	)		(5,396,668	)		1,468		734,699		19,668		59,201,757
Wells Fargo Factor Enhanced Large Cap Portfolio		6.26			7.04			5,926,857			(1,174,867	)		1,027		1,299,888		24,707		100,573,764
Wells Fargo Factor Enhanced Small Cap Portfolio		5.18			5.90			1,492,790			(2,123,330	)		699		180,812		6,835		20,047,201

							$	5,810,470		$	(12,925,515	)	$	4,145	$	4,244,812	$	84,951	$	346,182,237		76.96	%

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


34		Wells Fargo WealthBuilder Funds		Portfolio of investments—November 30, 2018 (unaudited)

WEALTHBUILDER GROWTH ALLOCATION FUND


Security name				Shares		Value

Exchange-Traded Funds: 3.18%
Consumer Staples Select Sector SPDR Fund					22,458	$	1,263,487
Vanguard Intermediate-Term Corporate Bond ETF					56,377		4,629,115
Vanguard Short-Term Bond ETF					53,543		4,180,637

Total Exchange-Traded Funds (Cost $10,349,861)							10,073,239


Investment Companies: 96.10%

Affiliated Master Portfolios: 71.56%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							6,957,890
Wells Fargo Core Bond Portfolio							14,829,954
Wells Fargo Disciplined Large Cap Portfolio							71,494,171
Wells Fargo Emerging Growth Portfolio							8,806,258
Wells Fargo Factor Enhanced Emerging Markets Portfolio							13,871,191
Wells Fargo Factor Enhanced International Portfolio							33,713,999
Wells Fargo Factor Enhanced Large Cap Portfolio							57,069,145
Wells Fargo Factor Enhanced Small Cap Portfolio							11,375,833
Wells Fargo High Yield Corporate Bond Portfolio							2,776,748
Wells Fargo Real Return Portfolio							2,786,114
Wells Fargo U.S. REIT Portfolio							3,171,353

							226,852,656


Alternative Investment Funds: 2.88%
AQR Managed Futures Strategy Fund Class R6 †					360,153		3,032,494
PIMCO CommodityRealReturn Strategy Fund Institutional Class					495,543		2,993,082
The Arbitrage Fund Class I					232,494		3,092,176

							9,117,752


Bond Funds: 3.22%
Federated Institutional High Yield Bond Fund Class R6					123,305		1,165,230
Oppenheimer International Bond Fund Class I					220,242		1,176,090
Wells Fargo High Yield Bond Fund Institutional Class (l)					296,667		931,534
Wells Fargo Strategic Income Fund Institutional Class (l)					749,431		6,939,734

							10,212,588


Stock Funds: 18.44%
Calamos Market Neutral Income Fund Class I					231,735		3,105,252
DFA International Small Cap Value Portfolio Institutional Class					257,668		4,864,770
Dodge & Cox International Stock Fund					307,111		12,508,611
T. Rowe Price International Discovery Fund Institutional Class					79,111		4,934,936
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					219,070		5,038,604
Wells Fargo Endeavor Select Fund Institutional Class (l)					1,133,260		11,513,922
Wells Fargo Large Cap Growth Fund Class R6 (l)					222,233		11,462,797
Wells Fargo Small Cap Value Fund Class R6 †(l)					283,941		5,042,796

							58,471,688


Total Investment Companies (Cost $311,490,774)							304,654,684


	Yield
Short-Term Investments: 0.66%

Investment Companies: 0.24%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13	%		773,275		773,275

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			35

WEALTHBUILDER GROWTH ALLOCATION FUND


Security name	Yield			Maturity date		Principal		Value

U.S. Treasury Securities: 0.42%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	867,000	$	866,847
U.S. Treasury Bill #(z)		1.82			12-18-2018		466,000		465,578

									1,332,425


Total Short-Term Investments (Cost $2,105,697)									2,105,700


Total investments in securities (Cost $323,946,332)	99.94	%		316,833,623
Other assets and liabilities, net	0.06			198,245

Total net assets	100.00	%	$	317,031,868

†	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.

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		88		12-21-2018	$	12,381,043		$	12,136,520		$	0	$	(244,523	)
Short
E-Mini Russell 2000 Index		(29)		12-21-2018		(2,248,083	)		(2,225,170	)		22,913		0
MSCI EAFE		(46)		12-21-2018		(4,212,254	)		(4,177,490	)		34,764		0
MSCI Emerging Markets Index		(22)		12-21-2018		(1,083,755	)		(1,099,560	)		0		(15,805	)
S&P 500 E-Mini Index		(51)		12-21-2018		(7,068,491	)		(7,033,665	)		34,826		0

											$	92,503	$	(260,328	)

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


36		Wells Fargo WealthBuilder Funds		Portfolio of investments—November 30, 2018 (unaudited)

WEALTHBUILDER GROWTH ALLOCATION FUND

Investments in Affiliates


	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo High Yield Bond Fund Institutional Class		296,667	$	(8,667	)	$	(27,875	)	$	24,552	$	931,534
Wells Fargo Strategic Income Fund Institutional Class		749,431		(461	)		(44,647	)		20,970		6,939,734

												7,871,268		2.48	%

Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		219,070		(1,150	)		(613,100	)		0		5,038,604
Wells Fargo Endeavor Select Fund Institutional Class		1,133,260		228,960			(55,491	)		0		11,513,922
Wells Fargo Large Cap Growth Fund Class R6		222,233		175,038			(150,355	)		0		11,462,797
Wells Fargo Small Cap Value Fund Class R6 †		283,941		8,551			(536,350	)		0		5,042,796

												33,058,119		10.43


Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		773,275		0			0			7,227		773,275		0.24


Affiliated securities no longer held at end of period				517,578			157,180			14,842

			$	919,849		$	(1,270,638	)	$	67,591	$	41,702,662		13.15	%

For the six months ended November 30, 2018, investment activity in affiliates of the Fund was as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period
Investment Companies
Bond Funds
Wells Fargo High Yield Bond Fund Institutional Class		326,928		17,666		47,927		296,667
Wells Fargo Strategic Income Fund Institutional Class		0		762,496		13,065		749,431
Wells Fargo Short-Term High Yield Bond Fund Institutional Class *		133,613		4,268		137,881		0

Stock Funds
Wells Fargo Disciplined U.S. Core Fund Class R6 *		1,301,297		0		1,301,297		0
Wells Fargo Emerging Markets Equity Fund Class R6		215,735		8,508		5,173		219,070
Wells Fargo Endeavor Select Fund Institutional Class		1,281,318		25,535		173,593		1,133,260
Wells Fargo Large Cap Growth Fund Class R6		249,632		6,542		33,941		222,233
Wells Fargo Small Cap Value Fund Class R6 †		291,878		4,119		12,056		283,941

Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		163,691		11,457,911		10,848,327		773,275

†

Non-income-earning security

No longer held at the end of the period.

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			37

WEALTHBUILDER GROWTH ALLOCATION FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.86	%		0.96	%	$	(55,557	)	$	(9,278	)	$	93,338	$	0	$	1,857	$	6,957,890
Wells Fargo Core Bond Portfolio		0.30			0.27			(253,475	)		23,271			259,370		0		2,711		14,829,954
Wells Fargo Disciplined Large Cap Portfolio		0.00			18.19			(425,248	)		(1,186,733	)		0		909,498		8,438		71,494,171
Wells Fargo Emerging Growth Portfolio		1.15			1.00			842,429			(750,973	)		0		9,620		6,176		8,806,258
Wells Fargo Factor Enhanced Emerging Markets Portfolio		4.65			5.09			(911,550	)		(500,232	)		534		232,420		4,570		13,871,191
Wells Fargo Factor Enhanced International Portfolio		3.64			4.04			(399,573	)		(3,085,744	)		841		419,465		11,242		33,713,999
Wells Fargo Factor Enhanced Large Cap Portfolio		3.61			4.00			3,390,424			(661,480	)		1,454		742,224		14,105		57,069,145
Wells Fargo Factor Enhanced Small Cap Portfolio		2.98			3.35			853,779			(1,210,959	)		400		103,241		3,898		11,375,833
Wells Fargo High Yield Corporate Bond Portfolio		2.68			2.68			(46,645	)		(28,422	)		85,604		0		281		2,776,748
Wells Fargo Real Return Portfolio		2.21			1.37			(25,145	)		(53,538	)		22,208		6,002		452		2,786,114
Wells Fargo U.S. REIT Portfolio		5.71			6.14			72,243			93,240			0		72,898		88		3,171,353

							$	3,041,682		$	(7,370,848	)	$	463,749	$	2,495,368	$	53,818	$	226,852,656		71.56	%

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


38		Wells Fargo WealthBuilder Funds		Portfolio of investments—November 30, 2018 (unaudited)

WEALTHBUILDER GROWTH BALANCED FUND


Security name				Shares		Value

Exchange-Traded Funds: 6.85%
Consumer Staples Select Sector SPDR Fund					34,718	$	1,953,235
Vanguard Intermediate-Term Corporate Bond ETF					272,374		22,364,629
Vanguard Short-Term Bond ETF					258,196		20,159,944

Total Exchange-Traded Funds (Cost $46,281,017)							44,477,808


Investment Companies: 92.87%

Affiliated Master Portfolios: 68.18%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio							33,652,948
Wells Fargo Core Bond Portfolio							71,746,088
Wells Fargo Disciplined Large Cap Portfolio							110,521,980
Wells Fargo Emerging Growth Portfolio							13,686,679
Wells Fargo Factor Enhanced Emerging Markets Portfolio							21,424,411
Wells Fargo Factor Enhanced International Portfolio							52,204,770
Wells Fargo Factor Enhanced Large Cap Portfolio							88,174,426
Wells Fargo Factor Enhanced Small Cap Portfolio							17,606,224
Wells Fargo High Yield Corporate Bond Portfolio							13,488,643
Wells Fargo Real Return Portfolio							13,525,880
Wells Fargo U.S. REIT Portfolio							6,534,242

							442,566,291


Alternative Investment Funds: 2.91%
AQR Managed Futures Strategy Fund Class R6 †					738,938		6,221,855
PIMCO CommodityRealReturn Strategy Fund Institutional Class					1,033,042		6,239,572
The Arbitrage Fund Class I					480,962		6,396,797

							18,858,224


Bond Funds: 7.60%
Federated Institutional High Yield Bond Fund Class R6					601,122		5,680,602
Oppenheimer International Bond Fund Class I					1,063,455		5,678,849
Wells Fargo High Yield Bond Fund Institutional Class (l)					1,435,888		4,508,688
Wells Fargo Strategic Income Fund Institutional Class (l)					3,615,601		33,480,463

							49,348,602


Stock Funds: 14.18%
Calamos Market Neutral Income Fund Class I					479,231		6,421,694
DFA International Small Cap Value Portfolio Institutional Class					400,486		7,561,167
Dodge & Cox International Stock Fund					476,086		19,390,980
T. Rowe Price International Discovery Fund Institutional Class					122,198		7,622,682
Wells Fargo Emerging Markets Equity Fund Class R6 (l)					338,743		7,791,100
Wells Fargo Endeavor Select Fund Institutional Class (l)					1,744,825		17,727,423
Wells Fargo Large Cap Growth Fund Class R6 (l)					343,802		17,733,311
Wells Fargo Small Cap Value Fund Class R6 †(l)					440,129		7,816,697

							92,065,054


Total Investment Companies (Cost $619,042,210)							602,838,171


	Yield
Short-Term Investments: 0.52%

Investment Companies: 0.33%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13	%		2,159,003		2,159,003

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			39

WEALTHBUILDER GROWTH BALANCED FUND


Security name	Yield			Maturity date		Principal		Value

U.S. Treasury Securities: 0.19%
U.S. Treasury Bill (z)#		1.06	%		12-6-2018	$	1,230,000	$	1,229,783


Total Short-Term Investments (Cost $3,388,785)									3,388,786


Total investments in securities (Cost $668,712,012)	100.24	%		650,704,765
Other assets and liabilities, net	(0.24	)		(1,581,828	)

Total net assets	100.00	%	$	649,122,937

†	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.

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		180		12-21-2018	$	25,305,721		$	24,824,700		$	0	$	(481,021	)
Short
E-Mini Russell 2000 Index		(44)		12-21-2018		(3,274,515	)		(3,376,120	)		0		(101,605	)
MSCI EAFE Index		(71)		12-21-2018		(6,351,068	)		(6,447,865	)		0		(96,797	)
MSCI Emerging Markets Index		(34)		12-21-2018		(1,654,179	)		(1,699,320	)		0		(45,141	)
S&P 500 E-Mini Index		(78)		12-21-2018		(10,387,285	)		(10,757,370	)		0		(370,085	)

											$	0	$	(1,094,649	)

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


40		Wells Fargo WealthBuilder Funds		Portfolio of investments—November 30, 2018 (unaudited)

WEALTHBUILDER GROWTH BALANCED FUND

Investments in Affiliates


	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo High Yield Bond Fund Institutional Class		1,435,888	$	(34,869	)	$	(141,403	)	$	118,676	$	4,508,688
Wells Fargo Strategic Income Fund Institutional Class		3,615,601		(897	)		(216,280	)		101,253		33,480,463

												37,989,151		5.85	%

Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		338,743		8,656			(948,209	)		0		7,791,100
Wells Fargo Endeavor Select Fund Institutional Class		1,744,825		432,658			(135,854	)		0		17,727,423
Wells Fargo Large Cap Growth Fund Class R6		343,802		320,557			(264,053	)		0		17,733,311
Wells Fargo Small Cap Value Fund Class R6 †		440,129		(176,390	)		(638,392	)		0		7,816,697

												51,068,531		7.87


Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		2,159,003		0			0			20,506		2,159,003		0.33


Affiliated securities no longer held at end of period				780,361			257,663			71,530

			$	1,330,076		$	(2,086,528	)	$	311,965	$	91,216,685		14.05	%

For the six months ended November 30, 2018, investment activity in affiliates of the Fund was as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period
Investment Companies
Bond Funds
Wells Fargo High Yield Bond Fund Institutional Class		1,584,935		51,122		200,169		1,435,888
Wells Fargo Short-Term High Yield Bond Fund Institutional Class *		645,811		13,919		659,730		0
Wells Fargo Strategic Income Fund Institutional Class		0		3,645,437		29,836		3,615,601

Stock Funds
Wells Fargo Disciplined U.S. Core Fund Class R6 *		2,010,249		0		2,010,249		0
Wells Fargo Emerging Markets Equity Fund Class R6		333,632		17,272		12,161		338,743
Wells Fargo Endeavor Select Fund Institutional Class		1,978,166		70,349		303,690		1,744,825
Wells Fargo Large Cap Growth Fund Class R6		385,409		10,128		51,735		343,802
Wells Fargo Small Cap Value Fund Class R6 †		450,814		8,132		18,817		440,129

Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		790,414		23,415,866		22,047,277		2,159,003

†

Non-income-earning security

No longer held at the end of the period.

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			41

WEALTHBUILDER GROWTH BALANCED FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		4.16	%		4.64	%	$	(270,541	)	$	(144,471	)	$	450,850	$	0	$	8,962	$	33,652,948
Wells Fargo Core Bond Portfolio		1.45			1.29			(1,224,941	)		(104,069	)		1,254,097		0		13,098		71,746,088
Wells Fargo Disciplined Large Cap Portfolio		0.00			28.13			(661,839	)		(2,087,038	)		0		1,401,799		13,020		110,521,980
Wells Fargo Emerging Growth Portfolio		1.78			1.55			1,295,583			(1,175,441	)		0		14,908		9,536		13,686,679
Wells Fargo Factor Enhanced Emerging Markets Portfolio		7.20			7.86			(1,281,664	)		(781,719	)		0		357,641		7,033		21,424,411
Wells Fargo Factor Enhanced International Portfolio		5.64			6.26			(526,568	)		(3,845,068	)		13,625		647,792		17,630		52,204,770
Wells Fargo Factor Enhanced Large Cap Portfolio		5.57			6.18			5,205,961			(1,160,654	)		2,246		1,147,857		21,798		88,174,426
Wells Fargo Factor Enhanced Small Cap Portfolio		4.60			5.18			1,329,531			(1,898,690	)		618		159,399		6,023		17,606,224
Wells Fargo High Yield Corporate Bond Portfolio		12.94			13.91			(226,121	)		(179,011	)		413,247		0		1,361		13,488,643
Wells Fargo Real Return Portfolio		10.68			6.64			(127,424	)		(295,365	)		188,203		28,972		2,176		13,525,880
Wells Fargo U.S. REIT Portfolio		11.74			12.64			148,949			176,462			0		150,214		182		6,534,242

							$	3,660,926		$	(11,495,064	)	$	2,322,886	$	3,908,582	$	100,819	$	442,566,291		68.18	%

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


42		Wells Fargo WealthBuilder Funds		Portfolio of investments—November 30, 2018 (unaudited)

WEALTHBUILDER MODERATE BALANCED FUND


Security name	Shares		Value

Exchange-Traded Funds: 10.57%
Consumer Staples Select Sector SPDR Fund		17,026	$	957,883
Vanguard Intermediate-Term Corporate Bond ETF		316,932		26,023,287
Vanguard Short-Term Bond ETF		300,435		23,457,965

Total Exchange-Traded Funds (Cost $52,435,124)				50,439,135


Investment Companies: 89.33%

Affiliated Master Portfolios: 64.55%
Wells Fargo Bloomberg Barclays U.S. Aggregate ex-Corporate Portfolio				39,159,228
Wells Fargo Core Bond Portfolio				83,436,525
Wells Fargo Disciplined Large Cap Portfolio				54,304,787
Wells Fargo Emerging Growth Portfolio				6,653,614
Wells Fargo Factor Enhanced Emerging Markets Portfolio				10,515,525
Wells Fargo Factor Enhanced International Portfolio				25,728,346
Wells Fargo Factor Enhanced Large Cap Portfolio				43,271,704
Wells Fargo Factor Enhanced Small Cap Portfolio				8,657,422
Wells Fargo High Yield Corporate Bond Portfolio				15,626,380
Wells Fargo Real Return Portfolio				15,725,405
Wells Fargo U.S. REIT Portfolio				4,836,322

				307,915,258


Alternative Investment Funds: 2.93%
AQR Managed Futures Strategy Fund Class R6 †		549,460		4,626,452
PIMCO CommodityRealReturn Strategy Fund Institutional Class		765,652		4,624,539
The Arbitrage Fund Class I		356,131		4,736,541

				13,987,532


Bond Funds: 12.05%
Federated Institutional High Yield Bond Fund Class R6		694,286		6,561,007
Oppenheimer International Bond Fund Class I		1,232,300		6,580,481
Wells Fargo High Yield Bond Fund Institutional Class (l)		1,670,502		5,245,377
Wells Fargo Strategic Income Fund Institutional Class (l)		4,221,844		39,094,275

				57,481,140


Stock Funds: 9.80%
Calamos Market Neutral Income Fund Class I		354,830		4,754,720
DFA International Small Cap Value Portfolio Institutional Class		195,828		3,697,229
Dodge & Cox International Stock Fund		234,068		9,533,605
T. Rowe Price International Discovery Fund Institutional Class		59,765		3,728,129
Wells Fargo Emerging Markets Equity Fund Class R6 (l)		166,431		3,827,906
Wells Fargo Endeavor Select Fund Institutional Class (l)		855,860		8,695,538
Wells Fargo Large Cap Growth Fund Class R6 (l)		167,591		8,644,357
Wells Fargo Small Cap Value Fund Class R6 †(l)		216,549		3,845,912

				46,727,396


Total Investment Companies (Cost $438,214,114)				426,111,326

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			43

WEALTHBUILDER MODERATE BALANCED FUND


Security name	Yield					Shares		Value

Short-Term Investments: 0.42%

Investment Companies: 0.23%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.13	%				1,108,643	$	1,108,643


				Maturity date		Principal
U.S. Treasury Securities: 0.19%
U.S. Treasury Bill #(z)		1.06			12-6-2018	$	910,000		909,840


Total Short-Term Investments (Cost $2,018,482)									2,018,483


Total investments in securities (Cost $492,667,720)	100.32	%		478,568,944
Other assets and liabilities, net	(0.32	)		(1,529,512	)

Total net assets	100.00	%	$	477,039,432

†	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.

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		133		12-21-2018	$	18,688,408		$	18,342,695		$	0	$	(345,713	)
Short
E-Mini Russell 2000 Index		(22)		12-21-2018		(1,692,531	)		(1,688,060	)		4,471		0
MSCI EAFE		(35)		12-21-2018		(3,180,487	)		(3,178,525	)		1,962		0
MSCI Emerging Markets Index		(16)		12-21-2018		(780,381	)		(799,680	)		0		(19,299	)
S&P 500 E-Mini Index		(38)		12-21-2018		(5,234,194	)		(5,240,770	)		0		(6,576	)

											$	6,433	$	(371,588	)

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


44		Wells Fargo WealthBuilder Funds		Portfolio of investments—November 30, 2018 (unaudited)

WEALTHBUILDER MODERATE BALANCED FUND

Investments in Affiliates


	Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo High Yield Bond Fund Institutional Class		1,670,502	$	(47,669	)	$	(156,134	)	$	139,804	$	5,245,377
Wells Fargo Strategic Income Fund Institutional Class		4,221,844		(3,167	)		(252,544	)		118,359		39,094,275

												44,339,652		9.29	%

Stock Funds
Wells Fargo Emerging Markets Equity Fund Class R6		166,431		12,935			(495,364	)		0		3,827,906
Wells Fargo Endeavor Select Fund Institutional Class		855,860		346,508			(188,957	)		0		8,695,538
Wells Fargo Large Cap Growth Fund Class R6		167,591		188,907			(140,840	)		0		8,644,357
Wells Fargo Small Cap Value Fund Class R6 †		216,549		(157,362	)		(245,074	)		0		3,845,912

												25,013,713		5.24


Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,108,643		0			0			8,253		1,108,643		0.23

Affiliated securities no longer held at end of period				359,961			165,221			84,699

			$	700,113		$	(1,313,692	)	$	351,115	$	70,462,008		14.76	%

For the six months ended November 30, 2018, investment activity in affiliates of the Fund was as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period
Investment Companies
Bond Funds
Wells Fargo High Yield Bond Fund Institutional Class		1,911,953		45,797		287,248		1,670,502
Wells Fargo Strategic Income Fund Institutional Class		0		4,346,423		124,579		4,221,844
Wells Fargo Short-Term High Yield Bond Fund Insitutional Class *		780,008		9,566		789,574		0

Stock Funds
Wells Fargo Disciplined U.S. Core Fund Class R6 *		1,021,404		0		1,021,404		0
Wells Fargo Emerging Markets Equity Fund Class R6		170,189		4,429		8,187		166,431
Wells Fargo Endeavor Select Fund Institutional Class		1,008,976		22,061		175,177		855,860
Wells Fargo Large Cap Growth Fund Class R6		196,506		4,145		33,060		167,591
Wells Fargo Small Cap Value Fund Class R6 †		228,776		5,264		17,491		216,549

Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		0		17,379,761		16,271,118		1,108,643

†

Non-income-earning security

No longer held at the end of the period

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			45

WEALTHBUILDER MODERATE BALANCED FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Dividends allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		5.00	%		5.39	%	$	(317,373	)	$	(99,270	)	$	532,826	$	0	$	10,615	$	39,159,228
Wells Fargo Core Bond Portfolio		1.75			1.50			(1,442,329	)		36,374			1,494,784		0		15,477		83,436,525
Wells Fargo Disciplined Large Cap Portfolio		0.00			13.82			(325,750	)		(858,972	)		0		698,355		6,574		54,304,787
Wells Fargo Emerging Growth Portfolio		0.90			0.76			645,393			(565,769	)		0		7,316		4,718		6,653,614
Wells Fargo Factor Enhanced Emerging Markets Portfolio		3.67			3.86			(714,873	)		(400,737	)		417		181,388		3,556		10,515,525
Wells Fargo Factor Enhanced International Portfolio		2.85			3.09			(298,601	)		(2,357,258	)		523		322,850		8,660		25,728,346
Wells Fargo Factor Enhanced Large Cap Portfolio		2.83			3.03			2,565,356			(480,603	)		1,121		570,469		10,824		43,271,704
Wells Fargo Factor Enhanced Small Cap Portfolio		2.34			2.55			662,839			(926,638	)		309		79,456		2,998		8,657,422
Wells Fargo High Yield Corporate Bond Portfolio		15.60			16.12			(265,168	)		(173,494	)		487,594		0		1,605		15,626,380
Wells Fargo Real Return Portfolio		12.84			7.72			(142,646	)		(319,844	)		223,556		34,185		2,586		15,725,405
Wells Fargo U.S. REIT Portfolio		9.01			9.36			111,429			147,374			0		112,676		136		4,836,322

							$	478,277		$	(5,998,837	)	$	2,741,130	$	2,006,695	$	67,749	$	307,915,258		64.55	%

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


46		Wells Fargo WealthBuilder Funds		Statements of assets and liabilities—November 30, 2018 (unaudited)


	WealthBuilder Conservative Allocation Fund		WealthBuilder Equity Fund

Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	166,428,662	$	346,182,237
Investments in unaffiliated Underlying Funds and securities, at value (see cost below)		65,615,842		43,189,573
Investments in affiliated Underlying Funds, at value (see cost below)		42,939,333		60,192,709
Cash		68,340		404,574
Receivable for investments sold		1,031,672		1,077,440
Receivable for Fund shares sold		65,691		94,166
Receivable for dividends		70,387		0
Receivable for daily variation margin on open futures contracts		45,085		0
Prepaid expenses and other assets		63,665		57,477

Total assets		276,328,677		451,198,176


Liabilities
Payable for investments purchased		1,018,037		0
Payable for Fund shares redeemed		641,565		741,749
Distribution fee payable		172,831		268,112
Shareholder servicing fees payable		60,402		97,731
Management fee payable		51,477		93,473
Administration fees payable		50,753		82,194
Trustees’ fees and expenses payable		1,294		1,036
Payable for daily variation margin on open futures contracts		0		66,573
Accrued expenses and other liabilities		27,727		46,753

Total liabilities		2,024,086		1,397,621

Total net assets	$	274,304,591	$	449,800,555


NET ASSETS CONSIST OF
Paid-in capital	$	271,649,268	$	364,805,171
Total distributable earnings		2,655,323		84,995,384

Total net assets	$	274,304,591	$	449,800,555


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	12,702,657	$	39,501,744
Shares outstanding – Class A¹		1,284,875		1,969,276
Net asset value per share – Class A		$9.89		$20.06
Maximum offering price per share – Class A²		$10.49		$21.28
Net assets – Class C	$	261,491,862	$	409,411,089
Shares outstanding – Class C¹		26,446,308		20,710,487
Net asset value per share – Class C		$9.89		$19.77
Net assets – Institutional Class	$	110,072	$	887,722
Shares outstanding – Institutional Class¹		11,145		44,189
Net asset value per share – Institutional Class		$9.88		$20.09

Investments in affiliated Master Portfolios, at cost	$	173,343,866	$	360,503,532

Investments in unaffiliated Underlying Funds and securities, at cost	$	67,586,381	$	38,743,166

Investments in affiliated Underlying Funds, at cost	$	42,812,502	$	58,275,743

¹	Each Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statements of assets and liabilities—November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			47


WealthBuilder Growth Allocation Fund		WealthBuilder Growth Balanced Fund		WealthBuilder Moderate Balanced Fund


$	226,852,656	$	442,566,291	$	307,915,258
	48,278,305		116,921,789		100,191,678
	41,702,662		91,216,685		70,462,008
	121,984		403,810		134,532
	601,650		89,317		37,544
	148,268		148,403		115,832
	15,991		77,331		89,627
	25,046		71,314		66,230
	101,731		17,720		103,346

	317,848,293		651,512,660		479,116,055



	15,442		75,722		87,954
	383,842		1,433,882		1,360,552
	195,414		403,440		299,543
	69,403		143,349		105,839
	62,650		141,149		102,752
	58,320		120,459		88,993
	1,290		1,291		1,153
	0		0		0
	30,064		70,431		29,837

	816,425		2,389,723		2,076,623

$	317,031,868	$	649,122,937	$	477,039,432



$	266,983,415	$	576,026,196	$	451,954,419
	50,048,453		73,096,741		25,085,013

$	317,031,868	$	649,122,937	$	477,039,432



$	19,801,649	$	41,434,718	$	27,803,846
	1,448,343		3,158,991		2,592,267
	$13.67		$13.12		$10.73
	$14.50		$13.92		$11.38
$	296,920,899	$	607,158,171	$	448,342,121
	21,578,501		45,995,213		41,058,634
	$13.76		$13.20		$10.92
$	309,320	$	530,048	$	893,465
	22,645		40,397		83,158
	$13.66		$13.12		$10.74

$	236,251,861	$	462,318,988	$	321,380,806

$	46,749,232	$	116,264,543	$	101,400,449

$	40,945,239	$	90,128,481	$	69,886,465

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


48		Wells Fargo WealthBuilder Funds		Statements of operations—six months ended November 30, 2018 (unaudited)


	WealthBuilder Conservative Allocation Fund			WealthBuilder Equity Fund

Investment income
Interest allocated from affiliated Master Portfolios*	$	2,122,435		$	4,145
Dividends from unaffiliated Underlying Funds		1,448,304			43,359
Dividends allocated from affiliated Master Portfolios**		615,085			4,244,812
Dividends from affiliated Underlying Funds		272,478			21,026
Interest		8,015			12,976
Affiliated income allocated from affiliated Master Portfolios		34,030			84,951
Expenses allocated from affiliated Master Portfolios		(257,650	)		(509,356	)
Waivers allocated from affiliated Master Portfolios		8,581			30,312

Total investment income		4,251,278			3,932,225


Expenses
Management fee		379,381			609,795
Administration fees
Class A		8,470			19,139
Class C		310,160			492,727
Institutional Class		32	¹		224	¹
Shareholder servicing fees
Class A		10,083			22,785
Class C		369,238			586,580
Distribution fee
Class C		1,107,713			1,759,739
Custody and accounting fees		35,317			30,033
Professional fees		12,713			7,279
Registration fees		28,000			26,636
Shareholder report expenses		15,483			12,526
Trustees’ fees and expenses		10,038			12,968
Other fees and expenses		6,113			6,862

Total expenses		2,292,741			3,587,293
Less: Fee waivers and/or expense reimbursements		(46,965	)		(18,737	)

Net expenses		2,245,776			3,568,556

Net investment income		2,005,502			363,669


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(857,143	)		5,810,470
Unaffiliated Underlying Funds		(437,782	)		7,070,133
Affiliated Underlying Funds		174,061			1,569,713
Futures contracts		130,545			(1,963,937	)

Net realized gain (losses) on investments		(990,319	)		12,486,379


Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(1,978,578	)		(12,925,515	)
Unaffiliated Underlying Funds		(1,726,965	)		(9,151,804	)
Affiliated Underlying Funds		(556,990	)		(2,115,721	)
Futures contracts		374,620			(823,984	)

Net change in unrealized gains (losses) on investments		(3,887,913	)		(25,017,024	)

Net realized and unrealized gains (losses) on investments		(4,878,232	)		(12,530,645	)

Net decrease in net assets resulting from operations	$	(2,872,730	)	$	(12,166,976	)


* Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$189			$0
** Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$18,486			$137,359

¹	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


Statements of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo WealthBuilder Funds			49


WealthBuilder Growth Allocation Fund			WealthBuilder Growth Balanced Fund			WealthBuilder Moderate Balanced Fund


$	463,749		$	2,322,886		$	2,741,130
	425,408			1,791,384			1,959,663
	2,495,368			3,908,582			2,006,695
	67,591			311,965			351,115
	29,354			19,559			11,290
	53,818			100,819			67,749
	(326,927	)		(651,180	)		(471,663	)
	18,448			32,033			19,584

	3,226,809			7,836,048			6,685,563



	433,568			893,477			669,356

	9,624			19,405			13,506
	354,503			731,007			548,542
	44	¹		67	¹		131	¹

	11,457			23,102			16,078
	422,028			870,246			653,027

	1,266,083			2,610,739			1,959,080
	29,594			41,451			33,148
	12,458			12,459			12,713
	24,516			34,538			25,980
	21,606			38,759			25,778
	10,543			10,544			10,451
	4,804			8,165			8,811

	2,600,828			5,293,959			3,976,601
	(34,151	)		(3,942	)		(9,785	)

	2,566,677			5,290,017			3,966,816

	660,132			2,546,031			2,718,747





	3,041,682			3,660,926			478,277
	3,771,786			4,986,661			1,483,308
	919,849			1,330,076			700,113
	(110,406	)		724,693			302,212

	7,622,911			10,702,356			2,963,910



	(7,370,848	)		(11,495,064	)		(5,998,837	)
	(5,635,774	)		(9,348,230	)		(4,955,735	)
	(1,270,638	)		(2,086,528	)		(1,313,692	)
	417,221			119,295			581,396

	(13,860,039	)		(22,810,527	)		(11,686,868	)

	(6,237,128	)		(12,108,171	)		(8,722,958	)

$	(5,576,996	)	$	(9,562,140	)	$	(6,004,211	)


	$0			$236			$0
	$77,819			$124,945			$61,053

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


50		Wells Fargo WealthBuilder Funds		Statements of changes in net assets


	WealthBuilder Conservative Allocation Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	2,005,502					$	3,989,573
Net realized gains (losses) on investments					(990,319	)					29,758,281
Net change in unrealized gains (losses) on investments					(3,887,913	)					(27,795,953	)

Net increase (decrease) in net assets resulting from operations					(2,872,730	)					5,951,901


Distributions to shareholders from net investment income and net realized gains
Class A					(85,107	)					(229,050	)
Class C					(1,687,494	)					(20,206,237	)
Institutional Class					(845	)²					N/A

Total distributions to shareholders					(1,773,446	)					(20,435,287	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,072,955			10,852,805			441,853			4,609,365
Class C		445,951			4,441,598			1,397,260			14,441,414
Institutional Class		28,230	²		281,092	²		N/A			N/A

					15,575,495						19,050,779

Reinvestment of distributions
Class A		8,492			84,878			21,609			222,354
Class C		166,801			1,678,035			1,968,929			20,172,596
Institutional Class		58	²		573	²		N/A			N/A

					1,763,486						20,394,950

Payment for shares redeemed
Class A		(247,395	)		(2,477,383	)		(437,464	)		(4,671,561	)
Class C		(5,933,510	)		(59,771,468	)		(12,071,518	)		(126,129,049	)
Institutional Class		(17,143	)²		(169,578	)²		N/A			N/A

					(62,418,429	)					(130,800,610	)

Net decrease in net assets resulting from capital share transactions					(45,079,448	)					(91,354,881	)

Total decrease in net assets					(49,725,624	)					(105,838,267	)


Net assets
Beginning of period					324,030,215						429,868,482

End of period				$	274,304,591					$	324,030,215

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $722,443. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


Statements of changes in net assets		Wells Fargo WealthBuilder Funds			51


	WealthBuilder Equity Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income (loss)				$	363,669					$	(544,542	)
Net realized gains on investments					12,486,379						158,196,375
Net change in unrealized gains (losses) on investments					(25,017,024	)					(97,817,126	)

Net increase (decrease) in net assets resulting from operations					(12,166,976	)					59,834,707


Distributions to shareholders from net investment income and net realized gains
Class A					0						(502,275	)
Class C					0						(79,982,709	)

Total distributions to shareholders					0						(80,484,984	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,863,737			39,300,638			131,029			2,846,777
Class C		618,350			12,371,616			637,060			13,677,332
Institutional Class		64,195	²		1,318,908	²		N/A			N/A

					52,991,162						16,524,109

Reinvestment of distributions
Class A		0			0			24,274			497,866
Class C		0			0			3,925,023			79,874,225

					0						80,372,091

Payment for shares redeemed
Class A		(88,784	)		(1,796,834	)		(38,943	)		(846,144	)
Class C		(4,076,916	)		(84,128,746	)		(5,316,752	)		(114,225,285	)
Institutional Class		(20,006	)²		(395,042	)²		N/A			N/A

					(86,320,622	)					(115,071,429	)

Net decrease in net assets resulting from capital share transactions					(33,329,460	)					(18,175,229	)

Total decrease in net assets					(45,496,436	)					(38,825,506	)


Net assets
Beginning of period					495,296,991						534,122,497

End of period				$	449,800,555					$	495,296,991

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Accumulated net investment loss at May 31, 2018 was $(247,963). The disaggregated distributions information for the year ended May 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


52		Wells Fargo WealthBuilder Funds		Statements of changes in net assets


	WealthBuilder Growth Allocation Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	660,132					$	1,049,334
Net realized gains on investments					7,622,911						87,783,129
Net change in unrealized gains (losses) on investments					(13,860,039	)					(52,289,593	)

Net increase (decrease) in net assets resulting from operations					(5,576,996	)					36,542,870


Distributions to shareholder from net investment income and net realized gains
Class A					0						(206,167	)
Class C					0						(48,737,139	)

Total distributions to shareholders					0						(48,943,306	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,372,273			19,486,764			131,674			1,942,532
Class C		377,194			5,339,998			1,149,221			16,940,690
Institutional Class		69,399	²		963,511	²		N/A			N/A

					25,790,273						18,883,222

Reinvestment of distributions
Class A		0			0			14,554			202,164
Class C		0			0			3,459,661			48,677,424

					0						48,879,588

Payment for shares redeemed
Class A		(68,688	)		(937,912	)		(25,928	)		(381,384	)
Class C		(4,062,492	)		(57,787,817	)		(6,339,305	)		(102,141,480	)
Institutional Class		(46,754	)²		(649,340	)²		N/A			N/A

					(59,375,069	)					(102,522,864	)

Net decrease in net assets resulting from capital share transactions					(33,584,796	)					(34,760,054	)

Total decrease in net assets					(39,161,792	)					(47,160,490	)


Net assets
Beginning of period					356,193,660						403,354,150

End of period				$	317,031,868					$	356,193,660

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $1,065,126. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


Statements of changes in net assets		Wells Fargo WealthBuilder Funds			53


	WealthBuilder Growth Balanced Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	2,546,031					$	4,643,783
Net realized gains on investments					10,702,356						155,068,922
Net change in unrealized gains (losses) on investments					(22,810,527	)					(104,030,093	)

Net increase (decrease) in net assets resulting from operations					(9,562,140	)					55,682,612


Distributions to shareholders from net investment income and net realized gains
Class A					0						(357,125	)
Class C					0						(95,884,883	)

Total distributions to shareholders					0						(96,242,008	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,126,729			42,325,811			169,082			2,407,771
Class C		711,021			9,600,805			1,968,361			27,821,771
Institutional Class		67,453	²		887,537	²		N/A			N/A

					52,814,153						30,229,542

Reinvestment of distributions
Class A		0			0			26,490			353,378
Class C		0			0			7,084,829			95,786,890

					0						96,140,268

Payment for shares redeemed
Class A		(196,182	)		(2,593,687	)		(69,946	)		(999,776	)
Class C		(9,328,499	)		(126,239,237	)		(15,518,833	)		(218,962,882	)
Institutional Class		(27,056	)²		(358,854	)²		N/A			N/A

					(129,191,778	)					(219,962,658	)

Net decrease in net assets resulting from capital share transactions					(76,377,625	)					(93,592,848	)

Total decrease in net assets					(85,939,765	)					(134,152,244	)


Net assets
Beginning of period					735,062,702						869,214,946

End of period				$	649,122,937					$	735,062,702

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $1,130,399. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


54		Wells Fargo WealthBuilder Funds		Statements of changes in net assets


	WealthBuilder Moderate Balanced Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	2,718,747					$	5,243,262
Net realized gains on investments					2,963,910						83,896,886
Net change in unrealized gains (losses) on investments					(11,686,868	)					(61,583,718	)

Net increase (decrease) in net assets resulting from operations					(6,004,211	)					27,556,430


Distributions to shareholders from net investment income and net realized gains
Class A					(176,792	)					(321,280	)
Class C					(1,544,233	)					(62,978,713	)
Institutional Class					(282	)²					N/A

Total distributions to shareholders					(1,721,307	)					(63,300,993	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,502,603			27,667,064			265,285			3,112,449
Class C		561,239			6,219,830			1,532,312			17,999,411
Institutional Class		209,344	²		2,251,415	²		N/A			N/A

					36,138,309						21,111,860

Reinvestment of distributions
Class A		15,941			176,624			28,649			319,076
Class C		136,532			1,542,807			5,537,712			62,820,690
Institutional Class		10	²		108	²		N/A			N/A

					1,719,539						63,139,766

Payment for shares redeemed
Class A		(175,034	)		(1,896,606	)		(112,799	)		(1,291,924	)
Class C		(10,017,814	)		(111,665,729	)		(16,475,285	)		(193,483,340	)
Institutional Class		(126,196	)²		(1,346,417	)²		N/A			N/A

					(114,908,752	)					(194,775,264	)

Net decrease in net assets resulting from capital share transactions					(77,050,904	)					(110,523,638	)

Total decrease in net assets					(84,776,422	)					(146,268,201	)


Net assets
Beginning of period					561,815,854						708,084,055

End of period				$	477,039,432					$	561,815,854

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $1,433,310. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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

This page is intentionally left blank.


56		Wells Fargo WealthBuilder Funds		Financial highlights


WealthBuilder Conservative Allocation Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	10.05		0.07			(0.14	)		(0.09	)		0.00		$	9.89
Year ended May 31, 2018	$	10.52		0.20			0.02			(0.19	)		(0.50	)	$	10.05
Year ended May 31, 2017⁴	$	10.34		0.04			0.18			(0.04	)		0.00		$	10.52
Class C⁶
Six months ended November 30, 2018 (unaudited)	$	10.06		0.07			(0.18	)		(0.06	)		0.00		$	9.89
Year ended May 31, 2018	$	10.51		0.11			0.04			(0.10	)		(0.50	)	$	10.06
Year ended May 31, 2017	$	10.33		0.07			0.38			(0.10	)		(0.17	)	$	10.51
Year ended May 31, 2016	$	10.82		0.07			(0.20	)		(0.08	)		(0.28	)	$	10.33
Year ended May 31, 2015	$	10.92		0.04			0.15			(0.05	)		(0.24	)	$	10.82
Year ended May 31, 2014	$	10.95		0.03			0.42			(0.05	)		(0.43	)	$	10.92
Institutional Class
Period ended November 30, 2018 (unaudited)⁷	$	10.15		0.08	⁵		(0.24	)		(0.11	)		0.00		$	9.88

¹	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Class A		0.16	%		0.13	%		0.11	%⁴		N/A			N/A			N/A
Class C⁶		0.16	%		0.13	%		0.11	%		0.11	%		0.11	%		0.09	%
Institutional Class		0.15	%⁷		N/A			N/A			N/A			N/A			N/A

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and included in the portfolio turnover calculation.

⁴	For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁵	Calculated based upon average shares outstanding

⁶	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


Financial highlights		Wells Fargo WealthBuilder Funds			57


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.98	%		0.78	%		0.75	%		(0.67	)%		97	%	$	12,703
	1.81	%		0.77	%		0.75	%		2.05	%		192	%	$	4,532
	1.34	%		0.76	%		0.75	%		2.14	%		175	%	$	4,468

	1.30	%		1.53	%		1.50	%		(1.11	)%		97	%	$	261,492
	1.05	%		1.52	%		1.50	%		1.37	%		192	%	$	319,498
	0.72	%		1.50	%		1.50	%		4.42	%		175	%	$	425,400
	0.68	%		1.51	%		1.50	%		(1.11	)%		198	%	$	523,832
	0.34	%		1.55	%		1.50	%		1.75	%		169	%	$	545,059
	0.32	%		1.55	%		1.50	%		4.19	%		139	%	$	580,937

	2.23	%		0.46	%		0.42	%		(1.59	)%		97	%	$	110

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


58		Wells Fargo WealthBuilder Funds		Financial highlights


WealthBuilder Equity Fund	Beginning net asset value per share		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	20.55		0.06			(0.55	)		0.00		$	20.06
Year ended May 31, 2018	$	21.41		0.10			2.59			(3.55	)	$	20.55
Year ended May 31, 2017⁴	$	20.15		(0.02	)⁵		1.28			0.00		$	21.41
Class C⁶
Six months ended November 30, 2018 (unaudited)	$	20.33		0.01			(0.57	)		0.00		$	19.77
Year ended May 31, 2018	$	21.36		(0.02	)⁵		2.54			(3.55	)	$	20.33
Year ended May 31, 2017	$	18.25		(0.07	)		3.19			(0.01	)	$	21.36
Year ended May 31, 2016	$	19.44		(0.08	)		(1.11	)		0.00		$	18.25
Year ended May 31, 2015	$	18.07		(0.08	)		1.45			0.00		$	19.44
Year ended May 31, 2014	$	15.61		(0.08	)		2.54			0.00		$	18.07
Institutional Class
Period ended November 30, 2018 (unaudited)⁷	$	21.08		0.08	⁵		(1.07	)		0.00		$	20.09

¹	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Class A		0.19	%		0.12	%		0.12	%⁴		N/A			N/A			N/A
Class C⁶		0.19	%		0.12	%		0.12	%		0.12	%		0.12	%		0.13	%
Institutional Class		0.19	%⁷		N/A			N/A			N/A			N/A			N/A

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and included in the portfolio turnover calculation.

⁴	For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁵	Calculated based upon average shares outstanding

⁶	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


Financial highlights		Wells Fargo WealthBuilder Funds			59


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income (loss)			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	0.74	%		0.76	%		0.75	%		(2.38	)%		52	%	$	39,502
	0.75	%		0.75	%		0.75	%		12.61	%		63	%	$	3,993
	(0.30	)%		0.75	%		0.75	%		6.25	%		30	%	$	1,669

	0.13	%		1.51	%		1.50	%		(2.75	)%		52	%	$	409,411
	(0.10	)%		1.50	%		1.50	%		11.80	%		63	%	$	491,304
	(0.37	)%		1.50	%		1.50	%		17.07	%		30	%	$	532,454
	(0.46	)%		1.51	%		1.50	%		(6.12	)%		27	%	$	423,109
	(0.44	)%		1.55	%		1.50	%		7.58	%		27	%	$	452,296
	(0.45	)%		1.56	%		1.50	%		15.76	%		23	%	$	421,949

	1.15	%		0.43	%		0.42	%		(4.70	)%		52	%	$	888

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


60		Wells Fargo WealthBuilder Funds		Financial highlights


WealthBuilder Growth Allocation Fund	Beginning net asset value per share		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	13.88		0.07	⁴		(0.28	)		0.00			0.00		$	13.67
Year ended May 31, 2018	$	14.60		0.12			1.39			(0.30	)		(1.93	)	$	13.88
Year ended May 31, 2017⁵	$	13.92		0.01	⁴		0.67			0.00			0.00		$	14.60
Class C⁶
Six months ended November 30, 2018 (unaudited)	$	14.02		0.03	⁴		(0.29	)		0.00			0.00		$	13.76
Year ended May 31, 2018	$	14.58		0.04			1.34			(0.01	)		(1.93	)	$	14.02
Year ended May 31, 2017	$	13.39		(0.01	)⁴		1.84			0.00			(0.64	)	$	14.58
Year ended May 31, 2016	$	14.92		(0.01	)		(0.71	)		(0.04	)		(0.77	)	$	13.39
Year ended May 31, 2015	$	14.78		(0.02	)		0.89			(0.12	)		(0.61	)	$	14.92
Year ended May 31, 2014	$	13.08		(0.03	)		1.89			(0.00	)⁷		(0.16	)	$	14.78
Institutional Class
Period ended November 30, 2018 (unaudited)⁸	$	14.20		0.06	⁵		(0.60	)		0.00			0.00		$	13.66

¹	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Class A		0.18	%		0.12	%		0.11	%⁴		N/A			N/A			N/A
Class C⁶		0.18	%		0.12	%		0.11	%		0.11	%		0.11	%		0.12	%
Institutional Class		0.17	%⁸		N/A			N/A			N/A			N/A			N/A

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and included in the portfolio turnover calculation.

⁴	Calculated based upon average shares outstanding

⁵	For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁶	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷	Amount is less than $0.005.

⁸	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


Financial highlights		Wells Fargo WealthBuilder Funds			61


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income (loss)			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	0.94	%		0.76	%		0.75	%		(1.51	)%		60	%	$	19,802
	1.07	%		0.76	%		0.75	%		10.33	%		93	%	$	2,009
	0.16	%		0.76	%		0.75	%		4.89	%		58	%	$	357

	0.37	%		1.51	%		1.50	%		(1.85	)%		60	%	$	296,921
	0.26	%		1.51	%		1.50	%		9.45	%		93	%	$	354,185
	(0.06	)%		1.51	%		1.50	%		14.05	%		58	%	$	402,997
	(0.06	)%		1.51	%		1.50	%		(4.79	)%		59	%	$	429,628
	(0.20	)%		1.55	%		1.50	%		6.14	%		53	%	$	451,139
	(0.19	)%		1.57	%		1.50	%		14.28	%		60	%	$	402,238

	1.29	%		0.43	%		0.42	%		(3.80	)%		60	%	$	309

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


62		Wells Fargo WealthBuilder Funds		Financial highlights


WealthBuilder Growth Balanced Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	13.27		0.09	⁵		(0.24	)		0.00			0.00		$	13.12
Year ended May 31, 2018	$	14.24		0.19	⁵		0.89			(0.42	)		(1.63	)	$	13.27
Year ended May 31, 2017⁴	$	13.68		0.01			0.55			0.00			0.00		$	14.24
Class C⁶
Six months ended November 30, 2018 (unaudited)	$	13.40		0.06			(0.26	)		0.00			0.00		$	13.20
Year ended May 31, 2018	$	14.21		0.09			0.87			(0.14	)		(1.63	)	$	13.40
Year ended May 31, 2017	$	13.29		0.05			1.40			0.00			(0.53	)	$	14.21
Year ended May 31, 2016	$	14.52		0.03			(0.53	)		(0.06	)		(0.67	)	$	13.29
Year ended May 31, 2015	$	14.42		0.01			0.67			(0.10	)		(0.48	)	$	14.52
Year ended May 31, 2014	$	12.90		0.01			1.55			(0.04	)		0.00		$	14.42
Institutional Class
Period ended November 30, 2018 (unaudited)⁷	$	13.52		0.08	⁵		(0.48	)		0.00			0.00		$	13.12

¹	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Class A		0.18	%		0.12	%		0.11	%⁴		N/A			N/A			N/A
Class C⁶		0.17	%		0.12	%		0.11	%		0.11	%		0.11	%		0.12	%
Institutional Class		0.17	%⁷		N/A			N/A			N/A			N/A			N/A

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and included in the portfolio turnover calculation.

⁴	For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁵	Calculated based upon average shares outstanding

⁶	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


Financial highlights		Wells Fargo WealthBuilder Funds			63


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.27	%		0.75	%		0.75	%		(1.13	)%		72	%	$	41,435
	1.33	%		0.75	%		0.75	%		7.51	%		129	%	$	3,031
	0.54	%		0.74	%		0.74	%		4.09	%		102	%	$	1,464

	0.68	%		1.50	%		1.50	%		(1.49	)%		72	%	$	607,158
	0.56	%		1.50	%		1.50	%		6.65	%		129	%	$	732,031
	0.30	%		1.49	%		1.49	%		11.14	%		102	%	$	867,751
	0.26	%		1.49	%		1.49	%		(3.39	)%		100	%	$	966,932
	0.06	%		1.54	%		1.50	%		4.89	%		89	%	$	1,018,411
	0.04	%		1.54	%		1.50	%		12.07	%		94	%	$	936,593

	1.72	%		0.43	%		0.42	%		(2.96	)%		72	%	$	530

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


64		Wells Fargo WealthBuilder Funds		Financial highlights


WealthBuilder Moderate Balanced Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	10.90		0.09	⁴		(0.18	)		(0.08	)		0.00		$	10.73
Year ended May 31, 2018	$	11.83		0.18	⁴		0.40			(0.50	)		(1.01	)	$	10.90
Year ended May 31, 2017⁵	$	11.56		0.07			0.28			(0.08	)		0.00		$	11.83
Class C⁶
Six months ended November 30, 2018 (unaudited)	$	11.10		0.06	⁴		(0.20	)		(0.04	)		0.00		$	10.92
Year ended May 31, 2018	$	11.83		0.09			0.41			(0.22	)		(1.01	)	$	11.10
Year ended May 31, 2017	$	11.40		0.06			0.80			(0.08	)		(0.35	)	$	11.83
Year ended May 31, 2016	$	12.19		0.05			(0.30	)		(0.07	)		(0.47	)	$	11.40
Year ended May 31, 2015	$	12.21		0.03			0.39			(0.07	)		(0.37	)	$	12.19
Year ended May 31, 2014	$	12.03		0.02			0.91			(0.04	)		(0.71	)	$	12.21
Institutional Class
Period ended November 30, 2018 (unaudited)⁷	$	11.06		0.10			(0.34	)		(0.08	)		0.00		$	10.74

¹	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Six months ended November 30, 2018 (unaudited)			Year ended May 31
	Six months ended November 30, 2018 (unaudited)			2018			2017			2016			2015			2014
Class A		0.17	%		0.13	%		0.11	%⁵		N/A			N/A			N/A
Class C⁶		0.17	%		0.13	%		0.11	%		0.11	%		0.11	%		0.10	%
Institutional Class		0.17	%⁸		N/A			N/A			N/A			N/A			N/A

²	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and included in the portfolio turnover calculation.

⁴	Calculated based upon average shares outstanding

⁵	For the period from February 10, 2017 (commencement of class operations) to May 31, 2017

⁶	Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C.

⁷	For the period from July 31, 2018 (commencement of class operations) to November 30, 2018

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


Financial highlights		Wells Fargo WealthBuilder Funds			65


Ratio to average net assets (annualized)									Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)
Net investment income			Gross expenses¹			Net expenses¹			Total return²			Portfolio turnover rate³			Net assets at end of period (000s omitted)

	1.62	%		0.76	%		0.75	%		(0.88	)%		85	%	$	27,804
	1.58	%		0.75	%		0.75	%		4.87	%		161	%	$	2,712
	1.03	%		0.74	%		0.74	%		3.06	%		136	%	$	800

	1.00	%		1.50	%		1.50	%		(1.32	)%		85	%	$	448,342
	0.81	%		1.50	%		1.50	%		4.11	%		161	%	$	559,104
	0.52	%		1.49	%		1.49	%		7.75	%		136	%	$	707,284
	0.48	%		1.49	%		1.49	%		(2.02	)%		150	%	$	833,218
	0.21	%		1.55	%		1.50	%		3.44	%		129	%	$	893,175
	0.17	%		1.54	%		1.50	%		7.94	%		110	%	$	867,327

	1.95	%		0.43	%		0.42	%		(2.22	)%		85	%	$	893

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


66		Wells Fargo WealthBuilder Funds		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo WealthBuilder Conservative Allocation Fund (“WealthBuilder Conservative Allocation Fund”), Wells Fargo WealthBuilder Equity Fund (“WealthBuilder Equity Fund”), Wells Fargo WealthBuilder Growth Allocation Fund (“WealthBuilder Growth Allocation Fund” ), Wells Fargo WealthBuilder Growth Balanced Fund (“WealthBuilder Growth Balanced Fund” ) and Wells Fargo Moderate Balanced Fund (“WealthBuilder Moderate Balanced Fund” ) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Each Fund is a fund-of-funds that may invest in various affiliated mutual funds, unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its investment objective. The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. Investments in affiliated mutual funds may also include investments in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and each Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements for the Underlying Funds are presented in separate financial statements and may be obtained by contacting Investor Services for the affiliated mutual funds or by contacting the servicing agent of the unaffiliated mutual funds. The financial statements of the affiliated Master Portfolios are available by visiting the SEC website at sec.gov and are filed with the SEC under Wells Fargo Master Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

Investments in underlying mutual funds are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading. Investments in affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.

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


Notes to financial statements (unaudited)		Wells Fargo WealthBuilder Funds			67

Futures contracts

Each Fund is subject to interest rate risk, equity price risk and foreign currency risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values, and foreign exchange rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statements of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statements of Operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Income dividends and capital gain distributions from Underlying Funds are recorded on the ex-dividend date. Capital gain distributions from Underlying Funds are treated as realized gains.

Each Fund records on a daily basis its proportionate share of each affiliated Master Portfolio’s interest and dividend income, in addition to expenses and realized and unrealized gains and losses.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date for each Fund as follows:


	Net investment income		Capital gains
WealthBuilder Conservative Allocation Fund		Monthly		Annually
WealthBuilder Equity Fund		Annually		Annually
WealthBuilder Growth Allocation Fund		Annually		Annually
WealthBuilder Growth Balanced Fund		Annually		Annually
WealthBuilder Moderate Balanced Fund		Quarterly		Annually

Federal and other taxes

Each Fund is treated as a separate entity for federal income tax purposes. Each Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

Each Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed each Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.


68		Wells Fargo WealthBuilder Funds		Notes to financial statements (unaudited)

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:


	Tax cost		Gross unrealized gains		Gross unrealized losses			Net unrealized gains (losses)
WealthBuilder Conservative Allocation Fund	$	287,345,690	$	4,213,781	$	(16,760,138	)	$	(12,546,357	)
WealthBuilder Equity Fund		440,417,315		14,693,089		(6,264,202	)		8,428,887
WealthBuilder Growth Allocation Fund		314,018,975		7,248,405		(4,601,582	)		2,646,823
WealthBuilder Growth Balanced Fund		664,384,573		24,630,696		(39,405,153	)		(14,774,457	)
WealthBuilder Moderate Balanced Fund		484,063,013		6,599,582		(12,458,806	)		(5,859,224	)

At May 31, 2018, current year deferred post-October capital losses and late-year ordinary losses, which was recognized on the first day of the current fiscal year were as follows:


	Deferred post-October capital losses			Late-year ordinary losses deferred
	Short-term			Late-year ordinary losses deferred
WealthBuilder Conservative Allocation Fund	$	(874,271	)	$	0
WealthBuilder Equity Fund		0			(2,041,773	)
WealthBuilder Growth Allocation Fund		0			(85,123	)
WealthBuilder Growth Balanced Fund		(723,291	)		(1,032,613	)
WealthBuilder Moderate Balanced Fund		(706,388	)		0

Class allocations

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of each 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). Each 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.


Notes to financial statements (unaudited)		Wells Fargo WealthBuilder Funds			69

The following is a summary of the inputs used in valuing each Fund’s assets and liabilities as of November 30, 2018:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Conservative Allocation Fund
Assets
Investments in:

Exchange-traded funds	$	39,147,868	$	0	$	0	$	39,147,868

Investment companies		67,944,197		0		0		67,944,197

Short-term investments
Investment companies		949,201		0		0		949,201
U.S. Treasury securities		513,909		0		0		513,909
Investments measured at net asset value*								166,428,662
		108,555,175		0		0		274,983,837
Futures contracts		14,914		0		0		14,914
Total assets	$	108,570,089	$	0	$	0	$	274,998,751
Liabilities
Futures contracts	$	199,418	$	0	$	0	$	199,418
Total liabilities	$	199,418	$	0	$	0	$	199,418

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $166,428,662. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Equity Fund
Assets
Investments in:

Exchange-traded funds	$	2,222,214	$	0	$	0	$	2,222,214

Investment companies		97,911,120		0		0		97,911,120

Short-term investments
Investment companies		1,935,807		0		0		1,935,807
U.S. Treasury securities		1,313,141		0		0		1,313,141
Investments measured at net asset value*								346,182,237
Total assets	$	103,382,282	$	0	$	0	$	449,564,519
Liabilities
Futures contracts	$	718,317	$	0	$	0	$	718,317
Total liabilities	$	718,317	$	0	$	0	$	718,317

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $346,182,237. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


70		Wells Fargo WealthBuilder Funds		Notes to financial statements (unaudited)


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Growth Allocation Fund
Assets
Investments in:

Exchange-traded funds	$	10,073,239	$	0	$	0	$	10,073,239

Investment companies		77,802,028		0		0		77,802,028

Short-term investments
Investment companies		773,275		0		0		773,275
U.S. Treasury securities		1,332,425		0		0		1,332,425
Investments measured at net asset value*								226,852,656
		89,980,967		0		0		316,833,623
Futures contracts		92,503		0		0		92,503
Total assets	$	90,073,470	$	0	$	0	$	316,926,126
Liabilities
Futures contracts	$	260,328	$	0	$	0	$	260,328
Total liabilities	$	260,328	$	0	$	0	$	260,328

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $226,852,656. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Growth Balanced Fund
Assets
Investments in:

Exchange-traded funds	$	44,477,808	$	0	$	0	$	44,477,808

Investment companies		160,271,880		0		0		160,271,880

Short-term investments
Investment companies		2,159,003		0		0		2,159,003
U.S. Treasury securities		1,229,783		0		0		1,229,783
Investments measured at net asset value*								442,566,291
Total assets	$	208,138,474	$	0	$	0	$	650,704,765
Liabilities
Futures contracts	$	1,094,649	$	0	$	0	$	1,094,649
Total liabilities	$	1,094,649	$	0	$	0	$	1,094,649

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $442,566,291. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Notes to financial statements (unaudited)		Wells Fargo WealthBuilder Funds			71


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Moderate Balanced Fund
Assets
Investments in:

Exchange-traded funds	$	50,439,135	$	0	$	0	$	50,439,135

Investment companies		118,196,068		0		0		118,196,068

Short-term investments
Investment companies		1,108,643		0		0		1,108,643
U.S. Treasury securities		909,840		0		0		909,840
Investments measured at net asset value*								307,915,258
		170,653,686						478,568,944
Futures contracts		6,433		0		0		6,433
Total assets	$	170,660,119	$	0	$	0	$	478,575,377
Liabilities
Futures contracts	$	371,588	$	0	$	0	$	371,588
Total liabilities	$	371,588	$	0	$	0	$	371,588

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $307,915,258. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following each Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statements of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

At November 30, 2018, the Funds did not have any transfers into/out of Level 3.

The investment objective of each affiliated Master Portfolio is as follows:


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays US ex- Corporate Index, before fees and expenses
Wells Fargo Core Bond Portfolio		Seeks total return, consisting of income and capital appreciation
Wells Fargo Disciplined Large Cap Portfolio		Seeks long-term capital appreciation
Wells Fargo Emerging Growth Portfolio		Seeks long-term capital appreciation
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index, before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index, before fees and expenses
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo Real Return Portfolio		Seeks returns that exceed the rate of inflation over the long-term
Wells Fargo U.S. REIT Portfolio		Seeks returns that exceed the rate of inflation over the long-term


72		Wells Fargo WealthBuilder Funds		Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser and providing fund-level administrative services in connection with each Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.25% and declining to 0.18% as the average daily net assets of each Fund increase. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.25% of each Fund’s average daily net assets.

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to each Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:


	Class-level administration fee
Class A, Class C		0.21	%
Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for each Fund. When each class of a Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 0.75% for Class A shares, 1.50% for Class C shares and 0.42% for Institutional Class shares. Acquired fund fees and expenses (including net expenses from affiliated Master Portfolios) are excluded from the expense caps. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a Distribution Plan for Class C shares of the Funds pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter of each Fund, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges.


	Front-end sales charges Class A		Contingent deferred sales charges Class C
WealthBuilder Conservative Allocation Fund	$	774	$	94
WealthBuilder Equity Fund		2,077		791
WealthBuilder Growth Allocation Fund		1,609		437
WealthBuilder Growth Balanced Fund		3,888		462
WealthBuilder Moderate Balanced Fund		911		4,369

No contingent deferred sales charges were incurred by Class A shares for the six months ended November 30, 2018.


Notes to financial statements (unaudited)		Wells Fargo WealthBuilder Funds			73

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C of each Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:


	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
WealthBuilder Conservative Allocation Fund	$	187,555,031	$	103,316,176	$	194,046,079	$	129,407,021
WealthBuilder Equity Fund		0		251,861,887		0		313,100,688
WealthBuilder Growth Allocation Fund		42,410,951		160,961,807		43,879,994		203,075,569
WealthBuilder Growth Balanced Fund		205,192,036		300,074,836		212,287,481		375,270,185
WealthBuilder Moderate Balanced Fund		238,632,775		208,267,313		246,891,072		262,039,503

The Funds seek to achieve their investment objectives by investing some of their investable assets in affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales in Underlying Funds in which the Funds invest are actual aggregate purchases and sales of those investments.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.


	Average notional balance on long futures contracts		Average notional balance on short futures contracts
WealthBuilder Conservative Allocation Fund	$	16,184,774	$	9,445,631
WealthBuilder Equity Fund		4,496,746		22,181,435
WealthBuilder Growth Allocation Fund		19,306,578		17,606,008
WealthBuilder Growth Balanced Fund		39,029,950		31,193,849
WealthBuilder Moderate Balanced Fund		23,795,614		17,456,555

The cumulative unrealized gains (losses) reported in the table following the Portfolio of Investments represents the fair value of futures contracts at the end of the period. Only the current day’s variation margin as of November 30, 2018 is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2018 was as follows:


WealthBuilder Conservative Allocation Fund	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(16,044	)	$	337,003
Interest rate risk		88,802			60,474
Foreign currency risk		57,787			(22,857	)
	$	130,545		$	374,620


WealthBuilder Equity Fund	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	267,144		$	(718,317	)
Foreign currency risk		(2,231,081	)		(105,667	)
	$	(1,963,937	)	$	(823,984	)


74		Wells Fargo WealthBuilder Funds		Notes to financial statements (unaudited)


WealthBuilder Growth Allocation Fund	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(418,156	)	$	420,434
Interest rate risk		133,444			65,733
Foreign currency risk		174,307			(68,946	)
	$	(110,406	)	$	417,221


WealthBuilder Growth Balanced Fund	Amount of realized gains (losses) on derivatives		Change in unrealized gains (losses) on derivatives
Equity risk	$	149,893	$	102,731
Interest rate risk		275,447		134,971
Foreign currency risk		299,353		(118,407	)
	$	724,693	$	119,295


WealthBuilder Moderate Balanced Fund	Amount of realized gains (losses) on derivatives			Change in unrealized gains (losses) on derivatives
Equity risk	$	(69,213	)	$	544,751
Interest rate risk		199,960			104,467
Foreign currency risk		171,465			(67,822	)
	$	302,212		$	581,396

7. BANK BORROWINGS

For the six months ended November 30, 2018, there were no borrowings by each Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS


	WealthBuilder Conservative Allocation Fund				WealthBuilder Equity Fund
	Net investment income		Net realized gains		Net investment income		Net realized gains
Class A	$	84,981	$	144,069	$	0	$	502,275
Class C		3,383,508		16,822,729		0		79,982,709


	WealthBuilder Growth Allocation Fund				WealthBuilder Growth Balanced Fund				WealthBuilder Moderate Balanced Fund
	Net investment income		Net realized gains		Net investment income		Net realized gains		Net investment income		Net realized gains
Class A	$	27,480	$	178,687	$	73,232	$	283,893	$	104,006	$	218,274
Class C		311,968		48,425,171		7,654,876		88,230,007		11,319,272		51,659,441


Notes to financial statements (unaudited)		Wells Fargo WealthBuilder Funds			75

9. INDEMNIFICATION

10. NEW ACCOUNTING PRONOUNCEMENT

11. SUBSEQUENT DISTRIBUTIONS

On December 12, 2018, each Fund declared distributions from short-term and long-term capital gains to shareholders of record on December 11, 2018. The per share amounts payable on December 13, 2018 were as follows:


	WealthBuilder Conservative Allocation Fund		WealthBuilder Equity Fund		WealthBuilder Growth Allocation Fund		WealthBuilder Growth Balanced Fund		WealthBuilder Moderate Balanced Fund
Short-term capital gains

Class A	$	0.00000	$	0.23342	$	0.15635	$	0.09811	$	0.01026

Class C		0.00000		0.23342		0.15635		0.09811		0.01026

Institutional Class		0.00000		0.23342		0.15635		0.09811		0.01026

Long-term capital gains

Class A	$	0.39724	$	2.90053	$	1.76713	$	1.34552	$	0.63004

Class C		0.39724		2.90053		1.76713		1.34552		0.63004

Institutional Class		0.39724		2.90053		1.76713		1.34552		0.63004

On December 27, 2018, each Fund declared distributions from net investment income to shareholders of record on December 26, 2018. The per share amounts payable on December 28, 2018 were as follows:


	WealthBuilder Conservative Allocation Fund		WealthBuilder Equity Fund		WealthBuilder Growth Allocation Fund		WealthBuilder Growth Balanced Fund		WealthBuilder Moderate Balanced Fund
Net investment income

Class A	$	0.00994	$	0.26093	$	0.22502	$	0.23452	$	0.06372

Class C		0.00118		0.04724		0.07363		0.07946		0.03754

Institutional Class		0.01433		0.28071		0.24039		0.24981		0.07499

On January 25, 2019, distributions from net investment income were declared to shareholders of record on January 24, 2019. The per share amounts payable on January 28, 2019 were as follows:


	WealthBuilder Conservative Allocation Fund
Net investment income

Class A	$	0.04175

Class C		0.03879

Institutional Class		0.04278

These distributions are not reflected in the accompanying financial statements.


76		Wells Fargo WealthBuilder Funds		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.


Other information (unaudited)		Wells Fargo WealthBuilder Funds			77

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A


78		Wells Fargo WealthBuilder Funds		Other information (unaudited)


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


Other information (unaudited)		Wells Fargo WealthBuilder Funds			79

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹	Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


80		Wells Fargo WealthBuilder Funds		Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-260-5969 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318984 01-19

SWBP/SAR102 11-18

Semi-Annual Report

November 30, 2018

Dynamic Target Date Funds

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Wells Fargo Dynamic Target Today Fund

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Wells Fargo Dynamic Target 2015 Fund

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Wells Fargo Dynamic Target 2020 Fund

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Wells Fargo Dynamic Target 2025 Fund

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Wells Fargo Dynamic Target 2030 Fund

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Wells Fargo Dynamic Target 2035 Fund

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Wells Fargo Dynamic Target 2040 Fund

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Wells Fargo Dynamic Target 2045 Fund

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Wells Fargo Dynamic Target 2050 Fund

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Wells Fargo Dynamic Target 2055 Fund

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Wells Fargo Dynamic Target 2060 Fund

LOGO

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Contents



Letter to shareholders			2

Performance highlights
Wells Fargo Dynamic Target Today Fund			6
Wells Fargo Dynamic Target 2015 Fund			8
Wells Fargo Dynamic Target 2020 Fund			10
Wells Fargo Dynamic Target 2025 Fund			12
Wells Fargo Dynamic Target 2030 Fund			14
Wells Fargo Dynamic Target 2035 Fund			16
Wells Fargo Dynamic Target 2040 Fund			18
Wells Fargo Dynamic Target 2045 Fund			20
Wells Fargo Dynamic Target 2050 Fund			22
Wells Fargo Dynamic Target 2055 Fund			24
Wells Fargo Dynamic Target 2060 Fund			26

Fund expenses			29

Portfolio of investments
Wells Fargo Dynamic Target Today Fund			34
Wells Fargo Dynamic Target 2015 Fund			37
Wells Fargo Dynamic Target 2020 Fund			40
Wells Fargo Dynamic Target 2025 Fund			43
Wells Fargo Dynamic Target 2030 Fund			46
Wells Fargo Dynamic Target 2035 Fund			49
Wells Fargo Dynamic Target 2040 Fund			52
Wells Fargo Dynamic Target 2045 Fund			55
Wells Fargo Dynamic Target 2050 Fund			58
Wells Fargo Dynamic Target 2055 Fund			61
Wells Fargo Dynamic Target 2060 Fund			64

Financial statements
Statements of assets and liabilities			68
Statements of operations			72
Statements of changes in net assets			75
Financial highlights			86

Notes to financial statements			108

Other information			121

Appendix I			125

Appendix II			127

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Dynamic Target Date Funds		Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Dynamic Target Date Funds for the six-month period that ended November 30, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were restrained in comparison with recent periods as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

Global trade tensions prompted investor concerns.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁴

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

⁸


Letter to shareholders (unaudited)		Wells Fargo Dynamic Target Date Funds			3

U.S. stocks gained following positive economic data while international stocks and bonds declined.

November saw improvement in many equity markets.

Don’t let short-term uncertainty derail long-term investment goals.

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.


4		Wells Fargo Dynamic Target Date Funds		Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held on August 14-15, 2018, the Board of Trustees of the Fund approved the following policy which will be effective on or about February 5, 2019:

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			5

Wells Fargo Dynamic Target Date Funds¹

Investment objective

Each Fund seeks total return over time, consistent with its strategic target allocation.


Wells Fargo Dynamic Target Date Funds		Corresponding S&P Target Date Index
Dynamic Target Today Fund		S&P Target Date Retirement Income Index
Dynamic Target 2015 Fund		S&P Target Date 2015 Index
Dynamic Target 2020 Fund		S&P Target Date 2020 Index
Dynamic Target 2025 Fund		S&P Target Date 2025 Index
Dynamic Target 2030 Fund		S&P Target Date 2030 Index
Dynamic Target 2035 Fund		S&P Target Date 2035 Index
Dynamic Target 2040 Fund		S&P Target Date 2040 Index
Dynamic Target 2045 Fund		S&P Target Date 2045 Index
Dynamic Target 2050 Fund		S&P Target Date 2050 Index
Dynamic Target 2055 Fund		S&P Target Date 2055 Index
Dynamic Target 2060 Fund		S&P Target Date 2060+ Index

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA^®^‡, FRM

Petros N. Bocray, CFA^®^‡, FRM

Christian L. Chan, CFA^®^‡

The target date represents the year in which investors may likely begin withdrawing assets. The Funds gradually seek to reduce market risk as the target date approaches and after it arrives by decreasing equity exposure and increasing fixed income exposure. The principal value is not guaranteed at any time, including at the target date.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by each Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on each fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. The Fund will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Each Fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, new fund risk, regulatory risk, and smaller-company investment risk. Consult each Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 28.


6		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target Today Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge					Expense ratios² (%)
	Inception date	1 year			Since inception		1 year			Since inception		Gross		Net³
Class A (WDYAX)	11-30-2015		(5.36	)		2.44		0.43			4.48		4.79		0.68
Class C (WDYCX)	11-30-2015		(1.38	)		3.69		(0.38	)		3.69		5.54		1.43
Class R4 (WDYYX)	11-30-2015		–			–		0.63			4.78		4.51		0.37
Class R6 (WDYZX)	11-30-2015		–			–		0.87			4.95		4.36		0.22
S&P Target Date Retirement Income Index⁴	–		–			–		(0.02	)		3.88		–		–
Wells Fargo Dynamic Target Today Blended Index⁵	–		–			–		–			–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			7

Dynamic Target Today Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			29.58
Wells Fargo Factor Enhanced Large Cap Portfolio			19.41
Wells Fargo Investment Grade Corporate Bond Portfolio			15.25
Wells Fargo Strategic Retirement Bond Portfolio			9.99
Wells Fargo Factor Enhanced International Portfolio			9.84
Wells Fargo Factor Enhanced Small Cap Portfolio			4.79
Wells Fargo U.S. REIT Portfolio			3.38
Wells Fargo Factor Enhanced Emerging Markets Portfolio			2.98
Wells Fargo Emerging Markets Bond Portfolio			2.50
Wells Fargo High Yield Corporate Bond Portfolio			2.48


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		43		40
Fixed Income		60		60
Effective Cash		(3)		0

Please see footnotes on page 28.


8		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2015 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios⁸ (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WDTAX)	11-30-2015		(4.88	)		3.43		0.90		5.49		4.56		0.68
Class C (WDTCX)	11-30-2015		(0.91	)		4.69		0.09		4.69		5.31		1.43
Class R4 (WDTYX)	11-30-2015		–			–		1.18		5.80		4.28		0.37
Class R6 (WDTZX)	11-30-2015		–			–		1.32		5.98		4.13		0.22
S&P Target Date 2015 Index⁴	–		–			–		0.09		5.17		–		–
Wells Fargo Dynamic Target 2015 Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			9

Dynamic Target 2015 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			25.36
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			23.49
Wells Fargo Factor Enhanced International Portfolio			12.83
Wells Fargo Investment Grade Corporate Bond Portfolio			12.12
Wells Fargo Strategic Retirement Bond Portfolio			7.92
Wells Fargo Factor Enhanced Small Cap Portfolio			6.22
Wells Fargo U.S. REIT Portfolio			4.40
Wells Fargo Factor Enhanced Emerging Markets Portfolio			3.89
Wells Fargo Emerging Markets Bond Portfolio			2.00
Wells Fargo High Yield Corporate Bond Portfolio			1.99


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		55		52
Fixed Income		48		48
Effective Cash		(3)		0

Please see footnotes on page 28.


10		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2020 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios⁹ (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WDTDX)	11-30-2015		(4.67	)		4.20		1.14		6.28		4.39		0.68
Class C (WDTEX)	11-30-2015		(0.56	)		5.48		0.44		5.48		5.14		1.43
Class R4 (WDTGX)	11-30-2015		–			–		1.38		6.58		4.11		0.37
Class R6 (WDTHX)	11-30-2015		–			–		1.61		6.74		3.96		0.22
S&P Target Date 2020 Index⁴	–		–			–		0.09		5.75		–		–
Wells Fargo Dynamic Target 2020 Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			11

Dynamic Target 2020 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			29.93
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			19.82
Wells Fargo Factor Enhanced International Portfolio			15.60
Wells Fargo Investment Grade Corporate Bond Portfolio			10.26
Wells Fargo Factor Enhanced Small Cap Portfolio			7.40
Wells Fargo Strategic Retirement Bond Portfolio			4.98
Wells Fargo Factor Enhanced Emerging Markets Portfolio			4.74
Wells Fargo U.S. REIT Portfolio			3.79
Wells Fargo High Yield Corporate Bond Portfolio			1.68
Wells Fargo Emerging Markets Bond Portfolio			1.68


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		64		61
Fixed Income		39		39
Effective Cash		(3)		0

Please see footnotes on page 28.


12		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2025 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios¹⁰ (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WDTIX)	11-30-2015		(4.58	)		4.75		1.23		6.84		4.59		0.68
Class C (WDTJX)	11-30-2015		(0.48	)		6.04		0.52		6.04		5.34		1.43
Class R4 (WDTLX)	11-30-2015		–			–		1.50		7.14		4.31		0.37
Class R6 (WDTMX)	11-30-2015		–			–		1.74		7.31		4.16		0.22
S&P Target Date 2025 Index⁴	–		–			–		0.13		6.42		–		–
Wells Fargo Dynamic Target 2025 Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			13

Dynamic Target 2025 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			35.76
Wells Fargo Factor Enhanced International Portfolio			19.37
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			16.02
Wells Fargo Factor Enhanced Small Cap Portfolio			8.82
Wells Fargo Investment Grade Corporate Bond Portfolio			8.32
Wells Fargo Factor Enhanced Emerging Markets Portfolio			5.91
Wells Fargo U.S. REIT Portfolio			2.06
Wells Fargo Strategic Retirement Bond Portfolio			1.84
Wells Fargo Emerging Markets Bond Portfolio			1.35
Wells Fargo High Yield Corporate Bond Portfolio			1.34


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		74		71
Fixed Income		29		29
Effective Cash		(3)		0

Please see footnotes on page 28.


14		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2030 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios¹¹ (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WDTNX)	11-30-2015		(4.21	)		5.39		1.63		7.49		4.66		0.68
Class C (WDTOX)	11-30-2015		(0.10	)		6.69		0.90		6.69		5.41		1.43
Class R4 (WDTQX)	11-30-2015		–			–		1.96		7.80		4.38		0.37
Class R6 (WDTSX)	11-30-2015		–			–		2.11		7.97		4.23		0.22
S&P Target Date 2030 Index⁴	–		–			–		0.13		7.02		–		–
Wells Fargo Dynamic Target 2030 Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			15

Dynamic Target 2030 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			39.47
Wells Fargo Factor Enhanced International Portfolio			22.36
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			12.81
Wells Fargo Factor Enhanced Small Cap Portfolio			9.76
Wells Fargo Factor Enhanced Emerging Markets Portfolio			6.76
Wells Fargo Investment Grade Corporate Bond Portfolio			6.66
Wells Fargo Emerging Markets Bond Portfolio			1.08
Wells Fargo High Yield Corporate Bond Portfolio			1.08
Wells Fargo U.S. REIT Portfolio			0.48
Wells Fargo Strategic Retirement Bond Portfolio			0.35


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		81		78
Fixed Income		22		22
Effective Cash		(3)		0

Please see footnotes on page 28.


16		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2035 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios¹⁰ (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WDTTX)	11-30-2015		(3.87	)		5.94		2.02		8.05		4.79		0.68
Class C (WDCTX)	11-30-2015		0.22			7.20		1.22		7.20		5.54		1.43
Class R4 (WDTVX)	11-30-2015		–			–		2.28		8.35		4.51		0.37
Class R6 (WDTWX)	11-30-2015		–			–		2.42		8.51		4.36		0.22
S&P Target Date 2035 Index⁴	–		–			–		0.11		7.59		–		–
Wells Fargo Dynamic Target 2035 Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			17

Dynamic Target 2035 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			41.61
Wells Fargo Factor Enhanced International Portfolio			24.64
Wells Fargo Factor Enhanced Small Cap Portfolio			10.31
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			10.01
Wells Fargo Factor Enhanced Emerging Markets Portfolio			7.45
Wells Fargo Investment Grade Corporate Bond Portfolio			5.18
Wells Fargo Emerging Markets Bond Portfolio			0.84
Wells Fargo High Yield Corporate Bond Portfolio			0.84


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		86		83
Fixed Income		17		17
Effective Cash		(3)		0

Please see footnotes on page 28.


18		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2040 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios¹⁰ (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WTDAX)	11-30-2015		(3.74	)		6.14		2.12		8.26		4.42		0.68
Class C (WTDCX)	11-30-2015		0.27			7.45		1.27		7.45		5.17		1.43
Class R4 (WTDEX)	11-30-2015		–			–		2.41		8.60		4.14		0.37
Class R6 (WTDFX)	11-30-2015		–			–		2.55		8.76		3.99		0.22
S&P Target Date 2040 Index⁴	–		–			–		0.11		7.99		–		–
Wells Fargo Dynamic Target 2040 Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			19

Dynamic Target 2040 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			43.19
Wells Fargo Factor Enhanced International Portfolio			26.31
Wells Fargo Factor Enhanced Small Cap Portfolio			10.71
Wells Fargo Factor Enhanced Emerging Markets Portfolio			7.97
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			7.01
Wells Fargo Investment Grade Corporate Bond Portfolio			3.64
Wells Fargo Emerging Markets Bond Portfolio			0.59
Wells Fargo High Yield Corporate Bond Portfolio			0.59


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		91		88
Fixed Income		12		12
Effective Cash		(3)		0

Please see footnotes on page 28.


20		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2045 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios¹² (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WTDGX)	11-30-2015		(3.88	)		6.30		1.96		8.42		4.57		0.68
Class C (WTDHX)	11-30-2015		0.29			7.63		1.29		7.63		5.32		1.43
Class R4 (WTDJX)	11-30-2015		–			–		2.26		8.74		4.29		0.37
Class R6 (WTDKX)	11-30-2015		–			–		2.40		8.90		4.14		0.22
S&P Target Date 2045 Index⁴	–		–			–		0.06		8.24		–		–
Wells Fargo Dynamic Target 2045 Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			21

Dynamic Target 2045 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			45.32
Wells Fargo Factor Enhanced International Portfolio			28.20
Wells Fargo Factor Enhanced Small Cap Portfolio			11.25
Wells Fargo Factor Enhanced Emerging Markets Portfolio			8.52
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			4.08
Wells Fargo Investment Grade Corporate Bond Portfolio			2.12
Wells Fargo Emerging Markets Bond Portfolio			0.34
Wells Fargo High Yield Corporate Bond Portfolio			0.34


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		96		93
Fixed Income		7		7
Effective Cash		(3)		0

Please see footnotes on page 28.


22		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2050 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios¹² (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WTDLX)	11-30-2015		(3.86	)		6.30		1.97		8.42		4.75		0.68
Class C (WTDMX)	11-30-2015		0.17			7.62		1.17		7.62		5.50		1.43
Class R4 (WTDOX)	11-30-2015		–			–		2.23		8.76		4.47		0.37
Class R6 (WTDPX)	11-30-2015		–			–		2.45		8.93		4.32		0.22
S&P Target Date 2050 Index⁴	–		–			–		0.06		8.46		–		–
Wells Fargo Dynamic Target 2050 Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			23

Dynamic Target 2050 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			46.24
Wells Fargo Factor Enhanced International Portfolio			29.05
Wells Fargo Factor Enhanced Small Cap Portfolio			11.48
Wells Fargo Factor Enhanced Emerging Markets Portfolio			8.77
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			2.92
Wells Fargo Investment Grade Corporate Bond Portfolio			1.52
Wells Fargo Emerging Markets Bond Portfolio			0.25
Wells Fargo High Yield Corporate Bond Portfolio			0.25


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		98		95
Fixed Income		5		5
Effective Cash		(3)		0

Please see footnotes on page 28.


24		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2055 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios¹² (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WTDQX)	11-30-2015		(3.91	)		6.30		1.92		8.42		4.66		0.68
Class C (WTDRX)	11-30-2015		0.18			7.61		1.18		7.61		5.41		1.43
Class R4 (WTDTX)	11-30-2015		–			–		2.24		8.75		4.38		0.37
Class R6 (WTDUX)	11-30-2015		–			–		2.39		8.92		4.23		0.22
S&P Target Date 2055 Index⁴	–		–			–		0.06		8.59		–		–
Wells Fargo Dynamic Target 2055 Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			25

Dynamic Target 2055 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			46.11
Wells Fargo Factor Enhanced International Portfolio			28.96
Wells Fargo Factor Enhanced Small Cap Portfolio			11.45
Wells Fargo Factor Enhanced Emerging Markets Portfolio			8.74
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			2.91
Wells Fargo Investment Grade Corporate Bond Portfolio			1.51
Wells Fargo Emerging Markets Bond Portfolio			0.25
Wells Fargo High Yield Corporate Bond Portfolio			0.25


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		98		95
Fixed Income		5		5
Effective Cash		(3)		0

Please see footnotes on page 28.


26		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

Dynamic Target 2060 Fund

Average annual total returns (%) as of November 30, 2018


		Including sales charge					Excluding sales charge				Expense ratios¹² (%)
	Inception date	1 year			Since inception		1 year		Since inception		Gross		Net³
Class A (WTDVX)	11-30-2015		(3.90	)		6.34		1.93		8.46		4.72		0.68
Class C (WTDWX)	11-30-2015		0.12			7.65		1.12		7.65		5.47		1.43
Class R4 (WTDZX)	11-30-2015		–			–		2.09		8.76		4.44		0.37
Class R6 (WTSZX)	11-30-2015		–			–		2.32		8.96		4.29		0.22
S&P Target Date 2060+ Index⁴	–		–			–		0.20		–		–		–
Wells Fargo Dynamic Target 2060+ Blended Index⁵	–		–			–		–		–		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4 and Class R6 shares are sold without a front-end sales charge or contingent deferred sales charge.

Please see footnotes on page 28.


Performance highlights (unaudited)		Wells Fargo Dynamic Target Date Funds			27

Dynamic Target 2060 Fund (continued)


Holdings (%) as of November 30, 2018⁶
Wells Fargo Factor Enhanced Large Cap Portfolio			46.22
Wells Fargo Factor Enhanced International Portfolio			29.05
Wells Fargo Factor Enhanced Small Cap Portfolio			11.48
Wells Fargo Factor Enhanced Emerging Markets Portfolio			8.77
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio			2.92
Wells Fargo Investment Grade Corporate Bond Portfolio			1.52
Wells Fargo Emerging Markets Bond Portfolio			0.25
Wells Fargo High Yield Corporate Bond Portfolio			0.25


Allocations (%) as of November 30, 2018
	Effective allocation⁷		Neutral allocation
Equity		98		95
Fixed Income		5		5
Effective Cash		(3)		0

Please see footnotes on page 28.


28		Wells Fargo Dynamic Target Date Funds		Performance highlights (unaudited)

^‡	CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

The Funds are fund-of-funds that invest in various affiliated master portfolios which in turn invest in a combination of securities to gain exposure to equity and fixed income asset classes. References to the investment activities of the Funds are intended to refer to the investment activities of the underlying affiliated master portfolios in which the Funds invest.

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.45% of acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which only include net expenses from affiliated master portfolios.

The manager has committed through September 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, excluding certain expenses, at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴

The S&P Target Date Indexes (each, an index, or collectively, the indexes) are a series of indexes designed as benchmarks for multi-asset class portfolios with risk profiles that become more conservative over time, each corresponding to a target retirement date. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. The index returns include hypothetical back-tested performance. You cannot invest directly in an index.

⁵	The inception date of the index is September 21, 2018. Performance results for the periods indicated are not yet available. See Appendix I for additional information.

⁶	Holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁷

The effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash is comprised of the net impact of long and/or short futures contracts held as part of dynamic risk management strategy. The amounts are subject to change and may have changed since the date specified.

⁸

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.47% of acquired fund fees and expenses and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

⁹

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.48% of acquired fund fees and expenses and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

¹⁰

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.52% of acquired fund fees and expenses and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

¹¹

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.51% of acquired fund fees and expenses and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

¹²

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.53% of acquired fund fees and expenses and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.


Fund expenses (unaudited)		Wells Fargo Dynamic Target Date Funds			29

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2018 to November 30, 2018.

Actual expenses

Hypothetical example for comparison purposes


Dynamic Target Today Fund	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	999.08	$	3.06		0.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.01	$	3.09		0.61	%
Class C
Actual	$	1,000.00	$	994.42	$	6.80		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	6.88		1.36	%
Class R4
Actual	$	1,000.00	$	1,000.00	$	1.70		0.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.36	$	1.72		0.34	%
Class R6
Actual	$	1,000.00	$	1,000.92	$	0.95		0.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12	$	0.96		0.19	%

Please see footnote on page 33.


30		Wells Fargo Dynamic Target Date Funds		Fund expenses (unaudited)


Dynamic Target 2015 Fund	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	999.10	$	3.16		0.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.91	$	3.19		0.63	%
Class C
Actual	$	1,000.00	$	994.55	$	6.90		1.38	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	6.98		1.38	%
Class R4
Actual	$	1,000.00	$	1,000.00	$	1.70		0.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.36	$	1.72		0.34	%
Class R6
Actual	$	1,000.00	$	1,001.81	$	0.95		0.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12	$	0.96		0.19	%
Dynamic Target 2020 Fund
Class A
Actual	$	1,000.00	$	999.11	$	3.21		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Class C
Actual	$	1,000.00	$	995.52	$	6.95		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.03		1.39	%
Class R4
Actual	$	1,000.00	$	1,000.00	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Class R6
Actual	$	1,000.00	$	1,000.89	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07	$	1.01		0.20	%
Dynamic Target 2025 Fund
Class A
Actual	$	1,000.00	$	995.61	$	3.20		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Class C
Actual	$	1,000.00	$	992.07	$	6.94		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.03		1.39	%
Class R4
Actual	$	1,000.00	$	996.50	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Class R6
Actual	$	1,000.00	$	997.38	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07	$	1.01		0.20	%

Please see footnote on page 33.


Fund expenses (unaudited)		Wells Fargo Dynamic Target Date Funds			31


Dynamic Target 2030 Fund	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	995.67	$	3.20		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Class C
Actual	$	1,000.00	$	992.19	$	6.94		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.03		1.39	%
Class R4
Actual	$	1,000.00	$	997.41	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Class R6
Actual	$	1,000.00	$	998.28	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07	$	1.01		0.20	%
Dynamic Target 2035 Fund
Class A
Actual	$	1,000.00	$	996.57	$	3.20		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Class C
Actual	$	1,000.00	$	992.26	$	6.94		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.03		1.39	%
Class R4
Actual	$	1,000.00	$	997.44	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Class R6
Actual	$	1,000.00	$	998.29	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07	$	1.01		0.20	%
Dynamic Target 2040 Fund
Class A
Actual	$	1,000.00	$	994.89	$	3.25		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81	$	3.29		0.65	%
Class C
Actual	$	1,000.00	$	991.47	$	6.99		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	7.08		1.40	%
Class R4
Actual	$	1,000.00	$	996.61	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Class R6
Actual	$	1,000.00	$	997.46	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07	$	1.01		0.20	%

Please see footnote on page 33.


32		Wells Fargo Dynamic Target Date Funds		Fund expenses (unaudited)


Dynamic Target 2045 Fund	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	993.21	$	3.20		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Class C
Actual	$	1,000.00	$	990.64	$	6.94		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.03		1.39	%
Class R4
Actual	$	1,000.00	$	994.93	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Class R6
Actual	$	1,000.00	$	995.78	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07	$	1.01		0.20	%
Dynamic Target 2050 Fund
Class A
Actual	$	1,000.00	$	992.37	$	3.20		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Class C
Actual	$	1,000.00	$	988.95	$	6.93		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.03		1.39	%
Class R4
Actual	$	1,000.00	$	994.93	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Class R6
Actual	$	1,000.00	$	995.78	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07	$	1.01		0.20	%
Dynamic Target 2055 Fund
Class A
Actual	$	1,000.00	$	992.37	$	3.20		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Class C
Actual	$	1,000.00	$	988.94	$	6.93		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.03		1.39	%
Class R4
Actual	$	1,000.00	$	994.08	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Class R6
Actual	$	1,000.00	$	994.93	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07	$	1.01		0.20	%

Please see footnote on page 33.


Fund expenses (unaudited)		Wells Fargo Dynamic Target Date Funds			33


Dynamic Target 2060 Fund	Beginning account value 6-1-2018		Ending account value 11-30-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	992.37	$	3.20		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.86	$	3.24		0.64	%
Class C
Actual	$	1,000.00	$	988.95	$	6.93		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.03		1.39	%
Class R4
Actual	$	1,000.00	$	993.24	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.78		0.35	%
Class R6
Actual	$	1,000.00	$	994.94	$	1.00		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07	$	1.01		0.20	%

¹	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).


34		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET TODAY FUND


Security name								Value

Investment Companies: 100.20%

Affiliated Master Portfolios: 100.20%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	1,695,017
Wells Fargo Emerging Markets Bond Portfolio									143,073
Wells Fargo Factor Enhanced Emerging Markets Portfolio									170,700
Wells Fargo Factor Enhanced International Portfolio									563,947
Wells Fargo Factor Enhanced Large Cap Portfolio									1,112,388
Wells Fargo Factor Enhanced Small Cap Portfolio									274,658
Wells Fargo High Yield Corporate Bond Portfolio									142,844
Wells Fargo Investment Grade Corporate Bond Portfolio									874,001
Wells Fargo Strategic Retirement Bond Portfolio									572,341
Wells Fargo U.S. REIT Portfolio									193,598

Total Investment Companies (Cost $5,821,819)									5,742,567


	Yield			Maturity date		Principal
Short-Term Investments: 0.42%

U.S. Treasury Securities: 0.42%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	9,000		8,998
U.S. Treasury Bill #(z)		1.80			12-18-2018		15,000		14,987

Total Short-Term Investments (Cost $23,985)									23,985


Total investments in securities (Cost $5,845,804)	100.62	%		5,766,552
Other assets and liabilities, net	(0.62	)		(35,669	)

Total net assets	100.00	%	$	5,730,883

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		2		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(90,660	)		(90,815	)		0		(155	)
S&P 500 E-Mini Index		(1)		12-21-2018		(139,359	)		(137,915	)		1,444		0

											$	1,444	$	(7,807	)

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			35

DYNAMIC TARGET TODAY FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		31,153		1,797		32,950		0	$	9,449		$	(17,018	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		66,050		606		66,656		0		(7,359	)		6,030			3,884		0
Wells Fargo Strategic Income Fund Institutional Class *		60,363		2,197		62,560		0		19,431			(19,397	)		6,303		0


																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		18,777		968		19,745		0		32,327			(31,542	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		9,926		948		10,874		0		11,885			(18,625	)		1,515		0
Wells Fargo Endeavor Select Fund Institutional Class *		14,233		0		14,233		0		8,932			4,571			0		0
Wells Fargo Enterprise Fund Class R6 *†		1,898		0		1,898		0		22,356			(13,873	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		7,673		0		7,673		0		3,854			4,570			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		9,398		0		9,398		0		14,786			(1,941	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		2,691		0		2,691		0		17,244			(10,791	)		0		0

																		0		0.00

									$	132,905		$	(98,016	)	$	11,702	$	0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


36		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET TODAY FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Affiliated Income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		0.23	%	$	(8,977	)	$	8,692		$	0	$	8,277	$	130	$	1,695,017
Wells Fargo C&B Large Cap Value Portfolio *		0.02			0.00			1,381			5,484			544		0		14		0
Wells Fargo Core Bond Portfolio *		0.01			0.00			(5,125	)		(2,703	)		0		7,185		79		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.27			(1,878	)		(1,950	)		0		1,554		7		143,073
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.06			(5,081	)		(1,994	)		530		3		23		170,700
Wells Fargo Factor Enhanced International Portfolio		0.00			0.07			(4,861	)		(44,806	)		2,983		4		75		563,947
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.08			7,928			(41,717	)		4,840		12		123		1,112,388
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.08			(416	)		(27,201	)		942		4		44		274,658
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.15			(1,422	)		(4,109	)		0		1,766		5		142,844
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.27			(3,779	)		(13,978	)		0		6,905		22		874,001
Wells Fargo Large Company Value Portfolio *		0.15			0.00			2,524			2,916			644		0		10		0
Wells Fargo Real Return Portfolio *		0.22			0.00			(166	)		(2,625	)		401		2,968		37		0
Wells Fargo Small Company Growth Portfolio *		0.00	**		0.00			3,260			1,660			110		8		22		0
Wells Fargo Small Company Value Portfolio *		0.04			0.00			(967	)		1,922			241		18		22		0
Wells Fargo Strategic Retirement Bond Portfolio		0.00			0.66			(2,599	)		2,279			0		1,916		11		572,341
Wells Fargo U.S. REIT Portfolio		0.00			0.38			1,243			(1,068	)		1,538		0		3		193,598

							$	(18,935	)	$	(119,198	)	$	12,773	$	30,620	$	627	$	5,742,567		100.20	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			37

DYNAMIC TARGET 2015 FUND


Security name								Value

Investment Companies: 100.22%

Affiliated Master Portfolios: 100.22%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	1,384,132
Wells Fargo Emerging Markets Bond Portfolio									117,179
Wells Fargo Factor Enhanced Emerging Markets Portfolio									229,312
Wells Fargo Factor Enhanced International Portfolio									756,080
Wells Fargo Factor Enhanced Large Cap Portfolio									1,493,858
Wells Fargo Factor Enhanced Small Cap Portfolio									366,496
Wells Fargo High Yield Corporate Bond Portfolio									117,148
Wells Fargo Investment Grade Corporate Bond Portfolio									713,979
Wells Fargo Strategic Retirement Bond Portfolio									466,815
Wells Fargo U.S. REIT Portfolio									259,512

Total Investment Companies (Cost $5,997,343)									5,904,511


	Yield			Maturity date		Principal
Short-Term Investments: 0.42%

U.S. Treasury Securities: 0.42%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	25,000		24,996


Total Short-Term Investments (Cost $24,996)									24,996


Total investments in securities (Cost $6,022,339)	100.64	%		5,929,507
Other assets and liabilities, net	(0.64	)		(37,982	)

Total net assets	100.00	%	$	5,891,525

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(91,053	)		(90,815	)		238		0
Russell 2000 E-Mini Index		(1)		12-21-2018		(75,935	)		(76,730	)		0		(795	)
S&P 500 E-Mini Index		(1)		12-21-2018		(135,927	)		(137,915	)		0		(1,988	)

											$	238	$	(10,435	)

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


38		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2015 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		25,533		1,789		27,322		0	$	6,709		$	(12,947	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		54,017		1,750		55,767		0		(5,903	)		4,817			3,198		0
Wells Fargo Strategic Income Fund Institutional Class *		49,403		2,367		51,770		0		15,306			(15,284	)		5,190		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		26,323		1,307		27,630		0		47,037			(46,033	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		13,894		1,306		15,200		0		16,766			(26,300	)		2,112		0
Wells Fargo Endeavor Select Fund Institutional Class *		20,172		0		20,172		0		18,005			1,025			0		0
Wells Fargo Enterprise Fund Class R6 *†		2,663		0		2,663		0		51,528			(21,667	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		10,817		0		10,817		0		5,706			6,127			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		13,316		43		13,359		0		22,857			(4,724	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		3,750		0		3,750		0		25,112			(16,130	)		0		0

																		0		0.00

									$	203,123		$	(131,116	)	$	10,500	$	0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			39

DYNAMIC TARGET 2015 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		0.19	%	$	(6,053	)	$	6,997		$	0	$	7,326	$	107	$	1,384,132
Wells Fargo C&B Large Cap Value Portfolio *		0.03			0.00			1,555			7,689			762		0		19		0
Wells Fargo Core Bond Portfolio *		0.01			0.00			(1,960	)		(2,206	)		0		6,048		65		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.22			(1,143	)		(1,595	)		0		1,285		5		117,179
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.08			(2,291	)		(2,794	)		710		6		31		229,312
Wells Fargo Factor Enhanced International Portfolio		0.00			0.09			(380	)		(60,261	)		4,006		0		100		756,080
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.11			14,092			(57,044	)		6,293		5		166		1,493,858
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.11			659			(36,630	)		1,262		0		59		366,496
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.12			(483	)		(3,384	)		0		1,461		4		117,148
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.22			(2,017	)		(11,564	)		0		5,038		18		713,979
Wells Fargo Large Company Value Portfolio *		0.22			0.00			254			4,085			906		0		15		0
Wells Fargo Real Return Portfolio *		0.18			0.00			(23	)		(2,155	)		331		2,438		30		0
Wells Fargo Small Company Growth Portfolio *		0.00	**		0.00			2,882			2,380			156		0		31		0
Wells Fargo Small Company Value Portfolio *		0.05			0.00			12			2,719			339		0		31		0
Wells Fargo Strategic Retirement Bond Portfolio		0.00			0.54			(1,995	)		1,847			0		1,595		10		466,815
Wells Fargo U.S. REIT Portfolio		0.00			0.50			1,627			(1,594	)		2,062		0		5		259,512

							$	4,736		$	(153,510	)	$	16,827	$	25,202	$	696	$	5,904,511		100.22	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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


40		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2020 FUND


Security name								Value

Investment Companies: 99.87%

Affiliated Master Portfolios: 99.87%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	1,195,977
Wells Fargo Emerging Markets Bond Portfolio									101,185
Wells Fargo Factor Enhanced Emerging Markets Portfolio									285,786
Wells Fargo Factor Enhanced International Portfolio									941,516
Wells Fargo Factor Enhanced Large Cap Portfolio									1,806,519
Wells Fargo Factor Enhanced Small Cap Portfolio									446,632
Wells Fargo High Yield Corporate Bond Portfolio									101,344
Wells Fargo Investment Grade Corporate Bond Portfolio									618,973
Wells Fargo Strategic Retirement Bond Portfolio									300,506
Wells Fargo U.S. REIT Portfolio									228,831

Total Investment Companies (Cost $6,139,032)									6,027,269


	Yield			Maturity date		Principal
Short-Term Investments: 0.41%

U.S. Treasury Securities: 0.41%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	19,000		18,997
U.S. Treasury Bill #(z)		1.82			12-18-2018		6,000		5,994

Total Short-Term Investments (Cost $24,991)									24,991


Total investments in securities (Cost $6,164,023)	100.28	%		6,052,260
Other assets and liabilities, net	(0.28	)		(17,060	)

Total net assets	100.00	%	$	6,035,200

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(91,053	)		(90,815	)		238		0
Russell 2000 E-Mini Index		(1)		12-21-2018		(76,675	)		(76,730	)		0		(55	)
S&P 500 E-Mini Index		(1)		12-21-2018		(131,919	)		(137,915	)		0		(5,996	)

											$	238	$	(13,703	)

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			41

DYNAMIC TARGET 2020 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Funds			Net change in unrealized gains (losses) on affiliated Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		21,256		1,410		22,666		0	$	4,852		$	(10,023	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		44,996		1,700		46,696		0		(4,610	)		3,838			3,347		0
Wells Fargo Strategic Income Fund Institutional Class *		41,137		1,785		42,922		0		11,951			(11,917	)		4,290		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		32,478		1,513		33,991		0		57,552			(56,288	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		17,211		1,638		18,849		0		20,370			(32,029	)		2,625		0
Wells Fargo Endeavor Select Fund Institutional Class *		24,422		1		24,423		0		20,703			2,318			0		0
Wells Fargo Enterprise Fund Class R6 *†		3,275		0		3,275		0		38,868			(24,291	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		13,185		0		13,185		0		6,636			7,709			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		16,124		11		16,135		0		26,661			(4,748	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		4,646		0		4,646		0		30,274			(19,195	)		0		0

																		0		0.00

									$	213,257		$	(144,626	)	$	10,262	$	0		0.00	%

*	No longer held at the end of the period

†	Non-income-earning security

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


42		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2020 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividend allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		0.16	%	$	(6,141	)	$	6,048		$	0	$	6,202	$	93	$	1,195,977
Wells Fargo C&B Large Cap Value Portfolio *		0.04			0.00			2,358			6,999			932		0		23		0
Wells Fargo Core Bond Portfolio *		0.01			0.00			(3,498	)		(1,838	)		0		4,895		54		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.19			(1,325	)		(1,384	)		0		1,105		5		101,185
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.10			(8,441	)		(3,132	)		974		5		39		285,786
Wells Fargo Factor Enhanced International Portfolio		0.00			0.11			(8,066	)		(74,038	)		5,544		8		125		941,516
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.13			12,539			(69,375	)		6,586		19		201		1,806,519
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.13			(666	)		(44,874	)		1,538		6		71		446,632
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.10			(1,006	)		(2,927	)		0		1,256		3		101,344
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.19			(2,662	)		(10,030	)		0		4,926		16		618,973
Wells Fargo Large Company Value Portfolio *		0.26			0.00			4,312			4,992			1,097		2		18		0
Wells Fargo Real Return Portfolio *		0.15			0.00			(105	)		(1,787	)		279		2,019		25		0
Wells Fargo Small Company Growth Portfolio *		0.01			0.00			5,478			2,910			188		0		37		0
Wells Fargo Small Company Value Portfolio *		0.07			0.00			(1,647	)		3,286			411		0		38		0
Wells Fargo Strategic Retirement Bond Portfolio		0.00			0.35			(1,370	)		1,189			0		1,015		6		300,506
Wells Fargo U.S. REIT Portfolio		0.00			0.44			1,467			(1,449	)		1,834		0		4		228,831

							$	(8,773	)	$	(185,410	)	$	19,383	$	21,458	$	758	$	6,027,269		99.87	%

No longer held at the end of the period

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			43

DYNAMIC TARGET 2025 FUND


Security name								Value

Investment Companies: 100.79%

Affiliated Master Portfolios: 100.79%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	1,166,089
Wells Fargo Emerging Markets Bond Portfolio									97,951
Wells Fargo Factor Enhanced Emerging Markets Portfolio									429,827
Wells Fargo Factor Enhanced International Portfolio									1,409,875
Wells Fargo Factor Enhanced Large Cap Portfolio									2,602,044
Wells Fargo Factor Enhanced Small Cap Portfolio									641,725
Wells Fargo High Yield Corporate Bond Portfolio									97,653
Wells Fargo Investment Grade Corporate Bond Portfolio									605,108
Wells Fargo Strategic Retirement Bond Portfolio									134,026
Wells Fargo U.S. REIT Portfolio									149,789

Total Investment Companies (Cost $7,521,350)									7,334,087


	Yield			Maturity date		Principal
Short-Term Investments: 0.34%

U.S. Treasury Securities: 0.34%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	21,000		20,996
U.S. Treasury Bill #(z)		2.07			12-18-2018		4,000		3,996

Total Short-Term Investments (Cost $24,992)									24,992


Total investments in securities (Cost $7,546,342)	101.13	%		7,359,079
Other assets and liabilities, net	(1.13	)		(82,227	)

Total net assets	100.00	%	$	7,276,852

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(89,503	)		(90,815	)		0		(1,312	)
Russell 2000 E-Mini Index		(1)		12-21-2018		(77,198	)		(76,730	)		468		0
S&P 500 E-Mini Index		(1)		12-21-2018		(132,549	)		(137,915	)		0		(5,366	)

											$	468	$	(14,330	)

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


44		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2025 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		18,750		2,085		20,835		0	$	2,554		$	3,105		$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		39,818		3,334		43,152		0		(3,918	)		(7,249	)		3,060		0
Wells Fargo Strategic Income Fund Institutional Class *		36,449		3,283		39,732		0		8,749			(8,731	)		3,982		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		44,751		4,332		49,083		0		69,800			(67,791	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		23,820		3,641		27,461		0		23,382			(40,192	)		3,905		0
Wells Fargo Endeavor Select Fund Institutional Class *		33,222		287		33,509		0		23,753			8,381			0		0
Wells Fargo Enterprise Fund Class R6 *†		4,442		47		4,489		0		52,600			(32,327	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		17,906		192		18,098		0		10,257			9,862			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		21,924		386		22,310		0		36,295			(5,684	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		6,312		143		6,455		0		38,080			(22,561	)		0		0

																		0		0.00

									$	261,552		$	(163,187	)	$	10,947	$	0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			45

DYNAMIC TARGET 2025 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Affiliated Income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		16.00	%	$	(5,998	)	$	5,893		$	(2	)	$	5,921	$	91	$	1,166,089
Wells Fargo C&B Large Cap Value Portfolio *		0.02			0.00			3,322			13213			1,318			38		33		0
Wells Fargo Core Bond Portfolio *		0.01			0.00			(3,229	)		(1,653	)		(4	)		4,566		50		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.19			(1,286	)		(1,349	)		0			1,078		5		97,951
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.16			(12,764	)		(4,775	)		1,474			197		59		429,827
Wells Fargo Factor Enhanced International Portfolio		0.00			0.17			(12,175	)		(111,651	)		8,364			1,017		188		1,409,875
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.18			18,801			(101,307	)		11,498			390		290		2,602,044
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.19			(939	)		(64,932	)		2,219			111		102		641,725
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.10			(972	)		(2,860	)		2			1,224		3		97,653
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.19			(2,593	)		(9,851	)		4			4,848		15		605,108
Wells Fargo Large Company Value Portfolio *		0.15			0.00			6,009			7,106			1,547			28		25		0
Wells Fargo Real Return Portfolio *		0.22			0.00			(99	)		(1,715	)		257			1,880		23		0
Wells Fargo Small Company Growth Portfolio *		0.00	**		0.00			7,829			(1,585	)		269			36		53		0
Wells Fargo Small Company Value Portfolio *		0.04			0.00			(2,336	)		4,543			582			10		54		0
Wells Fargo Strategic Retirement Bond Portfolio		0.00			0.16			(611	)		530			0			456		3		134,026
Wells Fargo U.S. REIT Portfolio		0.00			0.29			961			(1,011	)		1,207			3		3		149,789

							$	(6,080	)	$	(271,404	)	$	28,735		$	21,803	$	997	$	7,334,087		100.79	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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


46		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2030 FUND


Security name								Value

Investment Companies: 100.81%

Affiliated Master Portfolios: 100.81%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	866,918
Wells Fargo Emerging Markets Bond Portfolio									73,081
Wells Fargo Factor Enhanced Emerging Markets Portfolio									457,714
Wells Fargo Factor Enhanced International Portfolio									1,513,213
Wells Fargo Factor Enhanced Large Cap Portfolio									2,670,741
Wells Fargo Factor Enhanced Small Cap Portfolio									660,490
Wells Fargo High Yield Corporate Bond Portfolio									73,081
Wells Fargo Investment Grade Corporate Bond Portfolio									450,457
Wells Fargo Strategic Retirement Bond Portfolio									23,349
Wells Fargo U.S. REIT Portfolio									32,371

Total Investment Companies (Cost $6,995,249)									6,821,415


	Yield			Maturity date		Principal
Short-Term Investments: 0.37%

U.S. Treasury Securities: 0.37%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	15,000		14,997
U.S. Treasury Bill #(z)		1.81			12-18-2018		10,000		9,991

Total Short-Term Investments (Cost $24,988)									24,988


Total investments in securities (Cost $7,020,237)	101.18	%		6,846,403
Other assets and liabilities, net	(1.18	)		(80,079	)

Total net assets	100.00	%	$	6,766,324

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(89,502	)		(90,815	)		0		(1,313	)
Russell 2000 E-Mini Index		(1)		12-21-2018		(75,935	)		(76,730	)		0		(795	)
S&P 500 E-Mini Index		(1)		12-21-2018		(132,549	)		(137,915	)		0		(5,366	)

											$	0	$	(15,126	)

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			47

DYNAMIC TARGET 2030 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		12,419		1,323		13,742		0	$	2,036		$	(5,118	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		26,466		1,610		28,076		0		(2,517	)		1,977			2,003		0
Wells Fargo Strategic Income Fund Institutional Class *		24,147		1,991		26,138		0		6,097			(6,090	)		2,592		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		47,505		3,101		50,606		0		81,618			(80,005	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		25,336		2,598		27,934		0		28,848			(46,512	)		3,935		0
Wells Fargo Endeavor Select Fund Institutional Class *		36,005		0		36,005		0		23,981			10,613			0		0
Wells Fargo Enterprise Fund Class R6 *†		4,769		4		4,773		0		56,236			(34,602	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		19,233		61		19,294		0		10,549			10,900			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		23,729		7		23,736		0		37,909			(5,067	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		6,819		38		6,857		0		42,832			(26,316	)		0		0

																		0		0.00

									$	287,589		$	(180,220	)	$	8,530		$0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


48		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2030 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios			Interest allocated from affiliated Master Portfolios		Affiliated Income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		3.00	%	$	(4,443	)	$	4,383		$	(2	)	$	4,387	$	67	$	866,918
Wells Fargo C&B Large Cap Value Portfolio *		0.06			0.00			3,516			13,963			1,395			40		35		0
Wells Fargo Core Bond Portfolio *		0.01			0.00			(2,114	)		(1,073	)		(3	)		2,982		32		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.14			(955	)		(997	)		0			799		3		73,081
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.17			(13,575	)		(5,179	)		1,570			210		63		457,714
Wells Fargo Factor Enhanced International Portfolio		0.00			0.18			(13,039	)		(125,915	)		8,972			1,091		204		1,513,213
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.19			19,332			(104,567	)		9,377			401		299		2,670,741
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.19			(957	)		(66,679	)		2,280			114		105		660,490
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.08			(723	)		(2,115	)		1			908		2		73,081
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.14			(1,917	)		(7,273	)		3			3,591		11		450,457
Wells Fargo Large Company Value Portfolio *		0.38			0.00			6,388			7,516			1,640			30		27		0
Wells Fargo Real Return Portfolio *		0.09			0.00			(63	)		(1,125	)		168			1,227		15		0
Wells Fargo Small Company Growth Portfolio *		0.00	**		0.00			8,447			4,259			290			39		57		0
Wells Fargo Small Company Value Portfolio *		0.10			0.00			(2,489	)		4,874			621			11		57		0
Wells Fargo Strategic Retirement Bond Portfolio		0.00			0.03			(106	)		92			0			79		0		23,349
Wells Fargo U.S. REIT Portfolio		0.00			0.06			207			(230	)		263			1		1		32,371

							$	(2,491	)	$	(280,066	)	$	26,575		$	15,910	$	978	$	6,821,415		100.81	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			49

DYNAMIC TARGET 2035 FUND


Security name								Value

Investment Companies: 100.88%

Affiliated Master Portfolios: 100.88%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	636,416
Wells Fargo Emerging Markets Bond Portfolio									53,476
Wells Fargo Factor Enhanced Emerging Markets Portfolio									474,136
Wells Fargo Factor Enhanced International Portfolio									1,567,195
Wells Fargo Factor Enhanced Large Cap Portfolio									2,646,649
Wells Fargo Factor Enhanced Small Cap Portfolio									655,893
Wells Fargo High Yield Corporate Bond Portfolio									53,322
Wells Fargo Investment Grade Corporate Bond Portfolio									329,482

Total Investment Companies (Cost $6,588,315)									6,416,569


	Yield			Maturity date		Principal
Short-Term Investments: 0.39%

U.S. Treasury Securities: 0.39%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	15,000		14,997
U.S. Treasury Bill #(z)		1.83			12-18-2018		10,000		9,991

Total Short-Term Investments (Cost $24,988)									24,988


Total investments in securities (Cost $6,613,303)	101.27	%		6,441,557
Other assets and liabilities, net	(1.27	)		(80,887	)

Total net assets	100.00	%	$	6,360,670

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(89,502	)		(90,815	)		0		(1,313	)
Russell 2000 E-Mini Index		(1)		12-21-2018		(75,935	)		(76,730	)		0		(795	)
S&P 500 E-Mini Index		(1)		12-21-2018		(132,549	)		(137,915	)		0		(5,366	)

											$	0	$	(15,126	)

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


50		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2035 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		7,674		931		8,605		0	$	1,594		$	(3,500	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		16,371		1,058		17,429		0		(1,553	)		1,218			986		0
Wells Fargo Strategic Income Fund Institutional Class *		14,972		1,488		16,460		0		4,124			(4,113	)		1,595		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		49,185		2,473		51,658		0		86,890			(84,967	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		25,961		2,459		28,420		0		32,881			(50,542	)		3,953		0
Wells Fargo Endeavor Select Fund Institutional Class *		37,082		0		37,082		0		28,032			7,657			0		0
Wells Fargo Enterprise Fund Class R6 *†		4,955		0		4,955		0		58,354			(35,948	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		19,940		2		19,942		0		10,378			11,789			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		24,470		0		24,470		0		40,682			(6,792	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		6,966		9		6,975		0		44,766			(27,905	)		0		0
																		0		0.00

									$	306,148		$	(193,103	)	$	6,534	$	0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			51

DYNAMIC TARGET 2035 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		0.09	%	$	(3,273	)	$	3,267		$	0	$	3,187	$	50	$	636,416
Wells Fargo C&B Large Cap Value Portfolio *		0.06			0.00			3,591			14,277			1,404		0		35		0
Wells Fargo Core Bond Portfolio *		0.00	**		0.00			(1,304	)		(678	)		0		1,820		20		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.10			(704	)		(741	)		0		589		2		53,476
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.17			(14,298	)		(5,345	)		1,338		8		65		474,136
Wells Fargo Factor Enhanced International Portfolio		0.00			0.19			(13,515	)		(130,121	)		7,455		13		209		1,567,195
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.19			19,143			(103,486	)		11,668		28		296		2,646,649
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.19			(950	)		(66,316	)		2,262		8		105		655,893
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.06			(530	)		(1,574	)		0		669		2		53,322
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.10			(1,408	)		(5,356	)		0		2,638		8		329,482
Wells Fargo Large Company Value Portfolio *		0.40			0.00			6,591			7,761			1,691		3		28		0
Wells Fargo Real Return Portfolio *		0.05			0.00			(39	)		(700	)		99		744		9		0
Wells Fargo Small Company Growth Portfolio *		0.01			0.00			8,654			4,323			291		0		59		0
Wells Fargo Small Company Value Portfolio *		0.10			0.00			(2,558	)		5,025			637		0		59		0

							$	(600	)	$	(279,664	)	$	26,845	$	9,707	$	947	$	6,416,569		100.88	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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


52		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2040 FUND


Security name								Value

Investment Companies: 100.01%

Affiliated Master Portfolios: 100.01%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	442,498
Wells Fargo Emerging Markets Bond Portfolio									37,289
Wells Fargo Factor Enhanced Emerging Markets Portfolio									503,531
Wells Fargo Factor Enhanced International Portfolio									1,661,230
Wells Fargo Factor Enhanced Large Cap Portfolio									2,726,966
Wells Fargo Factor Enhanced Small Cap Portfolio									675,913
Wells Fargo High Yield Corporate Bond Portfolio									37,194
Wells Fargo Investment Grade Corporate Bond Portfolio									229,591

Total Investment Companies (Cost $6,494,841)									6,314,212


	Yield			Maturity date		Principal
Short-Term Investments: 0.39%

U.S. Treasury Securities: 0.39%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	21,000		20,996
U.S. Treasury Bill #(z)		1.83			12-18-2018		4,000		3,997

Total Short-Term Investments (Cost $24,993)									24,993


Total investments in securities (Cost $6,519,834)	100.40	%		6,339,205
Other assets and liabilities, net	(0.40	)		(25,524	)

Total net assets	100.00	%	$	6,313,681

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(89,088	)		(90,815	)		0		(1,727	)
Russell 2000 E-Mini Index		(1)		12-21-2018		(75,935	)		(76,730	)		0		(795	)
S&P 500 E-Mini Index		(1)		12-21-2018		(132,549	)		(137,915	)		0		(5,366	)

											$	0	$	(15,540	)

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			53

DYNAMIC TARGET 2040 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		4,998		758		5,756		0	$	799		$	(2,055	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		10,460		877		11,337		0		(908	)		694			631		0
Wells Fargo Strategic Income Fund Institutional Class *		9,567		1,180		10,747		0		2,576			(2,573	)		1,024		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		51,768		2,343		54,111		0		91,843			(90,023	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		27,568		2,177		29,745		0		33,950			(52,848	)		4,190		0
Wells Fargo Endeavor Select Fund Institutional Class *		39,834		0		39,834		0		33,494			4,661			0		0
Wells Fargo Enterprise Fund Class R6 *†		5,302		0		5,302		0		62,555			(38,632	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		21,243		7		21,250		0		11,968			11,659			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		26,244		0		26,244		0		42,535			(6,336	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		7,433		14		7,447		0		47,465			(29,472	)		0		0
																		0		0.00

									$	326,277		$	(204,925	)	$	5,845	$	0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


54		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2040 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		0.06	%	$	(2,286	)	$	2,278		$	0	$	2,230	$	35	$	442,498
Wells Fargo C&B Large Cap Value Portfolio *		0.07			0.00			3,859			15,321			1,508		0		38		0
Wells Fargo Core Bond Portfolio *		0.00	**		0.00			(834	)		(431	)		0		1,167		13		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.07			(493	)		(515	)		0		411		2		37,289
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.19			(15,235	)		(6,058	)		1,433		8		70		503,531
Wells Fargo Factor Enhanced International Portfolio		0.00			0.20			(14,434	)		(139,880	)		7,967		13		223		1,661,230
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.19			19,904			(108,963	)		12,046		29		306		2,726,966
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.20			(976	)		(69,143	)		2,344		9		108		675,913
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.04			(370	)		(1,101	)		0		467		1		37,194
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.07			(981	)		(3,733	)		0		1,842		6		229,591
Wells Fargo Large Company Value Portfolio *		0.42			0.00			7,052			8,289			1,809		3		30		0
Wells Fargo Real Return Portfolio *		0.03			0.00			(25	)		(454	)		64		480		6		0
Wells Fargo Small Company Growth Portfolio *		0.01			0.00			9,345			4,732			313		0		63		0
Wells Fargo Small Company Value Portfolio *		0.11			0.00			(2,729	)		5,366			680		0		63		0

							$	1,797		$	(294,292	)	$	28,164	$	6,659	$	964	$	6,314,212		100.01	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			55

DYNAMIC TARGET 2045 FUND


Security name								Value

Investment Companies: 100.17%

Affiliated Master Portfolios: 100.17%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	253,487
Wells Fargo Emerging Markets Bond Portfolio									21,397
Wells Fargo Factor Enhanced Emerging Markets Portfolio									530,366
Wells Fargo Factor Enhanced International Portfolio									1,754,451
Wells Fargo Factor Enhanced Large Cap Portfolio									2,819,760
Wells Fargo Factor Enhanced Small Cap Portfolio									699,645
Wells Fargo High Yield Corporate Bond Portfolio									21,364
Wells Fargo Investment Grade Corporate Bond Portfolio									131,627

Total Investment Companies (Cost $6,426,274)									6,232,097


	Yield			Maturity date		Principal
Short-Term Investments: 0.40%

U.S. Treasury Securities: 0.40%
U.S. Treasury Bill #(z)		1.07	%		12-6-2018	$	21,000		20,996
U.S. Treasury Bill #(z)		1.83			12-18-2018		4,000		3,997

Total Short-Term Investments (Cost $24,993)									24,993


Total investments in securities (Cost $6,451,267)	100.57	%		6,257,090
Other assets and liabilities, net	(0.57	)		(35,687	)

Total net assets	100.00	%	$	6,221,403

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(89,088	)		(90,815	)		0		(1,727	)
Russell 2000 E-Mini Index		(1)		12-21-2018		(76,675	)		(76,730	)		0		(55	)
S&P 500 E-Mini Index		(1)		12-21-2018		(132,549	)		(137,915	)		0		(5,366	)

											$	0	$	(14,800	)

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


56		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2045 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		3,470		568		4,038		0	$	805		$	(1,671	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		7,211		608		7,819		0		(592	)		445			431		0
Wells Fargo Strategic Income Fund Institutional Class *		6,601		893		7,494		0		2,011			(2,007	)		697		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		52,806		2,917		55,723		0		91,447			(89,622	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		27,934		2,781		30,715		0		33,924			(53,221	)		4,302		0
Wells Fargo Endeavor Select Fund Institutional Class *		40,261		0		40,261		0		28,416			10,185			0		0
Wells Fargo Enterprise Fund Class R6 *†		5,297		0		5,297		0		62,634			(38,651	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		21,336		41		21,377		0		11,533			12,270			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		26,499		0		26,499		0		43,054			(6,461	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		7,462		47		7,509		0		47,332			(29,208	)		0		0
																		0		0.00

									$	320,564		$	(197,941	)	$	5,430	$	0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			57

DYNAMIC TARGET 2045 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		0.03	%	$	(1,320	)	$	1,334		$	0	$	1,287	$	20	$	253,487
Wells Fargo C&B Large Cap Value Portfolio *		0.07			0.00			3,876			15,401			1,517		0		38		0
Wells Fargo Core Bond Portfolio *		0.00	**		0.00			(570	)		(304	)		0		796		9		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.04			(284	)		(299	)		0		238		1		21,397
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.19			(16,088	)		(6,579	)		1,517		9		74		530,366
Wells Fargo Factor Enhanced International Portfolio		0.00			0.21			(15,337	)		(148,849	)		8,456		14		236		1,754,451
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.20			20,682			(113,833	)		12,458		30		318		2,819,760
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.21			(1,013	)		(72,163	)		2,437		9		113		699,645
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.02			(213	)		(638	)		0		270		1		21,364
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.04			(567	)		(2,147	)		0		1,063		3		131,627
Wells Fargo Large Company Value Portfolio *		0.42			0.00			7,076			8,337			1,816		3		30		0
Wells Fargo Real Return Portfolio *		0.02			0.00			(17	)		(311	)		44		327		4		0
Wells Fargo Small Company Growth Portfolio *		0.01			0.00			9,453			4,757			317		0		64		0
Wells Fargo Small Company Value Portfolio *		0.11			0.00			(2,767	)		5,445			689		0		64		0

							$	2,911		$	(309,849	)	$	29,251	$	4,046	$	975	$	6,232,097		100.17	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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


58		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2050 FUND


Security name								Value

Investment Companies: 100.48%

Affiliated Master Portfolios: 100.48%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	178,833
Wells Fargo Emerging Markets Bond Portfolio									15,096
Wells Fargo Factor Enhanced Emerging Markets Portfolio									535,874
Wells Fargo Factor Enhanced International Portfolio									1,775,168
Wells Fargo Factor Enhanced Large Cap Portfolio									2,825,774
Wells Fargo Factor Enhanced Small Cap Portfolio									701,483
Wells Fargo High Yield Corporate Bond Portfolio									15,072
Wells Fargo Investment Grade Corporate Bond Portfolio									92,863

Total Investment Companies (Cost $6,337,089)									6,140,163


	Yield			Maturity date		Principal
Short-Term Investments: 0.41%

U.S. Treasury Securities: 0.41%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	25,000		24,996


Total Short-Term Investments (Cost $24,996)									24,996


Total investments in securities (Cost $6,362,085)	100.89	%		6,165,159
Other assets and liabilities, net	(0.89	)		(54,312	)

Total net assets	100.00	%	$	6,110,847

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(89,088	)		(90,815	)		0		(1,727	)
Russell 2000 E-Mini Index		(1)		12-21-2018		(76,675	)		(76,730	)		0		(55	)
S&P 500 E-Mini Index		(1)		12-21-2018		(132,549	)		(137,915	)		0		(5,366	)

											$	0	$	(14,800	)

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			59

DYNAMIC TARGET 2050 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		3,080		510		3,590		0	$	834		$	(1,598	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		6,522		573		7,095		0		(524	)		392			387		0
Wells Fargo Strategic Income Fund Institutional Class *		5,967		823		6,790		0		1,948			(1,945	)		627		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		52,267		2,930		55,197		0		90,102			(88,292	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		27,692		2,724		30,416		0		33,824			(52,942	)		4,257		0
Wells Fargo Endeavor Select Fund Institutional Class *		40,193		0		40,193		0		26,172			12,159			0		0
Wells Fargo Enterprise Fund Class R6 *†		5,295		0		5,295		0		62,253			(38,398	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		21,326		28		21,354		0		11,354			12,317			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		26,450		5		26,455		0		42,008			(5,644	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		7,448		41		7,489		0		46,936			(28,883	)		0		0

																		0		0.00

									$	314,907		$	(192,834	)	$	5,271	$	0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


60		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2050 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		0.02	%	$	(963	)	$	936		$	0	$	900	$	14	$	178,833
Wells Fargo C&B Large Cap Value Portfolio *		0.07			0.00			3,863			15,346			1,511		0		38		0
Wells Fargo Core Bond Portfolio *		0.00	**		0.00			(513	)		(267	)		0		716		8		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.03			(200	)		(208	)		0		167		1		15,096
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.20			(16,124	)		(6,584	)		1,528		9		75		535,874
Wells Fargo Factor Enhanced International Portfolio		0.00			0.21			(15,465	)		(150,283	)		8,530		14		238		1,775,168
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.20			20,695			(113,820	)		12,438		30		318		2,825,774
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.21			(1,009	)		(72,113	)		2,437		9		113		701,483
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.02			(150	)		(447	)		0		189		0		15,072
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.03			(398	)		(1,503	)		0		745		2		92,863
Wells Fargo Large Company Value Portfolio *		0.42			0.00			7,058			8,293			1,808		3		30		0
Wells Fargo Real Return Portfolio *		0.02			0.00			(15	)		(277	)		39		295		4		0
Wells Fargo Small Company Growth Portfolio *		0.01			0.00			9,290			4,748			311		0		63		0
Wells Fargo Small Company Value Portfolio *		0.11			0.00			(2,733	)		5,425			682		0		63		0

							$	3,336		$	(310,754	)	$	29,284	$	3,077	$	967	$	6,140,163		100.48	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			61

DYNAMIC TARGET 2055 FUND


Security name								Value

Investment Companies: 100.18%

Affiliated Master Portfolios: 100.18%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	176,937
Wells Fargo Emerging Markets Bond Portfolio									14,937
Wells Fargo Factor Enhanced Emerging Markets Portfolio									531,774
Wells Fargo Factor Enhanced International Portfolio									1,761,125
Wells Fargo Factor Enhanced Large Cap Portfolio									2,804,141
Wells Fargo Factor Enhanced Small Cap Portfolio									696,268
Wells Fargo High Yield Corporate Bond Portfolio									14,914
Wells Fargo Investment Grade Corporate Bond Portfolio									91,887

Total Investment Companies (Cost $6,285,944)									6,091,983


	Yield			Maturity date		Principal
Short-Term Investments: 0.41%

U.S. Treasury Securities: 0.41%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	21,000		20,996
U.S. Treasury Bill #(z)		1.80			12-18-2018		4,000		3,996

Total Short-Term Investments (Cost $24,992)									24,992


Total investments in securities (Cost $6,310,936)	100.59	%		6,116,975
Other assets and liabilities, net	(0.59	)		(36,045	)

Total net assets	100.00	%	$	6,080,930

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(89,088	)		(90,815	)		0		(1,727	)
Russell 2000 E-Mini Index		(1)		12-21-2018		(76,675	)		(76,730	)		0		(55	)
S&P 500 E-Mini Index		(1)		12-21-2018		(132,549	)		(137,915	)		0		(5,366	)

											$	0	$	(14,800	)

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


62		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2055 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		3,030		539		3,569		0	$	819		$	(1,575	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		6,415		302		6,717		0		(515	)		385			384		0
Wells Fargo Strategic Income Fund Institutional Class *		5,869		853		6,722		0		1,958			(1,955	)		619		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		51,370		2,974		54,344		0		89,749			(87,960	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		27,223		2,697		29,920		0		33,448			(52,250	)		4,184		0
Wells Fargo Endeavor Select Fund Institutional Class *		39,651		0		39,651		0		24,724			13,327			0		0
Wells Fargo Enterprise Fund Class R6 *†		5,220		0		5,220		0		61,604			(37,963	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		20,960		32		20,992		0		11,038			12,349			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		26,111		0		26,111		0		41,439			(5,351	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		7,316		43		7,359		0		46,922			(29,153	)		0		0

																		0		0.00

									$	311,186		$	(190,146	)	$	5,187	$	0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			63

DYNAMIC TARGET 2055 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		0.02	%	$	(954	)	$	927		$	0	$	893	$	14	$	176,937
Wells Fargo C&B Large Cap Value Portfolio *		0.07			0.00			3,802			15,110			1,488		0		37		0
Wells Fargo Core Bond Portfolio *		0.00	**		0.00			(507	)		(270	)		0		707		8		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.03			(198	)		(207	)		0		165		0		14,937
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.19			(15,930	)		(7,816	)		1,516		9		74		531,774
Wells Fargo Factor Enhanced International Portfolio		0.00			0.21			(15,340	)		(145,937	)		8,462		14		237		1,761,125
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.20			20,482			(114,466	)		12,339		30		317		2,804,141
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.20			(999	)		(71,860	)		2,417		9		112		696,268
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.02			(149	)		(444	)		0		187		0		14,914
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.03			(394	)		(1,490	)		0		737		3		91,887
Wells Fargo Large Company Value Portfolio *		0.42			0.00			6,951			8,095			1,785		0		29		0
Wells Fargo Real Return Portfolio *		0.02			0.00			(15	)		(268	)		39		291		4		0
Wells Fargo Small Company Growth Portfolio *		0.01			0.00			9,290			4,673			311		0		63		0
Wells Fargo Small Company Value Portfolio *		0.11			0.00			(2,709	)		5,326			675		0		62		0

							$	3,330		$	(308,627	)	$	29,032	$	3,042	$	960	$	6,091,983		100.18	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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


64		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2060 FUND


Security name								Value

Investment Companies: 100.46%

Affiliated Master Portfolios: 100.46%
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio								$	178,975
Wells Fargo Emerging Markets Bond Portfolio									15,109
Wells Fargo Factor Enhanced Emerging Markets Portfolio									537,308
Wells Fargo Factor Enhanced International Portfolio									1,779,897
Wells Fargo Factor Enhanced Large Cap Portfolio									2,833,337
Wells Fargo Factor Enhanced Small Cap Portfolio									703,294
Wells Fargo High Yield Corporate Bond Portfolio									15,085
Wells Fargo Investment Grade Corporate Bond Portfolio									92,942

Total Investment Companies (Cost $6,354,431)									6,155,947


	Yield			Maturity date		Principal
Short-Term Investments: 0.41%

U.S. Treasury Securities: 0.41%
U.S. Treasury Bill #(z)		1.06	%		12-6-2018	$	25,000		24,996


Total Short-Term Investments (Cost $24,996)									24,996


Total investments in securities (Cost $6,379,427)	100.87	%		6,180,943
Other assets and liabilities, net	(0.87	)		(53,328	)

Total net assets	100.00	%	$	6,127,615

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

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

Futures Contracts


Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		1		12-21-2018	$	145,567		$	137,915		$	0	$	(7,652	)
Short
MSCI EAFE Index		(1)		12-21-2018		(89,088	)		(90,815	)		0		(1,727	)
Russell 2000 E-Mini Index		(1)		12-21-2018		(76,675	)		(76,730	)		0		(55	)
S&P 500 E-Mini Index		(1)		12-21-2018		(132,549	)		(137,915	)		0		(5,366	)

											$	0	$	(14,800	)

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


Portfolio of investments—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			65

DYNAMIC TARGET 2060 FUND

Investments in Affiliates


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses) on affiliated Underlying Funds			Net change in unrealized gains (losses) on affiliated Underlying Funds			Dividends from affiliated Underlying Funds		Value, end of period		% of net assets
Investment Companies
Bond Funds
Wells Fargo International Bond Fund Class R6 *†		3,093		524		3,617		0	$	822		$	(1,592	)	$	0	$	0
Wells Fargo Short-Term Bond Fund Institutional Class *		6,549		308		6,857		0		(529	)		395			390		0
Wells Fargo Strategic Income Fund Institutional Class *		5,992		861		6,853		0		1,958			(1,954	)		629		0

																		0		0.00	%

Stock Funds
Wells Fargo Diversified International Fund Class R6 *		52,343		3,062		55,405		0		91,694			(89,895	)		0		0
Wells Fargo Emerging Markets Equity Income Fund Class R6 *		27,921		2,671		30,592		0		33,933			(53,212	)		4,288		0
Wells Fargo Endeavor Select Fund Institutional Class *		40,259		0		40,259		0		24,575			13,759			0		0
Wells Fargo Enterprise Fund Class R6 *†		5,322		0		5,322		0		62,628			(38,650	)		0		0
Wells Fargo Intrinsic Value Fund Class R6 *		21,445		13		21,458		0		11,455			12,330			0		0
Wells Fargo Premier Large Company Growth Fund Class R6 *†		26,513		0		26,513		0		41,744			(5,357	)		0		0
Wells Fargo Special Mid Cap Value Fund Class R6 *		7,502		35		7,537		0		47,269			(29,121	)		0		0

																		0		0.00

									$	315,549		$	(193,297	)	$	5,307	$	0		0.00	%

No longer held at the end of the period

†

Non-income-earning security

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


66		Wells Fargo Dynamic Target Date Funds		Portfolio of investments—November 30, 2018 (unaudited)

DYNAMIC TARGET 2060 FUND

Transactions with the affiliated Master Portfolios were as follows:


	% of ownership, beginning of period			% of ownership, end of period			Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios			Dividends allocated from affiliated Master Portfolios		Interest allocated from affiliated Master Portfolios		Affiliated income allocated from affiliated Master Portfolios		Value, end of period		% of net assets
Affiliated Master Portfolios
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		0.00	%		0.02	%	$	(928	)	$	931		$	0	$	903	$	14	$	178,975
Wells Fargo C&B Large Cap Value Portfolio *		0.07			0.00			3,891			15,456			1,522		0		38		0
Wells Fargo Core Bond Portfolio *		0.00	**		0.00			(515	)		(274	)		0		719		8		0
Wells Fargo Emerging Markets Bond Portfolio		0.00			0.03			(200	)		(209	)		0		175		1		15,109
Wells Fargo Factor Enhanced Emerging Markets Portfolio		0.00			0.20			(15,901	)		(7,954	)		1,576		9		75		537,308
Wells Fargo Factor Enhanced International Portfolio		0.00			0.21			(15,447	)		(147,597	)		8,565		14		239		1,779,897
Wells Fargo Factor Enhanced Large Cap Portfolio		0.00			0.20			20,971			(116,336	)		12,449		30		310		2,833,337
Wells Fargo Factor Enhanced Small Cap Portfolio		0.00			0.21			(1,010	)		(72,729	)		2,446		9		113		703,294
Wells Fargo High Yield Corporate Bond Portfolio		0.00			0.01			(150	)		(448	)		0		189		0		15,085
Wells Fargo Investment Grade Corporate Bond Portfolio		0.00			0.03			(399	)		(1,508	)		0		749		2		92,942
Wells Fargo Large Company Value Portfolio *		0.43			0.00			7,102			8,240			1,819		3		30		0
Wells Fargo Real Return Portfolio *		0.02			0.00			(16	)		(272	)		39		296		4		0
Wells Fargo Small Company Growth Portfolio *		0.01			0.00			9,307			4,695			312		0		63		0
Wells Fargo Small Company Value Portfolio *		0.11			0.00			(2,738	)		5,395			682		0		63		0

							$	3,967		$	(312,610	)	$	29,410	$	3,096	$	960	$	6,155,947		100.46	%

No longer held at the end of the period

The amount owned is less than 0.005%.

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

This page is intentionally left blank.


68		Wells Fargo Dynamic Target Date Funds		Statements of assets and liabilities—November 30, 2018 (unaudited)


	Dynamic Target Today Fund		Dynamic Target 2015 Fund

Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	5,742,567	$	5,904,511
Investments in unaffiliated securities, at value (see cost below)		23,985		24,996
Segregated cash for futures contracts		10,000		10,000
Receivable for investments sold		0		0
Receivable for daily variation margin on open futures contracts		705		1,155
Receivable from manager		18,378		17,899
Prepaid expenses and other assets		64,576		60,343

Total assets		5,860,211		6,018,904


Liabilities
Administration fees payable		232		240
Payable for daily variation margin on open futures contracts		860		1,500
Distribution fee payable		71		73
Shareholder report expenses payable		56,066		53,990
Custodian and accounting fees payable		37,417		36,888
Professional fees payable		34,096		34,096
Trustees’ fees and expenses payable		469		469
Accrued expenses and other liabilities		117		123

Total liabilities		129,328		127,379

Total net assets	$	5,730,883	$	5,891,525


NET ASSETS CONSIST OF
Paid-in capital	$	5,301,991	$	5,301,624
Total distributable earnings		428,892		589,901

Total net assets	$	5,730,883	$	5,891,525


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	383,231	$	406,763
Shares outstanding – Class A¹		35,459		36,819
Net asset value per share – Class A		$10.81		$11.05
Maximum offering price per share – Class A²		$11.47		$11.72
Net assets – Class C	$	108,770	$	111,510
Shares outstanding – Class C¹		10,163		10,180
Net asset value per share – Class C		$10.70		$10.95
Net assets – Class R4	$	111,125	$	113,972
Share outstanding – Class R4¹		10,279		10,296
Net asset value per share – Class R4		$10.81		$11.07
Net assets – Class R6	$	5,127,757	$	5,259,280
Shares outstanding – Class R6¹		473,623		474,416
Net asset value per share – Class R6		$10.83		$11.09

Investments in affiliated Master Portfolios, at cost	$	5,821,819	$	5,997,343

Investments in unaffiliated securities, at cost	$	23,985	$	24,996

¹	Each Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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


Statements of assets and liabilities—November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			69


Dynamic Target 2020 Fund		Dynamic Target 2025 Fund		Dynamic Target 2030 Fund		Dynamic Target 2035 Fund		Dynamic Target 2040 Fund		Dynamic Target 2045 Fund		Dynamic Target 2050 Fund


$	6,027,269	$	7,334,087	$	6,821,415	$	6,416,569	$	6,314,212	$	6,232,097	$	6,140,163
	24,991		24,992		24,988		24,988		24,993		24,993		24,996
	10,000		10,000		10,000		10,000		10,000		10,000		10,000
	5,999		9,998		9,998		9,998		9,998		9,998		9,998
	1,155		1,155		1,155		1,155		1,155		1,155		1,155
	17,408		19,784		19,921		19,970		17,991		18,426		19,204
	68,484		23,496		20,956		16,563		50,468		53,426		29,632

	6,155,306		7,423,512		6,908,433		6,499,243		6,428,817		6,350,095		6,235,148



	249		464		352		269		256		241		217
	1,060		1,060		1,500		1,498		1,499		1,059		1,060
	74		92		77		78		78		78		78
	54,466		57,643		57,891		58,318		45,306		57,715		61,545
	36,636		35,746		35,493		35,843		35,550		35,220		36,807
	27,022		41,544		41,544		41,544		32,061		34,096		19,551
	469		333		333		333		255		169		258
	130		9,778		4,919		690		131		114		4,785

	120,106		146,660		142,109		138,573		115,136		128,692		124,301

$	6,035,200	$	7,276,852	$	6,766,324	$	6,360,670	$	6,313,681	$	6,221,403	$	6,110,847



$	5,363,249	$	6,521,271	$	5,906,427	$	5,454,744	$	5,370,008	$	5,276,992	$	5,182,584
	671,951		755,581		859,897		905,926		943,673		944,411		928,263

$	6,035,200	$	7,276,852	$	6,766,324	$	6,360,670	$	6,313,681	$	6,221,403	$	6,110,847



$	441,172	$	1,577,666	$	998,474	$	521,554	$	436,491	$	322,556	$	214,814
	39,499		139,188		86,895		44,905		37,375		27,535		18,347
	$11.17		$11.33		$11.49		$11.61		$11.68		$11.71		$11.71
	$11.85		$12.02		$12.19		$12.32		$12.39		$12.42		$12.42
$	113,751	$	140,521	$	117,648	$	119,215	$	119,432	$	120,593	$	120,526
	10,250		12,483		10,298		10,328		10,278		10,364		10,364
	$11.10		$11.26		$11.42		$11.54		$11.62		$11.64		$11.63
$	116,240	$	117,902	$	119,838	$	121,316	$	122,117	$	122,548	$	122,490
	10,356		10,347		10,369		10,388		10,387		10,408		10,410
	$11.22		$11.39		$11.56		$11.68		$11.76		$11.77		$11.77
$	5,364,037	$	5,440,763	$	5,530,364	$	5,598,585	$	5,635,641	$	5,655,706	$	5,653,017
	477,115		476,727		477,709		478,582		478,520		479,504		479,600
	$11.24		$11.41		$11.58		$11.70		$11.78		$11.79		$11.79

$	6,139,032	$	7,521,350	$	6,995,249	$	6,588,315	$	6,494,841	$	6,426,274	$	6,337,089

$	24,991	$	24,992	$	24,988	$	24,988	$	24,993	$	24,993	$	24,996

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


70		Wells Fargo Dynamic Target Date Funds		Statements of assets and liabilities—November 30, 2018 (unaudited)


	Dynamic Target 2055 Fund		Dynamic Target 2060 Fund

Assets
Investments in affiliated Master Portfolios, at value (see cost below)	$	6,091,983	$	6,155,947
Investments in unaffiliated securities, at value (see cost below)		24,992		24,996
Segregated cash for futures contracts		10,000		10,000
Receivable for investments sold		9,998		9,998
Receivable for daily variation margin on open futures contracts		1,155		1,155
Receivable from manager		18,565		19,144
Prepaid expenses and other assets		48,614		30,225

Total assets		6,205,307		6,251,465


Liabilities
Administration fees payable		211		219
Payable for daily variation margin on open futures contracts		1,060		1,060
Distribution fee payable		78		78
Shareholder report expenses payable		61,503		62,494
Custodian and accounting fees payable		36,802		35,386
Professional fees payable		19,550		19,550
Trustees’ fees and expenses payable		258		258
Accrued expenses and other liabilities		4,915		4,805

Total liabilities		124,377		123,850

Total net assets	$	6,080,930	$	6,127,615


NET ASSETS CONSIST OF
Paid-in capital	$	5,156,031	$	5,200,518
Total distributable earnings		924,899		927,097

Total net assets	$	6,080,930	$	6,127,615


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	187,223	$	225,112
Shares outstanding – Class A¹		15,983		19,244
Net asset value per share – Class A		$11.71		$11.70
Maximum offering price per share – Class A²		$12.42		$12.41
Net assets – Class C	$	119,760	$	119,985
Shares outstanding – Class C¹		10,305		10,321
Net asset value per share – Class C		$11.62		$11.63
Net assets – Class R4	$	122,457	$	122,642
Share outstanding – Class R4¹		10,413		10,424
Net asset value per share – Class R4		$11.76		$11.76
Net assets – Class R6	$	5,651,490	$	5,659,876
Shares outstanding – Class R6¹		479,736		480,261
Net asset value per share – Class R6		$11.78		$11.79

Investments in affiliated Master Portfolios, at cost	$	6,285,944	$	6,354,431

Investments in unaffiliated securities, at cost	$	24,992	$	24,996

¹	Each Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

This page is intentionally left blank.


72		Wells Fargo Dynamic Target Date Funds		Statements of operations—six months ended November 30, 2018 (unaudited)


	Dynamic Target Today Fund			Dynamic Target 2015 Fund

Investment income
Interest allocated from affiliated Master Portfolios	$	30,620		$	25,202
Dividends from unaffiliated Underlying Funds		13,692			13,342
Dividends allocated from affiliated Master Portfolios*		12,773			16,827
Dividends from affiliated Underlying Funds		11,702			10,500
Affiliated income allocated from affiliated Master Portfolios		627			696
Interest		133			166
Expenses allocated from affiliated Master Portfolios		(3,712	)		(3,917	)
Waivers allocated from affiliated Master Portfolios		338			372

Total investment income		66,173			63,188


Expenses
Management fee		5,264			5,450
Administration fees
Class A		394			453
Class C		117			120
Class R4		45			47
Class R6		785			807
Shareholder servicing fees
Class A		469			540
Class C		139			143
Class R4		57			58
Distribution fee
Class C		418			429
Custody and accounting fees		13,144			13,150
Professional fees		21,118			21,118
Registration fees		35,030			32,789
Shareholder report expenses		25,719			25,645
Trustees’ fees and expenses		11,156			11,156
Other fees and expenses		1,813			1,141

Total expenses		115,668			113,046
Less: Fee waivers and/or expense reimbursements		(111,934	)		(109,084	)

Net expenses		3,734			3,962

Net investment income		62,439			59,226


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(18,935	)		4,736
Unaffiliated Underlying Funds		207,820			258,490
Affiliated Underlying Funds		132,905			203,123
Futures contracts		(3,034	)		(2,294	)

Net realized gains on investments		318,756			464,055


Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(119,198	)		(153,510	)
Unaffiliated Underlying Funds		(162,717	)		(232,400	)
Affiliated Underlying Funds		(98,016	)		(131,116	)
Futures contracts		2,859			(975	)

Net change in unrealized gains (losses) on investments		(377,072	)		(518,001	)

Net realized and unrealized gains (losses) on investments		(58,316	)		(53,946	)

Net increase (decrease) in net assets resulting from operations	$	4,123		$	5,280


* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$419			$558

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


Statements of operations—six months ended November 30, 2018 (unaudited)		Wells Fargo Dynamic Target Date Funds			73


Dynamic Target 2020 Fund			Dynamic Target 2025 Fund			Dynamic Target 2030 Fund			Dynamic Target 2035 Fund			Dynamic Target 2040 Fund			Dynamic Target 2045 Fund			Dynamic Target 2050 Fund


$	21,458		$	21,803		$	15,910		$	9,707		$	6,659		$	4,046		$	3,077
	11,981			9,563			9,928			10,235			9,803			9,519			9,422
	19,383			28,735			26,575			26,845			28,164			29,251			29,284
	10,262			10,947			8,530			6,534			5,845			5,430			5,271
	758			997			978			947			964			975			967
	173			279			187			190			197			208			208
	(4,052	)		(5,003	)		(4,716	)		(4,479	)		(4,536	)		(4,533	)		(4,484	)
	395			502			484			473			486			495			493

	60,358			67,823			57,876			50,452			47,582			45,391			44,238



	5,587			6,742			6,260			5,862			5,898			5,813			5,711

	487			1,695			1,049			507			493			366			243
	123			157			128			129			130			131			131
	47			48			49			50			50			51			51
	824			838			854			865			872			876			876

	579			2,018			1,249			603			587			435			290
	146			187			152			154			154			156			156
	60			60			62			62			63			63			63

	438			560			455			462			463			466			467
	13,150			13,154			13,154			13,150			13,150			13,148			13,450
	18,584			26,609			26,609			26,609			20,563			21,118			18,189
	32,129			36,312			36,850			36,850			33,544			34,493			38,312
	25,504			25,770			25,641			25,641			25,717			25,563			27,545
	11,156			10,828			10,828			10,828			10,461			11,156			12,188
	1,494			3,236			3,236			3,235			1,312			1,621			1,814

	110,308			128,214			126,576			125,007			113,457			115,456			119,486
	(106,081	)		(120,809	)		(120,793	)		(120,567	)		(108,947	)		(111,399	)		(115,780	)

	4,227			7,405			5,783			4,440			4,510			4,057			3,706

	56,131			60,418			52,093			46,012			43,072			41,334			40,532





	(8,773	)		(6,080	)		(2,491	)		(600	)		1,797			2,911			3,336
	349,773			445,002			493,523			520,737			553,842			554,859			550,045
	213,257			261,552			287,589			306,148			326,277			320,564			314,907
	4,826			(141	)		(674	)		521			(2,540	)		(855	)		(19	)

	559,083			700,333			777,947			826,806			879,376			877,479			868,269



	(185,410	)		(271,404	)		(280,066	)		(279,664	)		(294,292	)		(309,849	)		(310,754	)
	(274,611	)		(341,013	)		(383,516	)		(406,910	)		(434,150	)		(433,726	)		(429,583	)
	(144,626	)		(163,187	)		(180,220	)		(193,103	)		(204,925	)		(197,941	)		(192,834	)
	(4,243	)		(4,640	)		(5,904	)		(5,902	)		(6,318	)		(5,578	)		(5,578	)

	(608,890	)		(780,244	)		(849,706	)		(885,579	)		(939,685	)		(947,094	)		(938,749	)

	(49,807	)		(79,911	)		(71,759	)		(58,773	)		(60,309	)		(69,615	)		(70,480	)

$	6,324		$	(19,493	)	$	(19,666	)	$	(12,761	)	$	(17,237	)	$	(28,281	)	$	(29,948	)


	$693			$1,038			$1,108			$1,140			$1,216			$1,287			$1,297

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


74		Wells Fargo Dynamic Target Date Funds		Statements of operations—six months ended November 30, 2018 (unaudited)


	Dynamic Target 2055 Fund			Dynamic Target 2060 Fund

Investment income
Interest allocated from affiliated Master Portfolios	$	3,042		$	3,096
Dividends from unaffiliated Underlying Funds		9,279			9,433
Dividends allocated from affiliated Master Portfolios*		29,032			29,410
Dividends from affiliated Underlying Funds		5,187			5,307
Affiliated income allocated from affiliated Master Portfolios		960			960
Interest		208			208
Expenses allocated from affiliated Master Portfolios		(4,443	)		(4,500	)
Waivers allocated from affiliated Master Portfolios		488			494

Total investment income		43,753			44,408


Expenses
Management fee		5,666			5,734
Administration fees
Class A		196			259
Class C		130			131
Class R4		51			51
Class R6		876			878
Shareholder servicing fees
Class A		233			309
Class C		155			156
Class R4		63			64
Distribution fee
Class C		465			467
Custody and accounting fees		13,451			13,148
Professional fees		18,189			18,189
Registration fees		34,693			38,243
Shareholder report expenses		27,545			27,545
Trustees’ fees and expenses		12,188			12,188
Other fees and expenses		1,746			1,841

Total expenses		115,647			119,203
Less: Fee waivers and/or expense reimbursements		(112,038	)		(115,450	)

Net expenses		3,609			3,753

Net investment income		40,144			40,655


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		3,330			3,967
Unaffiliated Underlying Funds		545,179			556,290
Affiliated Underlying Funds		311,186			315,549
Futures contracts		15			(4,123	)

Net realized gains on investments		859,710			871,683


Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		(308,627	)		(312,610	)
Unaffiliated Underlying Funds		(426,152	)		(435,813	)
Affiliated Underlying Funds		(190,146	)		(193,297	)
Futures contracts		(5,578	)		(5,578	)

Net change in unrealized gains (losses) on investments		(930,503	)		(947,298	)

Net realized and unrealized gains (losses) on investments		(70,793	)		(75,615	)

Net decrease in net assets resulting from operations	$	(30,649	)	$	(34,960	)


* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$1,287			$1,302

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


Statements of changes in net assets		Wells Fargo Dynamic Target Date Funds			75


	Dynamic Target Today Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	62,439					$	100,782
Net realized gains on investments					318,756						134,802
Net change in unrealized gains (losses) on investments					(377,072	)					62,695

Net increase in net assets resulting from operations					4,123						298,279


Distributions to shareholders from net investment income and net realized gains
Class A					0						(8,659	)
Class C					0						(2,744	)
Class R4					0						(3,896	)
Class R6					0						(187,081	)

Total distributions to shareholders					0						(202,380	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,333			25,058			15,000			163,052

Reinvestment of distributions
Class A		0			0			460			5,007

Payment for shares redeemed
Class A		(2,369	)		(25,627	)		(2,288	)		(25,033	)
Class R		N/A			N/A			(10,219	)²		(111,799	)²

					(25,627	)					(136,832	)

Net increase (decrease) in net assets resulting from capital share transactions					(569	)					31,227

Total increase in net assets					3,554						127,126


Net assets
Beginning of period					5,727,329						5,600,203

End of period				$	5,730,883					$	5,727,329

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $23,461. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


76		Wells Fargo Dynamic Target Date Funds		Statements of changes in net assets


	Dynamic Target 2015 Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	59,226					$	98,476
Net realized gains on investments					464,055						185,614
Net change in unrealized gains (losses) on investments					(518,001	)					123,486

Net increase in net assets resulting from operations					5,280						407,576


Distributions to shareholders from net investment income and net realized gains
Class A					0						(17,269	)
Class C					0						(3,262	)
Class R4					0						(4,434	)
Class R6					0						(212,012	)

Total distributions to shareholders					0						(236,977	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,093			34,587			20,386			225,685

Reinvestment of distributions
Class A		0			0			1,177			13,065

Payment for shares redeemed
Class A		(7,518	)		(83,979	)		(14,072	)		(157,011	)
Class R		N/A			N/A			(10,237	)²		(114,241	)²

					(83,979	)					(271,252	)

Net decrease in net assets resulting from capital share transactions					(49,392	)					(32,502	)

Total increase (decrease) in net assets					(44,112	)					138,097


Net assets
Beginning of period					5,935,637						5,797,540

End of period				$	5,891,525					$	5,935,637

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $18,398. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


Statements of changes in net assets		Wells Fargo Dynamic Target Date Funds			77


	Dynamic Target 2020 Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	56,131					$	94,850
Net realized gains on investments					559,083						207,399
Net change in unrealized gains (losses) on investments					(608,890	)					178,376

Net increase in net assets resulting from operations					6,324						480,625


Distributions to shareholders from net investment income and net realized gains
Class A					0						(17,727	)
Class C					0						(3,584	)
Class R4					0						(4,812	)
Class R6					0						(229,454	)

Total distributions to shareholders					0						(255,577	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,993			22,325			37,638			417,972

Reinvestment of distributions
Class A		0			0			1,179			13,202

Payment for shares redeemed
Class A		(10,800	)		(122,831	)		(25,710	)		(288,158	)
Class R		N/A			N/A			(10,299	)²		(116,280	)²

					(122,831	)					(404,438	)

Net increase (decrease) in net assets resulting from capital share transactions					(100,506	)					26,736

Total increase (decrease) in net assets					(94,182	)					251,784


Net assets
Beginning of period					6,129,382						5,877,598

End of period				$	6,035,200					$	6,129,382

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $14,722. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 2, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


78		Wells Fargo Dynamic Target Date Funds		Statements of changes in net assets


	Dynamic Target 2025 Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	60,418					$	95,477
Net realized gains on investments					700,333						233,441
Net change in unrealized gains (losses) on investments					(780,244	)					227,374

Net increase (decrease) in net assets resulting from operations					(19,493	)					556,292


Distributions to shareholders from net investment income and net realized gains
Class A					0						(30,732	)
Class C					0						(4,346	)
Class R4					0						(5,079	)
Class R6					0						(241,848	)

Total distributions to shareholders					0						(282,005	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		8,652			99,676			103,325			1,193,158
Class C		2,239			25,837			40			460

					125,513						1,193,618

Reinvestment of distributions
Class A		0			0			2,278			25,877
Class C		0			0			0			0

					0						25,877

Payment for shares redeemed
Class A		(969	)		(11,250	)		(20,981	)		(239,625	)
Class C		(1,246	)		(13,796	)		0			0
Class R		N/A			N/A			(10,291	)²		(117,732	)²

					(25,046	)					(357,357	)

Net increase in net assets resulting from capital share transactions					100,467						862,138

Total increase in net assets					80,974						1,136,425


Net assets
Beginning of period					7,195,878						6,059,453

End of period				$	7,276,852					$	7,195,878

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $12,057. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


Statements of changes in net assets		Wells Fargo Dynamic Target Date Funds			79


	Dynamic Target 2030 Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	52,093					$	90,167
Net realized gains on investments					777,947						271,306
Net change in unrealized gains (losses) on investments					(849,706	)					288,238

Net increase (decrease) in net assets resulting from operations					(19,666	)					649,711


Distributions to shareholders from net investment income and net realized gains
Class A					0						(33,469	)
Class C					0						(4,147	)
Class R4					0						(5,342	)
Class R6					0						(253,969	)

Total distributions to shareholders					0						(296,927	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		9,581			111,261			42,081			487,575
Class C		0			0			23			253

					111,261						487,828

Reinvestment of distributions
Class A		0			0			2,468			28,325

					0						28,325

Payment for shares redeemed
Class A		(2,110	)		(24,840	)		(14,800	)		(168,809	)
Class C		0			0			(1	)		(10	)
Class R		N/A			N/A			(10,313	)²		(119,216	)²

					(24,840	)					(288,035	)

Net increase in net assets resulting from capital share transactions					86,421						228,118

Total increase in net assets					66,755						580,902


Net assets
Beginning of period					6,699,569						6,118,667

End of period				$	6,766,324					$	6,699,569

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $6,806. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


80		Wells Fargo Dynamic Target Date Funds		Statements of changes in net assets


	Dynamic Target 2035 Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	46,012					$	84,130
Net realized gains on investments					826,806						281,177
Net change in unrealized gains (losses) on investments					(885,579	)					319,827

Net increase (decrease) in net assets resulting from operations					(12,761	)					685,134


Distributions to shareholders from net investment income and net realized gains
Class A					0						(20,258	)
Class C					0						(4,536	)
Class R4					0						(5,751	)
Class R6					0						(272,883	)

Total distributions to shareholders					0						(303,428	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		6,396			74,318			11,749			136,284
Class C		17			208			33			371

					74,526						136,655

Reinvestment of distributions
Class A		0			0			1,274			14,733

Payment for shares redeemed
Class A		(352	)		(4,000	)		(4,960	)		(57,989	)
Class C		0			0			(1	)		(10	)
Class R		N/A			N/A			(10,332	)²		(120,471	)²

					(4,000	)					(178,470	)

Net increase (decrease) in net assets resulting from capital share transactions					70,526						(27,082	)

Total increase in net assets					57,765						354,624


Net assets
Beginning of period					6,302,905						5,948,281

End of period				$	6,360,670					$	6,302,905

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $3,822. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


Statements of changes in net assets		Wells Fargo Dynamic Target Date Funds			81


	Dynamic Target 2040 Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	43,072					$	81,629
Net realized gains on investments					879,376						289,487
Net change in unrealized gains (losses) on investments					(939,685	)					345,801

Net increase (decrease) in net assets resulting from operations					(17,237	)					716,917


Distributions to shareholders from net investment income and net realized gains
Class A					0						(23,446	)
Class C					0						(4,589	)
Class R4					0						(5,818	)
Class R6					0						(276,025	)

Total distributions to shareholders					0						(309,878	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		772			9,013			22,665			262,751

Reinvestment of distributions
Class A		0			0			1,531			17,789

Payment for shares redeemed
Class A		(3,652	)		(44,478	)		(11,843	)		(133,335	)
Class R		N/A			N/A			(10,331	)²		(121,078	)²

					(44,478	)					(254,413	)

Net increase (decrease) in net assets resulting from capital share transactions					(35,465	)					26,127

Total increase (decrease) in net assets					(52,702	)					433,166


Net assets
Beginning of period					6,366,383						5,933,217

End of period				$	6,313,681					$	6,366,383

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $1,231. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


82		Wells Fargo Dynamic Target Date Funds		Statements of changes in net assets


	Dynamic Target 2045 Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	41,334					$	79,429
Net realized gains on investments					877,479						303,822
Net change in unrealized gains (losses) on investments					(947,094	)					339,121

Net increase (decrease) in net assets resulting from operations					(28,281	)					722,372


Distributions to shareholders from net investment income and net realized gains
Class A					0						(12,713	)
Class C					0						(4,745	)
Class R4					0						(5,966	)
Class R6					0						(282,869	)

Total distributions to shareholders					0						(306,293	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,420			28,607			7,143			83,118
Class C		64			767			107			1,260

					29,374						84,378

Reinvestment of distributions
Class A		0			0			602			7,025

Payment for shares redeemed
Class A		(2,630	)		(30,161	)		(87	)		(1,040	)
Class C		0			0			(107	)		(1,258	)
Class R		N/A			N/A			(10,352	)²		(121,641	)²

					(30,161	)					(123,939	)

Net decrease in net assets resulting from capital share transactions					(787	)					(32,536	)

Total increase (decrease) in net assets					(29,068	)					383,543


Net assets
Beginning of period					6,250,471						5,866,928

End of period				$	6,221,403					$	6,250,471

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $589. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


Statements of changes in net assets		Wells Fargo Dynamic Target Date Funds			83


	Dynamic Target 2050 Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	40,532					$	78,691
Net realized gains on investments					868,269						300,614
Net change in unrealized gains (losses) on investments					(938,749	)					334,798

Net increase (decrease) in net assets resulting from operations					(29,948	)					714,103


Distributions to shareholders from net investment income and net realized gains
Class A					0						(8,611	)
Class C					0						(4,797	)
Class R4					0						(6,031	)
Class R6					0						(285,870	)

Total distributions to shareholders					0						(305,309	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		756			9,009			10,646			126,421
Class C		62			749			0			0

					9,758						126,421

Reinvestment of distributions
Class A		0			0			241			2,807

Payment for shares redeemed
Class A		(4,114	)		(49,794	)		(1,328	)		(15,284	)
Class R		N/A			N/A			(10,355	)²		(121,770	)²

					(49,794	)					(137,054	)

Net decrease in net assets resulting from capital share transactions					(40,036	)					(7,826	)

Total increase (decrease) in net assets					(69,984	)					400,968


Net assets
Beginning of period					6,180,831						5,779,863

End of period				$	6,110,847					$	6,180,831

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $583. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


84		Wells Fargo Dynamic Target Date Funds		Statements of changes in net assets


	Dynamic Target 2055 Fund
	Six months ended November 30, 2018 (unaudited)					Year ended May 31, 2018¹

Operations
Net investment income			$	40,144					$	78,193
Net realized gains on investments				859,710						301,891
Net change in unrealized gains (losses) on investments				(930,503	)					331,888

Net increase (decrease) in net assets resulting from operations				(30,649	)					711,972


Distributions to shareholders from net investment income and net realized gains
Class A				0						(7,154	)
Class C				0						(4,817	)
Class R4				0						(6,052	)
Class R6				0						(286,844	)

Total distributions to shareholders				0						(304,867	)


Capital share transactions		Shares					Shares
Proceeds from shares sold
Class A		1,539		18,310			2,190			25,733

Reinvestment of distributions
Class A		0		0			121			1,413

Payment for shares redeemed
Class A		0		0			(1	)		(10	)
Class R		N/A		N/A			(10,358	)²		(121,701	)²

				0						(121,711	)

Net increase (decrease) in net assets resulting from capital share transactions				18,310						(94,565	)

Total increase (decrease) in net assets				(12,339	)					312,540


Net assets
Beginning of period				6,093,269						5,780,729

End of period			$	6,080,930					$	6,093,269

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $573. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


Statements of changes in net assets		Wells Fargo Dynamic Target Date Funds			85


	Dynamic Target 2060 Fund
	Six months ended November 30, 2018 (unaudited)						Year ended May 31, 2018¹

Operations
Net investment income				$	40,655					$	79,482
Net realized gains on investments					871,683						296,222
Net change in unrealized gains (losses) on investments					(947,298	)					344,108

Net increase (decrease) in net assets resulting from operations					(34,960	)					719,812


Distributions to shareholders from net investment income and net realized gains
Class A					0						(12,696	)
Class C					0						(4,746	)
Class R4					0						(5,982	)
Class R6					0						(283,632	)

Total distributions to shareholders					0						(307,056	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		455			5,459			15,177			179,059
Class C		0			0			5			51

					5,459						179,110

Reinvestment of distributions
Class A		0			0			585			6,830

Payment for shares redeemed
Class A		(3,311	)		(40,000	)		(5,149	)		(60,843	)
Class R		N/A			N/A			(10,369	)²		(121,936	)²

					(40,000	)					(182,779	)

Net increase (decrease) in net assets resulting from capital share transactions					(34,541	)					3,161

Total increase (decrease) in net assets					(69,501	)					415,917


Net assets
Beginning of period					6,197,116						5,781,199

End of period				$	6,127,615					$	6,197,116

Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirements to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at May 31, 2018 was $507. The disaggregated distributions information for the year ended May 31, 2018 is included in Note 9, Distributions to Shareholders, in the notes to the financial statements.

²	For the period from June 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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


86		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target Today Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	10.82		0.09			(0.10	)		0.00			0.00		$	10.81
Year ended May 31, 2018	$	10.65		0.15			0.38			(0.19	)		(0.17	)	$	10.82
Year ended May 31, 2017	$	10.06		0.12	⁵		0.65			(0.09	)		(0.09	)	$	10.65
Year ended May 31, 2016⁶	$	10.00		0.06			0.03			(0.03	)		0.00		$	10.06
Class C
Six months ended November 30, 2018 (unaudited)	$	10.76		0.06			(0.12	)		0.00			0.00		$	10.70
Year ended May 31, 2018	$	10.58		0.07			0.38			(0.10	)		(0.17	)	$	10.76
Year ended May 31, 2017	$	10.03		0.05			0.64			(0.05	)		(0.09	)	$	10.58
Year ended May 31, 2016⁶	$	10.00		0.03			0.03			(0.03	)		0.00		$	10.03
Class R4
Six months ended November 30, 2018 (unaudited)	$	10.81		0.11			(0.11	)		0.00			0.00		$	10.81
Year ended May 31, 2018	$	10.63		0.18			0.38			(0.21	)		(0.17	)	$	10.81
Year ended May 31, 2017	$	10.07		0.16			0.64			(0.15	)		(0.09	)	$	10.63
Year ended May 31, 2016⁶	$	10.00		0.08			0.03			(0.04	)		0.00		$	10.07
Class R6
Six months ended November 30, 2018 (unaudited)	$	10.82		0.12			(0.11	)		0.00			0.00		$	10.83
Year ended May 31, 2018	$	10.64		0.20			0.38			(0.23	)		(0.17	)	$	10.82
Year ended May 31, 2017	$	10.08		0.17			0.65			(0.17	)		(0.09	)	$	10.64
Year ended May 31, 2016⁶	$	10.00		0.09			0.03			(0.04	)		0.00		$	10.08

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolios by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.11	%
Class C		0.11
Class R4		0.11
Class R6		0.12

⁴	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁶
Class A		0.10	%		0.11	%		0.11	%
Class C		0.10			0.10			0.10
Class R4		0.10			0.10			0.11
Class R6		0.10			0.11			0.11

⁵	Calculated based upon average shares outstanding

⁶	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			87


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	1.79	%		4.46	%³		0.61	%³		(0.09	)%		35	%	$	383
	1.37	%		4.39	%⁴		0.48	%⁴		4.96	%		94	%	$	384
	1.16	%		4.67	%⁴		0.53	%⁴		7.97	%		97	%	$	238
	1.31	%		5.22	%⁴		0.53	%⁴		0.95	%		66	%	$	101

	1.02	%		5.20	%³		1.36	%³		(0.56	)%		35	%	$	109
	0.65	%		5.14	%⁴		1.24	%⁴		4.25	%		94	%	$	109
	0.45	%		5.45	%⁴		1.28	%⁴		7.12	%		97	%	$	108
	0.56	%		5.97	%⁴		1.28	%⁴		0.58	%		66	%	$	101

	2.04	%		4.17	%³		0.34	%³		0.00	%		35	%	$	111
	1.67	%		4.11	%⁴		0.22	%⁴		5.27	%		94	%	$	111
	1.51	%		4.42	%⁴		0.22	%⁴		8.21	%		97	%	$	109
	1.62	%		4.94	%⁴		0.22	%⁴		1.08	%		66	%	$	101

	2.19	%		4.03	%³		0.19	%³		0.09	%		35	%	$	5,128
	1.82	%		3.96	%⁴		0.07	%⁴		5.42	%		94	%	$	5,123
	1.67	%		4.27	%⁴		0.06	%⁴		8.48	%		97	%	$	5,037
	1.77	%		4.79	%⁴		0.07	%⁴		1.19	%		66	%	$	4,654

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


88		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2015 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.06		0.09			(0.10	)		0.00			0.00		$	11.05
Year ended May 31, 2018	$	10.76		0.15	⁴		0.56			(0.19	)		(0.22	)	$	11.06
Year ended May 31, 2017	$	9.99		0.11			0.86			(0.09	)		(0.11	)	$	10.76
Year ended May 31, 2016⁶	$	10.00		0.07			(0.04	)		(0.04	)		0.00		$	9.99
Class C
Six months ended November 30, 2018 (unaudited)	$	11.01		0.05			(0.11	)		0.00			0.00		$	10.95
Year ended May 31, 2018	$	10.71		0.06			0.56			(0.10	)		(0.22	)	$	11.01
Year ended May 31, 2017	$	9.97		0.04			0.85			(0.04	)		(0.11	)	$	10.71
Year ended May 31, 2016⁶	$	10.00		0.03			(0.02	)		(0.04	)		0.00		$	9.97
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.07		0.10			(0.10	)		0.00			0.00		$	11.07
Year ended May 31, 2018	$	10.75		0.17			0.58			(0.21	)		(0.22	)	$	11.07
Year ended May 31, 2017	$	10.01		0.15			0.84			(0.14	)		(0.11	)	$	10.75
Year ended May 31, 2016⁶	$	10.00		0.08			(0.02	)		(0.05	)		0.00		$	10.01
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.07		0.11			(0.09	)		0.00			0.00		$	11.09
Year ended May 31, 2018	$	10.76		0.19			0.57			(0.23	)		(0.22	)	$	11.07
Year ended May 31, 2017	$	10.01		0.16			0.86			(0.16	)		(0.11	)	$	10.76
Year ended May 31, 2016⁶	$	10.00		0.09			(0.03	)		(0.05	)		0.00		$	10.01

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.12	%
Class C		0.11
Class R4		0.11
Class R6		0.12

⁴	Calculated based upon average shares outstanding

⁵	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁶
Class A		0.10	%		0.11	%		0.10	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.10
Class R6		0.10			0.11			0.11

⁶	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			89


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	1.58	%		4.23	%³		0.63	%³		(0.09	)%		32	%	$	407
	1.33	%		4.14	%⁵		0.51	%⁵		6.62	%		82	%	$	456
	1.14	%		4.42	%⁵		0.51	%⁵		9.95	%		81	%	$	363
	1.16	%		5.21	%⁵		0.45	%⁵		0.34	%		38	%	$	199

	0.82	%		4.98	%³		1.38	%³		(0.54	)%		32	%	$	112
	0.52	%		4.89	%⁵		1.27	%⁵		5.80	%		82	%	$	112
	0.40	%		5.18	%⁵		1.27	%⁵		9.18	%		81	%	$	109
	0.56	%		5.96	%⁵		1.28	%⁵		0.07	%		38	%	$	100

	1.87	%		3.95	%³		0.34	%³		0.00	%		32	%	$	114
	1.56	%		3.86	%⁵		0.23	%⁵		7.01	%		82	%	$	114
	1.45	%		4.15	%⁵		0.22	%⁵		10.28	%		81	%	$	111
	1.61	%		4.93	%⁵		0.22	%⁵		0.57	%		38	%	$	101

	2.02	%		3.81	%³		0.19	%³		0.18	%		32	%	$	5,259
	1.72	%		3.71	%⁵		0.07	%⁵		7.06	%		82	%	$	5,253
	1.60	%		4.00	%⁵		0.06	%⁵		10.44	%		81	%	$	5,105
	1.77	%		4.78	%⁵		0.06	%⁵		0.58	%		38	%	$	4,629

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


90		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2020 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.18		0.08			(0.09	)		0.00			0.00		$	11.17
Year ended May 31, 2018	$	10.78		0.14			0.70			(0.19	)		(0.25	)	$	11.18
Year ended May 31, 2017	$	9.99		0.11	⁵		0.97			(0.12	)		(0.17	)	$	10.78
Year ended May 31, 2016⁶	$	10.00		0.06			(0.03	)		(0.04	)		0.00		$	9.99
Class C
Six months ended November 30, 2018 (unaudited)	$	11.15		0.04			(0.09	)		0.00			0.00		$	11.10
Year ended May 31, 2018	$	10.76		0.05			0.69			(0.10	)		(0.25	)	$	11.15
Year ended May 31, 2017	$	9.96		0.03			0.98			(0.04	)		(0.17	)	$	10.76
Year ended May 31, 2016⁶	$	10.00		0.03			(0.03	)		(0.04	)		0.00		$	9.96
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.22		0.10			(0.10	)		0.00			0.00		$	11.22
Year ended May 31, 2018	$	10.82		0.17			0.69			(0.21	)		(0.25	)	$	11.22
Year ended May 31, 2017	$	10.01		0.14			0.97			(0.13	)		(0.17	)	$	10.82
Year ended May 31, 2016⁶	$	10.00		0.08			(0.02	)		(0.05	)		0.00		$	10.01
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.23		0.11			(0.10	)		0.00			0.00		$	11.24
Year ended May 31, 2018	$	10.82		0.18			0.71			(0.23	)		(0.25	)	$	11.23
Year ended May 31, 2017	$	10.01		0.16			0.97			(0.15	)		(0.17	)	$	10.82
Year ended May 31, 2016⁶	$	10.00		0.08			(0.02	)		(0.05	)		0.00		$	10.01

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.11	%
Class C		0.11
Class R4		0.11
Class R6		0.12

⁴	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁶
Class A		0.10	%		0.10	%		0.10	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.10
Class R6		0.10			0.11			0.11

⁵	Calculated based upon average shares outstanding

⁶	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			91


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	1.41	%		4.05	%³		0.64	%³		(0.09	)%		29	%	$	441
	1.15	%		3.96	%⁴		0.52	%⁴		7.80	%		72	%	$	540
	1.09	%		4.32	%⁴		0.51	%⁴		11.18	%		69	%	$	380
	1.33	%		5.21	%⁴		0.54	%⁴		0.35	%		38	%	$	119

	0.68	%		4.79	%³		1.39	%³		(0.45	)%		29	%	$	114
	0.43	%		4.71	%⁴		1.28	%⁴		6.89	%		72	%	$	114
	0.33	%		5.09	%⁴		1.28	%⁴		10.39	%		69	%	$	110
	0.53	%		5.97	%⁴		1.29	%⁴		0.01	%		38	%	$	100

	1.72	%		3.77	%³		0.35	%³		0.00	%		29	%	$	116
	1.47	%		3.68	%⁴		0.24	%⁴		8.03	%		72	%	$	116
	1.39	%		4.06	%⁴		0.23	%⁴		11.60	%		69	%	$	112
	1.59	%		4.94	%⁴		0.23	%⁴		0.61	%		38	%	$	101

	1.87	%		3.63	%³		0.20	%³		0.09	%		29	%	$	5,364
	1.63	%		3.53	%⁴		0.08	%⁴		8.28	%		72	%	$	5,359
	1.54	%		3.91	%⁴		0.07	%⁴		11.64	%		69	%	$	5,165
	1.74	%		4.79	%⁴		0.07	%⁴		0.62	%		38	%	$	4,631

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


92		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2025 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.38		0.08			(0.13	)		0.00			0.00		$	11.33
Year ended May 31, 2018	$	10.87		0.11	⁴		0.87			(0.19	)		(0.28	)	$	11.38
Year ended May 31, 2017	$	9.94		0.09			1.13			(0.12	)		(0.17	)	$	10.87
Year ended May 31, 2016⁶	$	10.00		0.07			(0.08	)		(0.05	)		0.00		$	9.94
Class C
Six months ended November 30, 2018 (unaudited)	$	11.35		0.04			(0.13	)		0.00			0.00		$	11.26
Year ended May 31, 2018	$	10.84		0.04			0.85			(0.10	)		(0.28	)	$	11.35
Year ended May 31, 2017	$	9.91		0.03			1.10			(0.03	)		(0.17	)	$	10.84
Year ended May 31, 2016⁶	$	10.00		0.02			(0.06	)		(0.05	)		0.00		$	9.91
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.42		0.09	⁴		(0.12	)		0.00			0.00		$	11.39
Year ended May 31, 2018	$	10.90		0.16			0.85			(0.21	)		(0.28	)	$	11.42
Year ended May 31, 2017	$	9.96		0.14			1.10			(0.13	)		(0.17	)	$	10.90
Year ended May 31, 2016⁶	$	10.00		0.08			(0.07	)		(0.05	)		0.00		$	9.96
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.43		0.10			(0.12	)		0.00			0.00		$	11.41
Year ended May 31, 2018	$	10.91		0.18			0.85			(0.23	)		(0.28	)	$	11.43
Year ended May 31, 2017	$	9.96		0.15			1.11			(0.14	)		(0.17	)	$	10.91
Year ended May 31, 2016⁶	$	10.00		0.08			(0.06	)		(0.06	)		0.00		$	9.96

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.12	%
Class C		0.11
Class R4		0.11
Class R6		0.12

⁴	Calculated based upon average shares outstanding

⁵	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁶
Class A		0.10	%		0.11	%		0.11	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.11
Class R6		0.10			0.11			0.11

⁶	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			93


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	1.30	%		3.87	%³		0.64	%³		(0.44	)%		28	%	$	1,578
	1.00	%		4.06	%⁵		0.52	%⁵		9.07	%		62	%	$	1,497
	1.07	%		4.75	%⁵		0.49	%⁵		12.62	%		58	%	$	510
	1.09	%		5.25	%⁵		0.46	%⁵		(0.07	)%		38	%	$	188

	0.53	%		4.60	%³		1.39	%³		(0.79	)%		28	%	$	141
	0.36	%		4.88	%⁵		1.28	%⁵		8.24	%		62	%	$	130
	0.29	%		5.55	%⁵		1.29	%⁵		11.77	%		58	%	$	124
	0.52	%		6.00	%⁵		1.30	%⁵		(0.44	)%		38	%	$	100

	1.58	%		3.57	%³		0.35	%³		(0.35	)%		28	%	$	118
	1.41	%		3.85	%⁵		0.24	%⁵		9.33	%		62	%	$	118
	1.35	%		4.52	%⁵		0.23	%⁵		12.84	%		58	%	$	113
	1.58	%		4.97	%⁵		0.23	%⁵		0.16	%		38	%	$	100

	1.73	%		3.43	%³		0.20	%³		(0.26	)%		28	%	$	5,441
	1.56	%		3.70	%⁵		0.09	%⁵		9.48	%		62	%	$	5,451
	1.50	%		4.37	%⁵		0.08	%⁵		13.10	%		58	%	$	5,201
	1.73	%		4.82	%⁵		0.08	%⁵		0.17	%		38	%	$	4,609

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


94		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2030 Fund	Beginning net asset value per share		Net investment income			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.54		0.07			(0.12	)		0.00			0.00		$	11.49
Year ended May 31, 2018	$	10.92		0.13			0.98			(0.19	)		(0.30	)	$	11.54
Year ended May 31, 2017	$	9.91		0.09			1.22			(0.11	)		(0.19	)	$	10.92
Year ended May 31, 2016⁵	$	10.00		0.06			(0.10	)		(0.05	)		0.00		$	9.91
Class C
Six months ended November 30, 2018 (unaudited)	$	11.52		0.02			(0.12	)		0.00			0.00		$	11.42
Year ended May 31, 2018	$	10.90		0.03			0.99			(0.10	)		(0.30	)	$	11.52
Year ended May 31, 2017	$	9.88		0.02			1.21			(0.09	)		(0.19	)	$	10.90
Year ended May 31, 2016⁵	$	10.00		0.02			(0.09	)		(0.05	)		0.00		$	9.88
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.59		0.08	⁶		(0.11	)		0.00			0.00		$	11.56
Year ended May 31, 2018	$	10.96		0.15			0.99			(0.21	)		(0.30	)	$	11.59
Year ended May 31, 2017	$	9.93		0.13			1.21			(0.12	)		(0.19	)	$	10.96
Year ended May 31, 2016⁵	$	10.00		0.07			(0.08	)		(0.06	)		0.00		$	9.93
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.60		0.09			(0.11	)		0.00			0.00		$	11.58
Year ended May 31, 2018	$	10.96		0.17			1.00			(0.23	)		(0.30	)	$	11.60
Year ended May 31, 2017	$	9.93		0.14			1.22			(0.14	)		(0.19	)	$	10.96
Year ended May 31, 2016⁵	$	10.00		0.08			(0.09	)		(0.06	)		0.00		$	9.93

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.12	%
Class C		0.11
Class R4		0.11
Class R6		0.12

⁴	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁵
Class A		0.10	%		0.11	%		0.11	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.10
Class R6		0.10			0.11			0.11

⁵	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

⁶	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			95


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	1.15	%		4.12	%³		0.64	%³		(0.43	)%		24	%	$	998
	1.08	%		4.20	%⁴		0.53	%⁴		10.30	%		53	%	$	917
	1.04	%		4.76	%⁴		0.48	%⁴		13.72	%		46	%	$	543
	1.19	%		5.29	%⁴		0.45	%⁴		(0.34	)%		22	%	$	173

	0.40	%		4.86	%³		1.39	%³		(0.78	)%		24	%	$	118
	0.27	%		4.95	%⁴		1.29	%⁴		9.43	%		53	%	$	119
	0.24	%		5.59	%⁴		1.29	%⁴		12.86	%		46	%	$	112
	0.49	%		6.03	%⁴		1.30	%⁴		(0.70	)%		22	%	$	99

	1.44	%		3.83	%³		0.35	%³		(0.26	)%		24	%	$	120
	1.32	%		3.92	%⁴		0.25	%⁴		10.53	%		53	%	$	120
	1.29	%		4.56	%⁴		0.24	%⁴		13.99	%		46	%	$	113
	1.55	%		5.00	%⁴		0.24	%⁴		(0.10	)%		22	%	$	100

	1.59	%		3.69	%³		0.20	%³		(0.17	)%		24	%	$	5,530
	1.47	%		3.77	%⁴		0.09	%⁴		10.77	%		53	%	$	5,544
	1.44	%		4.41	%⁴		0.08	%⁴		14.15	%		46	%	$	5,238
	1.70	%		4.85	%⁴		0.09	%⁴		(0.09	)%		22	%	$	4,597

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


96		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2035 Fund	Beginning net asset value per share		Net investment income		Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.66		0.06		(0.11	)		0.00			0.00		$	11.61
Year ended May 31, 2018	$	10.97		0.11		1.11			(0.19	)		(0.34	)	$	11.66
Year ended May 31, 2017	$	9.88		0.09		1.32			(0.11	)		(0.21	)	$	10.97
Year ended May 31, 2016⁵	$	10.00		0.06		(0.12	)		(0.06	)		0.00		$	9.88
Class C
Six months ended November 30, 2018 (unaudited)	$	11.63		0.02		(0.11	)		0.00			0.00		$	11.54
Year ended May 31, 2018	$	10.95		0.02		1.10			(0.10	)		(0.34	)	$	11.63
Year ended May 31, 2017	$	9.84		0.02		1.32			(0.02	)		(0.21	)	$	10.95
Year ended May 31, 2016⁵	$	10.00		0.02		(0.13	)		(0.05	)		0.00		$	9.84
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.71		0.08		(0.11	)		0.00			0.00		$	11.68
Year ended May 31, 2018	$	11.00		0.15		1.11			(0.21	)		(0.34	)	$	11.71
Year ended May 31, 2017	$	9.89		0.13		1.31			(0.12	)		(0.21	)	$	11.00
Year ended May 31, 2016⁵	$	10.00		0.07		(0.12	)		(0.06	)		0.00		$	9.89
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.72		0.09		(0.11	)		0.00			0.00		$	11.70
Year ended May 31, 2018	$	11.01		0.16		1.12			(0.23	)		(0.34	)	$	11.72
Year ended May 31, 2017	$	9.89		0.14		1.33			(0.14	)		(0.21	)	$	11.01
Year ended May 31, 2016⁵	$	10.00		0.08		(0.13	)		(0.06	)		0.00		$	9.89

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.12	%
Class C		0.12
Class R4		0.12
Class R6		0.12

⁴	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁵
Class A		0.09	%		0.10	%		0.10	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.10
Class R6		0.10			0.11			0.11

⁵	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			97


Ratio to average net assets (annualized)												Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	1.05	%		4.35	%³		0.64	%³		(0.34	)%		22	%	$	522
	0.99	%		4.32	%⁴		0.53	%⁴		11.24	%		44	%	$	453
	1.05	%		4.86	%⁴		0.49	%⁴		14.74	%		39	%	$	338
	1.24	%		5.32	%⁴		0.55	%⁴		(0.62	)%		19	%	$	119

	0.28	%		5.09	%³		1.39	%³		(0.77	)%		22	%	$	119
	0.21	%		5.07	%⁴		1.29	%⁴		10.30	%		44	%	$	120
	0.21	%		5.67	%⁴		1.29	%⁴		14.02	%		39	%	$	113
	0.48	%		6.06	%⁴		1.30	%⁴		(1.08	)%		19	%	$	99

	1.32	%		4.06	%³		0.35	%³		(0.26	)%		22	%	$	121
	1.26	%		4.04	%⁴		0.25	%⁴		11.59	%		44	%	$	122
	1.26	%		4.64	%⁴		0.24	%⁴		15.05	%		39	%	$	114
	1.54	%		5.03	%⁴		0.24	%⁴		(0.48	)%		19	%	$	99

	1.47	%		3.91	%³		0.20	%³		(0.17	)%		22	%	$	5,599
	1.41	%		3.89	%⁴		0.09	%⁴		11.73	%		44	%	$	5,608
	1.41	%		4.49	%⁴		0.08	%⁴		15.31	%		39	%	$	5,270
	1.69	%		4.88	%⁴		0.08	%⁴		(0.46	)%		19	%	$	4,580

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


98		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2040 Fund	Beginning net asset value per share		Net investment income		Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.74		0.05		(0.11	)		0.00			0.00		$	11.68
Year ended May 31, 2018	$	11.00		0.09		1.20			(0.20	)		(0.35	)	$	11.74
Year ended May 31, 2017	$	9.85		0.09		1.37			(0.11	)		(0.20	)	$	11.00
Year ended May 31, 2016⁵	$	10.00		0.06		(0.15	)		(0.06	)		0.00		$	9.85
Class C
Six months ended November 30, 2018 (unaudited)	$	11.72		0.01		(0.11	)		0.00			0.00		$	11.62
Year ended May 31, 2018	$	10.98		0.02		1.17			(0.10	)		(0.35	)	$	11.72
Year ended May 31, 2017	$	9.82		0.02		1.36			(0.02	)		(0.20	)	$	10.98
Year ended May 31, 2016⁵	$	10.00		0.02		(0.15	)		(0.05	)		0.00		$	9.82
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.80		0.07		(0.11	)		0.00			0.00		$	11.76
Year ended May 31, 2018	$	11.04		0.14		1.18			(0.21	)		(0.35	)	$	11.80
Year ended May 31, 2017	$	9.86		0.13		1.37			(0.12	)		(0.20	)	$	11.04
Year ended May 31, 2016⁵	$	10.00		0.07		(0.15	)		(0.06	)		0.00		$	9.86
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.81		0.08		(0.11	)		0.00			0.00		$	11.78
Year ended May 31, 2018	$	11.04		0.16		1.19			(0.23	)		(0.35	)	$	11.81
Year ended May 31, 2017	$	9.87		0.14		1.36			(0.13	)		(0.20	)	$	11.04
Year ended May 31, 2016⁵	$	10.00		0.08		(0.14	)		(0.07	)		0.00		$	9.87

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.12	%
Class C		0.12
Class R4		0.12
Class R6		0.12

⁴	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁵
Class A		0.09	%		0.10	%		0.10	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.10
Class R6		0.10			0.11			0.11

⁵	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			99


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	0.91	%		3.97	%³		0.65	%³		(0.51	)%		20	%	$	436
	1.02	%		3.93	%⁴		0.54	%⁴		11.79	%		40	%	$	472
	1.01	%		4.46	%⁴		0.51	%⁴		15.34	%		33	%	$	307
	1.22	%		5.33	%⁴		0.53	%⁴		(0.90	)%		15	%	$	157

	0.18	%		4.72	%³		1.40	%³		(0.85	)%		20	%	$	119
	0.16	%		4.70	%⁴		1.29	%⁴		10.88	%		40	%	$	120
	0.18	%		5.25	%⁴		1.30	%⁴		14.52	%		33	%	$	113
	0.47	%		6.07	%⁴		1.30	%⁴		(1.25	)%		15	%	$	99

	1.23	%		3.69	%³		0.35	%³		(0.34	)%		20	%	$	122
	1.21	%		3.67	%⁴		0.25	%⁴		12.07	%		40	%	$	123
	1.24	%		4.22	%⁴		0.24	%⁴		15.78	%		33	%	$	115
	1.53	%		5.04	%⁴		0.24	%⁴		(0.76	)%		15	%	$	99

	1.38	%		3.54	%³		0.20	%³		(0.25	)%		20	%	$	5,636
	1.36	%		3.52	%⁴		0.10	%⁴		12.31	%		40	%	$	5,651
	1.39	%		4.07	%⁴		0.09	%⁴		15.82	%		33	%	$	5,285
	1.69	%		4.90	%⁴		0.09	%⁴		(0.64	)%		15	%	$	4,571

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


100		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2045 Fund	Beginning net asset value per share		Net investment income		Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.79		0.06		(0.14	)		0.00			0.00		$	11.71
Year ended May 31, 2018	$	11.02		0.12		1.20			(0.19	)		(0.36	)	$	11.79
Year ended May 31, 2017	$	9.86		0.08		1.41			(0.10	)		(0.23	)	$	11.02
Year ended May 31, 2016⁵	$	10.00		0.06		(0.14	)		(0.06	)		0.00		$	9.86
Class C
Six months ended November 30, 2018 (unaudited)	$	11.75		0.01		(0.12	)		0.00			0.00		$	11.64
Year ended May 31, 2018	$	10.99		0.02		1.20			(0.10	)		(0.36	)	$	11.75
Year ended May 31, 2017	$	9.83		0.02		1.39			(0.02	)		(0.23	)	$	10.99
Year ended May 31, 2016⁵	$	10.00		0.02		(0.14	)		(0.05	)		0.00		$	9.83
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.83		0.07		(0.13	)		0.00			0.00		$	11.77
Year ended May 31, 2018	$	11.05		0.14		1.22			(0.22	)		(0.36	)	$	11.83
Year ended May 31, 2017	$	9.88		0.13		1.39			(0.12	)		(0.23	)	$	11.05
Year ended May 31, 2016⁵	$	10.00		0.07		(0.13	)		(0.06	)		0.00		$	9.88
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.84		0.08		(0.13	)		0.00			0.00		$	11.79
Year ended May 31, 2018	$	11.06		0.16		1.21			(0.23	)		(0.36	)	$	11.84
Year ended May 31, 2017	$	9.88		0.14		1.40			(0.13	)		(0.23	)	$	11.06
Year ended May 31, 2016⁵	$	10.00		0.08		(0.13	)		(0.07	)		0.00		$	9.88

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.12	%
Class C		0.12
Class R4		0.12
Class R6		0.13

⁴	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁵
Class A		0.09	%		0.10	%		0.10	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.10
Class R6		0.10			0.11			0.11

⁵	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			101


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	0.90	%		4.09	%³		0.64	%³		(0.68	)%		19	%	$	323
	0.90	%		4.09	%⁴		0.54	%⁴		12.06	%		35	%	$	327
	0.98	%		4.58	%⁴		0.51	%⁴		15.64	%		31	%	$	221
	1.23	%		5.36	%⁴		0.53	%⁴		(0.79	)%		14	%	$	121

	0.14	%		4.84	%³		1.39	%³		(0.94	)%		19	%	$	121
	0.15	%		4.84	%⁴		1.29	%⁴		11.18	%		35	%	$	121
	0.17	%		5.37	%⁴		1.30	%⁴		14.74	%		31	%	$	113
	0.48	%		6.10	%⁴		1.30	%⁴		(1.15	)%		14	%	$	99

	1.18	%		3.81	%³		0.35	%³		(0.51	)%		19	%	$	123
	1.19	%		3.81	%⁴		0.25	%⁴		12.36	%		35	%	$	123
	1.23	%		4.34	%⁴		0.24	%⁴		15.88	%		31	%	$	115
	1.54	%		5.07	%⁴		0.24	%⁴		(0.55	)%		14	%	$	99

	1.33	%		3.66	%³		0.20	%³		(0.42	)%		19	%	$	5,656
	1.35	%		3.66	%⁴		0.10	%⁴		12.51	%		35	%	$	5.679
	1.38	%		4.19	%⁴		0.09	%⁴		16.14	%		31	%	$	5,303
	1.69	%		4.92	%⁴		0.09	%⁴		(0.53	)%		14	%	$	4,576

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


102		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2050 Fund	Beginning net asset value per share		Net investment income		Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.80		0.05		(0.14	)		0.00			0.00		$	11.71
Year ended May 31, 2018	$	11.03		0.11		1.22			(0.20	)		(0.36	)	$	11.80
Year ended May 31, 2017	$	9.86		0.09		1.40			(0.09	)		(0.23	)	$	11.03
Year ended May 31, 2016⁵	$	10.00		0.06		(0.14	)		(0.06	)		0.00		$	9.86
Class C
Six months ended November 30, 2018 (unaudited)	$	11.76		0.01		(0.14	)		0.00			0.00		$	11.63
Year ended May 31, 2018	$	10.99		0.02		1.21			(0.10	)		(0.36	)	$	11.76
Year ended May 31, 2017	$	9.83		0.02		1.39			(0.02	)		(0.23	)	$	10.99
Year ended May 31, 2016⁵	$	10.00		0.02		(0.14	)		(0.05	)		0.00		$	9.83
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.83		0.07		(0.13	)		0.00			0.00		$	11.77
Year ended May 31, 2018	$	11.05		0.14		1.22			(0.22	)		(0.36	)	$	11.83
Year ended May 31, 2017	$	9.88		0.13		1.39			(0.12	)		(0.23	)	$	11.05
Year ended May 31, 2016⁵	$	10.00		0.07		(0.13	)		(0.06	)		0.00		$	9.88
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.84		0.08		(0.13	)		0.00			0.00		$	11.79
Year ended May 31, 2018	$	11.06		0.16		1.21			(0.23	)		(0.36	)	$	11.84
Year ended May 31, 2017	$	9.88		0.14		1.40			(0.13	)		(0.23	)	$	11.06
Year ended May 31, 2016⁵	$	10.00		0.08		(0.13	)		(0.07	)		0.00		$	9.88

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with the direct purchases and sales in Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.12	%
Class C		0.12
Class R4		0.12
Class R6		0.13

⁴	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁵
Class A		0.09	%		0.10	%		0.10	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.10
Class R6		0.10			0.11			0.11

⁵	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			103


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	0.88	%		4.29	%³		0.64	%³		(0.76	)%		19	%	$	215
	0.83	%		4.26	%⁴		0.54	%⁴		12.16	%		35	%	$	256
	0.91	%		4.80	%⁴		0.53	%⁴		15.65	%		31	%	$	134
	1.22	%		5.25	%⁴		0.53	%⁴		(0.78	)%		14	%	$	108

	0.13	%		5.04	%³		1.39	%³		(1.11	)%		19	%	$	121
	0.15	%		5.02	%⁴		1.29	%⁴		11.33	%		35	%	$	121
	0.18	%		5.56	%⁴		1.29	%⁴		14.77	%		31	%	$	113
	0.48	%		6.00	%⁴		1.30	%⁴		(1.15	)%		14	%	$	99

	1.17	%		4.01	%³		0.35	%³		(0.51	)%		19	%	$	122
	1.19	%		3.99	%⁴		0.25	%⁴		12.42	%		35	%	$	123
	1.23	%		4.53	%⁴		0.24	%⁴		15.90	%		31	%	$	115
	1.53	%		4.97	%⁴		0.24	%⁴		(0.55	)%		14	%	$	99

	1.32	%		3.86	%³		0.20	%³		(0.42	)%		19	%	$	5,653
	1.35	%		3.84	%⁴		0.10	%⁴		12.56	%		35	%	$	5,681
	1.39	%		4.38	%⁴		0.09	%⁴		16.17	%		31	%	$	5,304
	1.69	%		4.82	%⁴		0.09	%⁴		(0.53	)%		14	%	$	4,576

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


104		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2055 Fund	Beginning net asset value per share		Net investment income		Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.80		0.05		(0.14	)		0.00			0.00		$	11.71
Year ended May 31, 2018	$	11.03		0.11		1.22			(0.19	)		(0.37	)	$	11.80
Year ended May 31, 2017	$	9.87		0.09		1.39			(0.09	)		(0.23	)	$	11.03
Year ended May 31, 2016⁵	$	10.00		0.06		(0.13	)		(0.06	)		0.00		$	9.87
Class C
Six months ended November 30, 2018 (unaudited)	$	11.75		0.01		(0.14	)		0.00			0.00		$	11.62
Year ended May 31, 2018	$	10.99		0.02		1.21			(0.10	)		(0.37	)	$	11.75
Year ended May 31, 2017	$	9.84		0.02		1.38			(0.02	)		(0.23	)	$	10.99
Year ended May 31, 2016⁵	$	10.00		0.02		(0.13	)		(0.05	)		0.00		$	9.84
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.83		0.07		(0.14	)		0.00			0.00		$	11.76
Year ended May 31, 2018	$	11.05		0.14		1.23			(0.22	)		(0.37	)	$	11.83
Year ended May 31, 2017	$	9.88		0.13		1.39			(0.12	)		(0.23	)	$	11.05
Year ended May 31, 2016⁵	$	10.00		0.07		(0.13	)		(0.06	)		0.00		$	9.88
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.84		0.08		(0.14	)		0.00			0.00		$	11.78
Year ended May 31, 2018	$	11.06		0.16		1.22			(0.23	)		(0.37	)	$	11.84
Year ended May 31, 2017	$	9.89		0.14		1.39			(0.13	)		(0.23	)	$	11.06
Year ended May 31, 2016⁵	$	10.00		0.08		(0.12	)		(0.07	)		0.00		$	9.89

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.12	%
Class C		0.12
Class R4		0.12
Class R6		0.13

⁴	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁵
Class A		0.09	%		0.10	%		0.10	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.10
Class R6		0.10			0.11			0.11

⁵	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			105


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	0.89	%		4.20	%³		0.64	%³		(0.76	)%		19	%	$	187
	0.89	%		4.18	%⁴		0.54	%⁴		12.10	%		34	%	$	170
	0.90	%		4.67	%⁴		0.54	%⁴		15.56	%		31	%	$	134
	1.21	%		5.23	%⁴		0.54	%⁴		(0.68	)%		14	%	$	103

	0.12	%		4.94	%³		1.39	%³		(1.11	)%		19	%	$	120
	0.15	%		4.93	%⁴		1.29	%⁴		11.25	%		34	%	$	121
	0.17	%		5.42	%⁴		1.30	%⁴		14.68	%		31	%	$	113
	0.47	%		5.98	%⁴		1.30	%⁴		(1.05	)%		14	%	$	99

	1.17	%		3.92	%³		0.35	%³		(0.59	)%		19	%	$	122
	1.19	%		3.90	%⁴		0.25	%⁴		12.44	%		34	%	$	123
	1.23	%		4.39	%⁴		0.24	%⁴		15.94	%		31	%	$	115
	1.53	%		4.95	%⁴		0.24	%⁴		(0.55	)%		14	%	$	99

	1.32	%		3.77	%³		0.20	%³		(0.51	)%		19	%	$	5,651
	1.34	%		3.75	%⁴		0.10	%⁴		12.58	%		34	%	$	5,679
	1.38	%		4.25	%⁴		0.09	%⁴		16.08	%		31	%	$	5,305
	1.69	%		4.80	%⁴		0.09	%⁴		(0.43	)%		14	%	$	4,579

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


106		Wells Fargo Dynamic Target Date Funds		Financial highlights


Dynamic Target 2060 Fund	Beginning net asset value per share		Net investment income		Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains			Ending net asset value per share
Class A
Six months ended November 30, 2018 (unaudited)	$	11.79		0.04		(0.13	)		0.00			0.00		$	11.70
Year ended May 31, 2018	$	11.03		0.09		1.23			(0.20	)		(0.36	)	$	11.79
Year ended May 31, 2017	$	9.88		0.09		1.39			(0.09	)		(0.24	)	$	11.03
Year ended May 31, 2016⁵	$	10.00		0.06		(0.12	)		(0.06	)		0.00		$	9.88
Class C
Six months ended November 30, 2018 (unaudited)	$	11.76		0.01		(0.14	)		0.00			0.00		$	11.63
Year ended May 31, 2018	$	10.99		0.02		1.21			(0.10	)		(0.36	)	$	11.76
Year ended May 31, 2017	$	9.85		0.02		1.38			(0.02	)		(0.24	)	$	10.99
Year ended May 31, 2016⁵	$	10.00		0.02		(0.12	)		(0.05	)		0.00		$	9.85
Class R4
Six months ended November 30, 2018 (unaudited)	$	11.84		0.07		(0.15	)		0.00			0.00		$	11.76
Year ended May 31, 2018	$	11.05		0.14		1.22			(0.21	)		(0.36	)	$	11.84
Year ended May 31, 2017	$	9.89		0.13		1.39			(0.12	)		(0.24	)	$	11.05
Year ended May 31, 2016⁵	$	10.00		0.07		(0.12	)		(0.06	)		0.00		$	9.89
Class R6
Six months ended November 30, 2018 (unaudited)	$	11.85		0.08		(0.14	)		0.00			0.00		$	11.79
Year ended May 31, 2018	$	11.06		0.16		1.22			(0.23	)		(0.36	)	$	11.85
Year ended May 31, 2017	$	9.90		0.14		1.39			(0.13	)		(0.24	)	$	11.06
Year ended May 31, 2016⁵	$	10.00		0.08		(0.11	)		(0.07	)		0.00		$	9.90

¹	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

³	Ratios reflect net expenses allocated from the affiliated Master Portfolios which were as follows:


	Six months ended November 30, 2018 (unaudited)
	Six months ended November 30, 2018 (unaudited)
Class A		0.12	%
Class C		0.12
Class R4		0.12
Class R6		0.13

⁴	Ratios do not reflect net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:


	Year ended May 31
	2018			2017			2016⁵
Class A		0.09	%		0.10	%		0.10	%
Class C		0.09			0.10			0.10
Class R4		0.09			0.10			0.10
Class R6		0.10			0.11			0.11

⁵	For the period from November 30, 2015 (commencement of class operations) to May 31, 2016

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


Financial highlights		Wells Fargo Dynamic Target Date Funds			107


Ratio to average net assets (annualized)									Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)
Net investment income			Gross expenses			Net expenses			Total return¹			Portfolio turnover rate²			Net assets at end of period (000s omitted)

	0.86	%		4.26	%³		0.64	%³		(0.76	)%		19	%	$	225
	1.03	%		4.22	%⁴		0.53	%⁴		12.12	%		36	%	$	261
	0.92	%		4.80	%⁴		0.55	%⁴		15.57	%		30	%	$	127
	1.22	%		5.24	%⁴		0.55	%⁴		(0.58	)%		14	%	$	101

	0.13	%		5.01	%³		1.39	%³		(1.11	)%		19	%	$	120
	0.15	%		4.99	%⁴		1.29	%⁴		11.28	%		36	%	$	121
	0.17	%		5.55	%⁴		1.30	%⁴		14.69	%		30	%	$	113
	0.48	%		5.99	%⁴		1.30	%⁴		(0.94	)%		14	%	$	99

	1.17	%		3.98	%³		0.35	%³		(0.68	)%		19	%	$	123
	1.19	%		3.96	%⁴		0.25	%⁴		12.46	%		36	%	$	123
	1.23	%		4.52	%⁴		0.24	%⁴		15.94	%		30	%	$	115
	1.53	%		4.96	%⁴		0.24	%⁴		(0.45	)%		14	%	$	100

	1.32	%		3.84	%³		0.20	%³		(0.51	)%		19	%	$	5,660
	1.35	%		3.81	%⁴		0.10	%⁴		12.60	%		36	%	$	5,692
	1.39	%		4.37	%⁴		0.09	%⁴		16.09	%		30	%	$	5,312
	1.69	%		4.81	%⁴		0.09	%⁴		(0.33	)%		14	%	$	4,584

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


108		Wells Fargo Dynamic Target Date Funds		Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the following funds: Wells Fargo Dynamic Target Today Fund (“Dynamic Target Today Fund”), Wells Fargo Dynamic Target 2015 Fund (“Dynamic Target 2015 Fund”), Wells Fargo Dynamic Target 2020 Fund (“Dynamic Target 2020 Fund”), Wells Fargo Dynamic Target 2025 Fund (“Dynamic Target 2025 Fund”), Wells Fargo Dynamic Target 2030 Fund (“Dynamic Target 2030 Fund”), Wells Fargo Dynamic Target 2035 Fund (“Dynamic Target 2035 Fund”), Wells Fargo Dynamic Target 2040 Fund (“Dynamic Target 2040 Fund”), Wells Fargo Dynamic Target 2045 Fund (“Dynamic Target 2045 Fund”), Wells Fargo Dynamic Target 2050 Fund (“Dynamic Target 2050 Fund”), Wells Fargo Dynamic Target 2055 Fund (“Dynamic Target 2055 Fund”), and Wells Fargo Dynamic Target 2060 Fund (“Dynamic Target 2060 Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. Information for Class R shares reflected in the financial statements represents activity through November 13, 2017.

Each Fund is a fund-of-funds which seeks to achieve its investment objective by investing in multiple diversified portfolios (collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. The affiliated Master Portfolios invest in a combination of securities to get exposure to the following asset classes: equity and fixed income (including money market securities). Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios are presented in separate financial statements and may be obtained free of charge by contacting Investor Services or by visiting the SEC website at sec.gov. The financial statements of the affiliated Master Portfolios are filed with the SEC under Wells Fargo Master Trust.

Prior to September 21, 2018, each Fund invested in in various affiliated mutual funds (including affiliated Master Portfolios), unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) to pursue its investment objective.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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


Notes to financial statements (unaudited)		Wells Fargo Dynamic Target Date Funds			109

Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Futures contracts

Each Fund is subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statements of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statements of Operations.

Security transactions and income recognition

Investments in affiliated Master Portfolios are recorded on a trade basis. Each Fund records on a daily basis its proportionate share of each affiliated Master Portfolio’s interest and dividend income and realized and unrealized gains and losses. Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Income dividends and capital gain distributions from Underlying Funds are recorded on the ex-dividend date. Capital gain distributions from Underlying Funds are treated as realized gains.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of each Fund’s fiscal year end. Therefore, a portion of each Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes


110		Wells Fargo Dynamic Target Date Funds		Notes to financial statements (unaudited)

As of November 30, 2018, the aggregate cost of all investments for federal income tax purposes and the unrealized gains (losses) were as follows:


	Tax cost		Gross unrealized gains		Gross unrealized losses			Net unrealized losses
Dynamic Target Today Fund	$	5,852,104	$	0	$	(91,915	)	$	(91,915	)
Dynamic Target 2015 Fund		6,037,111		0		(117,801	)		(117,801	)
Dynamic Target 2020 Fund		6,188,417		0		(149,622	)		(149,622	)
Dynamic Target 2025 Fund		7,580,592		0		(235,375	)		(235,375	)
Dynamic Target 2030 Fund		7,063,467		0		(232,190	)		(232,190	)
Dynamic Target 2035 Fund		6,659,020		0		(232,589	)		(232,589	)
Dynamic Target 2040 Fund		6,574,777		0		(251,112	)		(251,112	)
Dynamic Target 2045 Fund		6,500,380		0		(258,090	)		(258,090	)
Dynamic Target 2050 Fund		6,412,941		0		(262,582	)		(262,582	)
Dynamic Target 2055 Fund		6,350,508		0		(248,333	)		(248,333	)
Dynamic Target 2060 Fund		6,416,814		0		(250,671	)		(250,671	)

Class allocations

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of each 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). Each 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.


Notes to financial statements (unaudited)		Wells Fargo Dynamic Target Date Funds			111

The following is a summary of the inputs used in valuing each Fund’s assets and liabilities as of November 30, 2018:


Dynamic Target Today Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	23,985	$	0	$	0	$	23,985
Investments measured at net asset value*								5,742,567
		23,985		0		0		5,766,552
Futures contracts		1,444		0		0		1,444
Total assets	$	25,429	$	0	$	0	$	5,767,996
Liabilities

Futures contracts	$	7,807	$	0	$	0	$	7,807
Total liabilities	$	7,807	$	0	$	0	$	7,807

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,742,567. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Dynamic Target 2015 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	24,996	$	0	$	0	$	24,996
Investments measured at net asset value*								5,904,511
		24,996		0		0		5,929,507
Futures contracts		238		0		0		238
Total assets	$	25,234	$	0	$	0	$	5,929,745
Liabilities

Futures contracts	$	10,435	$	0	$	0	$	10,435
Total liabilities	$	10,435	$	0	$	0	$	10,435

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $5,904,511. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Dynamic Target 2020 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Investments in:

Short-term investments
U.S. Treasury securities	$	24,991	$	0	$	0	$	24,991
Investments measured at net asset value*								6,027,269
		24,991		0		0		6,052,260
Futures contracts		238		0		0		238
Total assets	$	25,229	$	0	$	0	$	6,052,498
Liabilities

Futures contracts	$	13,703	$	0	$	0	$	13,703
Total liabilities	$	13,703	$	0	$	0	$	13,703

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,027,269. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


112		Wells Fargo Dynamic Target Date Funds		Notes to financial statements (unaudited)


Dynamic Target 2025 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	24,992	$	0	$	0	$	24,992
Investments measured at net asset value*								7,334,087
		24,992		0		0		7,359,079
Futures contracts		468		0		0		468
Total assets	$	25,460	$	0	$	0		7,359,547
Liabilities

Futures contracts	$	14,330	$	0	$	0	$	14,330
Total liabilities	$	14,330	$	0	$	0	$	14,330

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $7,334,087. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Dynamic Target 2030 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	24,988	$	0	$	0	$	24,988
Investments measured at net asset value*								6,821,415
Total assets	$	24,988	$	0	$	0	$	6,846,403
Liabilities
Futures contracts	$	15,126	$	0	$	0	$	15,126
Total liabilities	$	15,126	$	0	$	0	$	15,126

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,821,415. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Dynamic Target 2035 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	24,988	$	0	$	0	$	24,988
Investments measured at net asset value*								6,416,569
Total assets	$	24,988	$	0	$	0	$	6,441,557
Liabilities
Futures contracts	$	15,126	$	0	$	0	$	15,126
Total liabilities	$	15,126	$	0	$	0	$	15,126

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,416,569. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Notes to financial statements (unaudited)		Wells Fargo Dynamic Target Date Funds			113


Dynamic Target 2040 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	24,993	$	0	$	0	$	24,993
Investments measured at net asset value*								6,314,212
Total assets	$	24,993	$	0	$	0	$	6,339,205
Liabilities
Futures contracts	$	15,540	$	0	$	0	$	15,540
Total liabilities	$	15,540	$	0	$	0	$	15,540

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,314,212. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Dynamic Target 2045 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	24,993	$	0	$	0	$	24,993
Investments measured at net asset value*								6,232,097
Total assets	$	24,993	$	0	$	0	$	6,257,090
Liabilities
Futures contracts	$	14,800	$	0	$	0	$	14,800
Total liabilities	$	14,800	$	0	$	0	$	14,800

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,232,097. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Dynamic Target 2050 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	24,996	$	0	$	0	$	24,996
Investments measured at net asset value*								6,140,163
Total assets	$	24,996	$	0	$	0	$	6,165,159
Liabilities
Futures contracts	$	14,800	$	0	$	0	$	14,800
Total liabilities	$	14,800	$	0	$	0	$	14,800

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,140,163. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


114		Wells Fargo Dynamic Target Date Funds		Notes to financial statements (unaudited)


Dynamic Target 2055 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	24,992	$	0	$	0	$	24,992
Investments measured at net asset value*								6,091,983
Total assets	$	24,992	$	0	$	0	$	6,116,975
Liabilities
Futures contracts	$	14,800	$	0	$	0	$	14,800
Total liabilities	$	14,800	$	0	$	0	$	14,800

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,091,983. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Dynamic Target 2060 Fund	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Short-term investments
U.S. Treasury securities	$	24,996	$	0	$	0	$	24,996
Investments measured at net asset value*								6,155,947
Total assets	$	24,996	$	0	$	0	$	6,180,943
Liabilities
Futures contracts	$	14,800	$	0	$	0	$	14,800
Total liabilities	$	14,800	$	0	$	0	$	14,800

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 fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $6,155,947. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

At November 30, 2018, the Funds did not have any transfers into/out of Level 3.


Notes to financial statements (unaudited)		Wells Fargo Dynamic Target Date Funds			115

The investment objective of each affiliated Master Portfolio is as follows:


Affiliated Master Portfolio		Investment objective
Wells Fargo Bloomberg Barclays US Aggregate ex-Corporate Portfolio		Seeks to replicate the total return of the Bloomberg Barclays U.S. Aggregate ex-Corporate Index, before fees and expenses
Wells Fargo Emerging Markets Bond Portfolio		Seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index, before fees and expenses
Wells Fargo Factor Enhanced Emerging Markets Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Emerging Markets Index, before fees and expenses
Wells Fargo Factor Enhanced International Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced International Index, before fees and expenses.
Wells Fargo Factor Enhanced Large Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Large Cap Index, before fees and expenses
Wells Fargo Factor Enhanced Small Cap Portfolio		Seeks to replicate the total return of the Wells Fargo Factor Enhanced Small Cap Index, before fees and expenses
Wells Fargo High Yield Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. High Yield Bond Index, before fees and expenses
Wells Fargo Investment Grade Corporate Bond Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. Investment Grade Corporate Bond Index, before fees and expenses
Wells Fargo Strategic Retirement Bond Portfolio		Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg Barclays U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg Barclays U.S. Intermediate Government Bond Index, before fees and expenses
Wells Fargo U.S. REIT Portfolio		Seeks to replicate the total return of the Wells Fargo U.S. REIT Index, before fees and expenses

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of each Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of each Fund, supervising the subadviser and providing fund-level administrative services in connection with each Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of each Fund increase. Prior to September 21, 2018, each Fund paid an annual management fee which started at 0.20% and declined to 0.18% as the average daily net assets of each Fund increased. For the six months ended November 30, 2018, the management fee was equivalent to an annual rate of 0.18% of each Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to each Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.10% and declining to 0.06% as the average daily net assets of each Fund increase. Prior to September 21, 2018, WellsCap received an annual subadvisory fee which started at 0.15% and declined to 0.08% as the average daily net assets of each Fund increased.

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.


116		Wells Fargo Dynamic Target Date Funds		Notes to financial statements (unaudited)

Administration fees


	Class-level administration fee
Class A, Class C, Class R		0.21	%
Class R4		0.08
Class R6		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for each Fund. When each class of a Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Net expenses from the affiliated Master Portfolios are included in the expense caps. Funds Management has committed through September 30, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses at 0.68% for Class A shares, 1.43% for Class C shares, 0.37% for Class R4 shares and 0.22% for Class R6 shares.

After the expiration date, each expense cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Prior to September 21, 2018, the expenses caps including net expenses from the affiliated Master Portfolios were as follows:


	Class A			Class C			Class R4			Class R6
Dynamic Target Today Fund		0.91	%		1.66	%		0.67	%		0.52	%
Dynamic Target 2015 Fund		0.97	%		1.72	%		0.69	%		0.54	%
Dynamic Target 2020 Fund		0.99	%		1.74	%		0.71	%		0.56	%
Dynamic Target 2025 Fund		1.01	%		1.76	%		0.73	%		0.58	%
Dynamic Target 2030 Fund		1.03	%		1.78	%		0.75	%		0.60	%
Dynamic Target 2035 Fund		1.04	%		1.79	%		0.76	%		0.61	%
Dynamic Target 2040 Fund		1.05	%		1.80	%		0.77	%		0.62	%
Dynamic Target 2045 Fund		1.05	%		1.80	%		0.77	%		0.62	%
Dynamic Target 2050 Fund		1.05	%		1.80	%		0.77	%		0.62	%
Dynamic Target 2055 Fund		1.05	%		1.80	%		0.77	%		0.62	%
Dynamic Target 2060 Fund		1.05	%		1.80	%		0.77	%		0.62	%

Distribution fee

The Trust has adopted a Distribution Plan for Class C shares of each Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended November 30, 2018, Funds Distributor received the following amounts in front-end sales charges and contingent deferred sales charges. No contingent deferred sales charges were incurred by Class A or Class C shares of each Fund for the six months ended November 30, 2018.


	Front-end sales charges Class A
Dynamic Target 2035 Fund	$	91
Dynamic Target 2040 Fund		5
Dynamic Target 2060 Fund		14


Notes to financial statements (unaudited)		Wells Fargo Dynamic Target Date Funds			117

Shareholder servicing fees

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2018 were as follows:


	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Dynamic Target Today Fund	$	1,000,660	$	1,018,772	$	978,622	$	5,805,403
Dynamic Target 2015 Fund		831,106		1,038,088		812,936		6,075,224
Dynamic Target 2020 Fund		692,328		1,038,297		677,358		6,278,681
Dynamic Target 2025 Fund		645,945		1,418,075		632,123		7,585,503
Dynamic Target 2030 Fund		415,459		1,224,125		406,436		7,094,295
Dynamic Target 2035 Fund		261,325		1,110,466		255,815		6,692,586
Dynamic Target 2040 Fund		169,056		1,089,517		165,515		6,701,417
Dynamic Target 2045 Fund		107,876		1,081,410		105,428		6,609,797
Dynamic Target 2050 Fund		107,439		1,046,725		105,279		6,517,947
Dynamic Target 2055 Fund		107,377		1,038,741		105,258		6,424,419
Dynamic Target 2060 Fund		107,439		1,055,190		105,279		6,547,214

The Funds seek to achieve their investment objectives by investing in various affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales in Underlying Funds and unaffiliated securities in which the Funds invest are actual aggregate purchases and sales of those investments.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2018, the following Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.


	Average notional balance on long futures contracts		Average notional balance on short futures contracts
Dynamic Target Today Fund	$	249,597	$	155,676
Dynamic Target 2015 Fund		249,597		166,933
Dynamic Target 2020 Fund		249,597		173,924
Dynamic Target 2025 Fund		249,597		197,014
Dynamic Target 2030 Fund		249,597		181,945
Dynamic Target 2035 Fund		249,597		185,718
Dynamic Target 2040 Fund		249,597		193,713
Dynamic Target 2045 Fund		249,597		204,249
Dynamic Target 2050 Fund		249,597		204,658
Dynamic Target 2055 Fund		249,597		203,019
Dynamic Target 2060 Fund		249,597		204,658


118		Wells Fargo Dynamic Target Date Funds		Notes to financial statements (unaudited)

The effect of derivative instruments on the Statement of Operations for the six months ended November 30, 2018 was as follows for the Funds:


	Amount of realized gains (losses) on derivatives								Change in unrealized gains (losses) on derivatives
	Interest rate contracts		Equity contracts			Total			Interest rate contracts		Equity contracts			Total
Dynamic Target Today Fund	$	1,231	$	(4,265	)	$	(3,034	)	$	878	$	1,981		$	2,859
Dynamic Target 2015 Fund		2,562		(4,856	)		(2,294	)		878		(1,853	)		(975	)
Dynamic Target 2020 Fund		2,562		2,264			4,826			878		(5,121	)		(4,243	)
Dynamic Target 2025 Fund		2,562		(2,703	)		(141	)		878		(5,518	)		(4,640	)
Dynamic Target 2030 Fund		2,562		(3,236	)		(674	)		878		(6,782	)		(5,904	)
Dynamic Target 2035 Fund		2,562		(2,041	)		521			878		(6,780	)		(5,902	)
Dynamic Target 2040 Fund		2,562		(5,102	)		(2,540	)		878		(7,196	)		(6,318	)
Dynamic Target 2045 Fund		2,562		(3,417	)		(855	)		878		(6,456	)		(5,578	)
Dynamic Target 2050 Fund		2,562		(2,581	)		(19	)		878		(6,456	)		(5,578	)
Dynamic Target 2055 Fund		2,562		(2,547	)		15			878		(6,456	)		(5,578	)
Dynamic Target 2060 Fund		1,330		(5,453	)		(4,123	)		878		(6,456	)		(5,578	)

7. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby each Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended November 30, 2018, there were no borrowings by each Fund under the agreement.

8. CONCENTRATION RISK

As of November 30, 2018, each Fund was primarily owned by Wells Fargo. Investment by and/or voting activities of Wells Fargo with respect to their holdings in each Fund could have a material impact on the Fund. At November 30, 2018, Wells Fargo’s ownership of each Fund was as follows:


	% of ownership
Dynamic Target Today Fund		95.23	%
Dynamic Target 2015 Fund		95.00
Dynamic Target 2020 Fund		94.57
Dynamic Target 2025 Fund		79.48
Dynamic Target 2030 Fund		86.92
Dynamic Target 2035 Fund		93.65
Dynamic Target 2040 Fund		94.97
Dynamic Target 2045 Fund		96.74
Dynamic Target 2050 Fund		98.45
Dynamic Target 2055 Fund		98.92
Dynamic Target 2060 Fund		98.30


Notes to financial statements (unaudited)		Wells Fargo Dynamic Target Date Funds			119

9. DISTRIBUTIONS TO SHAREHOLDERS


	Dynamic Target Today Fund				Dynamic Target 2015 Fund				Dynamic Target 2020 Fund
	Net investment income		Net realized gains		Net investment income		Net realized gains		Net investment income		Net realized gains
Class A	$	4,850	$	3,809	$	8,846	$	8,423	$	7,535	$	10,192
Class C		1,052		1,692		1,047		2,215		1,007		2,577
Class R4		2,184		1,712		2,194		2,240		2,209		2,603
Class R6		108,190		78,891		108,793		103,219		109,522		119,932


	Dynamic Target 2025 Fund				Dynamic Target 2030 Fund				Dynamic Target 2035 Fund
	Net investment income		Net realized gains		Net investment income		Net realized gains		Net investment income		Net realized gains
Class A	$	12,080	$	18,652	$	13,281	$	20,188	$	7,626	$	12,632
Class C		1,171		3,175		1,009		3,138		1,038		3,498
Class R4		2,210		2,869		2,182		3,160		2,221		3,530
Class R6		109,652		132,196		103,392		145,577		110,280		162,603


	Dynamic Target 2040 Fund				Dynamic Target 2045 Fund				Dynamic Target 2050 Fund
	Net investment income		Net realized gains		Net investment income		Net realized gains		Net investment income		Net realized gains
Class A	$	8,615	$	14,831	$	4,463	$	8,250	$	3,240	$	5,371
Class C		1,011		3,578		1,054		3,691		1,049		3,748
Class R4		2,202		3,616		2,245		3,721		2,244		3,787
Class R6		109,428		166,597		111,422		171,447		111,382		174,488


	Dynamic Target 2055 Fund				Dynamic Target 2060 Fund
	Net investment income		Net realized gains		Net investment income		Net realized gains
Class A	$	2,435	$	4,719	$	4,687	$	8,009
Class C		1,052		3,765		1,040		3,706
Class R4		2,247		3,805		2,237		3,745
Class R6		111,534		175,310		111,089		172,543

10. INDEMNIFICATION


120		Wells Fargo Dynamic Target Date Funds		Notes to financial statements (unaudited)

11. SUBSEQUENT DISTRIBUTIONS

On December 12, 2018, each Fund declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 11, 2018. The per share amounts payable on December 13, 2018 were as follows:


Short-term capital gains	Dynamic Target Today Fund		Dynamic Target 2015 Fund		Dynamic Target 2020 Fund		Dynamic Target 2025 Fund		Dynamic Target 2030 Fund		Dynamic Target 2035 Fund		Dynamic Target 2040 Fund		Dynamic Target 2045 Fund		Dynamic Target 2050 Fund		Dynamic Target 2055 Fund		Dynamic Target 2060 Fund
Class A	$	0.00966	$	0.01425	$	0.01843	$	0.00000	$	0.02830	$	0.03102	$	0.03786	$	0.03760	$	0.03190	$	0.03644	$	0.03270
Class C		0.00966		0.01425		0.01843		0.00000		0.02830		0.03102		0.03786		0.03760		0.03190		0.03644		0.03270
Class R4		0.00966		0.01425		0.01843		0.00000		0.02830		0.03102		0.03786		0.03760		0.03190		0.03644		0.03270
Class R6		0.00966		0.01425		0.01843		0.00000		0.02830		0.03102		0.03786		0.03760		0.03190		0.03644		0.03270


Long-term capital gains	Dynamic Target Today Fund		Dynamic Target 2015 Fund		Dynamic Target 2020 Fund		Dynamic Target 2025 Fund		Dynamic Target 2030 Fund		Dynamic Target 2035 Fund		Dynamic Target 2040 Fund		Dynamic Target 2045 Fund		Dynamic Target 2050 Fund		Dynamic Target 2055 Fund		Dynamic Target 2060 Fund
Class A	$	0.84516	$	1.20056	$	1.38205	$	1.40399	$	1.71525	$	1.94379	$	2.06096	$	2.11008	$	2.12142	$	2.11708	$	2.09413
Class C		0.84516		1.20056		1.38205		1.40399		1.71525		1.94379		2.06096		2.11008		2.12142		2.11708		2.09413
Class R4		0.84516		1.20056		1.38205		1.40399		1.71525		1.94379		2.06096		2.11008		2.12142		2.11708		2.09413
Class R6		0.84516		1.20056		1.38205		1.40399		1.71525		1.94379		2.06096		2.11008		2.12142		2.11708		2.09413

On December 27, 2018, each Fund declared distributions from net investment income to shareholders of record on December 26, 2018. The per share amounts payable on December 28, 2018 were as follows:


Net investment income	Dynamic Target Today Fund		Dynamic Target 2015 Fund		Dynamic Target 2020 Fund		Dynamic Target 2025 Fund		Dynamic Target 2030 Fund		Dynamic Target 2035 Fund		Dynamic Target 2040 Fund		Dynamic Target 2045 Fund		Dynamic Target 2050 Fund		Dynamic Target 2055 Fund		Dynamic Target 2060 Fund
Class A	$	0.15008	$	0.12844	$	0.11633	$	0.10380	$	0.08705	$	0.07627	$	0.06031	$	0.07347	$	0.05078	$	0.05305	$	0.06150
Class C		0.06467		0.04587		0.02787		0.01506		0.05720		0.00000		0.00000		0.00000		0.00000		0.00000		0.00000
Class R4		0.17520		0.15878		0.14228		0.12561		0.10924		0.09806		0.08824		0.08563		0.08321		0.08261		0.08167
Class R6		0.19136		0.17536		0.15906		0.14273		0.12655		0.11553		0.10586		0.10098		0.10088		0.10377		0.09934

These distributions are not reflected in the accompanying financial statements.


Other information (unaudited)		Wells Fargo Dynamic Target Date Funds			121

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargofunds.com) on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) is publicly available on the website on a monthly, seven-day or more delayed basis. Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.


122		Wells Fargo Dynamic Target Date Funds		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA^® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.³ (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson³ (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A


Other information (unaudited)		Wells Fargo Dynamic Target Date Funds			123


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield⁴ (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

*	Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.


124		Wells Fargo Dynamic Target Date Funds		Other information (unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹	Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³	Mr. Harris will replace Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴	Mr. Scofield is expected to retire on December 31, 2018.


Appendix I (unaudited)		Wells Fargo Dynamic Target Date Funds			125

On November 30, 2018, the Wells Fargo Dynamic Target Blended Indexes were composed of the following indexes:


	Wells Fargo Dynamic Target Today Blended Index			Wells Fargo Dynamic Target 2015 Blended Index			Wells Fargo Dynamic Target 2020 Blended Index			Wells Fargo Dynamic Target 2025 Blended Index			Wells Fargo Dynamic Target 2030 Blended Index
Bloomberg Barclays U.S. Government Intermediate Bond Index		5.00	%		4.00	%		2.53	%		0.92	%		0.17	%
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index		5.00	%		4.00	%		2.53	%		0.92	%		0.17	%
Bloomberg Barclays U.S. Aggregate ex-Corporate Index		29.57	%		23.65	%		20.09	%		16.08	%		12.82	%
JP Morgan EMBI Global Diversified Index		2.52	%		2.02	%		1.70	%		1.35	%		1.08	%
Wells Fargo Factor Enhanced Emerging Markets Index (Net)		2.96	%		3.85	%		4.71	%		5.84	%		6.70	%
Wells Fargo Factor Enhanced International Index (Net)		9.88	%		12.84	%		15.70	%		19.44	%		22.48	%
Wells Fargo Factor Enhanced Large Cap Index		19.07	%		24.79	%		29.45	%		34.95	%		38.69	%
Wells Fargo Factor Enhanced Small Cap Index		4.76	%		6.19	%		7.38	%		8.75	%		9.67	%
Wells Fargo U.S. High Yield Bond Index		2.52	%		2.02	%		1.70	%		1.35	%		1.08	%
Wells Fargo U.S. Investment Grade Corporate Bond Index		15.39	%		12.31	%		10.45	%		8.37	%		6.67	%
Wells Fargo U.S. REIT Index		3.33	%		4.33	%		3.76	%		2.03	%		0.47	%


Wells Fargo Dynamic Target 2035 Blended Index			Wells Fargo Dynamic Target 2040 Blended Index			Wells Fargo Dynamic Target 2045 Blended Index			Wells Fargo Dynamic Target 2050 Blended Index			Wells Fargo Dynamic Target 2055 Blended Index			Wells Fargo Dynamic Target 2060 Blended Index
	0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
	0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
	10.06	%		7.10	%		4.14	%		2.96	%		2.96	%		2.96	%
	0.85	%		0.60	%		0.35	%		0.25	%		0.25	%		0.25	%
	7.38	%		7.97	%		8.52	%		8.74	%		8.74	%		8.74	%
	24.69	%		26.62	%		28.50	%		29.26	%		29.26	%		29.26	%
	40.74	%		42.73	%		44.78	%		45.60	%		45.60	%		45.60	%
	10.19	%		10.68	%		11.20	%		11.40	%		11.40	%		11.40	%
	0.85	%		0.60	%		0.35	%		0.25	%		0.25	%		0.25	%
	5.24	%		3.70	%		2.16	%		1.54	%		1.54	%		1.54	%
	0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%


126		Wells Fargo Dynamic Target Date Funds		Appendix I (unaudited)

Average annual total returns (%) as of November 30, 2018


	1 year			5 year		10 year
Bloomberg Barclays U.S. Aggregate ex-Corporate Index¹**		(0.77	)		–		–
Bloomberg Barclays U.S. Government Intermediate Bond Index²		(0.03	)		1.01		1.91
Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index³		(0.18	)		0.86		3.36
JP Morgan EMBI Global Diversified Index⁴		(4.84	)		4.62		8.84
Wells Fargo Factor Enhanced Emerging Markets Index (Net)⁵*		(8.55	)		–		–
Wells Fargo Factor Enhanced International Index (Net)⁶*		(5.71	)		–		–
Wells Fargo Factor Enhanced Large Cap Index⁷*		6.80			–		–
Wells Fargo Factor Enhanced Small Cap Index⁸*		1.84			–		–
Wells Fargo U.S. High Yield Bond Index⁹*		(0.23	)		–		–
Wells Fargo U.S. Investment Grade Corporate Bond Index¹⁰*		(3.07	)		–		–
Wells Fargo U.S. REIT Index¹¹*		3.86			–		–

*	The inception date of the index is April 2017.

**	Inception date of the index is December 2015.

The Bloomberg Barclays U.S. Aggregate ex-Corporate Bond Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass throughs), asset backed securities and commercial mortgage backed securities (agency and non-agency). You cannot invest directly in an index.

²	The Bloomberg Barclays U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index.

Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market with maturities more an 1 year and less than 10 years. Federal Reserve holdings of US TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index.

⁴

The JP Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index.

⁵

The Wells Fargo Factor Enhanced Emerging Markets Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various emerging markets countries and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁶

The Wells Fargo Factor Enhanced International Index (Net) is an index of equity securities that is derived from a universe of companies domiciled in various developed markets outside the US and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁷

The Wells Fargo Factor Enhanced Large Cap Index is an index of equity securities that is derived from a universe of the largest 1000 companies in the US market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁸

The Wells Fargo Factor Enhanced Small Cap Index is an index of equity securities that is derived from a universe of the smallest 2000 companies in the US market and that possess, in aggregate, diversified exposure to investment factors (or characteristics) that are commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. You cannot invest directly in an index.

⁹

The Wells Fargo U.S. High Yield Bond Index is a rules-based index designed to measure the performance of U.S. dollar denominated below investment-grade corporate debt issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive high yield bond indexes. You cannot invest directly in an index.

¹⁰

The Wells Fargo U.S. Investment Grade Corporate Bond Index is a rules-based index designed to measure the performance of publicly issued U.S. dollar denominated investment grade, fixed rate corporate bonds issued by U.S. or foreign issuers that have a remaining maturity of at least one year, regardless of optionality; it is constructed to provide increased diversification and liquidity versus traditional passive corporate credit indexes. You cannot invest directly in an index.

¹¹	The Wells Fargo U.S. REIT Index is a float-adjusted, capitalization-weighted index of all applicable NYSE MKT or NASDAQ-listed classes of REIT Stock that satisfy specified market capitalization and other eligibility requirements


Appendix II (unaudited)		Wells Fargo Dynamic Target Date Funds			127

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Front-end Sales Load Waivers on Class A shares Available at Raymond James

•

Shares purchased in an investment advisory program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

•

CDSC Waivers on Class A and C Shares Available at Raymond James

•

Death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

•

Return of excess contributions from an IRA Account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

•

Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

•

Breakpoints as described in the Fund’s Prospectus.

•

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LOGO

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

INVESTMENT PRODUCTS: NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

318983 01-19

SDTD/SAR104 11-18

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo 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 second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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


Wells Fargo Funds Trust

By:
		/s/ Andrew Owen

		Andrew Owen
		President

Date:		January 25, 2019

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


Wells Fargo Funds Trust

By:
		/s/ Andrew Owen

		Andrew Owen
		President

Date:		January 25, 2019

By:
		/s/ Nancy Wiser

		Nancy Wiser
		Treasurer

Date:		January 25, 2019

By:
		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date:		January 25, 2019